Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flow from Operating Activities    
Net loss $ (66,165,000) $ (45,726,000)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 3,672,000 3,508,000
Amortization of debt discount and debt issuance cost 1,949,000 4,227,000
Inventory provision 4,736,000 2,980,000
Restructuring and related costs 25,809,000 0
Fixed Asset write-off 0 228,000
Gain on remeasurement of warrant liability (2,092,000) (16,856,000)
Non-cash lease expense 127,000 0
Deferred income tax (recovery) expense (6,650,000) 950,000
Foreign exchange loss 1,129,000 1,276,000
Share-based compensation expense 2,343,000 11,451,000
Intangible asset impairment 19,000,000 0
Goodwill impairment 0 18,508,000
Loss on equity method investment, net 64,000 95,000
Gain on investment (6,851,000) 0
(Gain) loss on debt extinguishment, net 2,263,000 (3,262,000)
Other non-cash expense, net 600,000 697,000
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (278,000) (546,000)
Decrease in prepaid expenses 190,000 506,000
Decrease (Increase) in other receivables and other non-current assets 538,000 (1,298,000)
(Increase) in inventory (4,453,000) (8,198,000)
(Decrease) in accounts payable and other current liabilities (4,749,000) (4,197,000)
(Decrease) in accrued and other non-current liabilities (248,000) (576,000)
Net cash used in operating activities (29,066,000) (36,233,000)
Cash Flow from Investing Activities    
Purchase of property, plant and equipment (1,306,000) (7,280,000)
Proceeds from partial sale of equity method investment 2,498,000 0
Net cash provided by (used in) investing activities 1,192,000 (7,280,000)
Cash Flow from Financing Activities    
Proceeds from issuance of long-term debt 0 25,000,000
Repayment of debt (23,131,000) (26,538,000)
Other borrowings 73,000 2,917,000
Proceeds from issuance of shares 27,686,000 0
Equity issuance costs (1,361,000) 0
Proceeds from exercise of warrants 0 1,410,000
Deferred debt issuance costs 0 (965,000)
Stock option exercised 22,000 10,000
Net cash provided by financing activities 3,289,000 1,834,000
Effect of exchange rate changes on cash, cash equivalents & restricted cash (226,000) (82,000)
(Decrease) in cash, cash equivalents and restricted cash [1] (24,811,000) (41,761,000)
Cash, cash equivalents & restricted cash, beginning of period [1] 37,699,000 79,460,000
Cash, cash equivalents & restricted cash, end of period [1] 12,888,000 37,699,000
Supplemental schedule of cash flow information:    
Cash paid for interest 285,000 492,000
Supplemental disclosures for non-cash activity:    
Conversions of debt to common shares 3,363,000 6,047,000
Right-of-use asset recognized 3,764,000 0
Beneficial conversion feature 1,749,000 0
Non-cash paid-in-kind-interest 281,000 697,000
Unpaid property, plant and equipment $ 0 $ 546,000
[1] These amounts include restricted cash of $439 and $473 as of December 31, 2022 and December 31, 2021, respectively, which are comprised primarily of cash on deposits for certain lease arrangements.