Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flow from Operating Activities    
Net loss $ (45,726) $ (25,895)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 3,508 3,590
Amortization of debt discount and debt issuance cost 4,227 426 [1]
Inventory write-down 2,980 399
Fixed Asset write-off 228 0
Gain on remeasurement of warrant liability (16,856) (10,780)
Deferred tax 950 0
Foreign exchange loss 1,276 491
Share-based compensation expense 11,451 1,652
Goodwill impairment 18,508 1,682
Loss on investment 0 319
Loss on equity method investment, net 95 148
(Gain) loss on debt extinguishment, net (3,262) 2,360
Loss on derivative instruments 0 657
Other non-cash expense, net 697 3,426 [1]
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (546) (1,150)
Decrease in prepaid expenses 506 118
(Increase) in other receivables and other non-current assets (1,298) (230)
(Increase) in inventory (8,198) (5,173)
(Decrease) increase in accounts payable and other current liabilities (4,197) 3,198
(Decrease) increase in accrued and other non-current liabilities (576) 2,801
Net cash used in operating activities (36,233) (21,961)
Cash Flow from Investing Activities    
Purchase of property, plant and equipment (7,280) (3,665)
Net cash used in investing activities (7,280) (3,665)
Cash Flow from Financing Activities    
Proceeds from issuance of long-term debt 25,000 9,737
Repayment of debt (26,538) (4,191)
Other borrowings 2,917 992
Proceeds from issuance of shares, net of issuance costs 0 18,021
Purchase and cancellation of shares 0 (6,250)
Proceeds from exercise of warrants 1,410 0
Deferred debt issuance costs (965) 0
Stock option exercise 10 20
Business Combination and PIPE financing, net of costs paid 0 73,509
Net cash provided by financing activities 1,834 91,838
Effect of exchange rate changes on cash, cash equivalents & restricted cash (82) 50
Decrease in cash, cash equivalents & restricted cash [2] (41,761) 66,262
Cash, cash equivalents & restricted cash, beginning of period [2] 79,460 13,198
Cash, cash equivalents & restricted cash, end of period [2] 37,699 79,460
Supplemental schedule of cash flow information:    
Cash paid for interest 492 603
Supplemental disclosures for non-cash activity:    
Conversions of debt to common shares 6,047 0
Conversion of Convertible Debentures 0 9,850
Non-cash exchange of redeemable non-controlling interest 0 4,695
Non-cash paid-in-kind-interest 697 2,881
Unpaid property, plant and equipment $ 546 $ 0
[1] The Company reclassified $426 debt issuance amortization, reported in previous period in other-noncash expense, net to debt issuance amortization, to conform to the current period presentation.
[2] These amounts include restricted cash of $473 and $353 as of December 31, 2021 and December 31, 2020, respectively, which are comprised primarily of cash on deposits for certain lease arrangements.