Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flow from Operating Activities:    
Net income (loss) $ (21,726,000) $ (25,047,000)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 1,815,000 1,251,000
Debt issuance amortization 325,000 426,000 [1]
Gain on remeasurement of warrant liability (5,390,000) 0
Foreign exchange loss 1,137,000 455,000
Stock-based compensation expense 8,137,000 1,202,000
Goodwill impairment 0 1,682,000
Loss on investment 0 318,000
Loss (gain) on equity method investment 39,000 (14,000)
Gain on debt extinguishment, net (3,375,000) 0
Loss on derivative instrument 0 57,000
Other non-cash expense, net 394,000 1,899,000
Changes in operating assets and liabilities:    
Accounts receivable (484,000) (796,000)
Prepaid expenses (638,000) 2,688,000
Other receivables (544,000) (156,000)
Inventory (2,951,000) (3,098,000)
Accounts payable and other current liabilities (5,110,000) 1,173,000
Accrued and other non-current liabilities 176,000 (319,000)
Net cash used in operating activities (28,195,000) (18,279,000)
Cash Flow from Investing Activities:    
Purchase of property, plant and equipment (5,948,000) (3,286,000)
Net cash used in investing activities (5,948,000) (3,286,000)
Cash Flow from Financing Activities:    
Proceeds from issuance of long-term debt 25,000,000 4,162,000
Repayment of debt (26,363,000) (481,000)
Other borrowings 1,826,000 992,000
Proceeds from issuance of shares, net of issuance costs 0 18,021,000
Purchase and cancellation of shares 0 (6,250,000)
Proceeds from exercise of warrants 1,410,000 0
Deferred debt issuance costs (932,000) (1,812,000) [2]
Stock option exercise 10,000 0
Net cash provided by financing activities 951,000 14,632,000
Effect of exchange rate changes on cash, cash equivalents & restricted cash (62,000) (29,000)
(Decrease) increase in cash, cash equivalents & restricted cash [3] (33,254,000) (6,962,000)
Cash, cash equivalents & restricted cash, beginning of period [3] 79,460,000 13,198,000
Cash, cash equivalents & restricted cash, end of period [3] 46,206,000 6,236,000
Supplemental schedule of cash flow information:    
Cash paid for interest 375,000 668,000
Supplemental disclosures for non-cash financing activity:    
Conversions of debt to common shares $ 4,209,000 $ 0
[1] The Company reclassified $426 debt issuance amortization, reported in previous period in other non-cash expense, net to debt issuance amortization, to conform to the current period presentation.
[2] The Company reclassified $181 deferred debt issuance costs, related to Series E Financing, reported net, in previous period in Proceeds from issuance of long-term debt to Deferred debt issuance costs, to conform to the current period presentation.
[3] These amounts include restricted cash of $444 and $320 as of September 30, 2021 and September 30, 2020, respectively, which are comprised primarily of cash on deposits for certain lease arrangements.