Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ 15,170 $ (100,769)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,820 874
Provision for doubtful accounts 2,459 3,349
Inventory obsolescence and write-downs 5,019 917
Loss on disposal of fixed asset 58 39
Gain on extinguishment of debt (2,921) (2,194)
Change in fair value of warrant liability (2,125) 28,812
Change in fair value of earnout liability (80,879) 4,183
Change in fair value of earnout liability (17,302) 5,341
Stock-based compensation 5,151 2,538
Amortization of debt discount 9,356 6,670
Non-cash impact of operating lease right-of-use asset 1,160 991
Issuance of common stock for commitment shares 851 0
Issuance of common stock warrants for services performed 0 433
Changes in operating assets and liabilities:    
Accounts receivable (4,596) (8,399)
Inventories (36,113) (9,795)
Prepaid expenses and other assets (3,167) (6,380)
Accounts payable 1,930 3,578
Accrued expenses and other liabilities (394) 4,005
Net cash used in operating activities (104,523) (65,807)
Cash flows from investing activities    
Purchase of property and equipment (7,919) (3,244)
Proceeds from disposal of property and equipment 0 55
Net cash used in investing activities (7,919) (3,189)
Cash flows from financing activities    
Cash flows from financing activities 0 95,000
Proceeds from Business combination and PIPE Financing, net of issuance costs paid 0 142,796
Proceeds from facility borrowings 0 7,000
Repayments of facility borrowings 0 (11,500)
Proceeds from the exercise of Series C redeemable convertible preferred warrants 0 3,100
Proceeds from exercise of common warrants 0 157
Payments on finance lease obligations (121) (54)
Proceeds from exercise of stock options 151 575
Tax withholding payment related to net settlement of equity awards (115) 0
Net cash (used in) provided by financing activities (85) 237,074
Net (decrease) increase in cash (112,527) 168,078
Cash - Beginning of year 168,538 460
Cash - End of year 56,011 168,538
Supplemental cash flow information    
Cash paid for interest 6,950 6,245
Significant noncash transactions    
Earnout liability at inception 0 78,960
Warrant liability at inception 0 1,253
Derivative liability at inception 0 17,063
Conversion of warrant liabilities for common stock 0 37,580
Property and equipment included in accounts payable and accruals 639 0
Finance lease right-of-use asset in exchange for a lease liability 786 208
Inventory repossessed for accounts receivable 1,410 0
Conversion of Short-term Convertible Notes    
Significant noncash transactions    
Conversion of short-term convertible notes for common stock 0 9,679
Conversion of Convertible Debt    
Significant noncash transactions    
Conversion of short-term convertible notes for common stock $ 8,138 $ 10,089