Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities          
Net income (loss) $ (50,672) $ (1,231) $ (95,555) $ 23,751  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization     1,996 1,279  
Impairment of long-lived assets 4,878   4,878 0  
Right-of-use asset impairment     435 0  
Provision for doubtful accounts     1,987 2,231  
Provision for inventory obsolescence and write-downs 18,016 378 20,659 1,155  
Loss (gain) on disposal of fixed asset     56 58  
(Gain) loss on extinguishment of debt 0 0 (2,965) 0  
Change in fair value of warrant liability (10) (536) (60) (1,850)  
Change in fair value of earnout liability (446) (18,054) (2,265) (68,357)  
Change in fair value of derivative liability     290 (16,370)  
Stock-based compensation     4,425 3,878  
Amortization of debt discount     6,352 6,899  
Non-cash impact of operating lease right-of-use asset     1,017 849  
Issuance of common stock for debt     825 0  
Issuance of common stock for commitment shares     0 851  
Changes in operating assets and liabilities:          
Accounts receivable     (5,777) (4,793)  
Inventories     11,135 (21,955)  
Prepaid expenses and other assets     4,836 (4,126)  
Accounts payable     (4,870) 6,052  
Accrued expenses and other liabilities     2,715 3,462  
Net cash used in operating activities     (49,886) (66,986)  
Cash flows from investing activities          
Purchase of property and equipment     (3,610) (5,694)  
Net cash used in investing activities     (3,610) (5,694)  
Cash flows from financing activities          
Proceeds from pre-paid advance agreement     2,944 0  
Repayment of prepay advance agreement     (200) 0  
Proceeds From Insurance Finance Agreement     1,138 0  
Repayment of insurance finance agreement     (228) 0  
Payments on finance lease obligations     (143) (78)  
Proceeds from exercise of stock options     10 129  
Tax withholding payment related to net settlement of equity awards     (14) (114)  
Net cash provided by (used in) financing activities     3,507 (63)  
Net (decrease) increase in cash     (49,989) (72,743)  
Cash - Beginning of period     56,011 168,538 $ 168,538
Cash - End of period $ 6,022 $ 95,795 6,022 95,795 $ 56,011
Supplemental cash flow information          
Cash paid for interest     2,992 3,536  
Significant noncash transactions          
Property and equipment included in accounts payable and accruals     406 879  
Finance lease right-of-use asset in exchange for a lease liability     (161) 786  
Inventory repossessed for accounts receivable     3,942 1,410  
Conversion of Convertible Debt          
Significant noncash transactions          
Conversion of notes for common stock     $ 8,567 $ 0