Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ (23,435) $ (10,756)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 532 361
Provision for doubtful accounts 961 48
Provision for inventory obsolescence and write-downs 3,256 95
Gain on extinguishment of debt (2,965) 0
Change in fair value of warrant liability (6) (188)
Change in fair value of earnout liability (406) (6,172)
Change in fair value of derivative liability (39) (2,555)
Stock-based compensation 1,442 972
Amortization of debt discount 2,171 2,119
Non-cash impact of operating lease right-of-use asset 324 267
Changes in operating assets and liabilities:    
Accounts receivable (1,963) 213
Inventories (3,178) (2,785)
Prepaid expenses and other assets 1,695 80
Accounts payable (2,736) (898)
Accrued expenses and other liabilities 5,496 3,057
Net cash used in operating activities (18,851) (16,142)
Cash flows from investing activities    
Purchase of property and equipment (1,673) (2,024)
Net cash used in investing activities (1,673) (2,024)
Cash flows from financing activities    
Payments on finance lease obligations (45) (15)
Proceeds from exercise of stock options 7 6
Tax withholding payment related to net settlement of equity awards (2) 0
Net cash (used in) provided by financing activities (40) (9)
Net (decrease) increase in cash (20,564) (18,175)
Cash - Beginning of period 56,011 168,538
Cash - End of period 35,447 150,363
Supplemental cash flow information    
Cash paid for interest 381 113
Significant noncash transactions    
Property and equipment included in accounts payable and accruals (223) 387
Finance lease right-of-use asset in exchange for a lease liability 0 183
Conversion of Convertible Debt    
Significant noncash transactions    
Conversion of convertible notes for common stock $ 8,567 $ 0