Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (43,911,000) $ (20,221,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,870,000 1,514,000
Loss from impairment on assets held for sale 12,814,000 0
Impairment on goodwill 1,072,000 0
Write-off of prepaid services 3,954,000 0
Write-off of intangible assets 481,000 0
Bad debt expense 337,000 0
Loss on disposal of property and equipment 85,000 49,000
Stock-based compensation expense 2,430,000 2,155,000
Non-cash lease expense 996,000 1,000,000
Deferred income taxes 25,000 27,000
Interest receivable on short-term investments (767,000) (105,000)
Change in fair value of earnout liability 0 (1,824,000)
Change in fair value of warrant liabilities 0 (1,584,000)
Change in operating assets and liabilities:    
Accounts receivable (3,491,000) 873,000
Inventory (737,000) (192,000)
Prepaid expenses and other assets (850,000) (1,686,000)
Accounts payable 541,000 1,000
Accrued expenses and other liabilities (1,535,000) 996,000
Operating lease liabilities (964,000) (1,049,000)
Deferred revenue 801,000 (522,000)
Security deposits 0 (7,000)
Net cash used in operating activities (26,849,000) (20,575,000)
Cash flows from investing activities:    
Purchases of property and equipment (2,796,000) (10,118,000)
Purchase of short-term investments (9,769,000) (9,780,000)
Proceeds from settlement of short-term investments 20,000,000 0
Cash paid for acquisitions, net of cash acquired 0 (8,861,000)
Net cash provided by (used in) investing activities 7,435,000 (28,759,000)
Cash flows from financing activities:    
Proceeds received from other finance obligations 993,000 0
Principal payments on finance leases (45,000) 0
Payments on other finance obligations (62,000) 0
Payments of taxes on restricted stock units withheld for employee taxes (217,000) 0
Proceeds from issuance of common stock 118,000 339,000
Net cash provided by financing activities 787,000 339,000
Net change in cash and cash equivalents and restricted cash (18,627,000) (48,995,000)
Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash 99,000 (55,000)
Cash and cash equivalents and restricted cash at beginning of year 30,769,000 79,819,000
Cash and cash equivalents and restricted cash at end of year 12,241,000 30,769,000
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 143,000 0
Purchase of property and equipment included in accounts payable 22,000 225,000
Issuance of common stock upon settlement of earnout consideration liability $ 537,000 $ 0