-----------   ----------   -------------------   ----------------    ----------------------------    --------------- 
 
   Balances as 
    of September 
    30, 2023        2,736,209  $         3  $            172,400  $        (238,284)  $                         (73)  $        (65,954) 
                  -----------   ----------   -------------------   ----------------    ----------------------------    --------------- 
 

* Reflects a one-for-three hundred seventy-five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
(In thousands)                 Nine Months Ended September 30, 
                        ---------------------------------------------- 
                                2024                   2023 
                         -------------------    ------------------- 
   Cash Flows - 
   Operating 
   Activities: 
Net Loss                $            (18,624)  $            (44,042) 
   Adjustments to 
   reconcile net loss 
   to net cash used by 
   operating 
   activities 
      Depreciation and 
       amortization                      736                    780 
      Bad debt expense                    16                    547 
      Shares issued 
       for services                        -                    224 
      Gain on 
       extinguishment 
       of debt                        (5,205)                     - 
      Change in fair 
       value of 
       derivative 
       liabilities                    17,633                 29,943 
      Amortization of 
       debt issuance 
       costs and 
       original issue 
       discount                        4,792                  5,656 
      Accrued interest                 2,749                  5,529 
      Changes in 
      operating assets 
      and liabilities 
      Accounts 
       receivable                         66                    253 
      Inventory                         (480)                  (844) 
      Prepaid expenses 
       and other 
       assets                            225                   (487) 
      Accounts payable                (1,013)                   464 
      Accrued expenses                   763                 (1,326) 
      Contract 
       liabilities                        56                     50 
                         -------------------    ------------------- 
   Net Cash Provided 
    by (Used in) 
    Operating 
    Activities                         1,714                 (3,253) 
                         -------------------    ------------------- 
 
   Cash Flows - 
   Investing 
   Activities 
   Proceeds from sale 
    of property and 
    equipment                              -                     13 
   Purchase of 
    property and 
    equipment                           (254)                  (169) 
                         -------------------    ------------------- 
   Net Cash Flows Used 
    in Investing 
    Activities                          (254)                  (156) 
                         -------------------    ------------------- 
 
   Cash Flows - 
   Financing 
   Activities 
      Proceeds from 
       convertible 
       promissory 
       notes                               -                  1,202 
      Payment of note 
       payable                        (2,175)                     - 
      Proceeds from 
      convertible 
      notes payable                    1,300                      - 
      Proceeds from 
      promissory note 
      payable, related 
      party                              500                      - 
      Proceeds from 
       bridge notes 
       advance                             -                  2,994 
      Proceeds 
       (Payments) from 
       factoring, net                    449                   (710) 
      Payments of 
       principal on 
       finance leases                   (193)                  (130) 
                         -------------------    ------------------- 
   Net Cash Flow (Used 
    in) Provided by 
    Financing 
    Activities                          (119)                 3,356 
                         -------------------    ------------------- 
 
   Effect of Exchange 
    Rates on Cash                        121                     (5) 
                         -------------------    ------------------- 
 
Net Change in Cash 
 During Period                         1,462                    (58) 
                         -------------------    ------------------- 
 
   Cash at Beginning 
    of Period                          1,797                  1,153 
                         -------------------    ------------------- 
   Cash at End of 
    Period              $              3,259   $              1,095 
                         -------------------    ------------------- 
 
   Supplemental 
   Information: 
      Cash paid for 
       interest         $              3,189   $                984 
                         -------------------    ------------------- 
   Non-cash Investing 
   and Financing 
   Activities: 
      Shares issued 
      for settlement 
      of debt                          1,412                      - 
      Write off 
      deferred merger 
      costs                            1,226                      - 
      Warrants issued 
       in conjunction 
       with 
       convertible 
       promissory 
       notes                           3,633                    570 
      Conversion of 
       convertible 
       notes payable 
       to common 
       stock                               -                 18,577 
      Capitalize 
      default interest 
      into senior 
      secured debt                     3,850                      - 
      Conversion of 
      asset-based 
      secured 
      promissory notes 
      to convertible 
      promissory 
      notes                            4,584                      - 
      Embedded 
       conversion 
       feature on 
       convertible 
       promissory 
       notes payable                       -                   (520) 
      Common shares 
       issued for 
       advisory 
       shares                              -                    302 
 

(END) Dow Jones Newswires

November 08, 2024 06:24 ET (11:24 GMT)