----------- ---------- ------------------- ---------------- ---------------------------- ---------------
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)
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