XML 22 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (135,218,000) $ (41,270,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 8,570,000 8,429,000
Impairment of long-lived assets 3,073,000 827,000
Impairment of goodwill 12,594,000 0
Loss on extinguishment of debt 594,000 0
Amortization of deferred financing costs 272,000 173,000
Stock-based compensation 15,843,000 15,802,000
Provision for inventory write-down 24,752,000 4,946,000
Provision for credit losses, net of recoveries 4,443,000 (229,000)
Provision for sales returns 8,184,000 2,556,000
Provision for warranty expense 56,000 656,000
Unrealized loss on foreign currency transactions 3,765,000 448,000
Subsidiary dissolution   (68,000)
Loss (gain) of disposal of property, plant and equipment 54,000 (135,000)
Deferred taxes (0)  
Changes in operating assets and liabilities excluding effects of acquisition:    
Accounts receivable 53,297,000 (49,266,000)
Other receivable (314,000) (9,520,000)
Inventories (18,065,000) (43,994,000)
Contract assets (249,000) 1,488,000
Prepaid expenses and other assets 3,473,000 (5,402,000)
Accounts payable (24,645,000) 59,139,000
Contract liabilities (7,578,000) 5,241,000
Accrued and other liabilities 1,224,000 (408,000)
Net cash used in operating activities (45,875,000) (50,587,000)
Cash flows from investing activities:    
Proceeds from disposal of property, plant and equipment and other assets 1,829,000 165,000
Purchases of property, plant and equipment (1,574,000) (4,532,000)
Acquisition of business, net of cash acquired   (23,647,000)
Net cash used in investing activities 255,000 (28,014,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in public offerings, net of issuance costs   30,774,000
Proceeds from long-term borrowings 15,000,000 25,000,000
Repayments of long-term borrowings (24,073,000) (625,000)
Proceeds from short-term borrowings and line of credit, net 19,636,000 4,000,000
Repayments of short-term borrowings and line of credit, net (4,393,000)  
Proceeds from related party term loan 36,930,000 5,041,000
Repayments of related party term loan (12,693,000)  
Payments for debt financing costs (664,000) (839,000)
Payment of contingent consideration (347,000) (558,000)
Proceeds from exercise of stock awards and employee stock plan purchases (102,000) 1,975,000
Net cash provided by financing activities 29,294,000 64,768,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,230,000) (1,342,000)
Net change in cash, cash equivalents and restricted cash (17,556,000) (15,175,000)
Cash, cash equivalents and restricted cash at beginning of period 38,464,000 53,639,000
Cash, cash equivalents and restricted cash at end of period 20,908,000 38,464,000
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets    
Cash and cash equivalents 18,957,000 34,347,000
Restricted cash 1,804,000 3,969,000
Long-term restricted cash 147,000 148,000
Cash, cash equivalents and restricted cash at end of period 20,908,000 38,464,000
Cash paid during the period for:    
Interest - bank and trade facilities 2,640,000 1,177,000
Interest - related party 232,000 65,000
Income taxes $ 853,000 $ 1,017,000