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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 1,150,000 $ (5,286,000)
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 148,000 87,000
Equity-based compensation 441,000 489,000
Amortization of long-term debt issuance costs and fees 35,000 34,000
Other 84,000 36,000
Change in fair value of warrant liabilities (346,000) (369,000)
Changes in operating assets and liabilities:    
Unbilled revenue receivable and accounts receivable (2,000) 0
Prepaid expenses and other current assets (911,000) (62,000)
Other noncurrent assets 30,000 (559,000)
Accounts payable 1,807,000 354,000
Accrued expenses and other current liabilities (1,108,000) (52,000)
Deferred revenue (9,116,000) 975,000
Other noncurrent liabilities (59,000) 341,000
Net cash used in operating activities (7,847,000) (4,012,000)
Cash flows from investing activities:    
Purchase of available for sale securities (21,926,000) 0
Proceeds from sale or maturity of available for sale securities 10,000,000 0
Capital expenditures (577,000) (8,000)
Net cash used in investing activities (12,503,000) (8,000)
Cash flows from financing activities:    
Proceeds from common stock offering 2,973,000 0
Repayment of long-term debt 4,999,000 0
Payment of long-term debt fees and issuance costs (100,000) (52,000)
Payment of common stock financing costs (207,000) 0
Net cash used in financing activities (2,333,000) (52,000)
Net decrease in cash, cash equivalents, and restricted cash (22,683,000) (4,072,000)
Cash, cash equivalents, and restricted cash - beginning of period 48,460,000 26,268,000
Cash, cash equivalents, and restricted cash - end of period 25,777,000 22,196,000
Non-cash financing activities:    
Debt fees (accrued expenses) 0 100,000
Non-cash investing activities:    
Capital expenditures (accounts payable and accrued expenses) 126,000 8,000
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows $ 25,777,000 $ 22,196,000