XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net (loss) income $ (28,775,000) $ 51,445,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Stock-based compensation 1,462,000 1,196,000
Bad debt expense 10,000 174,000
Depreciation and amortization expense 1,204,000 601,000
Impairment of goodwill 8,606,000 0
Contingent consideration 0 (23,000)
Change in fair value of obligation to issue shares of common stock (498,000) 514,000
Fair value change of warrant liability (4,500,000) (74,731,000)
Gain on extinguishment of debt (4,527,000) 0
Gain on disposal of assets (16,000) 0
Change in operating right-of-use assets 354,000 (2,000)
Interest on finance leases 17,000 15,000
Debt discount 0 (60,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (584,000) 6,649,000
Inventory, net 1,073,000 (7,534,000)
Prepaid expenses and other current assets (283,000) (6,000)
Other assets (26,000) (18,000)
Accounts payable (1,770,000) (901,000)
Accrued expenses and other current liabilities (2,470,000) 2,206,000
Deferred revenue 451,000 (69,000)
Net cash used in operating activities (30,272,000) (20,544,000)
Investing activities:    
Proceeds from sale of property and equipment 229,000 0
Payments to acquire net assets of World Energy, net of cash acquired 0 (8,112,000)
Return of deposit 780,000 0
Purchases of property and equipment (265,000) (1,774,000)
Net cash provided by (used in) investing activities 744,000 (9,886,000)
Financing activities:    
Repayments of debt (66,000) (63,000)
Repayments under financing leases (144,000) (151,000)
Proceeds from recapitalization of PIC shares 0 75,000
Proceeds from exercise of stock options 433,000 23,000
Proceeds from exercise of Public Warrants 0 85,555,000
Net cash provided by financing activities 223,000 85,439,000
Net (decrease) increase in cash and cash equivalents and restricted cash: (29,305,000) 55,009,000
Cash and cash equivalents and restricted cash, beginning of period 351,826,000 329,791,000
Cash and cash equivalents and restricted cash, end of period 322,521,000 384,800,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 35,000 15,000
Supplemental disclosures of noncash investing and financing information:    
Recording of operating lease asset and liability 1,815,000 0
Settlement of lease liability 474,000 0
Settlement of contingent liability through issuance of shares 186,000 0
Settlement of warrant liability upon exercise of Public Warrants 0 47,162,000
Settlement of warrant liability upon call of warrants 0 591,000
Equipment financing $ 0 $ 271,000