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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income (loss) $ (8,884) $ (66,043)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,766 671
Equity-based compensation 13,958 688
Change in fair value of warranty liability (24,150) 38,841
Fixed asset write-off 64
Issuance of warrants for rent expense 5,504
Asset retirement obligation accretion 26 28
Amortization of debt issuance costs and discount 461
Accrued payment in kind (“PIK”) interest on debt 2,605
Changes in operating assets and liabilities:    
Accounts receivable 769
Other current assets 1,647 (5,384)
Other assets 56
Accounts payable (11) 1,420
Deferred revenue (1,622)
Accrued expenses and other liabilities (597) (514)
Operating lease right-of-use assets and liabilities 268
Net cash used in operating activities (16,774) (21,659)
Investing activities    
Capitalization of costs and purchases of network assets, property, and equipment (634) (889)
Purchase of internal use software (151) (29)
Net cash used in investing activities (785) (918)
Financing activities    
Proceeds from senior secured loan 16,647
Proceeds from exercise of stock options 48
Repurchase of common stocks (withholding taxes) (1)
Net cash provided by financing activities 47 16,647
Effect of exchange rates on cash, cash equivalents and restricted cash (42)
Net decrease in cash, cash equivalents and restricted cash (17,554) (5,930)
Cash, cash equivalents and restricted cash at beginning of period 100,076 13,669
Cash, cash equivalents and restricted cash at end of period 82,522 7,739
Non-cash financing information    
Capital expenditure included in accounts payable 501
Issuance of warrants $ 5,504