XML 23 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 34,295,000 $ (129,455,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 3,181,000 3,091,000
Charges to provision for doubtful accounts 542,000 540,000
Inventory charge 73,000 1,082,000
Debt financing fees 20,053,000 4,158,000
Share-based compensation 8,587,000 12,779,000
Gain on sale of business (143,384,000)  
Expense for accretion of Mandatory Redeemable Preferred Stock 3,457,000  
Loss on extinguishment of debt 8,380,000  
Other 50,000 726,000
Changes in operating assets and liabilities:    
Accounts receivable 3,044,000 (5,560,000)
Inventory 848,000 (451,000)
Prepaid and other current assets 180,000 (2,831,000)
Accounts payable (6,186,000) (1,476,000)
Accrued expenses and other current liabilities 3,705,000 13,504,000
Other non-current liabilities (675,000) 758,000
Total adjustments (98,145,000) 26,320,000
Net cash used in operating activities (63,850,000) (103,135,000)
Cash flows from investing activities:    
Proceeds from sale of business, net of transaction costs 142,634,000  
Payment of patent related costs (297,000) (675,000)
Purchase of fixed assets (21,000) (34,000)
Net cash provided by (used in) investing activities 142,316,000 (709,000)
Cash flows from financing activities:    
Proceeds from sale of Mandatory Redeemable Preferred Stock, net of costs 16,252,000  
Proceeds from make-whole derivative 1,751,000  
Proceeds from sale of common stock, net of costs 2,454,000 182,881,000
Proceeds from exercise of options and warrants   302,000
Proceeds from sale of common stock related to employee stock purchase plan 14,000 134,000
Repayments of debt (125,000,000) (50,000,000)
Payment of debt financing fees (729,000) (5,118,000)
Net cash (used in) provided by financing activities (105,258,000) 128,199,000
Net (decrease) increase in cash and restricted cash (26,792,000) 24,355,000
Cash and restricted cash, beginning of period 65,122,000 80,486,000
Cash and restricted cash, end of period 38,330,000 104,841,000
Supplemental disclosure of cash flow information:    
Interest paid 8,371,000 $ 19,675,000
Supplemental disclosure of noncash financing activities:    
Paid in kind ("PIK") interest with corresponding increase in debt 2,452,000  
PIK debt financing fees with corresponding increase in debt 16,980,000  
Issue of warrants to lenders related to debt financing fees $ 1,983,000