Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.22.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net (loss) income $ (1,378,000) $ 268,000
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt (recovery) expense (76,000) 70,000
Non-cash interest expense 203,000 221,000
Amortization of debt discount 14,000  
Amortization of acquired intangible assets 1,017,000 584,000
Amortization of operating lease right-of-use assets 22,000 21,000
Share-based compensation 773,000 22,000
Deferred taxes provision   69,000
Changes in operating assets and liabilities:    
Accounts receivable (7,995,000) 390,000
Inventory (234,000) (887,000)
Prepaid expenses and other current assets 830,000 472,000
Other assets 32,000 (121,000)
Accounts payable 4,732,000 566,000
Due to related party (130,000) 70,000
Accrued expenses 2,928,000 (395,000)
Accrued interest 66,000  
Income tax payable 104,000 26,000
Lease liabilities (24,000) (15,000)
Net cash provided by operating activities 884,000 1,361,000
Cash flows from investing activities    
Acquired intangible assets (20,000,000)  
Net cash used in investing activities (20,000,000)  
Cash flows from financing activities    
Proceeds from the exercise of options   7,000
Payment of license installment note payable (2,000,000) (1,800,000)
Proceeds from convertible preferred shares   12,537,000
Payment of debt issuance costs associated with convertible preferred shares (214,000) (1,353,000)
Proceeds from EWB term-loan, net of discount 14,763,000  
Repayment of line of credit (812,000)  
Offering costs for the issuance of common stock - initial public offering (371,000)  
Net cash provided by financing activities 11,366,000 9,391,000
Net change in cash (7,750,000) 10,752,000
Cash at the beginning of the period 49,081,000 8,246,000
Cash at the end of the period 41,331,000 18,998,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 95,000  
Supplemental disclosure of non-cash financing and investing activities:    
Deferred payment for asset acquisition $ 4,794,000  
Unpaid debt offering cost   135,000
Unpaid initial public offering cost   362,000
Extinguishment of related party payable relates to deferred tax assets   $ 109,000