Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (3,853) $ (29,628)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 435 284
Non-cash interest expense 353 770
Amortization of debt discount 356 63
Amortization of acquired intangible assets 3,767 4,277
Amortization of operating lease right-of-use assets 88 88
Share-based compensation 2,606 4,425
Loss on impairment of intangible assets 3,143  
Changes in operating assets and liabilities:    
Accounts receivable 12,551 (5,380)
Inventory 3,953 1,744
Prepaid expenses and other current assets (279) (871)
Other assets   55
Accounts payable (18,421) 14,343
Related party expenses (218) (228)
Accrued expenses 962 (3,568)
Accrued interest (138) 160
Income tax payable 18 27
Lease liabilities (83) (95)
Net cash provided by (used in) operating activities 5,240 (13,534)
Cash flows from investing activities    
Acquired intangible assets (5,000) (20,000)
Net cash (used in) investing activities (5,000) (20,000)
Cash flows from financing activities    
Proceeds from the exercise of stock options 121 142
Payment of license installment note payable (1,000) (5,000)
Payment of debt issuance costs associated with convertible preferred shares   (214)
Proceeds from line of credit 28,000 5,000
Repayment of line of credit (30,948) (2,864)
Proceeds from term-loan 15,000 19,763
Net cash (used in) provided by financing activities (4,804) 16,456
Net change in cash (4,564) (17,078)
Cash at the beginning of the period 32,003 49,081
Cash at the end of the period 27,439 32,003
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,127 993
Cash paid for income taxes 181 168
Supplemental disclosure of non-cash financing and investing activities:    
Deferred payment for asset acquisition   4,740
ROU assets obtained in exchange for lease liabilities   188
Atm offering    
Cash flows from financing activities    
Proceeds from issuance of common stock, ATM offering, net of issuance costs 4,494  
IPO    
Cash flows from financing activities    
Offering costs for the issuance of common stock   $ (371)
East West Bank | Term loan    
Cash flows from financing activities    
Repayment of EWB term-loan (20,000)  
Payment of issuance costs associated with loan (91)  
SWK Funding LLC | Term loan    
Cash flows from financing activities    
Payment of debt issuance costs associated with convertible preferred shares (200)  
Payment of issuance costs associated with loan $ (380)