v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net loss $ (16,041) $ (8,987)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 10 46
Amortization of acquired intangibles 110 205
Amortization of debt discount and deferred financing costs 1,217 0
Gain on change in fair value of warrants (1,244) 0
Loss on sale of digital currencies 0 4
Loss on extinguishment of debt 1,031 0
Non-cash interest expense 55 0
Bad debt (recovery) expense (30) 79
Stock-based compensation 3,458 1,111
Changes in operating assets and liabilities:    
Accounts receivable 551 291
Prepaid expenses and other assets (94) (86)
Accounts payable 536 (327)
Accrued expenses 1,332 973
Accrued legal settlement 4,500 0
Deferred revenue (1,906) 792
Net cash used in operating activities (6,515) (5,899)
Investing activities    
Proceeds received from sale of digital currencies 0 88
Capital expenditures 0 (18)
Net cash provided by investing activities 0 70
Financing activities    
Proceeds from borrowings, net of issuance costs 10,207 250
Proceeds from related party bridge loans 560 0
Payments on senior convertible notes (3,948) 0
Payments on related party notes (200) 0
Net repayments on factoring agreement (638) (888)
Proceeds from PhunCoin deposits 0 212
Proceeds from warrant exercises 0 6,092
Proceeds from exercise of options to purchase common stock 95 165
Proceeds from sales of common stock, net of issuance costs 1,341 0
Series A convertible preferred stock redemptions and dividend payments 0 (6,240)
Net cash provided by (used in) financing activities 7,417 (409)
Effect of exchange rate on cash and restricted cash (30) (38)
Net increase (decrease) in cash and restricted cash 872 (6,276)
Cash and restricted cash at the beginning of the period 362 6,344
Cash and restricted cash at the end of the period 1,234 68
Supplemental disclosure of cash flow information:    
Interest paid 681 510
Income taxes paid 0 0
Supplemental disclosures of non-cash financing activities:    
Issuance of common stock for payment of legal, earned bonus and board of director fees 1,239 0
Issuance of common stock upon partial conversions of Senior Convertible Note 2,266 0
Reacquisition of equity component of Senior Convertible Note (1,388) 0
Equity classified cash conversion feature of Senior Convertible Notes 219 0
Waiver of sponsor promissory note $ 0 $ 1,993

Source