v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (29,772) $ (40,006)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and deferred financing costs 832 690
Loss on extinguishment of debt 237 0
Gain on change in fair value of warrant liability (256) (3,267)
Gain on sale of digital assets (5,310) (195)
Impairment of digital assets 50 21,511
Impairment of goodwill 14,391 0
Stock-based compensation 3,662 2,169
Other adjustments 1,945 1,185
Changes in operating assets and liabilities:    
Accounts receivable (122) (723)
Inventory 1,470 (731)
Prepaid expenses and other assets 583 (254)
Accounts payable 269 925
Accrued expenses (921) (1,118)
Lease liability payments (1,008) (594)
Deferred revenue (1,919) (2,464)
Net cash used in operating activities (15,869) (22,872)
Investing activities    
Proceeds received from sale of digital assets 15,390 0
Purchase of digital assets 0 (923)
Acquisition payment 0 (1,125)
Capital expenditures (7) (238)
Net cash provided by (used in) investing activities 15,383 (2,286)
Financing activities    
Proceeds from borrowings, net of issuance costs 0 11,795
Payments on borrowings (5,056) (4,698)
Proceeds from sales of common stock, net of issuance costs 6,879 3,655
Proceeds from exercise of options to purchase common stock 58 16
Payment for stock repurchase (502) 0
Net cash provided in financing activities 1,379 10,768
Effect of exchange rate on cash 9 (209)
Net increase (decrease) in cash 902 (14,599)
Cash at the beginning of the period 1,955 23,137
Cash at the end of the period 2,857 8,538
Supplemental disclosure of cash flow information:    
Interest paid 1,140 613
Income taxes paid 0 0
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of common stock for 2022 Promissory Note 800 0
Right-of-use assets obtained in exchange for operating lease obligations 0 3,053
Non-cash exchange of digital assets 557 911
Issuance of common stock in connection with acquisition of Lyte Technology, Inc. 0 1,814
Issuance of common stock under the 2018 Employee Stock Purchase Plan previously accrued 47 116
Issuance of common stock for payment of bonuses previously accrued $ 379 $ 0

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