Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (40,006) $ (21,711)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and deferred financing costs 690 2,770
(Gain) loss on change in fair value of warrant liability (3,267) 148
Loss on extinguishment of debt 0 7,952
Impairment of digital assets 21,511 776
Gain on forgiveness of PPP loan 0 (2,850)
Stock-based compensation 2,169 3,933
Other adjustments 990 297
Changes in operating assets and liabilities:    
Accounts receivable (723) (272)
Inventory (731) 0
Prepaid expenses and other assets (254) (345)
Accounts payable 925 (1,236)
Accrued legal settlement 0 (3,000)
Lease liability payments (594) (662)
Accrued expenses (1,118) (2,891)
Deferred revenue (2,464) (1,998)
Net cash used in operating activities (22,872) (19,089)
Investing activities    
Acquisition payment (1,125) 0
Purchase of digital assets (923) (1,497)
Capital expenditures (238) 0
Net cash used in investing activities (2,286) (1,497)
Financing activities    
Proceeds from borrowings, net of issuance costs 11,795 9,980
Payments on borrowings (4,698) (25,116)
Proceeds from exercise of options to purchase common stock 16 73
Proceeds from sales of common stock, net of issuance costs 3,655 32,610
Net cash provided by financing activities 10,768 17,547
Effect of exchange rate on cash and restricted cash (209) (19)
Net decrease in cash and restricted cash (14,599) (3,058)
Cash and restricted cash at the beginning of the period 23,137 4,031
Cash and restricted cash at the end of the period 8,538 973
Supplemental disclosure of cash flow information:    
Interest paid 613 1,315
Income taxes paid 0 0
Supplemental disclosures of non-cash activities:    
Right-of-use assets obtained in exchange for operating lease obligations 3,053 0
Non-cash exchange of digital assets 911 0
Issuance of common stock in connection with acquisition of Lyte Technology, Inc. 1,814 0
Proceeds not received related to sales of common stock 0 97
Issuance of common stock for payment of board of director fees $ 0 $ 66