Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net loss $ (50,894) $ (53,522)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Accretion of debt discount and amortization of deferred financing costs 1,034 2,942
(Gain) loss on change in fair value of warrant liability (3,349) 18,139
Loss on extinguishment of debt 0 7,952
Impairment of digital assets 22,911 9,383
Impairment of goodwill 2,061 0
Gain on forgiveness of PPP loan 0 (2,850)
Stock-based compensation 3,009 4,941
Other adjustments 1,466 (478)
Changes in operating assets and liabilities:    
Accounts receivable 4 (16)
Inventory (412) (949)
Prepaid expenses and other assets (476) (383)
Accounts payable 1,111 (1,568)
Accrued expenses (1,258) (1,131)
Accrued legal settlement 0 (3,000)
Lease liability payments (905) (802)
Deferred revenue (1,129) (1,172)
Net cash used by operating activities (26,827) (22,514)
Investing activities    
Proceeds received from sale of digital assets 1,282 0
Purchases of digital assets (923) (41,284)
Acquisition payments, net of cash acquired (2,375) (5,101)
Capital expenditures (271) 0
Net cash used in investing activities (2,287) (46,385)
Financing activities    
Proceeds from borrowings, net of issuance costs 11,795 14,711
Payments on borrowings (8,066) (26,243)
Proceeds from sales of common stock, net of issuance costs 4,298 94,737
Proceeds from warrant exercises 0 4,635
Proceeds from exercise of stock options 28 179
Net cash provided by financing activities 8,055 88,019
Effect of exchange rate on cash and restricted cash (123) (14)
Net (decrease) increase in cash and restricted cash (21,182) 19,106
Cash and restricted cash at the beginning of the period 23,137 4,031
Cash and restricted cash at the end of the period 1,955 23,137
Supplemental disclosure of cash flow information    
Interest paid 957 1,364
Income taxes paid 0 0
Supplemental disclosure of non-cash information    
Right-of-use assets obtained in exchange for operating lease obligations 3,053 0
Non-cash exchange of digital assets 906 0
Issuance of common stock in connection with acquisition of Lyte Technology, Inc. 3,064 0
Issuance of common stock under the 2018 employee stock purchase plan 214 100
Issuance of common stock for payment of legal, earned bonus and board of director fees 0 66
Non-cash issuance of common stock upon partial exercise of a warrant $ 0 $ 16,147