Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net loss $ (22,199) $ (12,871)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 11 59
Amortization of acquired intangibles 142 268
Amortization of debt discount and deferred financing costs 2,185 0
Fair Value Adjustment of Warrants (872) 0
Loss on sale of digital currencies 0 4
Loss on extinguishment of debt 2,158 0
Non-cash interest expense 55 0
Bad debt (recovery) expense 205 114
Settlement of accounts payable (453) 0
Stock-based compensation 4,492 1,784
Deferred income taxes 0 0
Changes in operating assets and liabilities:    
Accounts receivable 796 1,817
Prepaid expenses and other assets 65 184
Accounts payable 427 740
Accrued expenses 1,064 1,133
Accrued legal settlement 3,000 0
Deferred revenue (2,049) 581
Net cash used by operating activities (10,973) (6,187)
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 14,815 1,105
Proceeds from related party bridge loans 560 0
Payments on convertible notes (8,418) 0
Payments on related party notes (560) 0
Proceeds from PhunCoin deposits 0 212
Net repayments on factoring agreement (1,077) (1,357)
Proceeds from sales of common stock, net of issuance costs 9,177 0
Proceeds from exercise of stock options 0 6,092
Proceeds from exercise of stock options 99 287
Series A convertible preferred stock redemptions and dividend payments 0 (6,240)
Net cash provided for financing activities 14,596 99
Effect of exchange rate on cash and restricted cash 46 36
Net increase (decrease) in cash and restricted cash 3,669 (5,982)
Cash and restricted cash at the beginning of the period 362 6,344
Cash and restricted cash at the end of the period 4,031 362
Supplemental disclosure of cash flow information    
Interest paid 1,251 603
Supplemental disclosure of non-cash information    
Issuance of common stock for payment of legal, earned bonus and board of director fees 1,283 562
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 Note 219 0
Waiver of sponsor promissory note $ 0 $ 1,993