Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities    
Net loss $ (53,522) $ (22,199)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Accretion of debt discount and amortization of deferred financing costs 2,942 2,185
Loss (gain) on change in fair value of warrant liability 18,139 (872)
Loss on extinguishment of debt 7,952 2,158
Impairment of digital assets 9,383 0
Gain on forgiveness of PPP loan (2,850) 0
Stock-based compensation 4,941 4,492
Deferred income taxes 0 0
Other adjustments (478) (40)
Changes in operating assets and liabilities:    
Accounts receivable (16) 796
Inventory (949) 0
Prepaid expenses and other assets (383) 65
Accounts payable (1,568) 427
Accrued expenses (1,131) 1,064
Accrued legal settlement (3,000) 3,000
Lease liability payments (802) 0
Deferred revenue (1,172) (2,049)
Net cash used by operating activities (22,514) (10,973)
Investing activities    
Purchases of digital assets (41,284) 0
Acquisitions, net of cash acquired (5,101) 0
Net cash used in investing activities (46,385) 0
Financing activities    
Proceeds from borrowings, net of issuance costs 14,711 14,815
Proceeds from related party bridge loans 0 560
Payments on borrowings (26,243) (8,418)
Payments on related party notes 0 (560)
Net repayments on factoring agreement 0 (1,077)
Proceeds from sales of common stock, net of issuance costs 94,737 9,177
Proceeds from warrant exercises 4,635 0
Proceeds from exercise of stock options 179 99
Net cash provided by financing activities 88,019 14,596
Effect of exchange rate on cash and restricted cash (14) 46
Net increase (decrease) in cash and restricted cash 19,106 3,669
Cash and restricted cash at the beginning of the period 4,031 362
Cash and restricted cash at the end of the period 23,137 4,031
Supplemental disclosure of cash flow information    
Interest paid 1,364 1,251
Income taxes paid 0 0
Supplemental disclosure of non-cash information    
Issuance of common stock under the 2018 employee stock purchase plan 100 0
Issuance of common stock for payment of legal, earned bonus and board of director fees 66 1,283
Non-cash issuance of common stock upon partial exercise of a warrant 16,147 0
Issuance of common stock upon partial conversions of the Senior Convertible Note 0 2,266
Reacquisition of equity component of the Senior Convertible Note 0 (1,388)
Equity classified cash conversion feature of the Senior Convertible Note $ 0 $ 219