Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities    
Net loss $ (12,871) $ (9,803)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 59 62
Loss on sale of digital currencies 4 21
Bad debt expense 114 167
Amortization of acquired intangibles 268 372
Change in fair value of warrants 0 1,329
Impairment of digital currencies 0 334
Stock-based compensation 1,784 450
Deferred income taxes 0 (387)
Changes in operating assets and liabilities:    
Accounts receivable 1,817 2,439
Prepaid expenses and other assets 184 15
Accounts payable 740 4,156
Accrued expenses 1,133 (5,789)
Deferred revenue 581 42
Net cash used by operating activities (6,187) (6,592)
Investing activities    
Proceeds received from sale of digital currencies 88 913
Payments for note receivable 0 (536)
Capital expenditures (18) 0
Net cash provided by investing activities 70 377
Financing activities    
Proceeds from convertible notes 1,105 0
Proceeds from PhunCoin deposits 212 0
Net (repayments) proceeds from factoring agreement (1,357) 618
Proceeds from common stock subscriptions, net of issuance costs 0 5,448
Proceeds from warrant exercises 6,092 0
Proceeds from exercise of options to purchase common stock 287 152
(Redemptions, dividend payments) and issuances of Series A convertible preferred stock (6,240) 6,000
Proceeds from Business Combination 0 98
Net cash provided for financing activities 99 12,316
Effect of exchange rate on cash and restricted cash 36 (65)
Net (decrease) increase in cash and restricted cash (5,982) 6,036
Cash and restricted cash at the beginning of the period 6,344 308
Cash and restricted cash at the end of the period 362 6,344
Supplemental disclosure of cash flow information    
Interest paid 603 712
Supplemental disclosure of non-cash information    
Common stock issuances from subscription payable 0 3,243
Warrants issued in conjunction with Reverse Merger and Recapitalization 0 1,106
Issuance of common stock for payment of bonus and legal fees 562 0
Waiver of sponsor promissory note originally issued in conjunction with Reverse Merger and Recapitalization $ 1,993 $ 0