Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
Nine Months Ended
September 30, | |||||||
|
2022
|
2021
| ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (20,172 | ) | $ | (15,594 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 1,568 | 1,107 | |||||
| Stock-based compensation | 9,082 | 1,144 | |||||
| Operating non-cash lease expense | (4 | ) | (32 | ) | |||
| Amortization of deferred income | (94 | ) | — | ||||
| Gain on deconsolidation of subsidiary | (149 | ) | — | ||||
| Other, net | 10 | (8 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | 4,234 | 6,226 | |||||
| Prepaid expenses and other assets | (1,799 | ) | (3,932 | ) | |||
| Accounts payable | 408 | 415 | |||||
| Accrued expenses and other liabilities | 23 | 1,328 | |||||
| Deferred revenue | 517 | 5,340 | |||||
| Net cash used in operating activities | (6,376 | ) | (4,006 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (655 | ) | (488 | ) | |||
| Payments relating to investment in equity method investment | (520 | ) | — | ||||
| Purchases of available-for-sale securities | (6,399 | ) | — | ||||
| Proceeds from principal portion of related party loan | 241 | — | |||||
| Net cash used in investing activities | (7,333 | ) | (488 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Payments of contingent consideration for business acquisition | (1,573 | ) | — | ||||
| Proceeds from issuance of common stock | — | 5,435 | |||||
| Principal payments under vendor financing arrangements | (635 | ) | (418 | ) | |||
| Proceeds from exercise of stock options | 601 | 330 | |||||
| Payments to tax authorities for shares withheld from employees | (2,053 | ) | — | ||||
| Payments of deferred offering costs | (256 | ) | (906 | ) | |||
| Payments of principal portion of term loan | — | (450 | ) | ||||
| Net cash (used in) provided by financing activities | (3,916 | ) | 3,991 | ||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (17,625 | ) | (503 | ) | |||
| CASH AND CASH EQUIVALENTS, beginning of period | 85,825 | 11,744 | |||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 68,200 | $ | 11,241 | |||
Non-GAAP Financial Measures
