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
Cash flow from operating activities    
Net loss $ (8,775) $ (7,029)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 185 78
Amortization of right of use asset 460 415
Amortization of intangible assets 5 5
Non-cash interest income (88) (299)
Stock based compensation 309 45
Change in fair value of derivative liabilities (696) (2,111)
Offering costs 325
Gain on disposal of equipment (144)
Non-cash other income – forgiveness of loans (905)
Changes in operating assets and liabilities:    
Account and other receivables (61) 94
Prepaid expenses and other assets (149) (91)
Inventories (110) 153
Accounts payable and accrued liabilities 264 (350)
Other Liabilities (26)
Payments on operating lease liability (401) (347)
Net cash used in operating activities (10,132) (9,112)
Cash flows from investing activities    
Purchase of property and equipment (3,739) (360)
Proceeds from note receivable, net of imputed interest 1,944 2,111
Proceeds from the sale of property and equipment 144
Net cash provided by (used in) investing activities (1,651) 1,751
Cash flows from financing activities    
Proceeds from issuance of warrant derivative liabilities 6,328
Proceeds from issuance of common stock, net of fees 19,995
Proceeds from issuance of preferred stock, net of fees 3,112
Proceeds from issuance of common stock in connection with exercise of warrants 196 1,111
Principal payment on debt (27)
Proceeds from issuance of debt 509 406
Net cash provided by financing activities 705 30,925
Net increase (decrease) in cash and cash equivalents (11,078) 23,564
Cash and cash equivalents at beginning of year 25,351 1,787
Cash and cash equivalents at end of year 14,273 25,351
Noncash investing and financing activities    
Right-of-Use Assets and assumption of operating lease liability 918
Extinguishment of derivative liabilities through exercise of warrants 195 3,199
Change in par value due to conversion of preferred stock to common stock 65
Issuance of Common Stock for the Cashless Exercise of Warrants 35
Supplemental cash flow information    
Cash paid for interest $ 2