v3.20.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (17,060) $ (10,723)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,647 1,798
Stock-based compensation 458 5,604
Inventory write-downs 407  
Trade-in guarantee   (268)
Non-cash interest expense 166 50
Accretion of debt discount 159 60
Deferred income taxes 30 (11)
Bad debt expense 289  
Changes in operating assets and liabilities:    
Accounts receivable 4,814 (12,420)
Inventory 3,899 (4,664)
Prepaid expenses and other current assets (150) 627
Other assets 138 (2,360)
Accounts payable 4,000 (9,928)
Accrued expenses 6,631 937
Deferred revenue 55 (3,649)
Income tax payable 179 163
Net cash provided by (used in) operating activities 5,662 (34,784)
Cash flows from investing activities:    
Purchase of property and equipment (193) (247)
Development of tooling and purchased software licenses   (244)
Net cash used in investing activities (193) (491)
Cash flows from financing activities:    
Repayment on long-term debt (4,037)  
Proceeds on line of credit   5,614
Repayment on line of credit   (5,878)
Proceeds from PPP Loan 2,289  
Repayment of PPP Loan (2,289)  
Proceeds from issuance of common stock, net of costs 24,992 1,604
Proceeds from issuance of common stock upon IPO, net of costs   38,399
Taxes paid on net issuance of restricted stock award and restricted stock units (6) (1,897)
Proceeds from exercise of warrants   23
Proceeds from ESPP purchase of stock 43  
Proceeds from exercise of stock options 303 55
Net cash provided by financing activities 21,295 37,920
Net increase in cash and cash equivalents 26,764 2,645
Cash and cash equivalents at beginning of period 11,298 13,049
Cash and cash equivalents at end of period 38,062 15,694
Supplemental disclosure of cash flow information:    
Cash paid for interest 260 1,055
Cash paid for income taxes 77 352
Non-cash investing and financing activities:    
Other assets included in accounts payable 110 1
IPO issuance costs included in accounts payable   $ 1,550
Settlement of long-term debt with issuance of common stock $ 6,001  

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