Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ (25,834) $ 1,277
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,525 1,850
Stock-based compensation 6,308 252
Trade-in guarantee (268) (537)
Inventory write-downs 3,109  
Warrant revaluation 0 970
Noncash interest expense 367 1,031
Deferred income taxes 109 140
Provision for doubtful accounts 45 5
Changes in operating assets and liabilities:    
Accounts receivable 8,749 (8,065)
Inventory (809) (12,847)
Prepaid expenses and other current assets 3,681 (4,127)
Other assets (3,803) (42)
Accounts payable (20,075) 16,049
Accrued expenses (6,117) 7,408
Deferred revenue (3,664) 82
Income tax payable 1,154 415
Net cash provided by (used in) operating activities (33,523) 3,861
Cash flows from investing activities:    
Purchase of property and equipment (992) (787)
Development of tooling and purchased software licenses (364) (1,758)
Net cash used in investing activities (1,356) (2,545)
Cash flows from financing activities:    
Proceeds on line of credit 5,614 72,135
Repayment on line of credit (5,614) (75,050)
Proceeds from issuance of common stock, net of costs 1,604 8,295
Cost associated with amendments to credit agreements   (69)
Proceeds from issuance of common stock upon IPO, net of costs 36,864  
Taxes paid on net issuance of restricted stock award (1,897)  
Proceeds from exercise of warrants 23 47
Proceeds from exercise of stock options 81 17
Proceeds from ESPP 146  
Proceeds from borrowings on long-term debt   4,992
Repayment of long-term debt (3,693) (215)
Net cash provided by financing activities 33,128 10,152
Net increase (decrease) in cash and cash equivalents (1,751) 11,468
Cash and cash equivalents at beginning of the year 13,049 1,581
Cash and cash equivalents at end of the year 11,298 13,049
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,043 546
Cash paid for income taxes 273 259
Non-cash investing and financing activities:    
Other assets included in accounts payable   40
IPO issuance costs included in accounts payable $ 14  
Payment of dividends in shares of convertible preferred stock   10,152
Conversion of preferred stock to common stock   93,547
Reclassification of warrant (liability to preferred stock) upon exercise of preferred stock   2,951
Reclassification of warrant (liability to additional paid-in capital) upon conversion and elimination of preferred stock   $ 1,804