Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statement of Cash Flows

v3.25.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (33,648) $ (90)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,557 2,206
Stock-based compensation 1,525 1,496
Stock issued for services 388
Provision for credit losses 2,295 159
Inventory write-downs 887
Impairment of contract fulfillment assets 6,484
Other 110 97
Changes in operating assets and liabilities:    
Accounts receivable 7,362 (3,030)
Non-trade receivable (6,158) 1,308
Related party receivable (181)
Inventory (4,991) (2,607)
Prepaid expenses and other current assets (2,948) 426
Contract fulfillment assets (7,137) (4,543)
Other assets 1,876 (43)
Accounts payable 14,309 (1,279)
Accrued liabilities 8,001 1,361
Income tax payable 171 99
Net cash used in operating activities (8,486) (4,052)
Cash flows from investing activities:    
Purchase of property and equipment (214) (36)
Net cash used in investing activities (214) (36)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 4,007
Proceeds from stock option exercises, net of taxes paid on vested restricted stock units 48 419
Proceeds from short-term borrowings 591
Repayment of long-term debt (147)
Net cash provided by financing activities 4,646 272
Net increase (decrease) in cash and cash equivalents (4,054) (3,816)
Cash and cash equivalents at beginning of the year 9,397 13,213
Cash and cash equivalents at end of the year 5,343 9,397
Supplemental disclosure of cash flow information:    
Cash paid for interest 29 15
Cash paid for income taxes 134 42
Non-cash activities:    
Receivables transferred to satisfy payables (Note 5) $ 11,308