Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 458 $ (2,906)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,055 880
Stock-based compensation 290 324
Release of customer allowance liability (5,271)
Other (56) 84
Changes in operating assets and liabilities:    
Accounts receivable (649) 6,476
Non-trade receivable 667 397
Related party receivable (5,817)
Inventory 2,255 1,694
Prepaid expenses and other current assets (127) 38
Contract fulfillment assets (2,548) (1,248)
Other assets (3) (269)
Accounts payable (5,554) 540
Accrued liabilities (218) (404)
Income tax payable 95 43
Net cash used in operating activities (9,606) (168)
Cash flows from investing activities:    
Purchase of property and equipment (30)
Net cash used in investing activities (30)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 3,537
Proceeds from promissory note, net of issuance costs 2,790
Proceeds from short-term borrowings, net of repayments 51
Proceeds from stock option exercises 53
Net cash provided by financing activities 6,378 53
Net decrease in cash and cash equivalents (3,228) (145)
Cash and cash equivalents at beginning of period 5,343 9,397
Cash and cash equivalents at end of period 2,115 9,252
Supplemental disclosure of cash flow information:    
Cash paid for interest 20
Cash paid for income taxes 12 8
Non-cash activities:    
Receivables transferred to satisfy payables (Note 4) $ 11,308