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, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (38,627) $ (29,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,129 2,728
Stock-based compensation 1,085 1,087
Loss on disposal of assets 54  
Inventory write-downs 1,594 702
Noncash interest expense   166
Accretion of debt discount   328
Deferred income taxes (35) 21
Bad debt expense 867 302
Changes in operating assets and liabilities:    
Accounts receivable (7,518) 5,917
Non-trade receivable (1,802) (453)
Inventory 4,181 7,485
Prepaid expenses and other current assets 1,167 (1,104)
Other assets (2,727) 531
Accounts payable 617 1,494
Accrued expenses 611 1,172
Deferred revenue 6 (286)
Income tax payable 166 (718)
Net cash used in operating activities (38,476) (10,560)
Cash flows from investing activities:    
Purchase of property and equipment (46) (11)
Net cash used in investing activities (46) (11)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of costs 27,702 25,086
Proceeds from PPP Loan   2,289
Repayment of PPP Loan   (2,289)
Taxes paid on net issuance of restricted stock award and restricted stock units   (6)
Proceeds from exercise of stock options 5 382
Proceeds from ESPP 55 98
Repayment of long-term debt (148) (4,146)
Net cash provided by financing activities 27,614 21,414
Net increase (decrease) in cash and cash equivalents (10,908) 10,843
Cash and cash equivalents at beginning of the year 22,141 11,298
Cash and cash equivalents at end of the year 11,233 22,141
Supplemental disclosure of cash flow information:    
Cash paid for interest   260
Cash paid for income taxes $ 87 76
Non-cash investing and financing activities:    
Other assets included in accounts payable   128
Settlement of long-term debt with issuance of common stock   $ 6,170