v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (6,914,000) $ (3,361,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 571,000 477,000
Amortization of intangibles 212,000 276,000
Amortization of right-of-use assets 824,000 489,000
Change in fair value of senior secured convertible notes, related party 111,000 0
Change in fair value of senior secured convertible notes 1,577,000 0
Change in fair value of warrants issued with senior secured convertible notes (1,198,000) 0
Increase in capital contribution from parent for corporate overhead 0 1,030,000
Stock-based compensation 312,000 139,000
Compensation warrant issued in connection with senior secured convertible notes 859,000 0
Original issue discount in connection with senior secured convertible notes 333,000 0
Changes in operating assets and liabilities:    
Accounts receivable (1,114,000) (1,381,000)
Accrued revenue (674,000) (109,000)
Inventories 337,000 (1,445,000)
Prepaid expenses and other current assets (368,000) 181,000
Other assets 0 37,000
Accounts payable and accrued expenses 627,000 (461,000)
Accounts payable, related parties 0 49,000
Other current liabilities 183,000 537,000
Short term advances, related parties 0 2,498,000
Other non-current liabilities 87,000 0
Lease liabilities (893,000) (483,000)
Net cash used in operating activities (5,128,000) (1,527,000)
Cash flows from investing activities:    
Purchases of property and equipment (211,000) (562,000)
Acquisition of GIGA, net of cash received 0 (3,687,000)
Net cash used in investing activities (211,000) (4,249,000)
Cash flows from financing activities:    
Capital contribution from parent 0 689,000
Proceeds from note receivable, related party 1,244,000  
Proceeds from notes payable, related parties 553,000 4,250,000
Proceeds from notes payable 3,237,000 1,600,000
Payments on notes payable (143,000) 0
Net cash provided by financing activities 4,891,000 6,539,000
Effects of exchange rate changes on cash and cash equivalents 305,000 (279,000)
Net increase/(decrease) in cash and cash equivalents (143,000) 484,000
Cash and cash equivalents at beginning of period 2,195,000 1,599,000
Cash and cash equivalents at end of period 2,052,000 2,083,000
Supplemental Cash Flow Information [Abstract]    
Cash paid during the period for interest 319,000 0
Non-cash investing and financing activities    
Fair value of convertible note, related party, in excess of cash received 0 142,000
Shares acquired in reverse capitalization $ 0 $ 4,404,000

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