v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows Used in Operating Activities    
Net loss $ (17,178) $ (11,557)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 429 317
Amortization of intangible assets 1,025 1,489
Amortization of right of use asset 110 169
Stock based compensation 329 1,533
Earnout expense valuation benefit 0 (2,827)
Amortization of debt discount 834 0
Unrealized loss on foreign currency transactions (205) (167)
Distribution of equity method investment shares to employees as compensation 666 0
Deferred income tax 2,478 0
Unrealized gain/(loss) on equity securities (34) 1,503
Other 0 146
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (1,994) (239)
Inventory 283 181
Prepaid expenses and other current assets 274 (3,607)
Other assets (4) 41
Accounts payable (534) (1,345)
Accrued liabilities 3,545 (109)
Income tax liabilities (2) (40)
Deferred revenue 584 (666)
Operating lease obligation (109) (141)
Net Cash Used in Operating Activities (9,503) (15,319)
Cash Flows Used in Investing Activities    
Purchase of property and equipment (6) (81)
Investment in capitalized software (220) (107)
Sales of treasury bills 0 28,001
Proceeds from repayment of note receivable 150 0
Issuance of note receivable (300) 0
Net Cash (Used in) Provided By Investing Activities (376) 27,813
Cash From Financing Activities    
Net proceeds from issuance of preferred stock and warrants 0 46,906
Net proceeds from promissory note 125 364
Net proceeds for registered direct offering 14,966 0
Cash paid for redemption of preferred stock series 7 0 (49,250)
Taxes paid related to net share settlement of restricted stock units 0 (336)
Repayment of CXApp acquisition liability (197) (1,787)
Common shares issued for net proceeds from warrants 1 0
Distribution to shareholders related to spin-off of CXApp (10,003) 0
Net Cash Provided By (Used In) Financing Activities 4,892 (4,103)
Effect of Foreign Exchange Rate on Changes on Cash 6 (19)
Net (Decrease)/Increase in Cash and Cash Equivalents (4,981) 8,372
Cash and Cash Equivalents - Beginning of period 20,235 52,480
Cash and Cash Equivalents - End of period 15,254 60,852
Cash paid for:    
Interest 0 1
Income Taxes 0 100
Non-cash investing and financing activities    
Common shares issued for extinguishment of debt 1,426 1,500
Common shares issued for CXApp Earnout Payment 0 3,697
Common shares issued in exchange for warrants 0 14
Noncash net assets distribution to shareholders related to spin-off of CXApp $ 14,227 $ 0

Source