Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:    
Net profit (loss) $ 3,855 $ (17,985)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation 1,720 1,795
Provision for doubtful accounts 263 591
Reserve for excess and obsolete inventory 151 37
Change in fair value of warrant liabilities (1,808) 175
Change in fair value of contingent earnout liability (63,407) 0
Stock-based compensation expense 18,930 2,569
Transaction costs expensed 1,996
Changes in operating assets and liabilities    
Accounts receivable (10,439) 967
Inventory (3,975) (808)
Prepaid expenses (2,425) (333)
Other current assets 862 840
Other assets (191) 49
Accounts payable and accrued expenses 7,277 852
Other current liabilities 10 (366)
Deferred rent 550 100
Deferred revenue 929 5,058
Net cash used in operating activities (45,702) (6,459)
Investing Activities:    
Purchases of property and equipment (3,788) (640)
Proceeds from sale and disposal of fixed assets 0 118
Net cash used in investing activities (3,788) (522)
Financing Activities:    
(Repayments) proceeds of debt obligations (5,022) 5,022
Proceeds from Merger 132,926
Proceeds from PIPE investment 210,000
Repurchase of common stock (45,000) (826)
Payment of transaction costs for the Merger (16,043)
Proceeds from exercise of Series D warrants 550 700
Proceeds from the exercise of common stock options 1,967 1,131
Taxes paid related to net share settlement of equity awards 0 (98)
Principal repayments of capital lease obligations 0 (1)
Net cash provided by financing activities 279,378 5,928
Net change in cash and cash equivalents 229,888 (1,053)
Cash and cash equivalents    
Beginning of year 58,715 59,768
End of period 288,603 58,715
Supplemental disclosure of cash flow information    
Cash paid for income taxes 0 84
Supplemental disclosure of Non cash financing and investing activities    
Purchase of property and equipment in accounts payable and accrued expenses 532 0
Recognition of contingent earnout liability related to earnout shares 123,129 0
Recognition of one public warrant acquired as part of the Merger in additional paid in capital 9,729 0
Recognition of private placement warrant liability upon Merger 5,702 0
Exercise of common stock warrants, net of shares withheld for exercise 1,793 0
Conversion of convertible preferred stock into common stock upon reverse recapitalization $ 138,047 $ 0