v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating activities        
Net income (loss) $ 935 $ (9,390) $ (39,621) $ (23,867)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 113 113 449 528
Amortization of intangible assets 237 211 841 840
Loss on disposal of property and equipment     2 330
Issuance of warrants in connection with notes payable, charged to interest expense 729 2,983
Change in fair value of earnout liability (24,764)    
Change in fair value of PIPE make-whole liability 2,904    
Change in fair value of private warrants 60    
Change in fair value of SAFEs 10 50 655 83
Merger-related transaction costs expensed 4,009    
Deferred income taxes (1,280) 66 (274)
Other non-cash items (21) 5 (119) 50
Stock-based compensation 12,705 3,856 15,476 3,290
Changes in operating assets and liabilities:        
Accounts receivable 136 5 385 (44)
Inventory 52 191 251 (338)
Prepaid expenses and other current assets 27 105 298 (476)
Other assets     (200)
Accounts payable 525 (768) 1,390 2,010
Accrued expenses and other current liabilities 27 150 2,318 1,610
Net cash used in operating activities (3,596) (5,472) (14,626) (16,458)
Investing activities        
Acquisition of EMI Solutions, Inc., net of cash acquired (110)    
Acquisition of property and equipment (5) (6) (633) (56)
Proceeds from sale of property and equipment     300
Net cash provided by (used in) investing activities (115) (6) (633) 244
Financing activities        
Proceeds from issuance of common stock 3,286 5,108 13,513 9,847
Proceeds from exercise of common stock warrants 900    
Proceeds from exercise of common stock warrants     909 2,600
Proceeds from exercise of stock options     145
Proceeds from issuance of notes payable 246 2,156
Proceeds from issuance of notes payable – related parties     730 1,006
Proceeds from issuance of convertible notes 200 250 925
Proceeds from issuance of SAFEs     1,900
Principal payments on notes payable (18) (825)
Principal payments on notes payable – related parties (344) (630) (1,044)
Proceeds from the merger and PIPE 21,014    
Merger-related transaction costs paid (5,966) (65) (933)
Net cash provided by financing activities 18,418 5,943 15,170 15,379
Net increase in cash 14,707 465 (89) (835)
Cash, beginning of period 89 178 178 1,013
Cash, end of period 14,796 643 89 178
Supplemental cash flow information        
Cash paid for interest 80 58 187
Cash paid for income taxes
Non-cash investing and financing activities:        
Deferred merger-related transaction costs     3,192
Conversion of notes to common stock     943 312
Unpaid Merger-related transaction costs 2,504 1,013    
Contingently redeemable convertible stock issued for acquisition of EMI Solutions, Inc. 8,856    
Deferred purchase consideration for acquisition of EMI Solutions, Inc. 1,886    
Conversion of SAFEs to common stock 1,522 1,126
Issuance of warrants in connection with notes payable, recorded as debt discount $ 107 790
Issuance of common stock and warrants to service providers     387
Issuance of common stock for receivable     $ 117