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Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Restatement of Previously Issued Financial Statements [Abstract] |
Schedule of Consolidated Balance Sheets | The following table presents the effect of the aforementioned adjustments on our Consolidated Balance Sheets as of December 31, 2023 and 2022 and indicates the category of the adjustments by reference to the above descriptions of the errors for which we made corrections:
|  | Year Ended December 31, 2023 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,059 |  |  | $ | - |  |  |  |  |  |  | $ | 2,059 |
Accounts receivable |  |  | 65 |  |  |  | - |  |  |  |  |  |  |  | 65 |
Inventory |  |  | 73 |  |  |  | - |  |  |  |  |  |  |  | 73 |
Loans receivable, net of provision for credit losses |  |  | 557 |  |  |  | (278 | ) |  |  | (4 | ) |  |  | 279 |
Prepaid expenses and other current assets |  |  | 427 |  |  |  | (247 | ) |  |  | (7 | ) |  |  | 180 |
Total current assets |  |  | 3,181 |  |  |  | (525 | ) |  |  |  |  |  |  | 2,656 |
Property and equipment, net |  |  | 2,870 |  |  |  | - |  |  |  |  |  |  |  | 2,870 |
Operating lease right-of-use assets |  |  | 800 |  |  |  | 251 |  |  |  | (7 | ) |  |  | 1,051 |
Intangible Assets, net |  |  | 11,388 |  |  |  | 688 |  |  |  | (1 | ) |  |  | 12,076 |
Goodwill |  |  | 60,360 |  |  |  | (4,787 | ) |  |  | (1 | ) |  |  | 55,573 |
Other non-current assets |  |  | 129 |  |  |  | - |  |  |  |  |  |  |  | 129 |
Total assets |  | $ | 78,728 |  |  | $ | (4,373 | ) |  |  |  |  |  | $ | 74,355 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,462 |  |  | $ | - |  |  |  |  |  |  | $ | 1,462 |
Accrued expenses |  |  | 411 |  |  |  | 228 |  |  |  | (2)(5 | ) |  |  | 639 |
Financial liabilities, current, net of issuance costs |  |  | 2,496 |  |  |  | (571 | ) |  |  | (3 | ) |  |  | 1,925 |
Other current liabilities |  |  | 250 |  |  |  | 536 |  |  |  | (7 | ) |  |  | 786 |
Total current liabilities |  |  | 4,619 |  |  |  | 193 |  |  |  |  |  |  |  | 4,812 |
Operating lease liabilities |  |  | 840 |  |  |  | - |  |  |  |  |  |  |  | 840 |
Total liabilities |  |  | 5,459 |  |  |  | 193 |  |  |  |  |  |  |  | 5,652 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Common stock |  |  | 8 |  |  |  | - |  |  |  |  |  |  |  | 8 |
Additional paid-in capital |  |  | 222,980 |  |  |  | (22,345 | ) |  |  | (1)(2)(6)(7 | ) |  |  | 200,635 |
Accumulated deficit |  |  | (149,719 | ) |  |  | 17,779 |  |  |  | (1)(2)(3)(4)(5)(6)(7 | ) |  |  | (131,940 | )
Total stockholders’ equity |  |  | 73,269 |  |  |  | (4,566 | ) |  |  |  |  |  |  | 68,703 |
Total liabilities and stockholders’ equity |  | $ | 78,728 |  |  | $ | (4,373 | ) |  |  |  |  |  | $ | 74,355 |
|  | Year Ended December 31, 2022 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,308 |  |  | $ | - |  |  |  |  |  |  | $ | 5,308 |
Accounts receivable |  |  | 13 |  |  |  | - |  |  |  |  |  |  |  | 13 |
Prepaid expenses and other current assets |  |  | 408 |  |  |  | (279 | ) |  |  | (7 | ) |  |  | 129 |
Total current assets |  |  | 5,729 |  |  |  | (279 | ) |  |  |  |  |  |  | 5,450 |
Property and equipment, net |  |  | 975 |  |  |  | - |  |  |  |  |  |  |  | 975 |
Operating lease right-of-use assets |  |  | 1,187 |  |  |  | 86 |  |  |  | (7 | ) |  |  | 1,273 |
Intangible assets, net |  |  | 22,224 |  |  |  | (7,044 | ) |  |  | (1 | ) |  |  | 15,180 |
Goodwill |  |  | 59,126 |  |  |  | (3,553 | ) |  |  | (1 | ) |  |  | 55,573 |
Other non-current assets |  |  | 60 |  |  |  | - |  |  |  |  |  |  |  | 60 |
Total assets |  | $ | 89,301 |  |  | $ | (10,790 | ) |  |  |  |  |  | $ | 78,511 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 872 |  |  | $ | - |  |  |  |  |  |  | $ | 872 |
Accrued expenses |  |  | 3,780 |  |  |  | (819 | ) |  |  | (2)(5 | ) |  |  | 2,961 |
Financial liabilities, current |  |  | 536 |  |  |  | (536 | ) |  |  | (7 | ) |  |  | - |
Other current liabilities |  |  | 132 |  |  |  | 628 |  |  |  | (6)(7 | ) |  |  | 760 |
Total current liabilities |  |  | 5,320 |  |  |  | (727 | ) |  |  |  |  |  |  | 4,593 |
Financial liabilities, net of issuance costs |  |  | 7,858 |  |  |  | (670 | ) |  |  | (3 | ) |  |  | 7,188 |
Warrant liability |  |  | - |  |  |  | 528 |  |  |  | (1 | ) |  |  | 528 |
Operating lease liabilities |  |  | 1,226 |  |  |  | (148 | ) |  |  | (7 | ) |  |  | 1,078 |
Total liabilities |  |  | 14,404 |  |  |  | (1,017 | ) |  |  |  |  |  |  | 13,387 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Common stock |  |  | 6 |  |  |  | - |  |  |  |  |  |  |  | 6 |
Additional paid-in capital |  |  | 194,879 |  |  |  | (25,704 | ) |  |  | (1)(2)(6)(7 | ) |  |  | 169,175 |
Accumulated deficit |  |  | (119,988 | ) |  |  | 15,931 |  |  |  | (1)(2)(3)(4)(5)(6)(7 | ) |  |  | (104,057 | )
Total stockholders’ equity |  |  | 74,897 |  |  |  | (9,773 | ) |  |  |  |  |  |  | 65,124 |
Total liabilities and stockholders’ equity |  | $ | 89,301 |  |  | $ | (10,790 | ) |  |  |  |  |  | $ | 78,511 |
Schedule of Consolidated Statements of Operations | The following tables present the effect of the aforementioned reclassifications and adjustments on our consolidated statements of operations for the years ended December 31, 2023 and 2022 and indicate the category of the adjustments by reference to the above descriptions of the errors for which we made corrections:
|  | Year Ended December 31, 2023 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Total revenue |  | $ | 358 |  |  | $ | - |  |  |  |  |  |  | $ | 358 |
Cost of revenue |  |  | 196 |  |  |  | - |  |  |  |  |  |  |  | 196 |
Gross profit |  |  | 162 |  |  |  | - |  |  |  |  |  |  |  | 162 |
Operating expenses |  |  | 27,384 |  |  |  | (979 | ) |  |  | (2)(5 | ) |  |  | 26,405 |
Loss from operations |  |  | (27,222 | ) |  |  | 979 |  |  |  |  |  |  |  | (26,243 | )
Non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 295 |  |  |  | - |  |  |  |  |  |  |  | 295 |
Interest expense, net |  |  | (2,804 | ) |  |  | 1,202 |  |  |  | (3)(6 | ) |  |  | (1,602 | )
Change in value of warrant liability |  |  | - |  |  |  | 528 |  |  |  | (1 | ) |  |  | 528 |
Loss before income tax provision |  |  | (29,731 | ) |  |  | 2,709 |  |  |  |  |  |  |  | (27,022 | )
Income tax provision |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Net loss |  |  | (29,731 | ) |  |  | 2,709 |  |  |  |  |  |  |  | (27,022 | )
Less: Series A convertible preferred stock dividends |  |  | - |  |  |  | (861 | ) |  |  | (6 | ) |  |  | (861 | )
Net loss available to common stockholders |  | $ | (29,731 | ) |  | $ | 1,848 |  |  |  |  |  |  | $ | (27,883 | )
Loss per share – basic and diluted |  | $ | (0.38 | ) |  | $ | (0.04 | ) |  |  |  |  |  | $ | (0.42 | )
Weighted average shares used in computing net loss per common share – basic and dilutive |  |  | 77,451 |  |  |  | (10,840 | ) |  |  |  |  |  |  | 66,611 |
|  | Year Ended December 31, 2022 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Total revenue |  | $ | 136 |  |  | $ | - |  |  |  |  |  |  | $ | 136 |
Cost of revenue |  |  | 61 |  |  |  | - |  |  |  |  |  |  |  | 61 |
Gross profit |  |  | 75 |  |  |  | - |  |  |  |  |  |  |  | 75 |
Operating expenses |  |  | 36,654 |  |  |  | (7,934 | ) |  |  | (2 | )(5) |  |  | 28,720 |
Loss from operations |  |  | (36,579 | ) |  |  | 7,934 |  |  |  |  |  |  |  | (28,645 | )
Non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 47 |  |  |  | - |  |  |  |  |  |  |  | 47 |
Interest expense, net |  |  | (2,062 | ) |  |  | 1,290 |  |  |  | (3 | )(6) |  |  | (772 | )
Change in value of warrant liability |  |  | - |  |  |  | 3,392 |  |  |  | (1 | ) |  |  | 3,392 |
Loss before income tax provision |  |  | (38,594 | ) |  |  | 12,616 |  |  |  |  |  |  |  | (25,978 | )
Income tax provision |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |
Net loss |  |  | (38,594 | ) |  |  | 12,616 |  |  |  |  |  |  |  | (25,978 | )
Less: Series A convertible preferred stock dividends |  |  | - |  |  |  | (889 | ) |  |  | (6 | ) |  |  | (889 | )
Net loss available to common stockholders |  | $ | (38,594 | ) |  | $ | 11,727 |  |  |  |  |  |  | $ | (26,867 | )
Loss per share – basic and diluted |  | $ | (0.69 | ) |  | $ | (0.04 | ) |  |  |  |  |  | $ | (0.73 | )
Weighted average shares used in computing net loss per common share – basic and dilutive |  |  | 55,963 |  |  |  | (19,283 | ) |  |  |  |  |  |  | 36,680 |
Schedule of Consolidated Statements of Cash Flows | The following tables present the effect of the aforementioned adjustments on our consolidated statements of cash flows for the years ended December 31, 2023 and 2022 and indicate the category of the adjustments by reference to the above descriptions of the errors for which we made corrections:
|  | Year Ended December 31, 2023 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (29,731 | ) |  |  | 2,709 |  |  |  |  |  |  |  | (27,022 | )
Adjustments to reconcile net loss to net cash from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and intangibles amortization |  |  | 1,958 |  |  |  | 1,349 |  |  |  | (1 | ) |  |  | 3,307 |
Amortization of issuance costs |  |  | - |  |  |  | 925 |  |  |  | (3 | ) |  |  | 925 |
Change in fair value of warrant liabilities |  |  | - |  |  |  | (528 | ) |  |  | (1 | ) |  |  | (528 | )
Provision for credit losses |  |  | - |  |  |  | 279 |  |  |  | (4 | ) |  |  | 279 |
Other recognized losses (gains) |  |  | 4 |  |  |  | 1 |  |  |  | (7 | ) |  |  | 5 |
Stock-based compensation expense |  |  | 8,723 |  |  |  | (4,452 | ) |  |  | (2 | ) |  |  | 4,271 |
Stock-based compensation expense for services |  |  | - |  |  |  | 284 |  |  |  | (2 | ) |  |  | 284 |
Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (52 | ) |  |  | - |  |  |  |  |  |  |  | (52 | )
Inventory |  |  | (70 | ) |  |  | - |  |  |  |  |  |  |  | (70 | )
Prepaid expenses and other current assets |  |  | (78 | ) |  |  | (32 | ) |  |  | (7 | ) |  |  | (110 | )
Other non-current assets |  |  | 318 |  |  |  | (165 | ) |  |  | (7 | ) |  |  | 153 |
Accounts payable |  |  | 583 |  |  |  | 13 |  |  |  |  |  |  |  | 596 |
Accrued expenses and other current liabilities |  |  | (985 | ) |  |  | 1,095 |  |  |  | (2)(7 | ) |  |  | 110 |
Other long-term liabilities |  |  | (611 | ) |  |  | 148 |  |  |  | (7 | ) |  |  | (463 | )
Net cash used in operating activities |  |  | (19,941 | ) |  |  | 1,626 |  |  |  |  |  |  |  | (18,315 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (2,118 | ) |  |  | (6 | ) |  |  | (7 | ) |  |  | (2,112 | )
Issuance of loan receivable |  |  | (500 | ) |  |  | - |  |  |  |  |  |  |  | (500 | )
Net cash used in investing activities |  |  | (2,618 | ) |  |  | (6 | ) |  |  |  |  |  |  | (2,612 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments of financial liabilities, net of interest |  |  | (6,187 | ) |  |  | - |  |  |  |  |  |  |  | (6,187 | )
Series A Preferred dividend payments |  |  | - |  |  |  | (865 | ) |  |  | (6 | ) |  |  | (865 | )
Proceeds from stock issuance related to ATM facility |  |  | 25,496 |  |  |  | (766 | ) |  |  | (6 | ) |  |  | 24,730 |
Net cash provided by financing activities |  |  | 19,309 |  |  |  | (1,631 | ) |  |  |  |  |  |  | 17,678 |
Net decrease in cash |  |  | (3,249 | ) |  |  | - |  |  |  |  |  |  |  | (3,249 | )
Cash and cash equivalents, beginning of period |  |  | 5,308 |  |  |  | - |  |  |  |  |  |  |  | 5,308 |
Cash and cash equivalents, end of period |  | $ | 2,059 |  |  | $ | - |  |  |  |  |  |  | $ | 2,059 |
|  | Year Ended December 31, 2022 |
|  | As Previously |  |  |  |  |  | Description of |  |  |  |
|  | Reported |  |  | Adjustments |  |  | Adjustments |  |  | As restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (38,594 | ) |  |  | 12,616 |  |  |  |  |  |  |  | (25,978 | )
Adjustments to reconcile net loss to net cash from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,433 |  |  |  | (1,570 | ) |  |  | (1 | ) |  |  | 1,863 |
Amortization of issuance costs |  |  | - |  |  |  | 547 |  |  |  | (3 | ) |  |  | 547 |
Change in fair value of warrant liabilities |  |  | - |  |  |  | (3,392 | ) |  |  | (1 | ) |  |  | (3,392 | )
Other recognized losses (gains) |  |  | - |  |  |  | 78 |  |  |  | (7 | ) |  |  | 78 |
Stock-based compensation expense |  |  | 17,761 |  |  |  | (8,438 | ) |  |  | (2 | ) |  |  | 9,323 |
Stock-based compensation expense for services |  |  | - |  |  |  | 2,350 |  |  |  | (2 | ) |  |  | 2,350 |
Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (13 | ) |  |  | - |  |  |  |  |  |  |  | (13 | )
Prepaid expenses and other current assets |  |  | 92 |  |  |  | (237 | ) |  |  | (7 | ) |  |  | (145 | )
Other non-current assets |  |  | (1,128 | ) |  |  | (86 | ) |  |  | (7 | ) |  |  | (1,214 | )
Accounts payable |  |  | 219 |  |  |  | - |  |  |  |  |  |  |  | 219 |
Accrued expenses and other current liabilities |  |  | (462 | ) |  |  | 143 |  |  |  | (2)(7 | ) |  |  | (319 | )
Other long-term liabilities |  |  | 1,451 |  |  |  | (148 | ) |  |  | (7 | ) |  |  | 1,303 |
Net cash used in operating activities |  |  | (17,241 | ) |  |  | 1,863 |  |  |  |  |  |  |  | (15,378 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (870 | ) |  |  | - |  |  |  |  |  |  |  | (870 | )
Net cash used for QPhoton, Inc. Merger |  |  | (1,356 | ) |  |  | - |  |  |  |  |  |  |  | (1,356 | )
Net cash used in investing activities |  |  | (2,226 | ) |  |  | - |  |  |  |  |  |  |  | (2,226 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds raised from financial liabilities, net of issuance costs |  |  | 8,036 |  |  |  | (1,076 | ) |  |  | (3 | ) |  |  | 6,960 |
Series A Preferred dividend payments |  |  | - |  |  |  | (787 | ) |  |  | (6 | ) |  |  | (787 | )
Net cash provided by financing activities |  |  | 8,036 |  |  |  | (1,863 | ) |  |  |  |  |  |  | 6,173 |
Net decrease in cash |  |  | (11,431 | ) |  |  | - |  |  |  |  |  |  |  | (11,431 | )
Cash and cash equivalents, beginning of period |  |  | 16,739 |  |  |  | - |  |  |  |  |  |  |  | 16,739 |
Cash and cash equivalents, end of period |  | $ | 5,308 |  |  | $ | - |  |  |  |  |  |  | $ | 5,308 |

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