XML 40 R26.htm IDEA: XBRL DOCUMENT v3.24.4
Restatement of Previously Issued Financial Statements (Tables)
 12 Months Ended
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