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Overview, Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Overview, Basis of Presentation and Significant Accounting Policies [Abstract] |
Schedule of Consolidated Balance Sheet | The following table summarizes the effect of the errors on the Company’s unaudited condensed consolidated balance sheet as of March 31, 2024 and unaudited condensed consolidated statement of operations and consolidated statement of cash flows for the three months ended March 31, 2024:
|  | March 31, 2024 As Previously Reported |  |  | Adjustment |  |  | March 31, 2024 As Restated |
Inventory |  | $ | 18,862 |  |  | $ | (214 | ) |  | $ | 18,648 |
Accounts payable |  |  | 12,428 |  |  |  | 350 |  |  |  | 12,778 |
Notes payable, current |  | $ | 1,374 |  |  | $ | (1,374 | ) |  | $ | — |
Notes payable, net of current |  |  | 3,464 |  |  |  | (3,464 | ) |  |  | — |
Accumulated deficit |  |  | (265,835 | ) |  |  | 4,274 |  |  |  | (261,561 | )
Total stockholders’ equity (deficit) |  |  | (9,725 | ) |  |  | 4,274 |  |  |  | (5,451 | )
Schedule of Income Statement |
|  | Three Months Ended March 31, 2024 As Previously Reported |  |  | Adjustment |  |  | Three Months Ended March 31, 2024 As Restated |
Cost of goods sold |  | $ | 1,869 |  |  | $ | 564 |  |  | $ | 2,433 |
Gross profit |  |  | 729 |  |  |  | (564 | ) |  |  | 165 |
General and administrative |  |  | 2,952 |  |  |  | 1,142 |  |  |  | 4,094 |
Gain on settlement of contingent liabilities |  |  | — |  |  |  | (5,935 | ) |  |  | (5,935 | )
Operating (loss) income |  |  | (780 | ) |  |  | 4,229 |  |  |  | 3,449 |
Interest income (expense), net |  |  | (145 | ) |  |  | 45 |  |  |  | (100 | )
Net (loss) income |  |  | (38 | ) |  |  | 4,274 |  |  |  | 4,236 |
Basic |  | $ | 0.00 |  |  | $ | 0.48 |  |  | $ | 0.48 |
Diluted |  | $ | 0.00 |  |  | $ | 0.23 |  |  | $ | 0.23 |
Schedule of Cash Flow Statement | While the adjustments changed net loss, gain on supply agreement, gain on revaluation of contingent liability, gain on settlement of contingent liabilities, inventory and accounts payable line items in the unaudited condensed consolidated cash flow statement, they did not have an impact on total net cash used in operating activities, net cash used in investing activities, or net cash provided by financing activities.
|  | Three Months Ended March 31, 2024 As Previously Reported |  |  | Adjustment |  |  | Three Months Ended March 31, 2024 As Restated |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (38 | ) |  | $ | 4,274 |  |  | $ | 4,236 |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Gain on supply agreement |  |  | (1,142 | ) |  |  | 1,142 |  |  |  | — |
Gain on revaluation of contingent liability |  |  | (564 | ) |  |  | 564 |  |  |  | — |
Gain on settlement of contingent liabilities |  |  | — |  |  |  | (5,935 | ) |  |  | (5,935 | )
Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Inventory |  |  | 1,211 |  |  |  | (350 | ) |  |  | 861 |
Accounts payable |  |  | (2,361 | ) |  |  | 305 |  |  |  | (2,056 | )
Net cash used in operating activities |  | $ | (2,987 | ) |  | $ | — |  |  | $ | (2,987 | )
Schedule of Revenue | For the three and six months ended June 30, 2023 and 2022, the Company’s customers that accounted for 10% or more of the total revenue were as follow:
|  | Three months ended June 30, 2024 |  |  | Three months ended June 30, 2023 |  |  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2023 |
(In thousands) |  | Amount |  |  | % of Total Revenue |  |  | Amount |  |  | % of Total Revenue |  |  | Amount |  |  | % of Total Revenue |  |  | Amount |  |  | % of Total Revenue |
Customer A |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |  |  | $ | 627 |  |  |  | 5.8 | %
Customer B |  | $ | 430,456 |  |  |  | 14.4 | % |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |  |  |  | * |
* | Customer revenue, as a percentage of total revenue, was less than 10%
Schedule of Accounts Receivable, Net | As of June 30, 2024 and December 31, 2023, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
(In thousands) |  | Amount |  |  | % of Total Accounts Receivable |  |  | Amount |  |  | % of Total Accounts Receivable |
Company Customer Number – 114 |  | $ | 35 |  |  |  | 12.9 | % |  |  | * |  |  |  | * |
Company Customer Number – 125 |  | $ | 51 |  |  |  | 18.8 | % |  |  | * |  |  |  | * |
Company Customer Number – 9142 |  | $ | 28 |  |  |  | 10.1 | % |  |  | * |  |  |  | * |
Company Customer Number – 15095 |  |  | * |  |  |  | * |  |  | $ | 712 |  |  |  | 62.0 | %
Company Customer Number – 10888 |  |  | * |  |  |  | * |  |  | $ | 251 |  |  |  | 21.8 | %
* | Customer accounts receivable, as a percentage of total accounts receivable, was less than 10%
Schedule of Loans Receivable, Net | As of June 30, 2024 and December 31, 2023, the Company’s borrowers that accounted for 10% or more of the total loans receivable, net, were as follows:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
(In thousands) |  | Amount |  |  | % of Total Loans Receivable |  |  | Amount |  |  | % of Total Loans Receivable |
Borrower - 01 |  | $ | 6,809 |  |  |  | 59 | % |  | $ | 6,809 |  |  |  | 59 | %
Borrower - 02 |  | $ | 4,774 |  |  |  | 41 | % |  | $ | 4,774 |  |  |  | 41 | %
Schedule of Property and Equipment | Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful life of each asset, as follows:
|  | Estimated Useful Life (Years)
Computer and office equipment |  | 2 to 3
Furniture and fixtures |  | 2
Software |  | 3
Vehicles |  | 5
Research and development of laboratory equipment |  | 5
Machinery and equipment |  | 3 to 5
Leased equipment |  | 5 to 13
Trade show assets |  | 3 to 5
Leasehold improvements |  | Lower of estimated useful life or remaining lease term

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