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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (818) $ (22,532)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 230 225
Amortization of intangible assets 636 421
Issuance of warrants in connection with notes payable, charged to interest expense 884 644
Change in fair value of earnout liability (29,938)
Change in fair value of PIPE make-whole liability (432)
Change in fair value of private warrants 480
Change in fair value of SAFEs 10 558
Merger-related transaction costs expensed 4,009
Stock-based compensation 14,146 9,635
Deferred income taxes (1,296)
Other non-cash items (536) 29
Changes in operating assets and liabilities, net of acquisition of business:    
Accounts receivable (23) 394
Inventory 113 121
Prepaid expenses and other current assets (257) 167
Other assets (293)
Accounts payable 1,358 (553)
Accrued expenses and other current liabilities (255) 2,474
Net cash used in operating activities (11,689) (8,710)
Investing activities    
Acquisition of EMI Solutions, Inc., net of cash acquired (1,110)
Acquisition of property and equipment (40) (15)
Net cash used in investing activities (1,150) (15)
Financing activities    
Proceeds from issuance of common stock 3,286 6,897
Proceeds from exercise of common stock warrants 900
Proceeds from issuance of notes payable 246 1,100
Proceeds from issuance of notes payable – related parties 106
Proceeds from issuance of convertible notes 200 250
Principal payments on notes payable (1,177) (350)
Principal payments on notes payable – related parties (1,030) (106)
Proceeds from the Merger and PIPE 21,014
Merger-related transaction costs paid (6,796) (250)
Net cash provided by financing activities 15,743 8,547
Net increase (decrease) in cash 2,904 (178)
Cash, beginning of period 89 178
Cash, end of period 2,993
Supplemental cash flow information    
Cash paid for interest 368
Cash paid for income taxes
Non-cash investing and financing activities:    
Unpaid Merger-related transaction costs 1,575 2,745
Contingently redeemable convertible stock issued for acquisition of EMI Solutions, Inc. 8,856
Deferred purchase consideration for acquisition of EMI Solutions, Inc. 886
Conversion of SAFEs to common stock 1,522
Deemed dividend from warrant price adjustment 661
Issuance of warrants in connection with notes payable, recorded as debt discount 107 167
Issuance of common stock to service providers $ 201