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LIQUIDITY | 9 Months Ended
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Sep. 30, 2023
Liquidity |
LIQUIDITY |
2. | LIQUIDITY
The Company had net losses of $11.0 million (which includes $3.0 million of non-cash expenses) and $11.9 million (which includes $5.2 million of non-cash expenses) and net cash used in operating activities of $13.8 million and $15.7 million for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, the Company had a cash balance of $14.8 million and working capital of $34.4 million. In June of 2023, the Company sold shares of its common stock in a public offering for net proceeds of approximately $25 million after deducting underwriting discounts and commissions and offering expenses paid by the Company. The Company used a portion of the proceeds to fund the acquisition of Amiga DOO Kraljevo (See note 3 below for further information), a European based manufacturer of smart street lights, street furniture and communications and security infrastructure products, in furtherance of the Company’s strategy to expand its business in Europe as well as for working capital and general corporate purposes. Based on the Company’s current operating plan, the Company believes that it has the ability to fund its operations and meet contractual obligations for at least twelve months from the date of this report. In 2022, the Company entered into a Common Stock Purchase Agreement and Registration Rights Agreement with B. Riley Principal Capital II, LLC (“B. Riley”) under which the Company has the right, but not the obligation, to sell up to $30.0 million worth of shares, but in any event, no more than 2.0 million shares of its common stock over a period of 24 months in its sole discretion (see note 11 for further information). The Company issued 198,033 shares for $2.5 million for the first nine months of 2023 under this agreement, compared to none for the same period in 2022. There is $27.5 million shares of common stock remaining under this facility available to sell through Q4 2024. The Company’s outstanding warrants generated $0.1 million and $0.3 million of proceeds during each of the nine months ended September 30, 2023 and 2022, respectively. There are remaining 418,395 warrants issued as part of our 2019 public offering which have an exercise price of $6.30 and which expire in April of 2024. The Company has total warrants outstanding to purchase 618,395 shares of our Common Stock at September 30, 2023, which could potentially generate an additional $6.0 million of proceeds over the next 4.5 years, conditioned upon the warrant holders’ ability and decision to exercise them. The proceeds from these offerings are expected to provide working capital to fund business operations and the development of new products. In March 2023, the Company entered into a supply chain line of credit agreement with OCI Group for up to $100 million to further support our working capital requirements. Subject to the terms of the agreement, OCI Group will make available to the Company funding based on amounts owed to the Company by customers. Furthermore, we could pursue other equity or debt financings. The Company believes that it will become profitable in the next few years as our revenues continue to grow, we improve our gross margins and we leverage our overhead costs, but we expect to continue to incur losses for a period of time. There is no guarantee that profitable operations will be achieved, the warrants will be exercised or that additional capital or debt financing will be available on a timely basis, on favorable terms, or at all, and such funding, if raised, may not be sufficient to meet our obligations or enable us to continue to implement our long-term business strategy. In addition, obtaining additional funding or entering into other strategic transactions could result in significant dilution to our stockholders.

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