XML 19 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:    
Net income $ 1,876 $ 232
Adjustments to reconcile net income to be used in operating activities:    
Depreciation and amortization 2,833 1,364
Amortization of debt discount 1,268 159
Stock-based compensation 2,116 2,023
Change in excess/obsolete inventory reserve 1,275 409
Change in allowance for doubtful accounts 398 10
Employee retention and other government credits 0 (785)
Increase in notes due to in-kind interest 0 467
Non-cash receivables from in-process projects 0 (369)
Non-cash application of customer deposits to completed projects 0 (506)
Gain on forgiveness of Paycheck Protection Program 0 (1,552)
Gain on settlement of obligations 237 (3,449)
Changes in fair value of Convertible Loan 0 (166)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability (1,074) (0)
Changes to operating assets and liabilities:    
Accounts receivable and unbilled receivables (3,927) (673)
Inventories (1,472) 62
Prepaid expenses and other current assets 480 (342)
Accounts payable and other current payables 914 869
Deferred revenue (462) (338)
Accrued expenses, net 1,112 206
Customer deposits 110 1,261
Other (47) 37
Net cash provided by / (used in) operating activities (708) 471
Investing activities    
Acquisition of business, net of cash acquired (17,186) 0
Purchases of property and equipment (149) (19)
Capitalization of internal and external labor for software development (4,140) (1,140)
Net cash used in investing activities (21,475) (1,159)
Financing activities    
Principal payments on finance leases 0 (4)
Proceeds from sale of common stock in PIPE, net of offering expenses 1,814 0
Proceeds from sale & exercise of pre-funded warrants in PIPE, net of offering expenses 8,295 0
Repayment of seller note (1,044) (100)
Proceeds from common stock issuance, net of issuance costs 0 1,849
Net cash provided by financing activities 20,933 1,745
Decrease in Cash and Cash Equivalents (1,250) 1,057
Cash and Cash Equivalents, beginning of year 2,883 1,826
Cash and Cash Equivalents, end of year 1,633 2,883
Purchaser Warrant [Member]    
Adjustments to reconcile net income to be used in operating activities:    
Loss on debt waiver consent 1,212 (0)
Change in fair value of warrant (649)  
Amendment to Warrants [Member]    
Adjustments to reconcile net income to be used in operating activities:    
Change in fair value of warrant 345 (0)
Warrants in Debt and Equity Offerings to Finance Merger [Member]    
Adjustments to reconcile net income to be used in operating activities:    
Change in fair value of warrant (7,902) (0)
Seller Note [Member]    
Adjustments to reconcile net income to be used in operating activities:    
Gain on settlement of obligations 0 (1,538)
Other Obligation [Member]    
Adjustments to reconcile net income to be used in operating activities:    
Gain on settlement of obligations 237 (359)
Acquisition Term Loan [Member]    
Financing activities    
Proceeds from Term Loan 9,868 0
Term Loan 2022 [Member]    
Financing activities    
Proceeds from Term Loan $ 2,000 $ 0