XML 28 R6.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows used in operating activities:    
Net loss $ (122,306,000) $ (26,531,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 117,000 98,000
Stock-based compensation 5,235,000 91,000
Amortization of right-to-use asset 342,000 0
Transaction costs - shares to Financial Advisor 5,765,000 0
Loss on sale of NTN assets 9,648,000 0
Loss on disposal of fixed assets 13,000 0
Gain on forgiveness of PPP loan (310,000) 0
Acquired in-process research and development 80,538,000 0
Change in fair value of contingent consideration (180,000) 19,240,000
Changes in operating assets and liabilities:    
Account receivable (659,000) 0
Prepaid expenses and other current assets (850,000) (16,000)
Security deposits and other non-current assets (34,000) (90,000)
Accounts payable and accrued expenses (485,000) (930,000)
Operating lease liability (322,000) 12,000
Other liabilities 0 25,000
Net cash used in operating activities (23,488,000) (8,101,000)
Cash flows used in investing activities:    
Purchase of property and equipment (154,000) (39,000)
Purchase of NTN, net of cash acquired 147,000 0
Purchase of Novellus, net of common stock issued and cash acquired (22,854,000) 0
Proceeds from the sale of NTN assets, net of cash disposed 119,000 0
Net cash used in investing activities (22,742,000) (39,000)
Cash flows provided by financing activities:    
Net proceeds of common stock issued to Lincoln Park 52,025,000 0
Proceeds from sale of members' equity 10,500,000 4,359,000
Proceeds from the exercise of stock options 10,000 0
Proceeds from loans payable 0 310,000
Repayment of NTN's PPP loan (532,000) 0
Principal payments on notes payable (410,000) 0
Dividends paid to Series A preferred shareholders (8,000) 0
Net cash provided by financing activities 61,585,000 4,669,000
Net increase (decrease) in cash and cash equivalents 15,355,000 (3,471,000)
Cash and cash equivalents at beginning of period 1,630,000 5,101,000
Cash and cash equivalents at end of period 16,985,000 1,630,000
Cash paid during the period for:    
Interest 225,000 0
Income taxes 1,000 0
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of common stock for Series A preferred stock dividend 8,000 0
Issuance of common stock for business combination 8,178,000 0
Issuance of common Stock for Novellus acquisition 58,684,000 0
Forfeiture of unvested restricted stock 0 0
Preferred shares issued in connection with reverse merger 1,000 0
Initial measurement of ROU assets, net of tenant improvement allowance 816,000 0
Initial measurement of operating lease liabilities 866,000 0
Investor deposits for sale of members' equity 0 666,000
Right of use assets obtained in exchange for new operating lease liabilities $ 0 $ 2,093,000