Cash Flow

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,864,000)	$ (4,612,000)	$ (2,859,000)	$ (2,300,000)	$ (15,505,000)	$ (19,678,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation and employee inducement award					4,577,000	446,000
Depreciation and amortization					694,000	542,000
Loss on extinguishment of warrant liability	0		0		0	504,000
Change in fair value of warrant liability	0		(2,688,000)		0	(10,424,000)	$ 500,000
Change in fair value of derivative liability	0		(401,000)		0	(401,000)
Gain on issuance of convertible note					0	(64,000)
Loss on extinguishment of debt	0		0		0	2,345,000
Change in fair value of notes					0	7,040,000
Amortization of deferred debt issuance costs					1,083,000	6,800,000
Amortization of right-of-use assets					541,000	339,000
Loss on disposal of equipment					0	380,000
Other non-cash expenses in relation to warrant modification and additional paid-in capital					63,000	467,000
Changes in operating assets and liabilities:
Prepaid and other assets					84,000	136,000
Accounts and retention receivables					(4,786,000)	0
Contract assets					(255,000)	0
Contract liabilities					240,000	0
Accounts payable					2,297,000	732,000
Accrued expenses					(277,000)	(575,000)
Lease liabilities					(518,000)	(398,000)
Net cash used in operating activities					(11,762,000)	(11,809,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for acquisition of Amerigen 7					0	(645,000)
Purchases of property and equipment					(2,123,000)	(1,084,000)
Advances on note receivables					(243,000)	0
Repayments of note receivables					85,000	0
Net cash used in investing activities					(2,281,000)	(1,729,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the exercise of warrants					0	2,062,000
Proceeds from the issuance of common stock / at-the-market offering, net of offering costs					1,771,000	3,787,000
Proceeds from the issuance of notes in connection with line of credit					0	2,350,000
Proceeds from issuance of Series F-1 preferred stock					0	2,328,000
Proceeds from issuance of Series F-2 preferred stock					0	748,000
Proceeds from issuance of Senior Secured Notes, net of fees paid					0	1,357,000
Proceeds from lines-of-credit					1,118,000	0
Payments of notes payable					(40,000)	(2,348,000)
Repayments of lines-of-credit					(1,118,000)	0
Proceeds from the issuance of common stock in connection with equity line of credit, net of offering costs					14,340,000	4,489,000
Net cash provided by financing activities					16,071,000	14,773,000
Net increase in cash					2,028,000	1,235,000
Cash — beginning of period		$ 1,059,000		$ 821,000	1,059,000	821,000	821,000
Cash — end of period	3,087,000		2,056,000		3,087,000	2,056,000	$ 1,059,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest					150,000	9,000
Cash paid for taxes					2,000	0
Right-of-use assets in exchange of operating lease liabilities					560,000	0
Reduction of right-of-use and lease liability due to termination					0	802,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net impact of reclassification of common stock to APIC in connection with reverse stock split					10,000	0
Issuance of Series E preferred stock in connection with line of credit					0	4,350,000
Issuance of common stock in connection with equity line of credit					0	114,000
Issuance of Series F preferred stock in connection with exchange of Series D preferred stock					0	450,000
Issuance of common stock in connection with conversion of notes					0	2,681,000
Issuance of common stock in connection with Senior Secured Notes settlement					0	1,160,000
Conversion of Senior Secured Notes into Series F preferred stock in connection with Exchange Agreements					0	82,000
Purchase of property and equipment included in accounts payable					540,000	23,000
Property and equipment acquired through notes payable					49,000	0
Commitment to issue shares of common stock in connection with Demand Notes					0	286,000
Series A Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					251,000	0
Series B Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					1,530,000	0
Series C Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					501,000	0
Series F preferred stock ("Series F")
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					4,438,000	0
Series F-1 Preferred Stock Converted To Common Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					653,000	0
Series F-2 Preferred Stock Converted To Common Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock into common stock					1,163,000	0
Series A, Series B and Series C Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Deemed dividends	$ 0		$ 0		1,350,000	0
Series F-1, F-2 and F-3 Preferred Stock
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Deemed dividends					$ 3,874,000	$ 0

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Published: November 15, 2024

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