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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 333-232426
Crown Electrokinetics Corp.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 47-5423944 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
1110 NE Circle Blvd., Corvallis, Oregon 97330
(Address of principal executive offices) (Zip Code)
458.212.2500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.0001 par value | | CRKN | | The Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | x | Smaller reporting company | x |
| | Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of common stock, $0.0001 par value per share, outstanding as of November 14, 2024 was 9,301,635.
CROWN ELECTROKINETICS CORP.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties.
All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements.
CROWN ELECTROKINETICS CORP.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 | |
| (Unaudited) | | | |
ASSETS | | | | |
Current assets: | | | | |
Cash | $ | 3,087 | | | $ | 1,059 | | |
Accounts and retention receivables | 4,869 | | | 83 | | |
Contract assets | 255 | | | — | | |
Prepaid and other current assets | 382 | | | 728 | | |
Note receivable | 158 | | | — | | |
Total current assets | 8,751 | | | 1,870 | | |
Prepaid expenses - non-current | 210 | | | — | | |
Property and equipment, net | 5,316 | | | 3,129 | | |
Intangible assets, net | 1,213 | | | 1,382 | | |
Right-of-use assets | 1,720 | | | 1,701 | | |
Deferred debt issuance costs | 223 | | | 1,306 | | |
Other assets | 191 | | | 139 | | |
TOTAL ASSETS | $ | 17,624 | | | $ | 9,527 | | |
| | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
| | | | |
Current liabilities: | | | | |
Accounts payable | $ | 4,337 | | | $ | 1,500 | | |
Accrued expenses | 917 | | | 1,194 | | |
Lease liabilities - current | 639 | | | 655 | | |
| | | | |
Notes payable - current | 128 | | | 429 | | |
Contract liabilities | 240 | | | — | | |
Total current liabilities | 6,261 | | | 3,778 | | |
Notes payable - non-current | 310 | | | — | | |
Lease liabilities - non-current | 1,130 | | | 1,072 | | |
Total liabilities | 7,701 | | | 4,850 | | |
| | | | |
Commitments and contingencies (Note 10) | | | | |
| | | | |
STOCKHOLDERS’ EQUITY: | | | | |
Preferred stock, par value $0.0001; 50,000,000 shares authorized, no shares issued and outstanding | — | | | — | | |
Series A preferred stock, par value $0.0001; 300 shares authorized, no issued and shares outstanding as of September 30, 2024, and 251 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $261 as of December 31, 2023 | — | | | — | | |
Series B preferred stock, par value $0.0001; 1,500 shares authorized, no shares issued and outstanding as of September 30, 2024, and 1,443 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $1,501 as of December 31, 2023 | — | | | — | | |
Series C preferred stock, par value $0.0001; 600,000 shares authorized, no shares issued and outstanding as of September 30, 2024, and 500,756 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $531 as of December 31, 2023 | — | | | — | | |
Series D preferred stock, par value $0.0001; 7,000 shares authorized, no shares issued and outstanding as of September 30, 2024, and December 31, 2023; liquidation preference zero as of September 30, 2024 and December 31, 2023 | — | | | — | | |
Series E preferred stock, par value $0.0001; 77,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023 | — | | | — | | |
Series F preferred stock, par value $0.0001; 9,073 shares authorized, no shares issued and outstanding as of September 30, 2024, and 4,448 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $4,753 as of December 31, 2023 | — | | | — | | |
Series F-1 preferred stock, par value $0.0001; 9,052 shares authorized, no shares issued and outstanding as of September 30, 2024, and 653 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $696 as of December 31, 2023 | — | | | — | | |
Series F-2 preferred stock, par value $0.0001; 9,052 shares authorized, no shares issued and outstanding as of September 30, 2024, and 1,153 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $1,232 as of December 31, 2023 | — | | | — | | |
Common stock, par value $0.0001; 800,000,000 shares authorized; 6,708,113 and 171,677 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | — | | | 7 | | |
Additional paid-in capital | 142,423 | | | 121,665 | | |
Accumulated deficit | (132,500) | | | (116,995) | | |
Total stockholders’ equity | 9,923 | | | 4,677 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 17,624 | | | $ | 9,527 | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | |
Revenue | $ | 8,037 | | | $ | — | | | $ | 13,367 | | | $ | 59 | | | | | |
Cost of revenue | 6,623 | | | — | | | 12,442 | | | 54 | | | | | |
Gross profit | 1,414 | | | — | | | 925 | | | 5 | | | | | |
| | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | |
Research and development | 720 | | | 492 | | | 1,945 | | | 1,523 | | | | | |
General and administrative | 6,507 | | | 2,941 | | | 13,405 | | | 10,926 | | | | | |
Total operating expenses | 7,227 | | | 3,433 | | | 15,350 | | | 12,449 | | | | | |
| | | | | | | | | | | |
Loss from operations | (5,813) | | | (3,433) | | | (14,425) | | | (12,444) | | | | | |
| | | | | | | | | | | |
Other income (expense), net: | | | | | | | | | | | |
Interest expense | — | | | (2,445) | | | (1,001) | | | (6,970) | | | | | |
| | | | | | | | | | | |
Loss on extinguishment of warrant liability | — | | | — | | | — | | | (504) | | | | | |
Loss on extinguishment of debt | — | | | — | | | — | | | (2,345) | | | | | |
Gain on issuance of convertible notes | — | | | — | | | — | | | 64 | | | | | |
Change in fair value of warrants | — | | | 2,688 | | | — | | | 10,424 | | | | | |
Change in fair value of notes | — | | | (40) | | | — | | | (7,040) | | | | | |
Change in fair value of derivative liability | — | | | 401 | | | — | | | 401 | | | | | |
Other expense, net | (51) | | | (30) | | | (79) | | | (1,264) | | | | | |
Total other income (expense), net | (51) | | | 574 | | | (1,080) | | | (7,234) | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Net loss | (5,864) | | | (2,859) | | | (15,505) | | | (19,678) | | | | | |
Deemed dividend on Series D preferred stock | — | | | — | | | — | | | (6) | | | | | |
Cumulative dividends on Series A preferred stock | — | | | (5) | | | (18) | | | (14) | | | | | |
Cumulative dividends on Series B preferred stock | — | | | (29) | | | (17) | | | (78) | | | | | |
Cumulative dividends on Series C preferred stock | — | | | (10) | | | (46) | | | (20) | | | | | |
Cumulative dividends on Series D preferred stock | — | | | — | | | — | | | (53) | | | | | |
Cumulative dividends on Series F preferred stock | — | | | (144) | | | (341) | | | (190) | | | | | |
Cumulative dividends on Series F-1 preferred stock | — | | | (51) | | | (60) | | | (71) | | | | | |
Cumulative dividends on Series F-2 preferred stock | — | | | (44) | | | (19) | | | (44) | | | | | |
Deemed dividend in connection with conversion of Series A, Series B, and Series C preferred stock | — | | | — | | | (1,350) | | | — | | | | | |
Deemed dividend in connection with conversion of Series F, F-1, and F-2 | — | | | — | | | (3,874) | | | — | | | | | |
Net loss attributable to common stockholders | $ | (5,864) | | | $ | (3,142) | | | $ | (21,230) | | | $ | (20,154) | | | | | |
| | | | | | | | | | | |
Net loss per share attributable to common stockholders | $ | (1.26) | | | $ | (140.54) | | | $ | (9.54) | | | $ | (1,941.24) | | | | | |
| | | | | | | | | | | |
Weighted-average shares outstanding, basic and diluted (a): | 4,662,086 | | 22,356 | | 2,224,477 | | 10,382 | | | | |
(a) Amounts as of September 30, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting or the Reverse Stock Split (as defined in the Notes to the Condensed Consolidated Financial Statements).
The accompanying notes are an integral part of these condensed consolidated financial statements.
CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Preferred Stock | | Series B Preferred Stock | | Series C Preferred Stock | | Series D Preferred Stock | | Series E Preferred Stock | | Series F Preferred Stock | | Series F-1 Preferred Stock | | Series F-2 Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Total Stockholders’ Equity | |
| Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | | | |
Balance as of December 31, 2023 | 251 | | $ | — | | | 1,443 | | $ | — | | | 500,756 | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | 4,448 | | $ | — | | | 653 | | $ | — | | | 1,153 | | $ | — | | | 318,463 | | | $ | 7 | | | $ | 121,665 | | | $ | (116,995) | | | $ | 4,677 | | |
Issuance of common stock in connection with equity line of credit | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 140,904 | | 3 | | | 1,388 | | | — | | | 1,391 | | |
Issuance of common stock/at-the-market offering, net of offering costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 32,163 | | — | | | 588 | | | — | | | 588 | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 274 | | | — | | | 274 | | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,612) | | | (4,612) | | |
Balance at March 31, 2024 (unaudited) | 251 | | | — | | | 1,443 | | | — | | | 500,756 | | | — | | | — | | | — | | | — | | | — | | | 4,448 | | | — | | | 653 | | | — | | | 1,153 | | | — | | | 491,530 | | | 10 | | | 123,915 | | | (121,607) | | | 2,318 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock in connection with equity line of credit | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,599,123 | | | — | | | 9,343 | | | — | | | 9,343 | | |
Issuance of common stock upon the conversion of Series A preferred stock | (251) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 36,220 | | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series B preferred stock | — | | | — | | | (1,443) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 220,782 | | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series C preferred stock | — | | | — | | | — | | | — | | | (500,756) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 78,056 | | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series F preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,448) | | | — | | | — | | | — | | | — | | | — | | | 648,441 | | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series F-1 preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (653) | | | — | | | — | | | — | | | 113,576 | | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series F-2 preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,153) | | | — | | | 140,264 | | | — | | | — | | | — | | | — | | |
Vesting of restricted stock units | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 126,666 | | | — | | | — | | | — | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reclassification of common stock to additional paid-in capital to reflect no change in par value in connection with reverse stock split | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10) | | | 10 | | | — | | | — | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,150 | | | — | | | 2,150 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,029) | | | (5,029) | | |
Balance at June 30, 2024 (unaudited) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,454,658 | | | — | | | 135,418 | | | (126,636) | | | 8,782 | | |
Issuance of common stock in connection with equity line of credit | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,493,000 | | | — | | | 3,606 | | | — | | | 3,606 | | |
Issuance of common stock/at-the-market offering, net of offering costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 980,294 | | | — | | | 1,183 | | | — | | | 1,183 | | |
Issuance of common stock in connection with employee inducement award (See Note 7) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 200,000 | | | — | | | 292 | | | — | | | 292 | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,861 | | | — | | | 1,861 | | |
Issuance of common stock in connection with warrant exchange | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 50,000 | | | — | | | 63 | | | — | | | 63 | | |
Conversion of accrued Series F and F-1 preferred stock dividends liability to common stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 25,712 | | | — | | | — | | | — | | | — | | |
Vesting of restricted stock units | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 504,449 | | | — | | | — | | | — | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,864) | | | (5,864) | | |
Balance as of September 30, 2024 (Unaudited) | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | 6,708,113 | | | $ | — | | | $ | 142,423 | | | $ | (132,500) | | | $ | 9,923 | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Stockholders’ Equity (Continued)
(Unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Preferred Stock | | Series B Preferred Stock | | Series C Preferred Stock | | Series D Preferred Stock | | Series E Preferred Stock | | Series F Preferred Stock | | Series F-1 Preferred Stock | | Series F-2 Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Total Stockholders’ Equity | |
| Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | | | |
Balance as of December 31, 2022 | 251 | | $ | — | | | 1,443 | | $ | — | | | 500,756 | | $ | — | | | 1,058 | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | — | | | $ | — | | | 149,043 | | $ | 2 | | | $ | 88,533 | | | $ | (88,005) | | | $ | 530 | | |
Exercise of common stock warrants | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 729 | | 1 | | | 2,061 | | | — | | | 2,062 | | |
Issuance of common stock in connection with conversion of notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 210 | | — | | | 516 | | | — | | | 516 | | |
Issuance of common stock/at-the-market offering, net of offering costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,412 | | 1 | | | 2,106 | | | — | | | 2,107 | | |
Issuance of Series E preferred stock in connection with LOC | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,000 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 4,350 | | | — | | | 4,350 | | |
Deemed dividend for repricing of Series D preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6 | | | (6) | | | — | | |
Commitment to issue shares of common stock in connection with March waiver agreement | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 298 | | | — | | | 298 | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 265 | | — | | | 181 | | | — | | | 181 | | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,300) | | | (2,300) | | |
Balance at March 31, 2023 (Unaudited) | 251 | | | — | | | 1,443 | | | — | | | 500,756 | | | — | | | 1,058 | | | — | | | 5,000 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 151,659 | | | 4 | | | 98,051 | | | (90,311) | | | 7,744 | | |
Issuance of common stock in connection with Series A and Series B Dividends | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 50 | | — | | | — | | | — | | | — | | |
Issuance of common stock upon the conversion of Series E preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 556 | | 1 | | | — | | | — | | | 1 | | |
Issuance of common stock in connection with conversion of October Notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,660 | | 1 | | | 2,165 | | | — | | | 2,166 | | |
Dividends paid in shares of Series D preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | 139 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | |
Series D preferred stock exchanged for Series F preferred stock in connection with Exchange Agreements | — | | | — | | | — | | | — | | | — | | | — | | | (1,197) | | | — | | | — | | | — | | | 1,847 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (450) | | | — | | | (450) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of Demand Notes and October Notes into Series F preferred stock in connection with Exchange Agreements | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,198 | | — | | | 3,583 | | — | | | — | | | — | | | — | | | — | | | 1,276 | | | — | | | 1,276 | | |
Conversion of January Notes into Series F preferred stock in connection with Exchange Agreements | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 206 | | — | | | — | | | — | | | 1,153 | | — | | | — | | | — | | | 82 | | | — | | | 82 | | |
Issuance of Series F-1 preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,372 | | | — | | | 1,372 | | |
Issuance of Series F-2 preferred stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 464 | | | — | | | 464 | | |
Commitment to issue shares of common stock in connection with January Notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,410 | | | — | | | 2,410 | | |
Commitment to issue shares of common stock in connection with LOC Notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 230 | | | — | | | 230 | | |
Commitment to issue shares of Series E preferred stock in connection with LOC Notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,000) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,363 | | | — | | | 3,363 | | |
Commitment to issue shares of common stock in connection with Demand Notes | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 286 | | | — | | | 286 | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 132 | | | — | | | 132 | | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (14,519) | | | (14,519) | | |
Balance as of June 30, 2023 (unaudited) | 251 | | | — | | | 1,443 | | | — | | | 500,756 | | | — | | | — | | | — | | | — | | | — | | | 5,251 | | | — | | | 3,583 | | | — | | | 1,153 | | | — | | | 153,925 | | | 6 | | | 109,381 | | | (104,830) | | | 4,557 | | |
Issuance of common stock to settle commitment shares | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,807 | | | 1 | | | (1) | | | — | | | — | | |
Issuance of common stock in connection with January Notes Settlement | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,265 | | | — | | | 1,160 | | | — | | | 1,160 | | |
Issuance of common stock in connection with equity line of credit issuance costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 146 | | | — | | | 114 | | | — | | | 114 | | |
Issuance of common stock under the equity line of credit, net of issuance costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 26,580 | | | — | | | 4,489 | | | — | | | 4,489 | | |
Issuance of common stock/at-the-market offering, net of offering costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,887 | | | — | | | 1,680 | | | — | | | 1,680 | | |
Conversion of Series F preferred stock into common stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (803) | | | — | | | — | | | — | | | — | | | — | | | 689 | | | — | | | — | | | — | | | — | | |
Conversion of Series F-1 preferred stock into common stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,930) | | | — | | | — | | | — | | | 2,172 | | | — | | | — | | | — | | | — | | |
Reverse stock split rounding | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 220 | | | — | | | — | | | | | | |
Stock-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | |