Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (9,641,000) $ (16,819,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,424,000 313,000
Depreciation and amortization 286,000 372,000
Loss on extinguishment of warrant liability 0 504,000
Change in fair value of warrant liability 0 (7,736,000)
Loss on extinguishment of debt 0 2,345,000
Change in fair value of notes 0 7,000,000
Amortization of deferred debt issuance costs 1,014,000 4,049,000
Amortization of right-of-use assets 383,000 1,045,000
Amortization of notes payable (15,000) 0
Loss on disposal of equipment 0 235,000
Other expenses 0 1,275,000
Changes in operating assets and liabilities:    
Prepaid and other assets 114,000 (14,000)
Accounts receivable (3,268,000) 0
Contract asset (1,244,000) 0
Note receivables (211,000) 0
Contract liabilities 1,260,000 0
Accounts payable 715,000 886,000
Accrued expenses (296,000) (742,000)
Lease liabilities (374,000) (1,101,000)
Net cash used in operating activities (8,853,000) (8,388,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for acquisition of Amerigen 7 0 (644,000)
Purchase of equipment (56,000) (707,000)
Net cash used in investing activities (56,000) (1,351,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the exercise of warrants 0 2,061,000
Proceeds from the issuance of common stock / at-the-market offering, net of offering costs 588,000 2,107,000
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
Borrowing of notes payable 1,164,000 0
Repayment of notes payable (646,000) (1,997,000)
Proceeds from the issuance of common stock in connection with equity line of credit, net of offering costs 10,734,000 0
Net cash provided by financing activities 11,840,000 8,954,000
Net increase / decrease in cash 2,931,000 (785,000)
Cash — beginning of period 1,059,000 821,000
Cash — end of period 3,990,000 36,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 90,000 8,000
Cash paid for taxes 2,000 0
Right-of-use assets obtained in exchange for operating lease liabilities 560,000 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Net impact of reclassification of common stock to APIC in connection with reverse stock split 7,000 0
Issuance of Series E preferred stock in connection with line of credit 0 9,943,000
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 0 516,000
Commitment to issue shares of common stock in connection with Demand Notes 0 286,000
Unpaid equipment included in accounts payable 0 92,000
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    
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 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
Series D Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Deemed dividends $ 0 $ 6,000