Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net loss $ (4,273,000) $ (2,537,000)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 112,000 101,000  
Depreciation 18,000 33,000  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 390,000 (42,000)  
Right of use asset 45,000 39,000  
Accounts payable 13,000 (265,000)  
Accrued expenses (513,000) (71,000)  
Accrued employee benefits (645,000) (518,000)  
Operating lease liability (49,000) (68,000)  
Net Cash Used in Operating Activities (4,902,000) (3,328,000)  
Cash Flows from Investing Activities      
Purchases of property and equipment 0 (14,000)  
Cash paid for business combination, net of cash acquired (3,863,000) 0  
Pre-acquisition loan to VCN (417,000) 0  
Net Cash Used in Investing Activities (4,280,000) (14,000)  
Cash Flows from Financing Activities      
Payment of VCN's CDTI loan (1,376,000)    
Proceeds from "at the market" stock issuance 0 65,960,000  
Proceeds from issuance of common stock for warrant exercises 0 8,042,000  
Net Cash Provided by Financing Activities (1,376,000) 74,002,000  
Effects of FX on cash 28,000 0  
Net increase (decrease) in cash and cash equivalents and restricted cash (10,530,000) 70,660,000  
Cash and cash equivalents and restricted at the beginning of this period 67,325,000 6,227,000 $ 6,227,000
Cash and cash equivalents and restricted cash at the end of this period 56,795,000 76,887,000 67,325,000
Reconciliation of cash, cash equivalents, and restricted cash reported in the statement of financial position      
Cash and cash equivalents 56,692,000 76,887,000 67,325,000
Restricted cash included in other long-term assets 103,000 0  
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 56,795,000 76,887,000 67,325,000
Supplemental non-cash investing and financing activities:      
Fair value of contingent consideration in a business combination 12,158,000 0  
Fair value of equity issued as consideration in a business combination 6,599,000 0  
Effective settlement of pre-closing VCN financing 417,000 0  
Effect of Series A Preferred Stock price adjustment 0 7,402,000  
Conversion of Series B Preferred Stock 0 2,477,000  
Deemed dividends for accretion of Series B Preferred Stock discount 0 1,497,000  
In-kind dividends paid in preferred stock 0 23,000  
Right of use assets from operating lease 1,300,000    
Effect of Warrant exercise price adjustment     $ 880,000
Series A Preferred Stock [Member]      
Supplemental non-cash investing and financing activities:      
Effect of Series A Preferred Stock price adjustment $ 0 $ 7,402,000