v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (35,080) $ (38,326)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Depreciation and amortization 11,577 20,942
Change in fair value of warrant liabilities (831) 7,287
Provision for losses on accounts receivable 0 9
Provision for losses on inventory obsolescence 541 1,398
Loss on disposal of assets 2,980 1,891
Non-cash lease expense 1,997 0
Convertible senior notes converted into sales of patent licenses 0 (22,500)
Amortization of debt discount, premium and issuance costs 3,130 3,606
Paid-in-kind interest 12,237 258
Loss on extinguishment of debt 1,651 839
Share-based compensation expense 1,613 3,661
Changes in assets and liabilities:    
Accounts receivable (5,978) (10,506)
Inventory (2,263) (964)
Prepaids and other current assets 1,445 (7,708)
Accounts payable 8,902 6,427
Accrued liabilities 1,229 (2,641)
Accrued interest 409 7,956
Net cash provided by (used in) operating activities 3,559 (28,371)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (48,337) (24,841)
Proceeds from sale of property and equipment and insurance proceeds from damaged property and equipment 17,338 8,553
Net cash used in investing activities (30,999) (16,288)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 7,344 24,722
Repayments of revolving credit facility (14,495) (14,750)
Proceeds from issuance of long-term debt 0 3,004
Proceeds from issuance of long-term debt and warrants 21,500 0
Repayments of long-term debt (19,022) (12,563)
Payment of fees related to debt extinguishment (96) (41)
Proceeds from issuance of convertible senior notes 0 86,500
Proceeds from issuance of notes payable 3,826 9,139
Repayments of notes payable (3,332) (3,697)
Repayments of amounts under equipment financing (1,774) (1,738)
Principal payments under capital lease obligations 0 (109)
Principal payments on finance lease liabilities (560) 0
Proceeds from issuance of common stock and warrants in registered direct offering, net 22,730 0
Proceeds from issuance of common stock via the 2020 ATM Agreement, net 21,298 13,562
Deferred financing costs (1,095) (6,569)
Net cash provided by financing activities 36,324 97,460
Net increase in cash and cash equivalents and restricted cash 8,884 52,801
Cash and cash equivalents and restricted cash, beginning of period 9,120 5,262
Cash and cash equivalents and restricted cash, end of period 18,004 58,063
Supplemental cash flow disclosure:    
Interest paid 1,411 1,276
Income tax refunds received (757) (810)
Non-cash investing and financing activities:    
Issuance of warrants to placement agent in registered direct offering 470 0
Exchange of Series A preferred stock for convertible senior notes 0 24,780
Deemed and imputed dividends on preferred stock 0 750
Changes in accrued and unpaid capital expenditures 8,927 7,543
Assets under capital lease obligations 0 1,113
Registered Direct Offering [Member]    
Non-cash investing and financing activities:    
Issuance of warrants to purchase common stock 7,044 0
Term C Loan Warrants [Member]    
Non-cash investing and financing activities:    
Issuance of warrants to purchase common stock 6,491 0
Series B Redeemable Convertible Preferred Stock [Member]    
Non-cash investing and financing activities:    
Conversion of preferred stock to Class A common stock 0 1,067
Dividends accrued on preferred stock 0 1,522
Series A Redeemable Convertible Preferred Stock [Member]    
Non-cash investing and financing activities:    
Dividends accrued on preferred stock $ 2,226 $ 3,811

Source