XML 34 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 10,031 $ (11,741)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 2,788 1,988
Amortization of investment premium paid 1,758 0
Stock-based compensation 18,363 7,691
Inventory provision 2,965 3,105
Change in fair value of public and private placement warrants (126,447) (34,168)
Gain from extinguishment of PPP loans (3,342) 0
Loss in equity method investments 2,671 2,480
Non-cash lease expense - operating leases 828 238
Non-cash lease expense - finance leases 367 283
Loss on extinguishment of stockholder note receivable 0 3,868
Other 744 0
Changes in operating assets and liabilities:    
Accounts receivable (7,537) (534)
Inventories (35,153) (1,372)
Prepaid inventories (2,509) (493)
Prepaid and other current assets (5,034) (1,192)
Prepayment - long-term supply agreement (64,703) 0
Accounts payable 7,559 (2,556)
Accrued expenses 4,654 1,739
Interest accrued on notes payable 0 468
Deferred costs (100) 0
Contract liabilities (431) 526
Operating lease liabilities (365) (224)
Other, net (683) 15
Net cash used in operating activities (193,576) (29,879)
Cash flows from investing activities:    
Purchase of investments (308,970) 0
Proceeds from maturities of investments 149,884 0
Proceeds from sales of investments 59,296 0
Equity method investment (4,000) (35,000)
Capital expenditures (10,424) (1,325)
Net cash used in investing activities (114,214) (36,325)
Cash flows from financing activities:    
Issuance of convertible notes 0 1,924
Issuance of term notes 0 6,475
Proceeds from PPP loan 0 3,300
Proceeds from stockholder note receivable 0 5,307
Repayment of term and convertible notes 0 (11,575)
Recapitalization transaction, net of transaction costs 0 345,831
Issuance of common stock, net of issuance costs 0 5,027
Exercise of stock options 18,521 110
Exercise of stock warrants 21,580 2,102
Settlement on restricted stock tax withholding (114) 0
Warrant redemption payments (72) 0
Principal portion of finance lease liabilities (429) (284)
Net cash provided by financing activities 39,486 358,217
Net change in cash, cash equivalents and restricted cash (268,304) 292,013
Cash, cash equivalents and restricted cash, beginning of period 293,942 1,929
Cash, cash equivalents and restricted cash, end of period 25,638 293,942
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 22,638 292,442
Restricted cash 3,000 1,500
Total cash, cash equivalents and restricted cash 25,638 293,942
Supplemental cash flow information:    
Cash paid for interest 37 595
Cash paid for income taxes 0 2
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease right-of-use assets obtained in exchange of operating lease liabilities 18,158 0
Finance lease right-of-use assets obtained in exchange of finance lease liabilities 4,107 0
Purchases of property, plant and equipment in accounts payable and accrued expenses at the end of period 2,506 583
Issuance of common stock as contract consideration 5,018 0
Gain from extinguishment of PPP loans 3,342 0
Conversion of promissory notes and accrued interest to common stock 0 7,709
Reverse recapitalization effect on additional paid-in capital 0 (172,779)
Transaction costs included in accounts payable and accrued expenses $ 0 $ 172