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Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash flows from operating activities:    
Net loss $ (23,447) $ (4,342)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 296 248
Loss on disposal of property and equipment 0 6
Share-based compensation expense 207 116
Change in fair value of SAFE Agreements 2,353 (285)
Change in fair value of earn-out liabilities 3,726 0
Other 582 0
Changes in operating assets and liabilities:    
Trade accounts receivable, net (1,006) (5,178)
Contract assets (4,727) (3,298)
Prepaid expenses (2,785) (397)
Other assets, net 178 78
Accounts payable 6,994 (133)
Accounts payable – affiliated companies 170 345
Contract liabilities – current and long-term (8,140) (9,675)
Other liabilities 6,933 (1,529)
Net cash used in operating activities (18,666) (24,044)
Cash flows from investing activities:    
Purchase of property and equipment (8,565) (377)
Net cash used in investing activities (8,565) (377)
Cash flows from financing activities:    
Proceeds from Business Combination 8,055 0
Proceeds from Series A Preferred Stock 26,000 0
Transaction costs (782) 0
Repayment of loans 0 (64)
Proceeds from issuance of units 22 0
Forward purchase agreement termination 12,730 0
Warrants exercised 2,243 0
SAFE Agreements 0 4,250
Net cash provided by financing activities 48,268 4,186
Net increase (decrease) in cash, cash equivalents and restricted cash 21,037 (20,235)
Cash, cash equivalents and restricted cash at beginning of the period 25,826 29,351
Cash, cash equivalents and restricted cash at end of the period 46,863 9,116
Less: restricted cash 62 62
Cash and cash equivalents 46,801 9,054
Supplemental disclosure of cash flow information    
Cash paid for interest, net 464 158
Cash paid for taxes 9 8
Noncash financing activities:    
Transaction costs (23,663) 0
SAFE Agreements 20,667 0
Cumulative preferred dividends $ (328) $ 0