XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 14,799 $ (2,778)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 416 355
Gain on sales-type leases (99)
Reversal of credit loss (25)
Write down of inventories 80
Amortization of convertible notes 1,490
Loss on Change in market value of derivative liability 58
Share-based compensation 50 109
Impairment loss on goodwill 4,271
Warranty reserve (235) (3)
Amortization of right-of-use assets 231 280
Bargain purchase gain (32,908)
Changes in operating assets and liabilities:    
Accounts receivable (4,523) 10
Inventories 5,631 795
Prepaid expenses and other assets (277) 222
Accounts payable 793 116
Accrued liabilities 1,144 (93)
Deferred revenue (5) (10)
Advance from customers 418 222
Lease liabilities (482) (267)
Net investment in leases 54
Amount due to related party 184
Amount due from related party 46
Income tax payable 4,943
Net cash used in operating activities (3,902) (1,086)
Cash flows from investing activities:    
Purchase of property and equipment (113) (71)
Acquisition of Proterra (10,000)
Net cash used in investing activities (10,113) (71)
Cash flows from financing activities:    
Repayment of borrowings (970) (3)
Proceeds from borrowings 4,263
Repayment of related party borrowings (1,904)
Proceeds from related party borrowings 1,035
Proceeds received from private placements 11,104 1,154
Net cash generated from financing activities 13,528 1,151
Decrease in cash, cash equivalents and restricted cash (487) (6)
Cash, cash equivalents and restricted cash at beginning of the period 3,283 389
Cash, cash equivalents and restricted cash at end of the period 2,796 383
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 2,796 133
Restricted Cash, Current 250
Total cash, cash equivalents, and restricted cash 2,796 383
Supplemental cash flow information:    
Income tax paid
Non-cash activities:    
Issuance of common stock for settlement with vendors 1,693
Issuance of common stock for convertible note conversion 451
Reclass of derivative liability upon conversion of related convertible debentures 144
Issuance of restricted shares to Wisdom Financial to repay the consulting fee 270
Inventories transferred to property and equipment $ 163