Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (338,000) $ (739,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Realized loss on marketable debt securities 7,000
Depreciation and amortization 1,118,000 167,000
Amortization of debt discount 3,000
Amortization on right-of-use assets 167,000
Lower of cost or net realizable value inventory adjustment 32,000
Stock-based compensation expense 1,504,000 396,000
Change in fair value of investment securities (164,000)
Non-cash interest income on secured promissory note receivable (315,000)
Changes in operating assets and liabilities:    
Accounts receivable (3,466,000) 80,000
Escrow receivable 4,812,000
Inventory (12,130,000) (620,000)
Prepaid and other assets 2,434,000 91,000
Other assets (8,000)
Accounts payable and accrued expenses 3,343,000 412,000
Lease liabilities 205,000
Other liabilities 4,190,000 26,000
Net cash (used in) provided by operating activities (3,450,000) 4,657,000
Cash flows from investing activities    
Issuance of secured promissory note receivable (1,000,000)
Purchase of marketable securities (16,841,000) (3,436,000)
Proceeds from sale of marketable debt securities 300,000 1,029,000
Capital expenditures (4,237,000) (147,000)
Net cash used in investing activities (21,778,000) (2,554,000)
Cash flows from financing activities    
Proceeds from issuance of common stock from public offering, net 35,135,000
Proceeds from issuance of common stock and warrants from private offering 5,500,000
Payment of dividends (4,546,000)  
Net cash provided by financing activities 36,089,000
Increase in cash and cash equivalents 10,861,000 2,103,000
Cash and cash equivalents, at the beginning of the period 6,816,000 434,000
Cash and cash equivalents, at the end of the period 17,677,000 2,537,000
Supplemental disclosures:    
Cash paid for income taxes
Interest payment on the promissory notes 500,000
Supplemental disclosure of non-cash investing and financing activities:    
Net unrealized gain (loss), investments in marketable debt securities $ (78,000) $ 6,000