Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (18,721,000) $ (16,151,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,058,000 2,027,000
Depreciation and amortization 98,000 122,000
Amortization of debt discounts 850,000 879,000
Change in fair value of derivative liability   47,000
Change in fair value of warrant liability (4,510,000) (2,852,000)
Loss on debt extinguishment 837,000  
Changes in operating assets and liabilities:    
Accounts receivable (21,000) (59,000)
Inventories 4,333,000 (2,290,000)
Prepaid expenses and other current assets 152,000 196,000
Other assets 87,000 105,000
Accounts payable 278,000 493,000
Accrued liabilities (207,000) 104,000
Other liabilities (60,000) (135,000)
Net cash used in operating activities (14,826,000) (17,514,000)
Cash flows from investing activities:    
Purchases of property and equipment (50,000) (43,000)
Net cash used in investing activities (50,000) (43,000)
Cash flows from financing activities:    
Proceeds from issuance of short-term loan, net of issuance costs 597,000  
Proceeds from issuance of common stock in connection with warrant exercise 12,533,000 6,418,000
Proceeds from issuance of Series B preferred stock, net of issuance costs 3,955,000  
Proceeds from issuance of convertible note payable, net of issuance costs   2,465,000
Repurchase of common stock warrants (2,323,000)  
Repayment of finance lease (15,000) (25,000)
Repayment of convertible note payable (1,657,000) (1,512,000)
Repayment of short-term loan (700,000)  
Net cash provided by financing activities 12,390,000 7,346,000
Net decrease in cash and cash equivalents (2,486,000) (10,211,000)
Cash and cash equivalents as of beginning of period 2,897,000 13,108,000
Cash and cash equivalents as of end of period 411,000 2,897,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 256,000 229,000
Cash paid for income taxes 4,000 2,000
Noncash Investing and Financing Activities:    
Cashless exercise of warrants 8,191,000  
Issuance of common stock in connection with conversion of Series B preferred stock 6,341,000  
Deemed dividend on conversion of convertible preferred for common stock (6,360,000)  
Issuance of warrants in connection with February 2023 offering 5,601,000  
Issuance of common stock in connection with convertible promissory note 708,000  
Record Right-of-Use Assets obtained in exchange for modified operating lease liabilities 554,000  
Deferred offering costs reclassed from prepaid expenses 97,000  
Accrual of legal fees for the short-term loan $ 10,000  
Issuance of warrants in connection with December 2022 offering   10,804,000
Issuance of warrants in connection with convertible note payable   1,076,000
Derivative liability recorded in connection with issuance of convertible note payable   $ 296,000