Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net loss $ (42,665,000) $ 2,707,000 $ (5,326,000) $ (921,000) $ (39,958,000) $ (6,247,000)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Stock-based compensation         777,000 980,000  
Depreciation and amortization 28,000   32,000   48,000 65,000  
Amortization of debt discounts         1,260,000 738,000  
Change in fair value of warrant liability 37,255,000   (246,000)   29,126,000 (5,850,000)  
Loss on extinguishment of convertible note payable     837,000     837,000  
Changes in operating assets and liabilities:              
Accounts receivable         177,000 172,000  
Inventories         407,000 1,595,000  
Prepaid expenses and other current assets         (418,000) 225,000  
Other assets         53,000 47,000  
Accounts payable         (534,000) (1,105,000)  
Accrued liabilities         46,000 (544,000)  
Other liabilities         (29,000) (39,000)  
Net cash used in operating activities         (9,045,000) (9,126,000)  
Cash flows from investing activities:              
Issuance of note receivable         (150,000)    
Purchases of property and equipment         (20,000) (16,000)  
Net cash used in investing activities         (170,000) (16,000)  
Cash flows from financing activities:              
Proceeds from issuance of common stock in connection with warrant exercise         556,000    
Proceeds from issuance of common stock and warrants, net of offering costs         19,980,000 1,927,000  
Proceeds from issuance of short-term loan, net of issuance costs         600,000 7,995,000  
Proceeds from exercise of warrants 556,000   1,895,000   714,000    
Repurchase of Series B preferred stock warrants         (6,266,000)    
Repayment of short-term loan         (667,000)    
Repayment of convertible note payable           (1,657,000)  
Repayment of finance lease           (13,000)  
Net cash provided by financing activities         14,917,000 8,252,000  
Net decrease in cash and cash equivalents         5,702,000 (890,000)  
Cash and cash equivalents as of beginning of period   $ 411,000   $ 2,897,000 411,000 2,897,000 $ 2,897,000
Cash and cash equivalents as of end of period $ 6,113,000   $ 2,007,000   6,113,000 2,007,000 $ 411,000
Supplemental disclosure of cash flow information:              
Cash paid for interest         276,000 20,000  
Cash paid for income taxes           2,000  
Noncash Investing and Financing Activities:              
Conversion of liability warrants to equity warrants         41,851,000    
Issuance of warrant liability in connection with financing         8,701,000    
Deemed dividend on conversion of Series B preferred stock and repurchase of Series B preferred stock         5,842,000    
Unpaid financings issuance costs         421,000    
Cashless exercise of warrants         587,000 8,191,000  
Issuance of common stock to vendors         360,000    
warrant exercise in connection with loan settlement         333,000    
Issuance of common stock in connection with Series B preferred stock         $ 325,000    
Issuance of warrant liability in connection with February 2023 offering           5,600,000  
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)