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, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (12,038,000) $ (67,357,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 58,000 42,000
Stock-based compensation 105,000 2,834,000
Amortization of intangible asset 33,000 33,000
Amortization of debt discounts 0 27,184,000
Loss on disposal of property and equipment 2,000 0
Change in fair value of warrant liability (204,000) 8,051,000
Change in fair value of derivative liability 171,000 14,294,000
Expense for issuance of warrants and common stock for services 310,000 241,000
Issuance of common stock for warrant settlement 112,000 0
Change in fair value of common stock warrants upon repricing 892,000 0
Changes in operating assets and liabilities:    
Accounts receivable 4,000 (57,000)
Inventories (1,283,000) (691,000)
Prepaid expenses and other assets (516,000) (221,000)
Accounts payable 1,022,000 (752,000)
Accrued liabilities 300,000 131,000
Accrued interest 0 6,316,000
Net cash used in operating activities (11,032,000) (9,952,000)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 1,000 0
Net cash used in investing activities (34,000) (87,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 6,149,000 10,273,000
Proceeds from the issuance of convertible preferred stock and common stock warrant, net of issuance costs 920,000 0
Proceeds from issuance of pre-funded warrants and exercise of common stock warrants 1,167,000 0
Proceeds from issuance of promissory notes, net of issuance costs 0 2,002,000
Proceeds from issuance of convertible notes payable, net of issuance costs 0 1,435,000
Repayment of convertible notes payable 0 (200,000)
Taxes paid related to net share settlements of equity awards (87,000) (499,000)
Net cash provided by financing activities 8,149,000 13,011,000
Effect of exchange rate changes on cash and cash equivalents (3,000) (3,000)
Net decrease in cash and cash equivalents (2,920,000) 2,969,000
Cash and cash equivalents as of beginning of year 3,218,000 249,000
Cash and cash equivalents as of end of year 298,000 3,218,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 8,000 8,000
Noncash Investing and Financing Activities:    
Issuance of warrants in connection with convertible notes payable 0 2,048,000
Issuance of warrant in connection with settlement agreement with Series E holders 0 1,590,000
Issuance of common stock warrants in connection with convertible preferred stock offering 243,000 0
Issuance of warrants in connection in public offering 97,000 169,000
Beneficial conversion feature of convertible notes payable 0 1,918,000
Fair value of derivative liability in connection with issuance of preferred stock 216,000 0
Convertible preferred stock dividend 56,000 0
Issuance of convertible notes in lieu of employee expense payments 0 50,000
Conversion of accrued interest to accounts payable 0 2,000
Conversion of interest to convertible notes payable as principal 0 10,000
Reclassification of promissory notes to convertible notes payable 0 2,250,000
Fair value of derivative liability in connection with issuance of notes payable 0 7,886,000
Conversion of preferred units to common stock upon initial public offering 0 64,735,000
Conversion of convertible notes and accrued interest to common stock upon initial public offering 0 30,450,000
Reclassification of derivative liability to equity upon initial public offering 0 43,012,000
Reclassification of warrant liability to equity upon initial public offering $ 0 $ 9,310,000