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, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (16,151,000) $ (11,820,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Warrant inducement expense   1,146,000
Forgiveness of Paycheck Protection Program loan   (859,000)
Stock-based compensation 2,027,000 1,346,000
Depreciation and amortization 122,000 79,000
Expense for issuance of common stock for services   34,000
Issuance of warrants in exchange for services   42,000
Amortization of debt discounts 879,000  
Change in fair value of derivative liability 47,000  
Change in fair value of warrant liability (2,852,000)  
Changes in operating assets and liabilities:    
Accounts receivable (59,000) (129,000)
Inventories (2,290,000) (2,072,000)
Prepaid expenses and other assets 196,000 (178,000)
Other assets 105,000  
Accounts payable 493,000 877,000
Accrued liabilities 104,000 26,000
Other liabilities (135,000)  
Net cash used in operating activities (17,514,000) (11,508,000)
Cash flows from investing activities:    
Purchases of property and equipment (43,000) (99,000)
Net cash used in investing activities (43,000) (99,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon warrant exercises, net of issuance costs   8,303,000
Repayment of finance lease (25,000) (29,000)
Proceeds from issuance of common stock, prefunded warrants and warrants, net of issuance costs 6,418,000 9,026,000
Proceeds from issuance of convertible note payable, net of issuance costs 2,465,000  
Repayment of convertible note payable (1,512,000)  
Net cash provided by financing activities 7,346,000 17,300,000
Net increase (decrease) in cash and cash equivalents (10,211,000) 5,693,000
Cash and cash equivalents as of beginning of period 13,108,000 7,415,000
Cash and cash equivalents as of end of period 2,897,000 13,108,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 19,000 3,000
Cash paid for income taxes 2,000 2,000
Noncash Investing and Financing Activities:    
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 $ 286,000  
Exchange of convertible preferred stock for common stock   1,640,000
Deemed dividend on exchange of convertible preferred stock for common stock   (1,192,000)
Issuance of warrants in connection with exchange of preferred stock   570,000
Convertible preferred stock dividend   34,000
Deferred issuance costs for public offering of common stock in accounts payable   $ 83,000