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 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 2,707,000 $ (921,000)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 380,000 499,000  
Depreciation and amortization 20,000 33,000  
Amortization of debt discounts 1,260,000 719,000  
Change in fair value of warrant liabilities (8,129,000) (5,604,000)  
Changes in operating assets and liabilities:      
Accounts receivable 4,000 47,000  
Inventories 158,000 1,323,000  
Prepaid expenses and other current assets 35,000 (271,000)  
Other assets 34,000 22,000  
Accounts payable 223,000 137,000  
Accrued liabilities (229,000) (563,000)  
Other liabilities (3,000) (39,000)  
Net cash used in operating activities (3,540,000) (4,618,000)  
Cash flows from investing activities:      
Purchases of property and equipment (6,000) (14,000)  
Net cash used in investing activities (6,000) (14,000)  
Cash flows from financing activities:      
Proceeds from issuance of short-term loan, net of issuance costs 600,000    
Proceeds from issuance of common stock and prefunded warrants, net of issuance costs 11,517,000 6,968,000  
Proceeds from exercise of warrants 714,000 32,000  
Repurchase of Series B preferred stock and warrants (6,266,000)    
Repayment of finance lease   (6,000)  
Repayment of short-term loan (667,000)    
Net cash provided by financing activities 5,898,000 6,994,000  
Net increase in cash and cash equivalents 2,352,000 2,362,000  
Cash and cash equivalents as of beginning of period 411,000 2,897,000 $ 2,897,000
Cash and cash equivalents as of end of period 2,763,000 5,259,000 $ 411,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 272,000 2,000  
Noncash Investing and Financing Activities:      
Issuance of warrant liabilities in connection with financing 8,701,000 5,600,000  
Deemed dividend on conversion of Series B preferred stock and repurchase of Series B preferred stock 5,842,000    
Unpaid financings issuance costs 714,000    
Cashless exercise of warrants 587,000 8,170,000  
Warrant exercise in connection with loan settlement 333,000    
Issuance of common stock in connection with Series B preferred stock $ 325,000    
Issuance of common stock in connection with convertible promissory note   708,000  
Deferred offering costs reclassed from prepaid expenses   $ (97,000)