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 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:      
Net loss $ (4,649,000) $ (12,661,000) $ (8,751,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Warrant inducement expense 0 0 1,146,000
Forgiveness of Paycheck Protection Program loan 0 0 (859,000)
Stock-based compensation   1,512,000 938,000
Depreciation and amortization 31,000 91,000 59,000
Expense for issuance of common stock for services   0 34,000
Amortization of debt discounts 156,000 156,000 0
Change in fair value of warrant liability (274,000) (274,000) 0
Changes in operating assets and liabilities:      
Accounts receivable   (23,000) (120,000)
Inventories   (2,504,000) (1,246,000)
Prepaid expenses and other assets   53,000 (572,000)
Other assets   79,000 0
Accounts payable   1,074,000 153,000
Accrued liabilities   (288,000) 644,000
Other liabilities   (111,000) 0
Net cash used in operating activities   (12,896,000) (8,574,000)
Cash flows from investing activities:      
Purchases of property and equipment   (36,000) (86,000)
Net cash used in investing activities   (36,000) (86,000)
Cash flows from financing activities:      
Proceeds from issuance of common stock upon warrant exercises, net of issuance costs   0 8,303,000
Proceeds from issuance of convertible notes payable, net of issuance costs   2,483,000 0
Repayment of capital lease   (15,000) (17,000)
Proceeds from issuance of common stock, in registered direct offering, net of issuance costs   0 9,026,000
Net cash provided by financing activities   2,468,000 17,312,000
Net (decrease) increase in cash and cash equivalents   (10,464,000) 8,652,000
Cash and cash equivalents as of beginning of period   13,108,000 7,415,000
Cash and cash equivalents as of end of period 2,644,000 2,644,000 16,067,000
Supplemental disclosure of cash flow information:      
Cash paid for interest   17,000 3,000
Cash paid for income taxes   2,000 2,000
Noncash Investing and Financing Activities:      
Issuance of warrants in connection with convertible notes payable   1,076,000 0
Derivative liability recorded in connection with issuance of convertible notes payable   286,000  
Exchange of convertible preferred stock for common stock   0 1,640,000
Deemed dividend on exchange of convertible preferred stock for common stock $ 0 0 (1,192,000)
Issuance of warrants in connection with exchange of preferred stock   0 570,000
Convertible preferred stock dividend   $ 0 $ 34,000