• Filing Date: 2020-11-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss from continuing operations $ (10,860) $ (9,036)
Net loss from discontinued operations (215) (2,392)
Net loss (11,075) (11,428)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 36 0
Depreciation 270 243
Amortization of right-of-use lease asset 139 51
Share-based compensation 539 314
Amortization of financing costs 653 768
Amortization of intangible assets 977 663
Loss on extinguishment of debt 3,281 1,113
Gain on sale of AOC Key Solutions (2,619) 0
Gain on sale of Team Global (1,012) 0
Loss on sale of Secure Education 0 3
Changes in operating assets and liabilities    
Accounts receivable (226) (910)
Inventory (289) (312)
Other current assets (186) 57
Accounts payable and accrued expenses 940 1,676
Contract liabilities 646 982
Lease liability (149) (6)
Net cash used in operating activities - continuing operations (7,860) (4,394)
Net cash used in operating activities - discontinued operations (3,884) (4,861)
Net cash used in operating activities (11,744) (9,255)
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (544) (656)
Proceeds from sale of Secure Education 0 250
Proceeds from sale of AOC Key Solutions 3,400 0
Proceeds from sale of Team Global 2,300 0
Investment in equity investment (75) 0
Proceeds from AOC Key Solutions note receivable 600 0
Net cash provided by (used in) by investing activities - continuing operations 5,681 (406)
Net cash used in investing activities - discontinued operations 0 0
Net cash provided by (used in) investing activities 5,681 (406)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from PPP loan 874 0
Payment of stock issuance costs associated with Note Exchange transaction (73) 0
Repayments of notes payable (7,266) 0
Net proceeds from notes payable 0 3,839
Net proceeds from exercise of options 640 0
Net proceeds from exercise of warrants 874 103
Net proceeds from exercise of warrants associated to series A preferred stock 77 4
Net proceeds from at-the-market agreement 29,930 38
Payment of preferred dividends 0 (108)
Payment of debt modification costs (300) 0
Net cash provided by financing activities - continuing operations 24,756 3,876
Net cash provided by financing activities - discontinued operations 4,171 5,224
Net cash provided by financing activities 28,927 9,100
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents - continuing operations 22,577 (924)
Net increase in cash, cash equivalents and restricted cash and cash equivalents - discontinued operations 287 363
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 22,864 (561)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 1,866 2,768
Cash, cash equivalents and restricted cash and cash equivalents at end of period 24,730 2,207
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents at end of period - continuing operations 24,154 885
Restricted cash and cash equivalents at end of period - continuing operations 573 708
Cash and cash equivalents at end of period - discontinued operations 3 614
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 24,730 $ 2,207