Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (19,312) $ (32,504)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,509 5,546
Loss on disposal of property and equipment 0 705
Loss on impairment of intangible assets 91 0
Stock-based compensation 11,634 2,160
Accretion on carrying value of convertible notes 2,103 4,490
Amortization of debt issuance costs 3,876 338
Change in fair value of warrant liability 1,600 198
Change in fair value of contingent earnout liability (67,026)  
Deferred income tax liabilities 497 133
Loss on extinguishment of debt 2,277 171
Changes in operating assets and liabilities:    
Accounts receivable, net (5,010) (429)
Contract assets (1) (1,057)
Other current assets (6,565) 400
Other long-term assets 13 (152)
Accounts payable 2,291 1,106
Accrued wages and benefits 1,751 987
Contract liabilities 161 3,159
Other accrued expenses 2,917 493
Other long-term liabilities 2,208 (517)
Net cash used in operating activities (57,986) (14,773)
Cash flows from investing activities    
Purchase of property and equipment (15,421) (10,314)
Investment in intangible assets (166) (101)
Payments made in conection with business acquisiton, net (103,892)  
Net cash used in investing activities (119,479) (10,415)
Cash flows from financing activities    
Proceeds from reverse recapitalation and PIPE financing 264,823  
Payments of transaction costs related to reverse recapitalization (31,806)  
Proceeds from long-term debt 70,515 30,937
Proceeds from issuance of convertible notes payable 20,000 550
Payments of redemption of long-term debt (29,628) (14,130)
Payments of redemption of warrant (19,942)  
Payment of debt issuance costs (4,717) (808)
Proceeds from exercise of stock options 1,289 75
Net cash provided by financing activities 270,534 16,624
Effect of foreign currency translation on cash, cash equivalent and restricted cash 590 19
Net increase (decrease) in cash, cash equivalents and restricted cash 93,659 (8,545)
Cash, cash equivalents and restricted cash    
Beginning of year 15,986 24,531
End of year 109,645 15,986
Supplemental disclosure of cash flow information    
Cash paid for interest 3,130 1,501
Noncash Investing and financing activities    
Conversion of Series A, B and C preferred stock into common stock upon the reverse recapitalization 154,150  
Contingent earnout liability recognized upon the closing of the reverse recapitalization 78,395  
Conversion of convertible notes to common stock upon the reverse recapitalization 70,933  
Public and private warrants acquired as part of the Merger 26,707  
Issuance of shares to FP Credit Partners, L.P. ("FP") (Note 8) 22,868  
Issuance of Shares in Acquisition 19,361  
Exercise of Series C preferred stock warrants 891  
Property and equipment purchased but not yet paid 687 18
Issuance of stock warrants with long-term debt $ 308 $ 4,154