Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Cash received from interest income $ 646,000 $ 394,000
Cash received from other sources 367,000 280,000
Cash paid for inventory purchases and other costs of revenue (36,803,000) (12,963,000)
Cash paid for salaries and related expenses (8,284,000) (4,039,000)
Cash paid for other recurring operating expenses (10,410,000) (5,309,000)
Cash paid for interest expense (41,000) (56,000)
Cash paid for income taxes (69,000) 0
Cash paid for merger costs and other non-recurring expenses (3,418,000) 0
Net cash used in operating activities (4,988,000) (4,247,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (221,000) (458,000)
Capital contributions to equity method investee 0 (1,506,000)
Proceeds from sale or disposal of property and equipment 98,000 0
Net cash (used in) provided by investing activities (981,000) 5,388,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of note payable, related party, net 0 (3,000)
Issuance of common stock for PIPE transaction 0 6,000,000
Proceeds from exercise of warrants 85,000 690,000
Capital contribution of non-controlling interest 122,000 0
Payments on finance lease liabilities (18,000) (9,000)
Repayments of notes payable (139,000) (348,000)
Net cash provided by financing activities 50,000 6,330,000
Effect of exchange rate on cash (28,000) (16,000)
Net (decrease) increase in cash (5,947,000) 7,455,000
Cash beginning of period 26,307,000 18,891,000
Cash end of period 20,360,000 26,346,000
Reconciliation of net loss to cash flow used by operating activities    
Net loss (20,108,000) (2,891,000)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation expense 596,000 540,000
Change in provision for doubtful accounts (50,000) 12,000
Amortization of intangible assets 1,678,000 653,000
Amortization of right-of-use assets - operating leases 241,000 188,000
Amortization of right-of-use assets - finance leases 13,000 8,000
Write-off of right-of-use asset 111,000 0
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition 0 (6,138,000)
Impairment loss 13,653,000 0
Equity in net loss of affiliate 0 1,440,000
Stock-based compensation 1,637,000 4,561,000
Gain on sale or disposal of property and equipment (98,000) 0
Accounts receivable 3,055,000 (3,897,000)
Inventories (1,090,000) (2,069,000)
Unbilled revenue (30,000) (27,000)
Prepaid expense 229,000 (343,000)
Notes receivable 75,000 (251,000)
Deposits 55,000 (0)
VAT receivable (8,000) 63,000
Accounts payable and accrued expenses (4,645,000) 4,118,000
Operating lease liabilities (277,000) (179,000)
Income taxes payable 23,000 84,000
Contract liabilities 62,000 (7,000)
Liabilities from discontinued operations 0 (112,000)
Net cash used in operating activities (4,988,000) (4,247,000)
Progressive Care [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash acquired in acquisition 0 7,352,000
Outfitter Satellite, Inc. [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash acquired in acquisition 236,000 0
Cash paid in acquisition of Outfitter Satellite subsidiary (1,094,000) 0
E-Commerce [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Cash received from revenue 9,862,000 8,308,000
Healthcare Operations [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Cash received from revenue $ 43,162,000 $ 9,138,000