v3.19.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (21,574,000) $ (8,134,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 485,000 536,000
Stock-based compensation 4,529,000 1,688,000
Amortization of discount on convertible notes 2,684,000 298,000
Beneficial conversion feature (7,067,000) 0
In-kind contribution of services 0 295,000
Changes in assets and liabilities:    
Accounts receivable 33,000 (289,000)
Prepaid expenses and other current assets (598,000) 109,000
Accounts payable and accrued expenses 284,000 (96,000)
Deferred revenue 20,000 0
Accrued interest on convertible notes 187,000 99,000
Net cash used in operating activities (6,883,000) (5,494,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for acquisition of Framerate (1,491,000) 0
Purchase of property and equipment 33,000 135,000
Capitalization of software development costs (560,000) (80,000)
Acquisition of other intangible assets 105,000 27,000
Net cash used in investing activities (2,189,000) (242,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 22,458,000 0
Proceeds from convertible note payable, net 0 4,812,000
Proceeds from common stock purchase warrant exercises 20,000 0
Net cash provided by financing activities 22,478,000 4,812,000
Increase (decrease) in cash 13,406,000 (924,000)
Cash - beginning of period 2,774,000 1,709,000
Cash - end of period 16,180,000 1,785,000
SUPPLEMENTAL NONCASH FINANCING ACTIVITIES    
Automatic conversion of convertible debt to common stock 13,793,000 0
Issuance of common stock for Framerate Acquisition $ 1,000,000 $ 0

Source