Quarterly report pursuant to Section 13 or 15(d)

Revision of Prior Period Financial Statements (Tables)

v3.23.1
Revision of Prior Period Financial Statements (Tables)
3 Months Ended
Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Summary of impacts of the error on the consolidated financial statements The impact of the revisions to the quarterly period ending March 31, 2022 is presented as follows (in thousands):
Revised Condensed Consolidated Statement of Operations and Comprehensive Loss
Three Months Ended
March 31, 2022
As Previously Reported Adjustment As Revised
Revenue:
Product revenue $ 5,194  $ —  $ 5,194 
Subscription revenue 3,020  (16) 3,004 
Service revenue 501  11  512 
Total revenue 8,715  (5) 8,710 
Cost of revenue:
Cost of product revenue 5,576  (370) 5,206 
Cost of subscription revenue 1,065  477  1,542 
Cost of service revenue 448  617  1,065 
Total cost of revenue 7,089  724  7,813 
Gross profit 1,626  (729) 897 
Operating expenses:
Research and development 4,286  (111) 4,175 
Sales and marketing expense 12,053  (2,381) 9,672 
General and administrative 11,093  (276) 10,817 
Loss from impairment of property and equipment 96  —  96 
Total operating expenses 27,528  (2,768) 24,760 
Loss from operations (25,902) 2,039  (23,863)
Other income (expense), net:
Interest expense (142) —  (142)
Interest income 209  (141) 68 
Change in fair value of contingent earn-out liability 4,226  (1,148) 3,078 
Change in fair value of contingently issuable common stock liability 1,472  —  1,472 
Change in fair value of public warrant liability 5,586  —  5,586 
Total other income (expense), net 11,351  (1,289) 10,062 
Net loss $ (14,551) $ 750  $ (13,801)
Weighted average common shares outstanding - basic and diluted 142,878,406  —  142,878,406 
Net loss per share - basic and diluted $ (0.10) $ —  $ (0.10)
Revised Condensed Consolidated Statement of Cash Flows
Three Months Ended
March 31, 2022
As Previously Reported Adjustment As Revised
Cash flows from operating activities:
Net loss $ (14,551) $ 750  $ (13,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 948  138  1,086 
Write-off of inventory 324  —  324 
Adjustment to property and equipment for sales type leases (321) (304) (625)
Loss from impairment of property and equipment 96  —  96 
Stock-based compensation 5,190  (1,263) 3,927 
Non-cash interest expense — 
Non-cash lease expense 197  —  197 
Change in fair value of earn-out liability (4,226) 1,148  (3,078)
Change in fair value of contingently issuable common stock (1,472) —  (1,472)
Change in fair value of public warrant liability (5,586) —  (5,586)
Changes in operating assets and liabilities
Accounts receivable (2,112) —  (2,112)
Inventory (6,985) 5,675  (1,310)
Commission assets (351) —  (351)
Contract assets 108  —  108 
Other assets —  141  141 
Prepaid expenses and other current assets (5,280) (291) (5,571)
Accounts payable (1,867) 1,012  (855)
Deferred revenue 2,778  (201) 2,577 
Deferred rent (468) 468  — 
Accrued expenses and other current liabilities (2,065) (368) (2,433)
Operating lease liability (229) (468) (697)
Net cash used in operating activities (35,867) 6,437  (29,430)
Cash flows from investing activities:
Development of internal-use software (646) (82) (728)
Purchases of property and equipment (323) (6,366) (6,689)
Net cash used in investing activities (969) (6,448) (7,417)
Cash flows from financing activities:
Proceeds from exercise of stock options 216  11  227 
Net cash provided by financing activities 216  11  227 
Net increase (decrease) in cash, cash equivalents and restricted cash (36,620) —  (36,620)
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period 308,167  —  308,167 
Cash, cash equivalents and restricted cash at end of period $ 271,547  $ —  $ 271,547 
Supplemental disclosure of non-cash activities
Transfer of inventory to property and equipment $ 4,620  $ (4,620) $ — 
Capital expenditures incurred but not yet paid 1,693  698  2,391