Quarterly report pursuant to Section 13 or 15(d)

Nature of the Business and Basis of Presentation (Tables)

v3.23.3
Nature of the Business and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Impacts of the Error on the Consolidated Financial Statements
A summary of the impact of the error on the condensed consolidated balance sheet as of June 30, 2023 is as follows (amounts in thousands):
As Reported Adjustment As Restated
Current assets:
Cash and cash equivalents $ 155,537  $ (29,647) $ 125,890 
Restricted cash 1,000  —  1,000 
Marketable securities —  29,647  29,647 
Accounts receivable, net 32,393  —  32,393 
Inventory 5,032  —  5,032 
Current portion of contract assets 4,732  —  4,732 
Current portion of commission asset 3,648  —  3,648 
Prepaid expenses and other current assets 13,808  —  13,808 
Total current assets 216,150  —  216,150 
Total assets $ 307,968  $ —  $ 307,968 
Total liabilities $ 163,810  $ —  $ 163,810 
Stockholders’ equity $ 144,158  $ —  $ 144,158 
Total liabilities and stockholders’ equity $ 307,968  $ —  $ 307,968 
A summary of the impact of the error on the condensed consolidated statement of cash flows for the six months ended June 30, 2023 is as follows (amounts in thousands):

As Reported Adjustment As Restated
Cash flows from operating activities:
Net loss $ (95,363) $ —  $ (95,363)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 4,087  —  4,087 
Write-off of inventory and change in inventory reserve 337  —  337 
Loss from impairment of property and equipment 294  —  294 
Stock-based compensation 11,732  —  11,732 
Non-cash interest expense 22  —  22 
Accretion of discount on marketable securities —  (242) (242)
Non-cash lease expense 432  —  432 
Change in allowance for expected credit losses 173  —  173 
Loss on extinguishment of debt 626  —  626 
Change in fair value of earn-out liability 31,431  —  31,431 
Change in fair value of contingently issuable common stock 5,837  —  5,837 
Change in fair value of public warrant liability 13,501  —  13,501 
Changes in operating assets and liabilities —  — 
Accounts receivable (646) —  (646)
Inventory 5,080  —  5,080 
Commission assets (1,258) —  (1,258)
Contract assets (1,184) —  (1,184)
Other assets (43) —  (43)
Prepaid expenses and other current assets 580  —  580 
Accounts payable (7,409) —  (7,409)
Deferred revenue 24,113  —  24,113 
Accrued expenses and other current liabilities (342) —  (342)
Operating lease liability (513) —  (513)
Net cash used in operating activities (8,513) (242) (8,755)
Cash flows from investing activities:
Development of internal-use software (1,599) —  (1,599)
Purchases of property and equipment (33,173) —  (33,173)
Proceeds from sale of property and equipment 60  —  60 
Purchases of marketable securities —  (29,405) (29,405)
Net cash used in investing activities (34,712) (29,405) (64,117)
Net cash provided by (used in) financing activities $ (29,988) $ —  $ (29,988)
Effect of exchange rate changes on cash and cash equivalents $ (33) $ —  $ (33)
Net increase (decrease) in cash, cash equivalents and restricted cash $ (73,246) $ (29,647) $ (102,893)
Cash, cash equivalents and restricted cash at end of period $ 156,812  $ (29,647) $ 127,165