Revision of Prior Period Financial Statements

v3.22.2.2

Revision of Prior Period Financial Statements	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Revision of Prior Period Financial Statements	Revision of Prior Period Financial StatementsAs discussed in Note 1, in preparing the condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, the Company identified errors in its previously issued financial statements whereby (a) certain expenses that were cost of subscription revenue related and cost of service revenue related were inaccurately classified as sales and marketing expenses on the consolidated statements of operations and comprehensive loss, (b) certain equipment under lease or held for lease was inaccurately classified as inventory on the consolidated balance sheets and a portion of the cash outflows related to the equipment under lease or held for lease were misclassified between operating and investing cash flows on the consolidated statements of cash flows, and (c) the vesting of warrants related to the Business Development Agreement disclosed in Note 16 were not accounted for accurately. The identified errors impacted the Company's previously issued 2020 annual financial statements, 2021 quarterly and annual financial statements, and quarterly financial statements for the three months ended March 31, 2022. The Company has made adjustments to the prior period amounts presented in these financial statements accordingly. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors. The Company evaluated the errors and determined that the related impacts were not material to any previously issued annual or interim financial statements. The impact of the revisions is as follows (in thousands): Revised Condensed Consolidated Balance Sheets December 31, 2021 As Previously Reported Adjustment As Revised Assets Current assets: Cash and cash equivalents $ 307,492  $ —  $ 307,492  Restricted cash 400  —  400  Accounts receivable, net 6,477  —  6,477  Inventory 5,140  (2,250) 2,890  Current portion of contract assets 1,459  —  1,459  Current portion of commission asset 1,645  —  1,645  Prepaid expenses and other current assets 11,047  (290) 10,757  Total current assets 333,660  (2,540) 331,120  Restricted cash, noncurrent 275  —  275  Contract assets, noncurrent 3,418  —  3,418  Commission asset, noncurrent 3,719  —  3,719  Property and equipment, net 21,592  2,191  23,783  Other assets 401  141  542  Total assets $ 363,065  $ (208) $ 362,857  Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 6,363  $ (318) $ 6,045  Accrued expenses and other current liabilities 9,183  368  9,551  Current portion of deferred revenue 6,690  (91) 6,599  Current portion of deferred rent 135  —  135  Current portion of long-term debt 2,000  —  2,000  Total current liabilities 24,371  (41) 24,330  Deferred revenue, noncurrent 2,475  —  2,475  Deferred rent, noncurrent 333  —  333  Long-term debt, noncurrent 7,945  —  7,945  Contingent earn-out liability 20,809  397  21,206  Contingently issuable common stock liability 5,264  —  5,264  Public warrant liability 11,030  —  11,030  Total liabilities 72,227  356  72,583  Stockholders’ equity: Convertible preferred stock —  —  —  Common stock 14  —  14  Additional paid-in capital 395,563  501  396,064  Accumulated deficit (104,739) (1,065) (105,804) Stockholders’ equity 290,838  (564) 290,274  Total liabilities and stockholders’ equity $ 363,065  $ (208) $ 362,857  December 31, 2020 As Previously Reported Adjustment As Revised Assets Current assets: Cash and cash equivalents $ 4,704  $ —  $ 4,704  Accounts receivable, net 1,401  —  1,401  Inventory 2,742  (1,156) 1,586  Current portion of commission asset 562  —  562  Prepaid expenses and other current assets 900  641  1,541  Total current assets 10,309  (515) 9,794  Commission asset, noncurrent 1,730  —  1,730  Property and equipment, net 9,316  752  10,068  Other assets —  173  173  Total assets $ 21,355  $ 410  $ 21,765  Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 4,437  $ —  $ 4,437  Accrued expenses and other current liabilities 3,727  484  4,211  Current portion of deferred revenue 3,717  45  3,762  Current portion of deferred rent 11  —  11  Current portion of financing obligations 227  —  227  Total current liabilities 12,119  529  12,648  Deferred revenue, noncurrent 480  —  480  Financing obligation, noncurrent 132  —  132  Long-term debt, noncurrent 16,432  —  16,432  Derivative Liability 1,000  —  1,000  Common stock warrant liability 1  —  1  Total liabilities 30,164  529  30,693  Stockholders’ equity: Convertible preferred stock 75,877  —  75,877  Common stock 1  —  1  Additional paid-in capital 9,194  916  10,110  Accumulated deficit (93,881) (1,035) (94,916) Stockholders’ equity (84,686) (119) (84,805) Total liabilities and stockholders’ equity $ 21,355  $ 410  $ 21,765  Revised Condensed Consolidated Statements 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) Year Ended December 31, 2021 As Previously Reported Adjustment As Revised Revenue: Product revenue $ 13,917  $ (286) $ 13,631  Subscription revenue 7,855  (52) 7,803  Service revenue 1,920  39  1,959  Total revenue 23,692  (299) 23,393  Cost of revenue: Cost of product revenue 12,471  (192) 12,279  Cost of subscription revenue 3,644  857  4,501  Cost of service revenue 936  1,648  2,584  Total cost of revenue 17,051  2,313  19,364  Gross profit 6,641  (2,612) 4,029  Operating expenses: Research and development 11,416  42  11,458  Sales and marketing expense 27,404  (1,305) 26,099  General and administrative 20,013  (144) 19,869  Loss from impairment of property and equipment 1,869  —  1,869  Total operating expenses 60,702  (1,407) 59,295  Loss from operations (54,061) (1,205) (55,266) Other income (expense), net: Interest expense, net (6,095) 27  (6,068) Interest income —  —  —  Loss on disposal of property and equipment (617) —  (617) Loss on extinguishment of debt (12,685) —  (12,685) Change in fair value of derivative liability (1,745) —  (1,745) Change in fair value of contingent earn-out liability 46,212  1,148  47,360  Change in fair value of contingently issuable common stock liability 6,406  —  6,406  Change in fair value of public warrant liability 12,606  —  12,606  Change in fair value of common stock warrant liability (879) —  (879) Total other income (expense), net 43,203  1,175  44,378  Net loss $ (10,858) $ (30) $ (10,888) Weighted average common shares outstanding - basic and diluted 71,662,694  —  71,662,694  Net loss per share - basic and diluted $ (0.15) $ —  $ (0.15) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Revenue: Product revenue $ 5,345  $ 50  $ 5,395  $ 10,299  $ (20) $ 10,279  Subscription revenue 2,305  7  2,312  5,118  (58) 5,060  Service revenue 717  —  717  1,429  27  1,456  Total revenue 8,367  57  8,424  16,846  (51) 16,795  Cost of revenue: Cost of product revenue 2,933  34  2,967  7,237  149  7,386  Cost of subscription revenue 1,086  191  1,277  2,542  538  3,080  Cost of service revenue 192  521  713  732  953  1,685  Total cost of revenue 4,211  746  4,957  10,511  1,640  12,151  Gross profit 4,156  (689) 3,467  6,335  (1,691) 4,644  Operating expenses: Research and development 3,641  (29) 3,612  8,330  69  8,399  Sales and marketing expense 8,510  1,514  10,024  17,284  472  17,756  General and administrative 6,983  552  7,535  11,162  896  12,058  Loss from impairment of property and equipment 1,656  —  1,656  1,656  —  1,656  Total operating expenses 20,790  2,037  22,827  38,432  1,437  39,869  Loss from operations (16,634) (2,726) (19,360) (32,097) (3,128) (35,225) Other income (expense), net: Interest expense, net (286) (9) (295) (5,988) 36  (5,952) Other expense, net (669) —  (669) (669) —  (669) Loss on extinguishment of debt (865) —  (865) (12,685) —  (12,685) Change in fair value of derivative liability 475  —  475  (1,745) —  (1,745) Change in fair value of contingent earn-out liability 31,818  791  32,609  31,818  791  32,609  Change in fair value of contingently issuable common stock liability 5,718  —  5,718  5,718  —  5,718  Change in fair value of public warrant liability 3,152  —  3,152  3,152  —  3,152  Change in fair value of common stock warrant liability 42  —  42  (879) —  (879) Total other income (expense), net 39,385  782  40,167  18,722  827  19,549  Net income (loss) attributable to common stockholders - basic $ 22,751  $ (1,944) $ 20,807  $ (13,375) $ (2,301) $ (15,676) Net income (loss) attributable to common stockholders - diluted $ 23,222  $ (1,944) $ 21,278  $ (13,375) $ (2,301) $ (15,676) Weighted average common shares outstanding Basic 119,745,196  —  119,745,196  47,772,253  —  47,772,253  Diluted 153,867,300  69,136  153,936,436  47,772,253  —  47,772,253  Net income (loss) per share Basic $ 0.19  $ (0.02) $ 0.17  $ (0.28) $ (0.05) $ (0.33) Diluted $ 0.15  $ (0.01) $ 0.14  $ (0.28) $ (0.05) $ (0.33) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Revenue: Product revenue $ 2,452  $ 165  $ 2,617  $ 4,954  $ (70) $ 4,884  Subscription revenue 1,513  8  1,521  2,813  (65) 2,748  Service revenue 515  25  540  712  27  739  Total revenue 4,480  198  4,678  8,479  (108) 8,371  Cost of revenue: Cost of product revenue 2,075  128  2,203  4,304  115  4,419  Cost of subscription revenue 861  199  1,060  1,456  347  1,803  Cost of service revenue 413  274  687  540  432  972  Total cost of revenue 3,349  601  3,950  6,300  894  7,194  Gross profit 1,131  (403) 728  2,179  (1,002) 1,177  Operating expenses: Research and development 1,077  (30) 1,047  4,689  98  4,787  Sales and marketing expense 5,090  34  5,124  8,774  (1,042) 7,732  General and administrative 1,280  191  1,471  4,179  344  4,523  Total operating expenses 7,447  195  7,642  17,642  (600) 17,042  Loss from operations (6,316) (598) (6,914) (15,463) (402) (15,865) Other income (expense), net: Interest expense, net (3,255) (8) (3,263) (5,702) 45  (5,657) Interest income —  —  —  —  —  —  Loss on extinguishment of debt (11,820) —  (11,820) (11,820) —  (11,820) Change in fair value of derivative liability (795) —  (795) (2,220) —  (2,220) Change in fair value of common stock warrant liability (185) —  (185) (921) —  (921) Total other income (expense), net (16,055) (8) (16,063) (20,663) 45  (20,618) Net loss $ (22,371) $ (606) $ (22,977) $ (36,126) $ (357) $ (36,483) Weighted average common shares outstanding - basic and diluted 11,922,270  —  11,922,270  11,186,204  —  11,186,204  Net loss per share - basic and diluted $ (1.88) $ (0.05) $ (1.93) $ (3.23) $ (0.03) $ (3.26) Three Months Ended March 31, 2021 As Previously Reported Adjustment As Revised Revenue: Product revenue $ 2,502  $ (235) $ 2,267  Subscription revenue 1,300  (73) 1,227  Service revenue 197  2  199  Total revenue 3,999  (306) 3,693  Cost of revenue: Cost of product revenue 2,229  (13) 2,216  Cost of subscription revenue 595  148  743  Cost of service revenue 127  158  285  Total cost of revenue 2,951  293  3,244  Gross profit 1,048  (599) 449  Operating expenses: Research and development 3,612  128  3,740  Sales and marketing expense 3,684  (1,076) 2,608  General and administrative 2,899  153  3,052  Total operating expenses 10,195  (795) 9,400  Loss from operations (9,147) 196  (8,951) Other income (expense), net: Interest expense, net (2,447) 53  (2,394) Change in fair value of derivative liability (1,425) —  (1,425) Change in fair value of common stock warrant liability (736) —  (736) Total other income (expense), net (4,608) 53  (4,555) Net loss $ (13,755) $ 249  $ (13,506) Weighted average common shares outstanding - basic and diluted 10,443,323  —  10,443,323  Net loss per share - basic and diluted $ (1.32) $ 0.03  $ (1.29) Year Ended December 31, 2020 As Previously Reported Adjustment As Revised Revenue: Product revenue $ 1,279  $ 503  $ 1,782  Subscription revenue 2,637  93  2,730  Service revenue 869  —  869  Total revenue 4,785  596  5,381  Cost of revenue: Cost of product revenue 1,177  562  1,739  Cost of subscription revenue 1,824  —  1,824  Cost of service revenue 495  1  496  Total cost of revenue 3,496  563  4,059  Gross profit 1,289  33  1,322  Operating expenses: Research and development 15,710  (157) 15,553  Sales and marketing expense 7,365  919  8,284  General and administrative 5,110  420  5,530  Total operating expenses 28,185  1,182  29,367  Loss from operations (26,896) (1,149) (28,045) Other income (expense), net: Interest expense, net (430) 114  (316) Loss on extinguishment of debt (66) —  (66) Total other income (expense), net (496) 114  (382) Net loss $ (27,392) $ (1,035) $ (28,427) Weighted average common shares outstanding - basic and diluted 8,932,404  —  8,932,404  Net loss per share - basic and diluted $ (3.07) $ (0.11) $ (3.18) Revised Condensed Consolidated Statements 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 5  —  5  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  Year Ended December 31, 2021 As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (10,858) $ (30) $ (10,888) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,895  —  2,895  Write-off of inventory 2,132  —  2,132  Adjustment to property and equipment for sales type leases (91) —  (91) Loss from impairment of property and equipment 1,869  —  1,869  Loss on disposal of property and equipment 617  —  617  Stock-based compensation 8,511  1,085  9,596  Non-cash interest expense 5,245  —  5,245  Provision recorded for allowance for doubtful accounts (13) —  (13) Loss on extinguishment of debt 12,685  —  12,685  Change in fair value of derivative liability 1,745  —  1,745  Change in fair value of common stock warrant liability 879  —  879  Change in fair value of earn-out liability (46,212) (1,148) (47,360) Change in fair value of contingently issuable common stock (6,406) —  (6,406) Change in fair value of public warrant liability (12,606) —  (12,606) Changes in operating assets and liabilities Accounts receivable (5,063) —  (5,063) Inventory (17,479) 14,043  (3,436) Commission assets (3,072) —  (3,072) Contract assets (4,877) —  (4,877) Other assets —  32  32  Prepaid expenses and other current assets (10,079) 931  (9,148) Accounts payable (7) 772  765  Deferred revenue 4,968  (136) 4,832  Deferred rent 457  —  457  Warranty reserve (42) —  (42) Accrued expenses and other current liabilities 5,174  (2,702) 2,472  Net cash used in operating activities (69,628) 12,847  (56,781) Cash flows from investing activities: Development of internal-use software (1,028) —  (1,028) Purchases of property and equipment (3,710) (12,847) (16,557) Net cash used in investing activities (4,738) (12,847) (17,585) Cash flows from financing activities: Proceeds from exercise of stock options 915  —  915  Proceeds from issuance of common stock from the PIPE Investment 300,000  —  300,000  Proceeds from the closing of the Merger 84,945  —  84,945  Payment of offering costs from the closing of the Merger and PIPE Investment (34,132) —  (34,132) Repayment of financing obligations (359) —  (359) Proceeds from long-term debt, net of issuance costs 31,882  —  31,882  Repayment of principal on long-term debt (5,422) —  (5,422) Net cash provided by financing activities 377,829  —  377,829  Net increase (decrease) in cash, cash equivalents and restricted cash 303,463  —  303,463  Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 4,704  —  4,704  Cash, cash equivalents and restricted cash at end of period $ 308,167  $ —  $ 308,167  Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 12,949  $ (12,949) $ —  Capital expenditures incurred but not yet paid 347  2,589  2,936  Issuance of equity classified warrants 1  (1) —  Deferred offering costs included in accounts payable 1,932  11  1,943  Conversion of convertible preferred stock to common stock 75,877  —  75,877  Initial fair value of contingent earn-out liability recognized in connection with the closing of the Merger 67,021  —  67,021  Initial fair value of contingently issuable common stock liability recognized in connection with the closing of the Merger 11,670  —  11,670  Conversion of common stock warrants to common stock in connection with the closing of the Merger 880  —  880  Initial fair value of public warrants in connection with the closing of the Merger 23,636  —  23,636  Nine Months Ended September 30, 2021 As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (13,375) $ (2,301) $ (15,676) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,948  —  1,948  Write-off of inventory 400  —  400  Loss from impairment of property and equipment 1,656  —  1,656  Loss on disposal of property and equipment 659  —  659  Stock-based compensation 4,013  2,019  6,032  Non-cash interest expense 5,561  —  5,561  Provision recorded for allowance for doubtful accounts (63) —  (63) Loss on extinguishment of debt 12,685  —  12,685  Change in fair value of derivative liability 1,745  —  1,745  Change in fair value of common stock warrant liability 879  —  879  Change in fair value of earn-out liability (31,818) (791) (32,609) Change in fair value of contingently issuable common stock (5,718) —  (5,718) Change in fair value of public warrant liability (3,152) —  (3,152) Changes in operating assets and liabilities Accounts receivable (5,866) —  (5,866) Inventory (10,836) 10,100  (736) Commission assets (1,102) —  (1,102) Contract assets (2,582) (895) (3,477) Other assets —  23  23  Prepaid expenses and other current assets (12,772) 1,237  (11,535) Accounts payable 2,264  (2,024) 240  Deferred revenue 2,459  (107) 2,352  Deferred rent 397  —  397  Warranty reserve (42) —  (42) Accrued expenses and other current liabilities 2,183  651  2,834  Net cash used in operating activities (50,477) 7,912  (42,565) Cash flows from investing activities: Purchases of property and equipment (3,082) (7,912) (10,994) Net cash used in investing activities (3,082) (7,912) (10,994) Cash flows from financing activities: Proceeds from exercise of stock options 777  —  777  Proceeds from issuance of common stock from the PIPE Investment 300,000  —  300,000  Proceeds from the closing of the Merger 84,945  —  84,945  Payment of offering costs from the closing of the Merger and PIPE Investment (33,968) —  (33,968) Repayment of financing obligations (359) —  (359) Proceeds from long-term debt, net of issuance costs 31,882  —  31,882  Net cash provided by financing activities 383,277  —  383,277  Net increase (decrease) in cash, cash equivalents and restricted cash 329,718  —  329,718  Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 4,704  —  4,704  Cash, cash equivalents and restricted cash at end of period $ 334,422  $ —  $ 334,422  Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 9,648  $ (9,648) $ —  Capital expenditures incurred but not yet paid —  3,123  3,123  Deferred offering costs included in accounts payable 1,760  10  1,770  Conversion of convertible preferred stock to common stock 75,877  —  75,877  Initial fair value of contingent earn-out liability recognized in connection with the closing of the Merger 66,845  176  67,021  Initial fair value of contingently issuable common stock liability recognized in connection with the closing of the Merger 11,670  —  11,670  Conversion of common stock warrants to common stock in connection with the closing of the Merger 880  —  880  Initial fair value of public warrants in connection with the closing of the Merger 23,636  —  23,636  Six Months Ended June 30, 2021 As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (36,126) $ (357) $ (36,483) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,102  —  1,102  Stock-based compensation 1,617  (241) 1,376  Non-cash interest expense 5,455  —  5,455  Provision recorded for allowance for doubtful accounts (63) —  (63) Loss on extinguishment of debt 11,820  —  11,820  Change in fair value of derivative liability 2,220  —  2,220  Change in fair value of common stock warrant liability 921  —  921  Changes in operating assets and liabilities Accounts receivable (1,335) —  (1,335) Inventory (1,173) 720  (453) Commission assets (742) —  (742) Contract assets (239) —  (239) Other assets —  13  13  Prepaid expenses and other current assets (7,495) 208  (7,287) Accounts payable 5,361  (1,862) 3,499  Deferred revenue 253  (100) 153  Deferred rent 152  —  152  Warranty reserve (42) —  (42) Accrued expenses and other current liabilities 1,360  281  1,641  Net cash used in operating activities (16,954) (1,338) (18,292) Cash flows from investing activities: Purchases of property and equipment (9,292) 1,338  (7,954) Net cash used in investing activities (9,292) 1,338  (7,954) Cash flows from financing activities: Proceeds from exercise of stock options 657  —  657  Repayment of financing obligations (359) —  (359) Proceeds from long-term debt, net of issuance costs 31,882  —  31,882  Net cash provided by financing activities 32,180  —  32,180  Net increase (decrease) in cash, cash equivalents and restricted cash 5,934  —  5,934  Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 4,704  —  4,704  Cash, cash equivalents and restricted cash at end of period $ 10,638  $ —  $ 10,638  Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 46  $ —  $ 46  Capital expenditures incurred but not yet paid —  2,962  2,962  Capitalization of stock compensation —  27  27  Three Months Ended March 31, 2021 As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (13,755) $ 249  $ (13,506) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 452  —  452  Stock-based compensation 1,082  (773) 309  Non-cash interest expense 2,344  —  2,344  Provision recorded for allowance for doubtful accounts (63) —  (63) Change in fair value of derivative liability 1,425  —  1,425  Change in fair value of common stock warrant liability 736  —  736  Changes in operating assets and liabilities Accounts receivable (874) —  (874) Inventory (433) (47) (480) Commission assets (391) —  (391) Contract assets (119) —  (119) Other assets —  7  7  Prepaid expenses and other current assets (4,104) 377  (3,727) Accounts payable 1,194  (235) 959  Deferred revenue (621) (185) (806) Deferred rent (11) —  (11) Accrued expenses and other current liabilities 1,100  206  1,306  Net cash used in operating activities (12,038) (401) (12,439) Cash flows from investing activities: Purchases of property and equipment (2,522) 401  (2,121) Net cash used in investing activities (2,522) 401  (2,121) Cash flows from financing activities: Proceeds from exercise of stock options 455  —  455  Repayment of financing obligations (359) —  (359) Proceeds from long-term debt, net of issuance costs 31,882  —  31,882  Net cash provided by financing activities 31,978  —  31,978  Net increase (decrease) in cash, cash equivalents and restricted cash 17,418  —  17,418  Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 4,704  —  4,704  Cash, cash equivalents and restricted cash at end of period $ 22,122  $ —  $ 22,122  Supplemental disclosure of non-cash activities Capital expenditures incurred but not yet paid —  1,335  1,335  Issuance of equity classified warrants 1  —  1  Year Ended December 31, 2020 As Previously Reported Adjustment As Revised Cash flows from operating activities: Net loss $ (27,392) $ (1,035) $ (28,427) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,065  —  1,065  Stock-based compensation 662  917  1,579  Non-cash interest expense 25  —  25  Provision recorded for allowance for doubtful accounts 47  —  47  Loss on extinguishment of debt 66  —  66  Changes in operating assets and liabilities Accounts receivable (464) —  (464) Inventory (1,471) 1,156  (315) Commission assets (1,785) —  (1,785) Other assets —  (173) (173) Prepaid expenses and other current assets (375) (641) (1,016) Accounts payable 1,915  (1,100) 815  Deferred revenue 2,341  45  2,386  Deferred rent (34) —  (34) Warranty reserve (14) —  (14) Accrued expenses and other current liabilities 2,160  483  2,643  Operating lease liability —  —  —  Net cash used in operating activities (23,254) (348) (23,602) Cash flows from investing activities: Purchases of property and equipment (6,609) 348  (6,261) Net cash used in investing activities (6,609) 348  (6,261) Cash flows from financing activities: Proceeds from issuance of Series B-1 convertible preferred stock, net of issuance costs 2,994  —  2,994  Proceeds from exercise of stock options 442  —  442  Repayment of financing obligations (244) —  (244) Proceeds from long-term debt, net of issuance costs 22,438  —  22,438  Repayment of principal on long-term debt (8,404) —  (8,404) Net cash provided by financing activities 17,226  —  17,226  Net increase (decrease) in cash, cash equivalents and restricted cash (12,637) —  (12,637) Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period 17,341  —  17,341  Cash, cash equivalents and restricted cash at end of period $ 4,704  $ —  $ 4,704  Supplemental disclosure of non-cash activities Transfer of inventory to property and equipment $ 86  $ —  $ 86  Capital expenditures incurred but not yet paid —  1,100  1,100  Issuance of equity classified warrants 112  —  112  Issuance of a nonrecourse promissory note with officer 350  —  350