mwk-10q_20200930.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 001-38937

 

Mohawk Group Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

83-1739858

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

37 East 18th Street, 7th Floor

New York, NY

 

10003

(Address of principal executive offices)

 

(Zip Code)

 

(347) 676-1681

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

MWK

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 2, 2020, the registrant had 21,844,944 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Stockholder’s Equity

4

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

Signatures

50

 

i


 

Special Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

 

the potential impact to our business, revenue and financial condition, including our supply chain and our operations, due to the COVID-19 global pandemic;

 

our expectation that consumer spending will continue to shift online, and that such shift will continue even after the COVID-19 global pandemic ends;

 

our ability to grow net revenue from sales of personal protective equipment (“PPE”);

 

our future financial performance, including our revenue, costs of goods sold and operating expenses;

 

our ability to achieve and grow profitability;

 

the sufficiency of our cash to meet our liquidity and operational needs and to execute our growth strategies;

 

our ability to maintain the security and availability of our technology platform, including our AIMEE (Artificial Intelligence Mohawk e-Commerce Engine) software platform;

 

our ability to successfully launch new products, including our ability to successfully manage supply chain risks;

 

our ability to identify, complete and integrate merger and acquisition transactions;

 

our predictions about industry and market trends;

 

our ability to successfully expand internationally;

 

our ability to effectively manage our growth and future expenses;

 

our estimated total addressable market;

 

our ability to maintain, protect and enhance our intellectual property, including our AIMEE software platform;

 

our ability to comply with modified or new laws and regulations applying to our business;

 

our ability to attract and retain of qualified employees and key personnel;

 

our ability to successfully defend litigation brought against us or to pursue litigation; and

 

the increased expenses and obligations associated with being a public company.

We caution you that the foregoing list may not contain all the forward-looking statements made in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section of this Quarterly Report on Form 10-Q entitled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and challenging environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected, or that the plans, intentions or expectations disclosed, in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those expressed or implied by the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q, new information or the occurrence of unanticipated events, except as required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, other strategic transactions or investments we may make or enter into.

 

 

ii


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

MOHAWK GROUP HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share data)

 

 

 

December 31, 2019

 

 

September 30, 2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash

 

$

30,353

 

 

$

37,385

 

Accounts receivable—net

 

 

1,059

 

 

 

8,516

 

Inventory

 

 

36,212

 

 

 

18,791

 

Prepaid and other current assets

 

 

5,395

 

 

 

7,343

 

Total current assets

 

 

73,019

 

 

 

72,035

 

PROPERTY AND EQUIPMENT—net

 

 

175

 

 

 

132

 

GOODWILL AND OTHER INTANGIBLES—net

 

 

1,055

 

 

 

16,700

 

OTHER NON-CURRENT ASSETS

 

 

175

 

 

 

174

 

TOTAL ASSETS

 

$

74,424

 

 

$

89,041

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Credit facility

 

$

21,657

 

 

$

13,418

 

Accounts payable

 

 

21,064

 

 

 

14,538

 

Term loan

 

 

3,000

 

 

 

6,500

 

Accrued and other current liabilities

 

 

7,505

 

 

 

12,334

 

Total current liabilities

 

 

53,226

 

 

 

46,790

 

OTHER LIABILITIES

 

 

4

 

 

 

2,480

 

TERM LOANS

 

 

10,467

 

 

 

6,350

 

Total liabilities

 

 

63,697

 

 

 

55,620

 

COMMITMENTS AND CONTINGENCIES (Note 9)

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Common stock, par value $0.0001 per share—500,000,000 shares authorized and

   17,736,649 shares outstanding at December 31, 2019; 500,000,000 shares

   authorized and 21,844,944 shares outstanding at September 30, 2020

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

140,477

 

 

 

181,971

 

Accumulated deficit

 

 

(129,809

)

 

 

(148,581

)

Accumulated other comprehensive income

 

 

57

 

 

 

29

 

Total stockholders’ equity

 

 

10,727

 

 

 

33,421

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

74,424

 

 

$

89,041

 

 

See notes to condensed consolidated financial statements.

1


 

MOHAWK GROUP HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

NET REVENUE

 

$

40,603

 

 

$

58,783

 

 

$

88,817

 

 

$

144,212

 

COST OF GOODS SOLD

 

 

23,076

 

 

 

30,688

 

 

 

52,859

 

 

 

78,218

 

GROSS PROFIT

 

 

17,527

 

 

 

28,095

 

 

 

35,958

 

 

 

65,994

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and distribution

 

 

18,111

 

 

 

18,944

 

 

 

41,094

 

 

 

51,472

 

Research and development

 

 

3,226

 

 

 

1,846

 

 

 

7,731

 

 

 

6,578

 

General and administrative

 

 

10,261

 

 

 

7,199

 

 

 

23,932

 

 

 

23,554

 

TOTAL OPERATING EXPENSES:

 

 

31,598

 

 

 

27,989

 

 

 

72,757

 

 

 

81,604

 

OPERATING INCOME (LOSS)

 

 

(14,071

)

 

 

106

 

 

 

(36,799

)

 

 

(15,610

)

INTEREST EXPENSE—net

 

 

875

 

 

 

934

 

 

 

3,368

 

 

 

3,120

 

OTHER EXPENSE (INCOME)—net

 

 

21

 

 

 

(23

)

 

 

53

 

 

 

(4

)

LOSS BEFORE INCOME TAXES

 

 

(14,967

)

 

 

(805

)

 

 

(40,220

)

 

 

(18,726

)

PROVISION FOR INCOME TAXES

 

 

8

 

 

 

 

 

 

23

 

 

 

46

 

NET LOSS

 

$

(14,975

)

 

$

(805

)

 

$

(40,243

)

 

$

(18,772

)

Net loss per share, basic and diluted

 

$

(0.99

)

 

$

(0.05

)

 

$

(3.10

)

 

$

(1.18

)

Weighted-average number of shares outstanding, basic and diluted

 

 

15,134,422

 

 

 

17,090,050

 

 

 

12,971,641

 

 

 

15,903,517

 

 

See notes to condensed consolidated financial statements.

2


 

MOHAWK GROUP HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

NET LOSS

 

$

(14,975

)

 

$

(805

)

 

$

(40,243

)

 

$

(18,772

)

OTHER COMPREHENSIVE INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

13

 

 

 

(19

)

 

 

26

 

 

 

(28

)

Other comprehensive income (loss)

 

 

13

 

 

 

(19

)

 

 

26

 

 

 

(28

)

COMPREHENSIVE LOSS

 

$

(14,962

)

 

$

(824

)

 

$

(40,217

)

 

$

(18,800

)

 

See notes to condensed consolidated financial statements.

 

3


 

MOHAWK GROUP HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(in thousands, except share and per share data)

 

 

 

 

 

For the Three Months Ended September 30, 2019

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income/(Loss)

 

 

Equity

 

BALANCE—July 1, 2019

 

 

17,625,241

 

 

 

2

 

 

 

119,348

 

 

 

(96,288

)

 

 

53

 

 

 

23,115

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(14,975

)

 

 

 

 

 

(14,975

)

Issuance costs from Initial Public Offering

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

 

 

 

(21

)

Issuance of 84,975 shares of restricted

   common stock in August 2019

   (see Note 7)

 

 

84,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

11,374

 

 

 

 

 

 

 

 

 

11,374

 

Exercise of stock options

 

 

443

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

13

 

BALANCE—September 30, 2019

 

 

17,710,659

 

 

$

2

 

 

$

130,703

 

 

$

(111,263

)

 

$

66

 

 

$

19,508

 

 

 

 

 

For the Three Months Ended September 30, 2020

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income/(Loss)

 

 

Equity

 

BALANCE—July 1, 2020

 

 

17,763,164

 

 

 

2

 

 

 

152,948

 

 

 

(147,776

)

 

 

48

 

 

 

5,222

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(805

)

 

 

 

 

 

(805

)

Issuance of 3,860,710 shares of common

   stock in connection with follow-on

   public offering, including underwriter's

   over-allotment, net of offering costs

   and underwriter's discount

 

 

3,860,710

 

 

 

 

 

 

23,416

 

 

 

 

 

 

 

 

 

23,416

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,582

 

 

 

 

 

 

 

 

 

4,582

 

Issuance of 10,000 shares of restricted

   common stock on July 13, 2020

 

 

10,000

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

49

 

Issuance of 95,500 shares of restricted

   common stock on July 20, 2020

 

 

95,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 22,700 shares of restricted

   common stock on September 30, 2020

 

 

22,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 25,000 warrants on

   August 18, 2020

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

 

 

 

204

 

Issuance of 90,000 shares of restricted

   common stock on August 10, 2020

 

 

90,000

 

 

 

 

 

 

760

 

 

 

 

 

 

 

 

 

760

 

Exercise of stock options

 

 

2,870

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

12

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

(19

)

BALANCE—September 30, 2020

 

 

21,844,944

 

 

$

2

 

 

$

181,971

 

 

$

(148,581

)

 

$

29

 

 

$

33,421

 

 

4


 

 

 

For the Nine Months Ended September 30, 2019

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income/(Loss)

 

 

Equity

 

BALANCE—January 1, 2019

 

 

11,534,190

 

 

$

1

 

 

$

76,348

 

 

$

(71,020

)

 

$

40

 

 

$

5,369

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(40,243

)

 

 

 

 

 

(40,243

)

Issuance of 2,406,618 shares of restricted

   common stock on March 20, 2019

   (see Note 7)

 

 

2,406,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 88,548 shares of restricted

   common stock on May 17, 2019 and

   forfeiture of 69,141 shares of restricted

   common stock (see Note 7)

 

 

19,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 64,982 shares of restricted

   common stock on June 12, 2019

   (see Note 7)

 

 

64,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 3,600,000 shares of common

   stock on June 14, 2019 (see Note 1)

 

 

3,600,000

 

 

 

1

 

 

 

29,606

 

 

 

 

 

 

 

 

 

29,607

 

Issuance of 84,975 shares of restricted

   common stock in August 2019

   (see Note 7)

 

 

84,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

24,747

 

 

 

 

 

 

 

 

 

24,747

 

Exercise of stock options

 

 

487

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

26

 

BALANCE—September 30, 2019

 

 

17,710,659

 

 

$

2

 

 

$

130,703

 

 

$

(111,263

)

 

$

66

 

 

$

19,508

 

 

 

5


 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income/(Loss)

 

 

Equity

 

BALANCE—January 1, 2020

 

 

17,736,649

 

 

$

2

 

 

$

140,477

 

 

$

(129,809

)

 

$

57

 

 

$

10,727

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(18,772

)

 

 

 

 

 

(18,772

)

Issuance of 439,145 shares of restricted

   common stock on March 12, 2020

   (see Note 7)

 

 

439,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of 371,329 shares of restricted

   common stock

 

 

(371,329

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of restricted common stock

   retired in connection with vesting

 

 

(41,299

)

 

 

 

 

 

(139

)

 

 

 

 

 

 

 

 

(139

)

Forfeiture of 134,366 shares of

   restricted common stock

 

 

(134,366

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 134,364 shares of

   restricted common stock

 

 

134,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 3,860,710 shares of common

   stock in connection with follow-on

   public offering, including underwriter's

   over-allotment, net of offering costs

   and underwriter's discount

 

 

3,860,710

 

 

 

 

 

 

23,416

 

 

 

 

 

 

 

 

 

23,416

 

Issuance of 10,000 shares of restricted

   common stock on July 13, 2020

 

 

10,000

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

49

 

Issuance of 95,500 shares of restricted

   common stock on July 20, 2020

 

 

95,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 22,700 shares of restricted

   common stock on September 30, 2020

 

 

22,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 25,000 warrants on

   August 18, 2020

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

 

 

 

204

 

Issuance of 90,000 shares of restricted

   common stock on August 10, 2020

 

 

90,000

 

 

 

 

 

 

760

 

 

 

 

 

 

 

 

 

760

 

Stock-based compensation

 

 

 

 

 

 

 

 

17,192

 

 

 

 

 

 

 

 

 

17,192

 

Exercise of stock options

 

 

2,870

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

12

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28

)

 

 

(28

)

BALANCE—September 30, 2020

 

 

21,844,944

 

 

$

2

 

 

$

181,971

 

 

$

(148,581

)

 

$

29

 

 

$

33,421

 

 

 

 

 

See notes to condensed consolidated financial statements.

6


 

MOHAWK GROUP HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2020

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(40,243

)

 

$

(18,772

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

136

 

 

 

179

 

Provision for sales returns

 

 

236

 

 

 

77

 

Amortization of deferred financing costs and debt discounts

 

 

914

 

 

 

914

 

Stock-based compensation

 

 

24,747

 

 

 

17,472

 

Other

 

 

101

 

 

 

5

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,784

)

 

 

(7,492

)

Inventory

 

 

4,944

 

 

 

17,235

 

Prepaid and other current assets

 

 

(2,307

)

 

 

(320

)

Accounts payable, accrued and other liabilities

 

 

110

 

 

 

(1,698

)

Cash (used in) provided by operating activities

 

 

(13,146

)

 

 

7,600

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of Truweo assets

 

 

 

 

 

(14,032

)

Purchase of fixed assets

 

 

(48

)

 

 

(33

)

Purchase of Aussie Health Co. assets

 

 

(1,105

)

 

 

 

Proceeds on sale of fixed assets

 

 

6

 

 

 

 

Cash used in investing activities

 

 

(1,147

)

 

 

(14,065

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

2

 

 

 

12

 

Proceeds from initial public offering, net of issuance costs

 

 

30,554

 

 

 

 

Proceeds from issuance of common stock from follow-on public offering, net of issuance costs

 

 

 

 

 

23,416

 

Repayment of note payable related to Aussie Health acquisition

 

 

 

 

 

(207

)

Taxes paid related to net settlement upon vesting of restricted common stock

 

 

 

 

 

(112

)

Borrowings from Mid Cap credit facility

 

 

69,740

 

 

 

99,508

 

Repayments from Mid Cap credit facility

 

 

(71,082

)

 

 

(108,278

)

Repayments from Horizon term loan

 

 

 

 

 

(1,000

)

Debt issuance costs from Mid Cap credit facility

 

 

(581

)

 

 

 

Debt issuance costs from Horizon term loan

 

 

(900

)

 

 

 

Deferred offering costs

 

 

 

 

 

(139

)

Insurance obligation payments

 

 

(1,818

)

 

 

(2,357

)

Insurance financing proceeds

 

 

3,833

 

 

 

2,660

 

Capital lease obligation payments

 

 

(42

)

 

 

(4

)

Cash provided by financing activities

 

 

29,706

 

 

 

13,499

 

EFFECT OF EXCHANGE RATE ON CASH

 

 

1