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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
Airspan Networks Holdings Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-39679 |
|
85-2642786 |
(State
or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S.
Employer Identification Number) |
777 Yamato Road, Suite 310, Boca Raton, Florida |
|
33431 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (561) 893-8670
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class: |
|
Trading
Symbol: |
|
Name
of Each Exchange on Which Registered: |
Common
stock, par value $0.0001 per share |
|
MIMO |
|
NYSE
American, LLC |
Warrants,
exercisable for shares of common stock at an exercise price of $12.50 per share |
|
MIMO
WSA |
|
NYSE
American, LLC |
Warrants,
exercisable for shares of common stock at an exercise price of $15.00 per share |
|
MIMO
WSB |
|
NYSE
American, 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 August 4, 2023, 74,582,992 shares of the registrant’s common stock, par value $0.0001 per share, were issued and outstanding.
AIRSPAN
NETWORKS HOLDINGS INC.
Quarterly
Report on Form 10-Q
Table
of Contents
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q (“Quarterly Report”) contains statements reflecting assumptions, expectations, projections,
intentions or beliefs about future events that are intended as “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements included in this Quarterly Report, other than statements of historical fact,
that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking
statements. These statements appear in a number of places, including, but not limited to “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.” These statements represent our reasonable judgment of the future based on various
factors and using numerous assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause our
actual results and financial position to differ materially from those contemplated by the statements. You can identify these statements
by the fact that they do not relate strictly to historical or current facts, and use words such as “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “may,” “should,” “plan,” “project”
and other words of similar meaning. In particular, these include, but are not limited to, statements relating to the following:
|
● |
our
expected financial and business performance; |
|
● |
changes
in our strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and
plans; |
|
● |
the
implementation, market acceptance and success of our products; |
|
● |
demand
for our products and the drivers of that demand; |
|
● |
our
estimated total addressable market and other industry projections, and our projected market share; |
|
● |
competition
in our industry, the advantages of our products and technology over competing products and technology existing in the market, and
competitive factors including with respect to technological capabilities, cost and scalability; |
|
● |
our
ability to scale in a cost-effective manner and maintain and expand our manufacturing relationships; |
|
● |
our
ability to enter into production supply agreements with customers, the terms of those agreements, and customers’ utilization
of our products and technology; |
|
● |
our
expected reliance on our significant customers; |
|
● |
developments
and projections relating to our competitors and industry, including with respect to investment in 5G networks; |
|
● |
our
expectation that we will incur substantial expenses and continuing losses for the foreseeable future and that we will incur increased
expenses as a public company; |
|
● |
the
impact of health epidemics, including the COVID-19 pandemic, on our business and industry and the actions we may take in response
thereto; |
|
● |
our
expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; |
|
● |
expectations
regarding the time during which we will be an emerging growth company as defined in Section 2(a)(19) of the Securities Act of
1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS
Act”); |
|
● |
our
future capital requirements and sources and uses of cash; |
|
● |
our
ability to obtain funding for our operations; |
|
● |
our
business, expansion plans and opportunities; |
|
● |
anticipated
financial performance, including gross margin, and the expectation that our future results of operations will fluctuate on a quarterly
basis for the foreseeable future; |
|
● |
expected
capital expenditures, cost of revenue and other future expenses, and the sources of funds to satisfy our liquidity needs; and |
|
● |
the
outcome of any known and unknown litigation and regulatory proceedings. |
These
forward-looking statements are based on information available as of the date of this Quarterly Report and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
You
should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties,
our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some
factors that could cause actual results to differ include:
|
● |
the
ability to maintain the listing of our securities on the NYSE American or any other exchange; |
|
● |
the
price of our securities may be volatile due to a variety of factors, including changes in the industries in which we operate, variations
in performance across competitors, changes in laws and regulations affecting our business and changes in our capital structure; |
|
● |
the
risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate; |
|
● |
our
substantial indebtedness and our ability to secure additional liquidity; |
|
● |
the
risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services,
or experience significant delays in doing so; |
|
● |
the
risk that we do not achieve or sustain profitability; |
|
● |
the
risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or
at all; |
|
● |
the
risk that we experience difficulties in managing our growth and expanding operations; |
|
● |
the
risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; |
|
● |
the
risk of product liability or regulatory lawsuits or proceedings relating to our products and services; and |
|
● |
the
risk that we are unable to secure or protect our intellectual property. |
There
are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements
contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part
II. Item 1A. Risk Factors” of the Quarterly Report and our other filings with the Securities and Exchange Commission, including
our most recently filed Annual Report on Form 10-K.
PART
I – FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
AIRSPAN
NETWORKS HOLDINGS INC.
UNAUDITED
CONDENSED consolidated BALANCE SHEETS
(in
thousands, except for share data)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
10,102 |
|
|
$ |
7,253 |
|
Restricted
cash |
|
|
35 |
|
|
|
34 |
|
Accounts
receivable, net of allowance of $478 and $647 at June 30, 2023 and December 31, 2022, respectively |
|
|
22,790 |
|
|
|
46,565 |
|
Inventory |
|
|
10,592 |
|
|
|
18,556 |
|
Prepaid
expenses and other current assets |
|
|
16,159 |
|
|
|
17,289 |
|
Assets
held for sale – current |
|
|
15,352 |
|
|
|
- |
|
Total
current assets |
|
|
75,030 |
|
|
|
89,697 |
|
Property,
plant and equipment, net |
|
|
5,686 |
|
|
|
7,351 |
|
Goodwill |
|
|
- |
|
|
|
13,641 |
|
Intangible
assets, net |
|
|
- |
|
|
|
5,302 |
|
Right-of-use
assets, net |
|
|
3,711 |
|
|
|
5,697 |
|
Other
non-current assets |
|
|
3,059 |
|
|
|
3,407 |
|
Assets
held for sale – non-current |
|
|
20,913 |
|
|
|
- |
|
Total
assets |
|
$ |
108,399 |
|
|
$ |
125,095 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
17,393 |
|
|
$ |
26,173 |
|
Accrued
expenses and other current liabilities |
|
|
31,247 |
|
|
|
32,243 |
|
Deferred
revenue |
|
|
1,547 |
|
|
|
2,892 |
|
Senior
term loan, current portion |
|
|
4,179 |
|
|
|
40,529 |
|
Subordinated
debt |
|
|
11,396 |
|
|
|
11,119 |
|
Subordinated
term loan – related party |
|
|
- |
|
|
|
41,528 |
|
Convertible
debt |
|
|
- |
|
|
|
43,928 |
|
Current
portion of long-term debt |
|
|
265 |
|
|
|
259 |
|
Liabilities
held for sale – current |
|
|
12,015 |
|
|
|
- |
|
Total
current liabilities |
|
|
78,042 |
|
|
|
198,671 |
|
Subordinated
term loan – related party |
|
|
43,402 |
|
|
|
- |
|
Senior
term loan |
|
|
59,045 |
|
|
|
- |
|
Convertible
debt |
|
|
47,749 |
|
|
|
- |
|
Other
long-term liabilities |
|
|
9,561 |
|
|
|
7,223 |
|
Liabilities
held for sale – non-current |
|
|
375 |
|
|
|
- |
|
Total
liabilities |
|
|
238,174 |
|
|
|
205,894 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies (Note 13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
deficit: |
|
|
|
|
|
|
|
|
Common
stock, $0.0001 par value; 250,000,000 shares authorized; 74,582,992 and 74,283,026 shares issued and outstanding at both June 30,
2023 and December 31, 2022 |
|
|
7 |
|
|
|
7 |
|
Additional
paid-in capital |
|
|
775,947 |
|
|
|
770,427 |
|
Accumulated
deficit |
|
|
(905,729 |
) |
|
|
(851,233 |
) |
Total
stockholders’ deficit |
|
|
(129,775 |
) |
|
|
(80,799 |
) |
Total
liabilities and stockholders’ deficit |
|
$ |
108,399 |
|
|
$ |
125,095 |
|
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN
NETWORKS HOLDINGS INC.
UNAUDITED
CONDENSED consolidated STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
$ |
28,855 |
|
|
$ |
44,028 |
|
|
$ |
49,788 |
|
|
$ |
77,604 |
|
Maintenance,
warranty and services |
|
|
3,268 |
|
|
|
2,917 |
|
|
|
7,108 |
|
|
|
6,905 |
|
Total
revenues |
|
|
32,123 |
|
|
|
46,945 |
|
|
|
56,896 |
|
|
|
84,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
|
23,998 |
|
|
|
26,864 |
|
|
|
37,292 |
|
|
|
51,337 |
|
Maintenance,
warranty and services |
|
|
1,392 |
|
|
|
1,253 |
|
|
|
2,524 |
|
|
|
2,275 |
|
Total
cost of revenues |
|
|
25,390 |
|
|
|
28,117 |
|
|
|
39,816 |
|
|
|
53,612 |
|
Gross
profit |
|
|
6,733 |
|
|
|
18,828 |
|
|
|
17,080 |
|
|
|
30,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
13,416 |
|
|
|
16,720 |
|
|
|
27,607 |
|
|
|
33,241 |
|
Sales
and marketing |
|
|
5,310 |
|
|
|
9,010 |
|
|
|
10,992 |
|
|
|
18,340 |
|
General
and administrative |
|
|
5,746 |
|
|
|
11,089 |
|
|
|
13,411 |
|
|
|
22,247 |
|
Amortization
of intangibles |
|
|
- |
|
|
|
284 |
|
|
|
189 |
|
|
|
568 |
|
Restructuring
costs |
|
|
3,023 |
|
|
|
- |
|
|
|
3,283 |
|
|
|
- |
|
Total
operating expenses |
|
|
27,495 |
|
|
|
37,103 |
|
|
|
55,482 |
|
|
|
74,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(20,762 |
) |
|
|
(18,275 |
) |
|
|
(38,402 |
) |
|
|
(43,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(5,153 |
) |
|
|
(4,207 |
) |
|
|
(9,687 |
) |
|
|
(8,775 |
) |
Loss
on extinguishment of debt |
|
|
(8,281 |
) |
|
|
- |
|
|
|
(8,281 |
) |
|
|
- |
|
Change
in fair value of warrant liability and derivatives, net |
|
|
588 |
|
|
|
3,479 |
|
|
|
1,230 |
|
|
|
3,936 |
|
Other
income (expense), net |
|
|
(153 |
) |
|
|
(2,126 |
) |
|
|
408 |
|
|
|
(2,632 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax benefit (expense), net |
|
|
154 |
|
|
|
112 |
|
|
|
236 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
per share - basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
|
74,582,992 |
|
|
|
72,335,952 |
|
|
|
74,528,668 |
|
|
|
72,335,952 |
|
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN
NETWORKS HOLDINGS INC.
UNAUDITED
CONDENSED consolidated STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2023 |
|
|
|
Common
Stock |
|
|
Additional
Paid-In |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance
as of December 31, 2022 |
|
|
74,283,026 |
|
|
$ |
7 |
|
|
$ |
770,427 |
|
|
$ |
(851,233 |
) |
|
$ |
(80,799 |
) |
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20,889 |
) |
|
|
(20,889 |
) |
Issuance
of restricted shares, net of cash withheld for payment of taxes |
|
|
299,966 |
|
|
|
- |
|
|
|
(161 |
) |
|
|
- |
|
|
|
(161 |
) |
Share-based
compensation expense |
|
|
- |
|
|
|
- |
|
|
|
1,939 |
|
|
|
- |
|
|
|
1,939 |
|
Balance
as of March 31, 2023 |
|
|
74,582,992 |
|
|
$ |
7 |
|
|
$ |
772,205 |
|
|
$ |
(872,122 |
) |
|
$ |
(99,910 |
) |
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(33,607 |
) |
|
|
(33,607 |
) |
Warrants
issued |
|
|
- |
|
|
|
- |
|
|
|
1,744 |
|
|
|
- |
|
|
|
1,744 |
|
Share-based
compensation expense |
|
|
- |
|
|
|
- |
|
|
|
1,998 |
|
|
|
- |
|
|
|
1,998 |
|
Balance
as of June 30, 2023 |
|
|
74,582,992 |
|
|
$ |
7 |
|
|
$ |
775,947 |
|
|
$ |
(905,729 |
) |
|
$ |
(129,775 |
) |
|
|
Six
Months Ended June 30, 2022 |
|
|
|
Common
Stock |
|
|
Additional
Paid-In |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance
as of December 31, 2021 |
|
|
72,335,952 |
|
|
$ |
7 |
|
|
$ |
749,592 |
|
|
$ |
(765,851 |
) |
|
$ |
(16,252 |
) |
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,738 |
) |
|
|
(29,738 |
) |
Share-based
compensation expense |
|
|
- |
|
|
|
- |
|
|
|
6,564 |
|
|
|
- |
|
|
|
6,564 |
|
Balance
as of March 31, 2022 |
|
|
72,335,952 |
|
|
$ |
7 |
|
|
$ |
756,156 |
|
|
$ |
(795,589 |
) |
|
$ |
(39,426 |
) |
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(21,017 |
) |
|
|
(21,017 |
) |
Share-based
compensation expense |
|
|
- |
|
|
|
- |
|
|
|
6,972 |
|
|
|
- |
|
|
|
6,972 |
|
Balance
as of June 30, 2022 |
|
|
72,335,952 |
|
|
$ |
7 |
|
|
$ |
763,128 |
|
|
$ |
(816,606 |
) |
|
$ |
(53,471 |
) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN
NETWORKS HOLDINGS INC.
UNAUDITED
CONDENSED consolidated STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
Adjustments
to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
1,772 |
|
|
|
2,275 |
|
Foreign
exchange loss (gain) on long-term debt |
|
|
6 |
|
|
|
(16 |
) |
Bad
debt expense |
|
|
172 |
|
|
|
7 |
|
Change
in fair value of warrants and derivatives, net |
|
|
(1,230 |
) |
|
|
(3,936 |
) |
Loss
on extinguishment of debt |
|
|
8,281 |
|
|
|
- |
|
Non-cash
debt amendment fee |
|
|
- |
|
|
|
463 |
|
Inventory
impairment charge |
|
|
7,215 |
|
|
|
- |
|
Share-based
compensation |
|
|
3,937 |
|
|
|
13,536 |
|
Total
adjustments |
|
|
20,153 |
|
|
|
12,329 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease
in accounts receivable |
|
|
12,539 |
|
|
|
9,706 |
|
Increase
in inventory |
|
|
(1,496 |
) |
|
|
(302 |
) |
Decrease
in prepaid expenses and other current assets |
|
|
975 |
|
|
|
2,221 |
|
Decrease
in other non-current assets |
|
|
238 |
|
|
|
181 |
|
Increase
(decrease) in accounts payable |
|
|
1,611 |
|
|
|
(3,040 |
) |
(Decrease)
increase in deferred revenue |
|
|
(1,118 |
) |
|
|
1,686 |
|
Decrease
in accrued expenses and other current liabilities |
|
|
(623 |
) |
|
|
(65 |
) |
Increase
in other long-term liabilities |
|
|
4,220 |
|
|
|
151 |
|
Increase
in accrued interest on long-term debt |
|
|
5,825 |
|
|
|
5,394 |
|
Net
cash used in operating activities |
|
|
(12,172 |
) |
|
|
(22,494 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase
of property, plant and equipment |
|
|
(1,122 |
) |
|
|
(1,632 |
) |
Net
cash used in investing activities |
|
|
(1,122 |
) |
|
|
(1,632 |
) |
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
Borrowings
from senior term loan |
|
|
19,981 |
|
|
|
- |
|
Repayment
of senior term loan |
|
|
(1,760 |
) |
|
|
(2,640 |
) |
Payment
of debt issuance costs |
|
|
(1,916 |
) |
|
|
- |
|
Payment
of taxes withheld on stock awards |
|
|
(161 |
) |
|
|
- |
|
Net
cash provided by (used in) financing activities |
|
|
16,144 |
|
|
|
(2,640 |
) |
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash, cash equivalents and restricted cash |
|
|
2,850 |
|
|
|
(26,766 |
) |
Cash,
cash equivalents and restricted cash, beginning of year |
|
|
7,287 |
|
|
|
63,122 |
|
Cash,
cash equivalents and restricted cash, end of period |
|
$ |
10,137 |
|
|
$ |
36,356 |
|
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN
NETWORKS HOLDINGS INC.
UNAUDITED
CONDENSED consolidated STATEMENTS OF CASH FLOWS
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash
paid for interest |
|
$ |
3,873 |
|
|
$ |
2,852 |
|
Cash
(refunded) paid for income taxes |
|
$ |
18 |
|
|
$ |
(146 |
) |
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash financing activities: |
|
|
|
|
|
|
|
|
Non-cash
debt amendment fee |
|
$ |
4,658 |
|
|
$ |
463 |
|
Warrants
issued for convertible debt |
|
$ |
1,744 |
|
|
$ |
- |
|
The
following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated
balance sheets that sum to the total of the same such amounts shown in the unaudited condensed consolidated statements of cash flows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
and cash equivalents |
|
$ |
10,102 |
|
|
$ |
36,305 |
|
Restricted
cash |
|
$ |
35 |
|
|
$ |
51 |
|
Total
cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows |
|
$ |
10,137 |
|
|
$ |
36,356 |
|
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN
NETWORKS HOLDINGS INC.
NOTES
TO UNAUDITED CONDENSED Consolidated FINANCIAL STATEMENTS
Airspan
Networks Holdings Inc. (the “Company”) designs and produces wireless network equipment for 4G and 5G networks for both mainstream
public telecommunications service providers and private network implementations. Airspan provides Radio Access Network (“RAN”)
products based on Open Virtualized Cloud Native Architectures that support technologies including 5G new radio (“5G NR”)
and Long-Term Evolution (“LTE”), and Fixed Wireless standards, operating in licensed, lightly-licensed and unlicensed frequencies.
The
market for the Company’s wireless systems includes mobile carriers, other public network operators and private and government network
operators for command and control in industrial and public safety applications such as smart utilities, defense, transportation, mining
and oil and gas. The Company’s strategy applies the same network technology across all addressable sectors.
The
Company’s main operations are in Slough, United Kingdom; Mumbai and Bangalore, India; Tokyo, Japan; Airport City, Israel; Santa
Clara, California; and the Company’s corporate headquarters are in the United States (“U.S.”) in Boca Raton, Florida.
On
August 13, 2021 (the “Closing”), the Company (formerly New Beginnings Acquisition Corp.) (the “Company”)
consummated its previously announced business combination transaction (the “Business Combination”) pursuant to the business
combination agreement (the “Business Combination Agreement”), dated March 8, 2021, by and among the Company, Artemis
Merger Sub Corp., a Delaware corporation and wholly-owned direct subsidiary of the Company (“Merger Sub”), and Airspan Networks
Inc., a Delaware corporation (“Legacy Airspan”). In connection with the Closing of the Business Combination, the Company
changed its name to Airspan Networks Holdings Inc. Unless the context otherwise requires, references to “Airspan”, the “Company”,
“us”, “we”, “our” and any related terms prior to the Closing of the Business Combination are intended
to mean Legacy Airspan and its consolidated subsidiaries, and after the Closing of the Business Combination, Airspan Networks Holdings
Inc. and its consolidated subsidiaries. In addition, unless the context otherwise requires, references to “New Beginnings”
and “NBA” are references to New Beginnings Acquisition Corp., the Company’s name prior to the Closing.
In
connection with the Closing of the Business Combination, NBA sold 11,500,000 warrants each exercisable for one share of the Company’s
common stock (the “Common Stock”) at a price of $11.50 per share, subject to adjustment (the “Public Warrants”),
and 545,000 warrants each exercisable for one share of Common Stock at a price of $11.50 per share, subject to adjustment (the “Private
Placement Warrants” and, together with the Public Warrants, the “Common Stock Warrants”).
Mimosa
Sale
On
March 8, 2023 (the “Closing Date”), the Company entered into a Stock Purchase Agreement (the “Mimosa Purchase
Agreement”) with Airspan Networks Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Seller”),
Mimosa Networks, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Seller (“Mimosa”), and Radisys Corporation,
an Oregon corporation (“Buyer”), pursuant to which Seller will sell all of the issued and outstanding shares of common stock
of Mimosa to Buyer for an aggregate purchase price of approximately $60.0 million in cash (subject to customary adjustments as set forth
in the Mimosa Purchase Agreement) on the terms and subject to the conditions set forth in the Mimosa Purchase Agreement (the “Mimosa
Sale”). On July 22, 2023, the parties to the Mimosa Purchase Agreement entered into Amendment No. 1 to Stock Purchase Agreement
to amend the Mimosa Purchase Agreement to extend the Termination Date (as defined in the Mimosa Purchase Agreement), which is the date
that the Mimosa Purchase Agreement may be terminated by either the Buyer or the Seller, by giving written notice of such termination
to the other party, if the closing shall not have occurred on or prior to such date, to August 15, 2023. We anticipate that the
closing will occur in August 2023.
The
accounting requirements for reporting the Mimosa business as held for sale were met, however, the requirements for discontinued operations
were not met. Accordingly, the consolidated financial statements and notes to the consolidated financial statements reflect the assets
and liabilities of the Mimosa business as held for sale for the periods presented. (See Note 7).
|
2. |
BASIS
OF PRESENTATION AND ACCOUNTING POLICIES |
Basis
of Presentation, Principles of Consolidation and Use of Estimates
The
accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Airspan
IP Holdco LLC (“Holdco”) – 99.8% owned by Airspan. Non-controlling interest in the results of operations of consolidated
subsidiaries represents the minority stockholders’ share of the profit or loss of Holdco. The non-controlling interest in net assets
of this subsidiary, and the net income or loss attributable to the non-controlling interest, were not recorded by the Company as they
are considered immaterial. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying
condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”).
The
Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all
adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements
have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may
be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These
condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes
thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2022.
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ
from those estimates.
Liquidity
The
Company has historically incurred losses from operations. In the past, these losses have been financed through cash on hand or capital
raising activities including borrowings or the sale of newly issued shares.
The
Company had $75.0 million of current assets and $78.0 million of current liabilities as of June 30, 2023. During the six months
ended June 30, 2023, the Company used $12.2 million in cash flow from operating activities. The Company is investing heavily in
5G research and development and the Company expects to continue to use cash from operations during the remainder of 2023 and through
the first half of 2024. Cash on hand and borrowing capacity under our Assignment Agreement, Resignation and Assignment Agreement and
Credit Agreement (as amended, restated, and otherwise supplemented and modified, the “Fortress Credit Agreement”) with DBFIP
ANI LLC (“Fortress”) (see Notes 8 and 10) may not allow the Company to reasonably expect to meet its forecasted cash requirements.
In
order to address the need to satisfy the Company’s continuing obligations and realize its long-term strategy, management has taken
several steps and is considering additional actions to improve its operating and financial results, including the following:
|
● |
focusing
the Company’s efforts to increase sales in additional geographic markets; |
|
● |
continuing
to develop 5G product offerings that will expand the market for the Company’s products; |
|
● |
focusing
the Company’s efforts to improve days sales outstanding to provide additional liquidity; |
|
● |
selling
the Mimosa business for approximately $60.0 million; and |
|
● |
continuing
to implement cost reduction initiatives to reduce non-strategic costs in operations and expand the Company’s labor force in
lower cost geographies, with headcount reductions in higher cost geographies. |
There
can be no assurance that the above actions will be successful. Without additional financing or capital, the Company’s current cash
balance would be insufficient to satisfy repayment demands from its lenders if the lenders elect to declare the senior term loan and
the senior secured convertible notes due prior to the maturity date. There is no assurance that the new or renegotiated financing will
be available, or that if available, will have satisfactory terms. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern within one year after the date that these financial statements are issued. The accompanying condensed
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
Global
Economic Conditions
The
Company has experienced supply chain disruptions and inflationary impacts across our businesses, driven by the impact of the COVID-19
pandemic, the war in Ukraine and resulting economic sanctions, and general macroeconomic factors. These factors have increased our operating
costs. While the Company is taking actions to respond to the supply chain disruptions, inflationary environment, and global demand dynamics,
we may not be able to enact these measures in a timely manner, or the measures may not be sufficient to offset the increase in costs,
which could have a material adverse impact on our results of operations.
Significant
Concentrations
Financial
instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted
cash and accounts receivable. The Company places its cash and cash equivalents in highly rated financial instruments. The Company maintains
certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not experienced
any losses on such accounts.
The
Company’s accounts receivable are derived from sales of its products and approximately 74.2% and 50.7% of product sales were to
non-U.S. customers for the three months ended June 30, 2023 and 2022, respectively and approximately 78.3% and 57.9% of product
sales were to non-U.S. customers for the six months ended June 30, 2023 and 2022, respectively. Two customers accounted for $18.5
million, or 54.7%, of the net accounts receivable balance at June 30, 2023 and two customers accounted for $24.5 million, or 50.9%
of the net accounts receivable balance at June 30, 2022. The Company requires payment in advance or payment security in the form
of a letter of credit to be in place at the time of shipment, except in cases where credit risk is considered to be acceptable. The Company’s
top three customers accounted for 74% and 70% of revenue for the three months ended June 30, 2023 and 2022, respectively, and 71%
and 68% of revenue for the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023,
the Company had three customers whose revenue was greater than 10% of the three-month period’s total revenue. For the six months
ended June 30, 2023, the Company had two customers whose revenue was greater than 10% of the six-month period’s total revenue.
For the three months ended June 30, 2022, the Company had two customers whose revenue was greater than 10% of the three-month period’s
total revenue. For the six months ended June 30, 2022, the Company had three customers whose revenue was greater than 10% of the
six-month period’s total revenue.
The
Company received 96.8% and 94.3% of goods for resale from five suppliers in the three months ended June 30, 2023 and 2022, respectively.
The Company received 93.4% and 91.1% of goods for resale from five suppliers in the six months ended June 30, 2023 and 2022, respectively.
The Company outsources the manufacturing of its base station products to contract manufacturers and obtains subscriber terminals from
vendors in the Asia Pacific region. In the event of a disruption to supply, the Company would be able to transfer the manufacturing of
base stations to alternate contract manufacturers and has alternate suppliers for the majority of subscriber terminals.
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting” which provides optional expedient and exceptions for applying generally accepted accounting
principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation
of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative
reference rates that are more observable or transaction based and less susceptible to manipulation. This ASU provides companies with
optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to
be discontinued. This new standard must be adopted by the Company no later than December 1, 2024, with early adoption permitted.
The potential adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.
In
June 2016, the FASB issued ASU No. 2016-13 (amended by ASU 2019-10), “Financial
Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, regarding the measurement of credit losses for certain financial instruments.”
which replaces the incurred loss model with a current expected credit loss (“CECL”)
model. The CECL model is based on historical experience, adjusted for current conditions
and reasonable and supportable forecasts. The new guidance was adopted by the Company on
January 1, 2023, and it did not have a material impact on the Company’s condensed
consolidated financial statements.
The
following is a summary of revenue by category (in thousands):
Schedule of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Products
sales |
|
$ |
27,505 |
|
|
$ |
42,792 |
|
|
$ |
47,583 |
|
|
$ |
74,769 |
|
Non-recurring
engineering (“NRE”) |
|
|
610 |
|
|
|
- |
|
|
|
1,394 |
|
|
|
1,156 |
|
Product
maintenance contracts |
|
|
2,074 |
|
|
|
911 |
|
|
|
4,216 |
|
|
|
1,809 |
|
Professional
service contracts |
|
|
584 |
|
|
|
2,006 |
|
|
|
1,498 |
|
|
|
3,940 |
|
Software
licenses |
|
|
1,260 |
|
|
|
1,162 |
|
|
|
2,079 |
|
|
|
2,546 |
|
Other |
|
|
90 |
|
|
|
74 |
|
|
|
126 |
|
|
|
289 |
|
Total
revenue |
|
$ |
32,123 |
|
|
$ |
46,945 |
|
|
$ |
56,896 |
|
|
$ |
84,509 |
|
There
was $0.6 million and $0.9 million revenue recognized at a point in time for NRE services for the three and six months ended June 30,
2023, respectively. There was no revenue recognized at a point in time for NRE services for the three and six months ended June 30,
2022. For services performed on a customer’s owned asset, since the customer controls the asset being enhanced, revenue is recognized
over time as services are rendered. There was no revenue recognized over time for NRE services using a cost-based input method for the
three months ended June 30, 2023. There was no revenue recognized over time for NRE services using a cost-based input method for
the three months ended June 30, 2022. Revenue recognized over time for NRE services using a cost-based input method amounted to
$0.5 million and $1.2 million for the six months ended June 30, 2023 and 2022, respectively. The Company is allowed to bill for
services performed under the contract in the event the contract is terminated.
The
opening and closing balances of our contract asset and liability balances from contracts with customers as of June 30, 2023 and
December 31, 2022 were as follows (in thousands):
Schedule of contracts with customers asset and liability |
|
Contracts
Assets |
|
|
Contracts
Liabilities |
|
Balance
as of December 31, 2022 |
|
$ |
9,001 |
|
|
$ |
2,892 |
|
Balance
as of June 30, 2023 |
|
|
9,512 |
|
|
|
1,774 |
|
Change |
|
$ |
511 |
|
|
$ |
(1,118 |
) |
Remaining
performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations
included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of June 30, 2023 and December 31,
2022, deferred revenue (both current and noncurrent) of $1.8 million and $2.9 million, respectively, represents the Company’s remaining
performance obligations, of which $1.6 million and $2.8 million, respectively, is expected to be recognized within one year, with the
remainder to be recognized thereafter.
Revenues
for the three and six months ended June 30, 2023 and 2022, include the following (in thousands):
Schedule of revenues from contract liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Amounts
included in the beginning of year contract liability balance |
|
$ |
411 |
|
|
$ |
835 |
|
|
$ |
1,910 |
|
|
$ |
1,880 |
|
| 4. | RESTRUCTURING
ACTIVITIES |
In
the second quarter of 2023, as part of a strategic review of our operations, the Company implemented a cost reduction and restructuring
program (the “2023 Restructuring Program”). The 2023 Restructuring Program was primarily comprised of entering into severance
and termination agreements with employees. Formal announcements to the relevant employees were made in May, June and July 2023 and
activities will be ongoing throughout the third and fourth quarter of 2023. The payments related to severance costs should be completed
by March 31, 2024 and the payments related to the building costs should be completed by December 31, 2024.
Restructuring
costs are presented separately on the consolidated statements of operations.
The
following table presents the restructuring costs recognized by the Company under the 2023 Restructuring Program during the three and
six-month periods ended June 30, 2023. The Company did not incur any costs for restructuring during the six months ended June 30,
2022.
Schedule of restructuring costs recognized |
|
Three
Months Ended |
|
|
Six
Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
Severance
costs |
|
$ |
2,312 |
|
|
$ |
2,572 |
|
Other |
|
|
711 |
|
|
|
711 |
|
Total
restructuring costs |
|
$ |
3,023 |
|
|
$ |
3,283 |
|
The
following table represents the restructuring liabilities, which are presented within other accrued expenses in the consolidated balance
sheet:
Schedule of restructuring liabilities |
|
June 30,
2023 |
|
Balance,
December 31, 2022 |
|
$ |
231 |
|
Current
period charges |
|
|
3,283 |
|
Payments |
|
|
(580 |
) |
Balance,
June 30, 2023 |
|
$ |
2,934 |
|
The
Company also recorded an inventory impairment charge of $7.2
million in the three months ended June 30, 2023 which is included in cost of revenues in the consolidated statement of
operations. A
charge of $5.3 million relates to certain product initiatives that were eliminated or reduced as a result of the headcount
reductions in the 2023 Restructuring Program and $1.9 million relates to an accrual for inventory on order for these eliminated or
reduced product initiatives.
|
5. |
GOODWILL
AND INTANGIBLE ASSETS, NET |
The
Company had goodwill of $13.6 million as of June 30, 2023 and December 31, 2022 resulting from a prior acquisition. Goodwill
and Intangible assets, net are classified as Assets Held for Sale – Noncurrent at June 30, 2023.
Intangible
assets, net consists of the following (in thousands):
Schedule
of Intangible assets, net |
|
Weighted |
|
|
June 30,
2023 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,319 |
) |
|
$ |
4,491 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,509 |
) |
|
|
621 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,728 |
) |
|
$ |
5,112 |
|
|
|
Weighted |
|
|
December 31,
2022 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,189 |
) |
|
$ |
4,621 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,449 |
) |
|
|
681 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,538 |
) |
|
$ |
5,302 |
|
Amortization
expense related to the Company’s intangible assets amounted to $0 and $0.3 million for the three months ended June 30, 2023
and 2022, respectively, and $0.2 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively.
There
will be no further amortization expense for the remainder of 2023 and thereafter related to the Company’s intangible assets as
the long-lived assets in the disposal group should be recorded at the carrying amount at the time the assets are accounted as held for
sale.
|
6. |
ACCRUED
EXPENSES AND OTHER CURRENT LIABILITIES |
Accrued
expenses and other current liabilities consist of the following (in thousands):
Schedule of other accrued expenses |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Payroll
and related benefits and taxes |
|
$ |
7,356 |
|
|
$ |
8,081 |
|
Fair
value of embedded derivatives related to Convertible Debt |
|
|
- |
|
|
|
5,353 |
|
Royalties |
|
|
3,377 |
|
|
|
3,610 |
|
Loan
success fee related to Convertible Debt |
|
|
2,858 |
|
|
|
2,858 |
|
Agent
and sales commissions |
|
|
1,078 |
|
|
|
1,224 |
|
Right-of-use
lease liability, current portion |
|
|
2,367 |
|
|
|
2,923 |
|
Tax
liabilities |
|
|
1,130 |
|
|
|
1,301 |
|
Restructuring
costs |
|
|
2,934 |
|
|
|
231 |
|
Product
warranty liabilities |
|
|
1,203 |
|
|
|
1,478 |
|
Product
marketing |
|
|
1,276 |
|
|
|
376 |
|
Manufacturing
subcontractor costs |
|
|
2,928 |
|
|
|
1,787 |
|
Legal
and professional services |
|
|
2,896 |
|
|
|
1,282 |
|
Other |
|
|
1,844 |
|
|
|
1,739 |
|
Other
accrued expenses |
|
$ |
31,247 |
|
|
$ |
32,243 |
|
As
discussed in Note 1, on March 8, 2023 the Company entered into the Purchase Agreement with Seller, Mimosa, and Buyer, pursuant to
which the Seller will sell all of the issued and outstanding shares of common stock of Mimosa to Buyer for an aggregate purchase price
of approximately $60,000,000 in cash (subject to customary adjustments) on the terms and subject to the conditions set forth in the Purchase
Agreement (the “Transaction”). The Purchase Agreement contains customary representations, warranties and covenants by the
parties subject to specified exceptions and qualifications. Each party’s obligations to consummate the Transaction pursuant to
the Purchase Agreement are subject to customary closing conditions as set out in the Mimosa Purchase Agreement, including, among others,
approval of the Transaction by the Committee on Foreign Investment in the United States, approval of the Transaction by the Competition
Authority of the Republic of Turkey, and approval of the Transaction by the senior lenders. The approval by the Committee on Foreign Investment in the United States and the approval
of the Competition Authority of the Republic of Turkey have been received, and the
closing is anticipated to occur in August 2023.
The
Company met the criteria for recording the Mimosa assets and liabilities as “held for sale” at June 30, 2023. Since
the Company did not meet the criteria for held for sale at December 31, 2022, the assets and liabilities of the Mimosa group are
recorded in their respective categories.
The
assets and liabilities of the disposal group, Mimosa, were evaluated to determine whether the carrying amounts should be adjusted in
accordance with other GAAP standards. After adjusting the assets and liabilities of the disposal group, the disposal group as a whole
is measured at the lower of carrying amount or fair value less costs to sell. Depreciation and amortization of long-lived assets in the
disposal group will not be recorded during the period in which the disposal group meets the criteria for held for sale.
The
unaudited condensed balance sheet of Mimosa at June 30, 2023 is as follows:
Schedule of asset held for sale |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Accounts
receivable, net of allowance of $103 and $123 as of June 30, 2023 and December 31, 2022, respectively |
|
$ |
11,064 |
|
|
$ |
7,413 |
|
Inventory |
|
|
4,133 |
|
|
|
3,759 |
|
Prepaid
expenses and other current assets |
|
|
155 |
|
|
|
410 |
|
Total
current assets |
|
|
15,352 |
|
|
|
11,582 |
|
Property,
plant and equipment, net |
|
|
1,204 |
|
|
|
1,107 |
|
Goodwill |
|
|
13,641 |
|
|
|
13,641 |
|
Intangible
assets, net |
|
|
5,112 |
|
|
|
5,302 |
|
Right-of-use
assets, net |
|
|
845 |
|
|
|
916 |
|
Other
non-current assets |
|
|
111 |
|
|
|
109 |
|
Total
assets |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
10,391 |
|
|
$ |
5,545 |
|
Accrued
expenses and other current liabilities |
|
|
1,397 |
|
|
|
1,517 |
|
Deferred
revenue |
|
|
227 |
|
|
|
253 |
|
Total
current liabilities |
|
|
12,015 |
|
|
|
7,315 |
|
Other
long-term liabilities |
|
|
375 |
|
|
|
449 |
|
Total
liabilities |
|
|
12,390 |
|
|
|
7,764 |
|
Total
liabilities and stockholders’ equity |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
On
August 6, 2015, Legacy Airspan issued Golden Wayford Limited a $10.0
million subordinated Convertible Promissory Note (the “Golden Wayford Note”) pursuant to a Subordinated Convertible Note
Purchase Agreement. The Golden Wayford Note was amended and restated on November 28, 2017, to reduce the interest rate thereon
and to reflect the application of the payment of $1.0
million of principal on such note. The Golden Wayford Note had an original maturity date of February
16, 2016, which through subsequent amendments was extended to June 30, 2020. The conversion rights related to this
agreement expired on its maturity date, June 30, 2020, and on this date the loan was reclassified from subordinated convertible
debt to subordinated debt.
The
principal and accrued interest under the Golden Wayford Note would have been automatically converted into common shares at the time of
the next equity financing and consummated prior to, on or after the maturity date (June 30, 2020). Such conversion right expired
in accordance with its term. Interest accrues at 5.0% per annum and is payable quarterly, however, because such payment is prohibited
by the terms of the subordination, interest is (in accordance with the terms of the related promissory note) paid in kind.
The
Golden Wayford Note is subordinate to the obligations under the Fortress Credit Agreement (see Note 10). A limited waiver under the Fortress
Credit Agreement waives each actual and prospective default and event of default existing under the Fortress Credit Agreement directly
as a result of the non-payment of the Golden Wayford Note. The Company had subordinated debt outstanding of $9.0 million, plus $2.4 million
and $2.1 million of accrued interest as of June 30, 2023 and December 31, 2022, respectively.
|
9. |
SUBORDINATED
TERM LOAN – RELATED PARTY |
On
February 9, 2016, Legacy Airspan entered into a $15.0 million subordinated term loan agreement with a related party (the “Subordinated
Term Loan Agreement”) that was due to mature on February 9, 2018. On July 12, 2016, Legacy Airspan entered into an additional
$15.0 million Amendment No. 1 to the Subordinated Term Loan Agreement that was due to mature on February 9, 2018. On July 3,
2017, Legacy Airspan entered into Amendment No. 2 to the Subordinated Term Loan Agreement that extended the maturity date to June 30,
2019. On May 23, 2019, Legacy Airspan entered into Amendment No. 3 to the Subordinated Term Loan Agreement that extended the maturity
date to December 31, 2020. On March 30, 2020, Legacy Airspan entered into Amendment No. 4 to the Subordinated Term Loan Agreement
that extended the maturity date to December 31, 2021. On December 30, 2020, Legacy Airspan entered into Amendment No. 5 to
the Subordinated Term Loan Agreement that extended the maturity date to the later of (a) December 30, 2024 and (b) 365 days after
the maturity date of the Fortress Credit Agreement (as in effect on December 30, 2020) (see Note 10). The term loan is subordinate
to the Fortress Credit Agreement (see Note 10).
Prior
to May 23, 2019, interest accrued at 2.475% per annum and was payable quarterly. In accordance with the amendments below, the interest
rate changed as follows:
|
(a) |
Amendment
No. 3, on May 23, 2019, the interest rate changed to 9.0% per annum to be accrued; |
|
(b) |
Amendment
No. 4, on March 30, 2020, the interest rate changed to 9.0% per annum through December 31, 2020 and from and after January 1,
2021, at a rate of 12.0% per annum to be accrued; and |
|
(c) |
Amendment
No. 5, on December 30, 2020, the interest rate from January 1, 2021 and thereafter changed to 9.0% per annum to be accrued,
subject to reversion to 12.0% if a condition subsequent is not satisfied. The subsequent condition was satisfied. |
The
principal and accrued interest may be repaid early without penalty.
The
Company had a subordinated term loan outstanding of $30.0 million, plus $13.4 million and $11.5 million of accrued interest as of June 30,
2023 and December 31, 2022, respectively. The subordinated term loan is classified as long-term at June 30, 2023 as the Company
is in compliance with the Fortress covenants. At March 31, 2023 and December 31, 2022, the subordinated term loan was classified
as current as the Company had breached covenants with Fortress.
On
December 30, 2020, Legacy Airspan, together with Holdco, Airspan Networks (SG) Inc., Mimosa Networks, Inc., Mimosa Networks International,
LLC, Airspan Communications Limited, Airspan Networks LTD, and Airspan Japan K.K., as guarantors, together with the other parties thereto,
entered into an assignment agreement, whereby Pacific Western Bank (“PWB”) and Ally Bank assigned their interests in a loan
facility under the Second Amended and Restated Loan and Security Agreement with Legacy Airspan (the “PWB Facility”) to certain
new lenders (the “Assignment Agreement”), and PWB entered into a resignation and assignment agreement (the “Agent Resignation
Agreement”) pursuant to which PWB resigned in its capacity as agent under all of the transaction documents and Fortress became
the successor agent (as defined in the Agent Resignation Agreement), replacing PWB in such capacity under the PWB Facility. The Assignment
Agreement and the Agent Resignation Agreement, along with a Reaffirmation and Omnibus Amendment, resulted in the amendment and restatement
of the terms of the PWB Facility as the Fortress Credit Agreement with the new lenders as the lenders thereunder. Fortress became the
administrative agent, collateral agent and trustee for the lenders and other secured parties. At Closing, on August 13, 2021, the
Company, Legacy Airspan and certain of the Company’s subsidiaries who are party to the Fortress Credit Agreement entered into a
Waiver and Consent, Second Amendment, Restatement, Joinder and Omnibus Amendment to Credit Agreement and Other Loan Documents relating
to the Fortress Credit Agreement with Fortress (the “August 2021 Fortress Amendment”) to, among other things, add the
Company as a guarantor, recognize and account for the Business Combination, recognize and account for the Convertible Notes (see Note
11) and provide updated procedures for replacement of LIBOR. On March 29, 2022, the Company, Legacy Airspan and certain of the Company’s
subsidiaries who are party to the Fortress Credit Agreement entered into a Third Amendment and Waiver to Credit Agreement and Other Loan
Documents relating to the Fortress Credit Agreement with Fortress to, among other things, amend the financial covenants included in the
Fortress Credit Agreement. On May 18, 2023, the Company, Legacy Airspan and certain of the Company’s subsidiaries who are
party to the Fortress Credit Agreement entered into a Limited Waiver and Consent, Second Amendment and Restatement of Credit Agreement
and Reaffirmation of Loan Documents (the “May 2023 Credit Agreement Amendment”) relating to the Fortress Credit Agreement
with Fortress pursuant to which the parties agreed to, among other things, (i) certain consents related to the Company’s previously
disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Credit Agreement in the limited manner
set forth therein, (iii) terminate the existing delayed draw term loan commitments under the Fortress Credit Agreement and establish
new delayed draw term loan commitments in the aggregate amount of $25 million, (iv) modify the interest rates applicable to certain loans
under the Fortress Credit Agreement, (v) provide for the issuance of 5,912,040 warrants to purchase shares of the Company’s common
stock (collectively, the “Warrants”), (vi) amend certain financial covenants, (vii) provide for additional fees related to
the Fortress Credit Agreement, and (viii) amend and restate the Fortress Credit Agreement. The Warrants provided for under the Fortress
Credit Agreement were issued to certain lenders or their designees and will be exercisable to purchase one share of the Company’s
common stock at an exercise price of $0.01 per share. The Warrants have a term of 7.5 years and will become exercisable upon the earliest
to occur of (i) the third anniversary of the issuance of the warrants, (ii) an “Acquisition” as defined in the Warrant, (iii)
any debt financing or issuance of equity or instruments convertible into equity interests of the Company in which the Company receives
in excess of $50 million in one or a series of related transactions, and (iv) any other strategic transactions, joint ventures, financings
or combinations between the Company and one or more investors or third parties in which the Company or its subsidiaries receive in excess
of $50 million in one or a series of related transactions.
With
the May 2023 Credit Agreement Amendment, the interest rates were increased to 5.5% plus SOFR to up to 8.5% for the paid in-kind
interest. The maturity of the loan did not change. The Company accounted for the May 2023 Credit Agreement Amendment as a loss on
debt extinguishment of which $5.1 million is related to the senior term loan.
The
Fortress Credit Agreement initial term loan total commitment of $34.0 million and a term loan commitment of $10.0 million were both funded
to Legacy Airspan on December 30, 2020. Pursuant to the Fortress Credit Agreement, the Company may expand the term loan commitment
by $25.0 million subject to the terms and conditions of the Fortress Credit Agreement. The maturity date of the total loan commitment
is December 30, 2024. The Fortress Credit Agreement contains a prepayment premium of 5.0% if the prepayment occurs during the period
from December 30, 2021 through December 29, 2022, and 3.0% if the prepayment occurs during the period from December 30,
2022 through December 29, 2023. The Fortress Credit Agreement also contained a prohibition on prepayment during the period from
December 30, 2020 through December 29, 2021.
To
secure its obligations under the Fortress Credit Agreement, Fortress was assigned PWB’s
security interest under the PWB Facility and the Company and certain of its subsidiaries
granted Fortress as security for the obligations a security interest in (a) all of the real,
personal and mixed property in which liens are granted or purported to be granted pursuant
to any of the collateral documents as security for the obligations, (b) all products, proceeds,
rents and profits of such property, (c) all of each loan party’s book and records (d)
all of the foregoing whether now owned or existing, in each case excluding certain excluded
assets.
The
Fortress Credit Agreement and the Fortress Convertible Note Agreement each contains representations and warranties, events of default
and affirmative and negative covenants, which include, among other things, certain restrictions on the ability to pay dividends, create
liens, incur additional indebtedness, make investments, dispose of assets, consummate business combinations (except for permitted investment,
as defined in the Fortress Credit Agreement and the Fortress Convertible Note Agreement, respectively), and make distributions. In addition,
financial covenants apply. Prior to the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress Convertible
Note Agreement Amendment, these financial covenants included (a) minimum liquidity of an amount between $15.0 million and $20.0 million,
depending on EBITDA performance levels and whether a default or event of default existed under the Fortress Credit Agreement, (b) minimum
last twelve-month revenue and (c) minimum last twelve-month Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”).
Pursuant to the May 2023 Fortress Credit Agreement Amendment, the financial covenants included in the Fortress Credit Agreement
and the Fortress Convertible Note Agreement were amended to (i) decrease the required minimum liquidity to $2.0 million and, from and
after the Closing Date, $4.0 million, (ii) modify the minimum revenue covenant levels and change to a three-month test period, and (iii)
modify the minimum EBITDA covenant levels and change to a three-month test period. Revenue and EBITDA financial covenants are tested
quarterly.
The
Company was not in compliance with the minimum last twelve-month EBITDA covenant and the minimum last twelve-month revenue covenant under
the Fortress Credit Agreement and the agreement governing the Company’s senior secured convertible notes as of the December 31,
2022 and the March 31, 2023 quarterly measurement dates, and the Company was not in compliance with the minimum liquidity covenant
under the Fortress Credit Agreement and the Fortress Convertible Note Agreement at all times from November 29, 2022, until the date
of the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress Convertible Note Agreement Amendment, each of
which is an event of default under those agreements. The Company did not make the payments due under the Fortress Credit Agreement and
the Fortress Convertible Note Agreement on March 31, 2023, which was an event of default under the Fortress Credit Agreement and
the Fortress Convertible Note Agreement. Each of these defaults was waived pursuant to the May 2023 Fortress Credit Agreement Amendment
and the May 2023 Fortress Convertible Note Agreement Amendment.
Based
on management’s current forecast, absent of additional financing or capital raising, the Company has concluded it may not
be in compliance with certain of the prospective financial covenants under the May 2023 Credit Agreement Amendment and the
agreement governing the Company’s senior secured convertible notes during certain periods of the next twelve months.
Accordingly, while the Company may seek future waivers from compliance with the applicable covenants in connection with such
anticipated breaches, or amendments of existing financial covenants included in the Fortress Credit Agreement and the agreement
governing the Company’s senior secured convertible notes, the Company is also pursuing alternative sources of capital so that
it would be able to satisfy its prospective minimum liquidity obligations under the Fortress Credit Agreement and the agreement
governing the Company’s senior secured convertible notes. There can be no assurance that the lenders under the Fortress Credit
Agreement and the agreement governing the Company’s senior secured convertible notes will agree to waive any breaches
thereunder that may arise in the future or that we will otherwise be able to remedy such breaches.
In
the absence of waivers or remedies of existing covenant breaches or any additional breaches that may arise in the future, the lenders
under the May 2023 Credit Agreement Amendment and the agreement governing the Company’s senior secured convertible notes could
(i) elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest and other premiums,
and institute foreclosure proceedings against the Company’s assets, (ii) elect to apply the default interest rate under the Fortress
Credit Agreement and the Fortress Convertible Note Agreement and related agreements, and (iii) with respect to the Fortress Credit Agreement,
elect to terminate their delayed draw commitments thereunder and cease making further loans. As a result of any of these actions, the
Company could be forced into bankruptcy or liquidation. In addition, the Company’s subordinated term loan – related party
(see Note 9) and subordinated debt (see Note 8) could be accelerated or required to be paid due to provisions contained within those
instruments.
As
of June 30, 2023, the Company was in compliance with all applicable covenants under the Fortress Credit Agreement. Prior to June 30,
2023, the Company had breached certain covenants, but they were waived by the lender when the May 2023 Credit Agreement Amendment
was executed.
The
Company’s senior term loan balance was $65.9 million and $44.1 million, inclusive of accrued interest of $6.4 million and $5.0
million, as of June 30, 2023 and December 31, 2022, respectively. Deferred financing fees of $2.7 million and $3.6 million
are reflected as reductions of the outstanding senior term loan balance as of June 30, 2023 and December 31, 2022, respectively.
On
August 13, 2021, the Company, together with Legacy Airspan, Holdco, Airspan Networks (SG) Inc., Mimosa Networks, Inc., Mimosa
Networks International, LLC, Airspan Communications Limited, Airspan Networks LTD, and Airspan Japan K.K., as guarantors, and
Fortress, entered into a Senior Secured Convertible Note Purchase and Guarantee Agreement (the “Fortress Convertible Note
Agreement”), in order to meet the available cash requirement of the reverse recapitalization described in Note 3. Pursuant to
the Fortress Convertible Note Agreement, $50.0
million was funded to the Company in exchange for the issuance of $50.0 million aggregate principal amount of Convertible Notes on
August 13, 2021, the date of the reverse recapitalization, which amount was increased to $52.5 million under the May 2023
Fortress Convertible Note Agreement Amendment. The Convertible Notes bear interest, prior to May 18, 2023, at 7.0%
per annum, and from and after May 18, 2023, at 10.0% per annum (the “Base Rate”), payable quarterly in arrears on
March 31, June 30, September 30 and December 31 of each year, beginning on September 30, 2021. The
Convertible Notes will mature on December 30, 2024, unless earlier accelerated, converted, redeemed or repurchased. Under certain circumstances, a default interest
will apply following an event of default under the Convertible Notes at a per annum rate equal to the lower of (i) the Base Rate
plus 3.75% and (ii) the maximum amount permitted by law. The Convertible Notes are pari passu in right of payment and lien
priority with the obligations under the Fortress Credit Agreement and are secured by a security interest in (a) all of the real,
personal and mixed property in which liens are granted or purported to be granted pursuant to any of the collateral documents as
security for the obligations, (b) all products, proceeds, rents and profits of such property, (c) all of each loan party’s
book and records and (d) all of the foregoing whether now owned or existing, in each case excluding certain excluded
assets.
On
March 29, 2022, the Company and certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into
a First Amendment and Waiver to Senior Secured Convertible Note Purchase and Guarantee Agreement and Other Note Documents relating to
the Fortress Convertible Note Agreement and the Convertible Notes (the “March 2022 Fortress Convertible Note Agreement Amendment”)
to, among other things, amend the financial covenants included in the Fortress Convertible Note Agreement, amend the conversion price
of the Convertible Notes and amend the optional redemption provisions of the Convertible Notes. On May 18, 2023, the Company and
certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into a Limited Waiver and Consent, Third
Amendment to Senior Secured Convertible Note Purchase and Guarantee Agreement and Reaffirmation of Note Documents (the “May 2023
Fortress Convertible Note Agreement Amendment”) to, among other things, (i) provide for certain consents relating to the Company’s
previously disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Convertible Note Agreement
in the limited manner set forth therein, (iii) imposed a $2.5 million fee, which was capitalized to increase the aggregate principal
amount of the Convertible Notes to $52.5 million, (iv) increase the interest rate applicable to the Convertible Notes to 10.00%, and
(v) provide for additional fees related to the Fortress Convertible Note Purchase Agreement and the Convertible Notes. On May 28,
2023, the Company reissued $52.5 million aggregate principal amount of Convertible Notes.
With
the May 2023 Fortress Convertible Note Agreement Amendment, the interest rates were increased to 10.0%. The maturity of the loan
did not change. The Company accounted for the May 2023 Fortress Convertible Note Agreement Amendment as a loss on debt extinguishment
of which $3.2 million is related to the convertible debt.
Prior
to the March 2022 Fortress Convertible Note Agreement Amendment, the Convertible Notes, together with all accrued but unpaid interest
thereon, were convertible, in whole or in part, at any time prior to the payment in full of the principal amount thereof (together with
all accrued but unpaid interest thereon), into shares of Common Stock at a conversion price equal to $12.50 per share. Pursuant to the
March 2022 Fortress Convertible Note Agreement Amendment, the conversion price with respect to the Convertible Notes was decreased
to $8.00 per share. The conversion price with respect to the Convertible Notes is subject to adjustment to reflect stock splits and subdivisions,
stock and other dividends and distributions, recapitalizations, reclassifications, combinations and other similar changes in capital
structure. The conversion price with respect to the Convertible Notes is also subject to a broad-based weighted average anti-dilution
adjustment in the event the Company issues, or is deemed to have issued, shares of Common Stock, other than certain excepted issuances,
at a price below the conversion price then in effect. In addition, pursuant to the March 2022 Fortress Convertible Note Agreement
Amendment, if, during the period commencing on and including the date of the Fortress Convertible Note Agreement Amendment and ending
on and including the 15-month anniversary of the date of the March 2022 Fortress Convertible Note Agreement Amendment, there is
no 30 consecutive trading day-period during which the average of the daily volume weighted average price of the Common Stock (“Daily
VWAP”) for such 30 consecutive trading day-period (after excluding the three highest and the three lowest Daily VWAPs during such
period) equals or exceeds $10.00 (as adjusted for stock splits, stock combinations, dividends, distributions, reorganizations, recapitalizations
and the like), the conversion price with respect to the Convertible Notes will be reduced to the amount that such conversion price would
otherwise have been had the conversion price with respect to the Convertible Notes been $6.00 on the date of the March 2022 Fortress
Convertible Note Agreement Amendment.
The
following is the allocation among the freestanding instruments (in thousands) at the issuance date:
Schedule
of convertible notes |
|
August 13,
2021 |
|
Convertible
Notes |
|
$ |
41,887 |
|
Conversion
option derivative |
|
|
7,474 |
|
Call
and contingent put derivative |
|
|
639 |
|
Total
Convertible Notes |
|
$ |
50,000 |
|
As
of June 30 2023, the Company had convertible debt outstanding as shown below (in thousands):
Schedule of convertible debt |
|
June 30,
2023 |
|
Convertible
Notes |
|
$ |
44,387 |
|
Accrued
interest, less loan discount costs |
|
|
3,362 |
|
Total
Convertible Notes |
|
$ |
47,749 |
|
As
of June 30, 2023, the Company was in compliance with all applicable covenants under the Fortress Convertible Note Agreement. The
Company was not in compliance with all applicable covenants at March 31, 2023 and December 31, 2022, therefore, the convertible
notes were classified as current liabilities.
See
Note 10 for further information related to the Fortress Convertible Note Agreement.
|
12. |
FAIR
VALUE MEASUREMENTS |
The
Company’s assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality
and reliability of the information used to determine fair value.
The
Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment,
and they are recorded at fair value only when impairment is recognized. These assets include property, plant and equipment, goodwill
and intangible assets, net. The Company did not record impairment to any non-financial assets in the three and six months ended June 30,
2023 and 2022.
Financial
Disclosures about Fair Value of Financial Instruments
The
table below sets forth information related to the Company’s condensed consolidated financial instruments (in thousands):
Schedule of fair value of financial instruments |
|
Level
in |
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
|
|
Fair
Value |
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
|
|
Hierarchy |
|
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
1 |
|
|
$ |
10,102 |
|
|
$ |
10,102 |
|
|
$ |
7,253 |
|
|
$ |
7,253 |
|
Restricted
cash |
|
1 |
|
|
|
35 |
|
|
|
35 |
|
|
|
34 |
|
|
|
34 |
|
Cash
and investment in severance benefit accounts |
|
1 |
|
|
|
2,917 |
|
|
|
2,917 |
|
|
|
3,161 |
|
|
|
3,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
term loan(a) |
|
2 |
|
|
$ |
43,402 |
|
|
$ |
25,107 |
|
|
$ |
41,528 |
|
|
$ |
25,503 |
|
Subordinated
debt(a) |
|
2 |
|
|
|
11,396 |
|
|
|
7,346 |
|
|
|
11,119 |
|
|
|
7,386 |
|
Senior
term loan(a) |
|
2 |
|
|
|
63,224 |
|
|
|
55,105 |
|
|
|
40,529 |
|
|
|
36,680 |
|
Convertible
debt |
|
2 |
|
|
|
47,749 |
|
|
|
49,325 |
|
|
|
43,928 |
|
|
|
48,249 |
|
Public
Warrants |
|
1 |
|
|
|
15 |
|
|
|
15 |
|
|
|
345 |
|
|
|
345 |
|
Warrants(b) |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
36 |
|
|
|
36 |
|
Schedule
of assumptions |
|
Post-
Combination Warrants |
|
|
Private
Placement Warrants |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
Exercise
price |
|
$ |
12.50
– 17.50 |
|
|
$ |
11.50 |
|
Risk
free rate |
|
|
4.47 |
% |
|
|
4.47 |
% |
Expected
volatility |
|
|
84.2 |
% |
|
|
84.2 |
% |
Dividend
yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
The
conversion option derivative and call and contingent put derivative are considered a Level 3 measurement due to the utilization of significant
unobservable inputs in the valuation. The Company utilized a binomial model to estimate the fair value of the embedded derivative features
requiring bifurcation associated with the Convertible Notes payable at the issuance date and as of the June 30, 2023 reporting date.
The key inputs to the valuation models that were utilized to estimate the fair value of the convertible debt derivative liabilities include:
Schedule
of assumptions of the convertible debt derivative liabilities |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
1.31 |
|
Conversion
strike price |
|
$ |
8.00 |
|
|
$ |
8.00 |
|
Volatility |
|
|
92.00 |
% |
|
|
94.00 |
% |
Dividend
yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
Risk
free rate |
|
|
4.12 |
% |
|
|
4.32 |
% |
Debt
discount rate |
|
|
28.00 |
% |
|
|
15.10 |
% |
Coupon
interest rate |
|
|
7.00 |
% |
|
|
7.00 |
% |
Face
amount (in thousands) |
|
$ |
52,500 |
|
|
$ |
50,000 |
|
Contingent
put inputs and assumptions: |
|
|
|
|
|
|
|
|
Probability
of fundamental change |
|
|
50.00 |
% |
|
|
33.00 |
% |
The
following table presents a roll-forward of the Level 3 instruments:
(in
thousands) |
|
Warrants |
|
|
Conversion
option derivative |
|
|
Call
and contingent put derivative |
|
Beginning
balance, December 31, 2022 |
|
$ |
36 |
|
|
$ |
3,052 |
|
|
$ |
2,301 |
|
Change
in fair value |
|
|
(35 |
) |
|
|
(2,912 |
) |
|
|
2,048 |
|
Ending
balance, June 30, 2023 |
|
$ |
1 |
|
|
$ |
140 |
|
|
$ |
4,349 |
|
The
fair value of the Company’s cash and cash equivalents and restricted cash approximate the carrying value because of the short-term
nature of these accounts.
|
13. |
COMMITMENTS
AND CONTINGENCIES |
The
Company had commitments with its main subcontract manufacturers under various purchase orders and forecast arrangements of $73.5 million
as of June 30, 2023, of which $55.6 million relates to Mimosa. The majority of the commitments have expected delivery dates during
the remainder of 2023.
Contingencies
and Legal Proceedings
From
time to time, the Company receives and reviews correspondence from third parties with respect to licensing their patents and other intellectual
property in connection with the sale of the Company’s products. Disputes may arise with such third parties if an agreement cannot
be reached regarding the licensing of such patents or intellectual property.
On
October 14, 2019, Barkan Wireless IP Holdings, L.P. (“Barkan”) filed a suit against Sprint Corporation and related entities
(“Sprint”) in the United States District Court for the Eastern District of Texas alleging patent infringement based in part
on two of the Company’s products, Airave 4 and Magic Box Gold. See Barkan Wireless IP Holdings, L.P. v. Sprint Corporation et
al, Case No. 2:19-cv-00336-JRG (E.D. Tex.). On March 26, 2021, after a settlement between Barkan and Sprint, the court granted
an agreed motion to dismiss and the case was closed. Sprint has demanded that the Company indemnify Sprint $3,870,000 for a portion of
the amounts Sprint paid to defend and settle the case. On April 27, 2021, Sprint gave notice that it intends to set-off amounts
it owes the Company until Sprint’s indemnity demand is satisfied. The Company disputes Sprint’s indemnity demand and, on
March 15, 2022, filed a complaint for breach of contract in the United States District Court for the District of Kansas. See Airspan
Networks, Inc. v. Sprint/United Management Company, Case No. 2:22-cv-02104-JAR-ADM (D. Kan.). That complaint was subsequently voluntarily
dismissed by the Company and the underlying breach of contract claim is now a counterclaim in the matter captioned Sprint Communications
Company, L.P et al. vs. Casa Systems, Inc. et al., No. 22CV02327 Div.7 pending in the District Court of Johnson County Kansas. On
January 3, 2023, the parties settled this matter. The Company had previously provided for a reserve for an estimated amount of exposure
related to this matter in a prior year.
Except
as set forth above, the Company is not currently subject to any other material legal proceedings.
The Company may from time to time become a party to various other legal proceedings arising
in the ordinary course of its business. While the results of such claims and litigation cannot
be predicted with certainty, the Company currently believes that it is not a party to any
litigation the final outcome of which is likely to have a material adverse effect on the
Company’s condensed consolidated financial position, results of operations or cash
flows.
|
14. |
COMMON
STOCK AND WARRANTS |
Common
Stock
As
of June 30, 2023, 260,000,000 shares, $0.0001 par value per share are authorized, of which, 250,000,000 shares are designated as
Common Stock and 10,000,000 shares are designated as preferred stock. As of June 30, 2023, there were 74,582,992 shares of Common
Stock issued and outstanding and no shares of preferred stock issued or outstanding.
Holders
of our Common Stock are entitled to receive dividends when, as and if declared by the board of directors of the Company (the “Board”),
payable either in cash, in property or in shares of capital stock. As of June 30, 2023, the Company had not declared any dividends.
Legacy
Airspan Warrants
The
Company accounted for Legacy Airspan convertible preferred stock warrants that have been earned and are exercisable into shares of Legacy
Airspan’s convertible preferred stock as liabilities pursuant to Accounting Standards Codification 480, “Distinguishing
Liabilities from Equity” as the warrants were exercisable into shares of Legacy Airspan convertible preferred stock that were
contingently redeemable upon events outside the control of Legacy Airspan. The warrant liability is included in other long-term liabilities
on the accompanying condensed consolidated balance sheets. The warrants are remeasured and recognized at fair value at each balance sheet
date. At the end of each reporting period, changes in fair value during the period are recognized as a component of other expense, net
on the accompanying condensed consolidated statements of operations.
In
January 2021 and February 2021, Legacy Airspan issued warrants for the purchase of 6,097 and 406, respectively, shares of Legacy
Airspan Series H Convertible Preferred Stock to certain holders of Legacy Airspan Series H Senior Convertible Preferred Stock (one warrant
for every two shares of Legacy Airspan Series H Senior Convertible Preferred Stock purchased in January and February 2021, respectively)
with an exercise price of $61.50 per share and a 5-year term (“Series H warrants”). Legacy Airspan accounted for the initial
fair value of the Series H warrants as a discount on the Legacy Airspan Series H Senior Convertible Preferred Stock issuance and recorded
a corresponding warrant liability.
In
October 2015, Legacy Airspan issued warrants to purchase 487,805 shares of Legacy Airspan Series D Convertible Preferred Stock to
holders of its Series D Convertible Preferred Stock with an exercise price of $61.50 per share, subject to certain performance requirements
(the “Series D-1 Warrants”). In June 2014, Legacy Airspan issued warrants to purchase 203,252 shares of Legacy Airspan
Series D Convertible Preferred Stock to holders of Legacy Airspan Series D Convertible Preferred Stock with an exercise price of $61.50
per share, subject to certain performance requirements (the “Series D Warrants”).
The
Series D Warrants expired unexercised in January 2021 and the Series D-1 Warrants and Series H warrants were converted as part of
the Closing of the Business Combination (Note 3) and ceased to exist after the Business Combination.
Common
Stock Warrants
As
of June 30, 2023, there are 12,045,000 Common Stock Warrants outstanding, consisting of 11,500,000 and 545,000 Public Warrants and
Private Placement Warrants, respectively.
As
part of NBA’s initial public offering, 11,500,000 Public Warrants were sold. The Public Warrants entitle the holder thereof to
purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Public Warrants may be exercised only for
a whole number of shares of Common Stock. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants
will expire on August 13, 2026 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The
Company may redeem the Public Warrants when exercisable, in whole and not in part, at a price of $0.01 per warrant, so long as the Company
provides not less than 30 days’ prior written notice of redemption to each warrant holder, and if, and only if, the reported last
sale price of the Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the
third trading day prior to the date the Company sends the notice of redemption to the warrant holders.
Simultaneously
with NBA’s initial public offering, NBA consummated a private placement of 545,000 Private Placement Warrants with its sponsor.
The Private Placement Warrants are exercisable for one share of Common Stock at a price of $11.50 per share, subject to adjustment. The
Private Placement Warrants are identical to the Public Warrants, except that, so long as the Private Placement Warrants are held by the
initial purchaser or its permitted transferees, the Private Placement Warrants: (1) may be exercised for cash or on a cashless basis;
(2) may not be transferred, assigned or sold until thirty (30) days after the date of the Closing; and (3) may not be redeemed.
Post-Combination
Warrants
As
of June 30, 2023, there are 9,000,000 Post-Combination Warrants outstanding.
At
Closing, the Company issued Post-Combination Warrants exercisable for 9,000,000 shares of Company Common Stock. The Post-Combination
Warrants include: (i) 3,000,000 Post-Combination $12.50 Warrants; (ii) 3,000,000 Post-Combination $15.00 Warrants; and (iii) 3,000,000
Post-Combination $17.50 Warrants. The Post-Combination Warrants may only be exercised during the period commencing on the Closing and
terminating on the earlier of (i) two years following the date of the Closing, August 13, 2023, and (ii) the redemption date, for
a price of $12.50 per Post-Combination $12.50 Warrant, $15.00 per Post-Combination $15.00 Warrant and $17.50 per Post-Combination $17.50
Warrant.
Fortress
Warrants
In
connection with the May 2023 Credit Agreement Amendment relating to the Fortress Credit Agreement with Fortress, the Company issued
5,912,040 warrants to purchase shares of the Company’s common stock Warrants. The Warrants provided for under the Fortress Credit
Agreement were issued to certain lenders or their designees and will be exercisable to purchase one share of the Company’s common
stock at an exercise price of $0.01 per share. The Warrants have a term of 7.5 years and will become exercisable upon the earliest to
occur of (i) the third anniversary of the issuance of the warrants, (ii) an “Acquisition” as defined in the Warrant, (iii)
any debt financing or issuance of equity or instruments convertible into equity interests of the Company in which the Company receives
in excess of $50 million in one or a series of related transactions, and (iv) any other strategic transactions, joint ventures, financings
or combinations between the Company and one or more investors or third parties in which the Company or its subsidiaries receive in excess
of $50 million in one or a series of related transactions. The Company recorded $1.7 million reduction of the convertible debt and a
$1.7 million increase in additional paid in capital.
|
15. |
SHARE-BASED
COMPENSATION |
2021
Stock Incentive Plan
Prior
to the Business Combination, the Company maintained its 2009 Omnibus Equity Compensation Plan (the “2009 Plan” and together
with the 2021 Plan, the “Plans”). Upon Closing of the Business Combination, awards under the 2009 Plan were converted at
the exchange ratio calculated in accordance with the Business Combination Agreement and the 2021 Plan became effective. On June 21,
2022, the 2021 Plan was amended and restated to, among other things, increase the number of shares of Common Stock authorized for issuance
under the 2021 Plan by 5,643,450 shares. As of June 30, 2023, there were 6,007,718 shares of Common Stock authorized for issuance
under the amended and restated 2021 Plan, plus any shares of Common Stock subject to awards under the 2009 Plan that are forfeited or
reacquired by the Company due to termination or cancellation. As of June 30, 2023, there were 14,383,618 shares of Common Stock
authorized for issuance under the Plans.
The
following table summarizes share-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands):
Schedule of summarizes share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Research
and development |
|
$ |
570 |
|
|
$ |
1,169 |
|
|
$ |
1,101 |
|
|
$ |
2,135 |
|
Sales
and marketing |
|
|
517 |
|
|
|
1,197 |
|
|
|
1,024 |
|
|
|
2,279 |
|
General
and administrative |
|
|
904 |
|
|
|
4,541 |
|
|
|
1,798 |
|
|
|
9,015 |
|
Cost
of sales |
|
|
7 |
|
|
|
65 |
|
|
|
14 |
|
|
|
107 |
|
Total
share-based compensation |
|
$ |
1,998 |
|
|
$ |
6,972 |
|
|
$ |
3,937 |
|
|
$ |
13,536 |
|
Common
Stock Options
The
following table sets forth the activity for all Common Stock options:
Schedule
of common stock options |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contractual Life (Years) |
|
|
Weighted-
Average Grant Date Fair Value |
|
Outstanding,
December 31, 2022 |
|
|
7,812,178 |
|
|
$ |
3.70 |
|
|
|
6.56 |
|
|
$ |
2.23 |
|
Forfeited |
|
|
(31,523 |
) |
|
|
2.26 |
|
|
|
- |
|
|
|
1.46 |
|
Expired |
|
|
(14,421 |
) |
|
|
5.40 |
|
|
|
- |
|
|
|
2.86 |
|
Outstanding,
June 30, 2023(a) |
|
|
7,766,234 |
|
|
$ |
3.70 |
|
|
|
6.02 |
|
|
$ |
1.98 |
|
Exercisable,
June 30, 2023(b) |
|
|
5,566,087 |
|
|
$ |
3.89 |
|
|
|
5.11 |
|
|
$ |
2.06 |
|
As
of June 30, 2023, there was $3.3 million of unrecognized compensation expense related to stock options to be recognized over a weighted
average period of 2.47 years.
Restricted
Stock Units
As
part of the consideration in the Business Combination, RSUs with respect to 1,750,000 shares of Common Stock were granted to the participants
in Legacy Airspan’s MIP. For the RSUs granted to MIP Participants, the weighted average grant date fair value was $9.75 per RSU.
The RSUs granted in connection with the MIP vest one year after the date of the grant.
The
following table sets forth the activity for all RSUs:
Schedule of unvested restricted stock units |
|
Number
of RSUs |
|
|
Weighted
Average Grant Date Fair Value |
|
Outstanding
(nonvested), December 31, 2022 |
|
|
4,267,746 |
|
|
$ |
3.58 |
|
Granted |
|
|
681,620 |
|
|
|
0.56 |
|
Released |
|
|
(387,204 |
) |
|
|
5.44 |
|
Forfeited |
|
|
(51,611 |
) |
|
|
3.25 |
|
Outstanding
(nonvested), June 30, 2023 |
|
|
4,510,551 |
|
|
$ |
2.97 |
|
Because
the Company maintained a full valuation allowance on its U.S. deferred tax assets, it did not recognize any tax benefit related to share-based
compensation expense for the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, there was $8.8 million
of unrecognized compensation expense related to RSUs to be recognized over a weighted average period of 1.72 years.
Net
loss per share is computed using the weighted average number of shares of Common Stock outstanding less the number of shares subject
to repurchase.
The
following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share
data):
Schedule of basic and diluted net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator
- basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
74,582,992 |
|
|
|
72,335,952 |
|
|
|
74,528,668 |
|
|
|
72,335,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.70 |
) |
The
following table sets forth the amounts excluded from the computation of diluted net loss per share as of June 30, 2023 and 2022
because their effect was anti-dilutive.
Schedule of anti-dilutive net loss per share |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Stock
options outstanding |
|
|
7,766,234 |
|
|
|
7,983,614 |
|
Non-vested
shares of restricted stock |
|
|
4,510,551 |
|
|
|
6,759,150 |
|
Warrants(a) |
|
|
27,057,040 |
|
|
|
21,145,000 |
|
Convertible
notes(a) |
|
|
9,729,163 |
|
|
|
9,729,163 |
|
|
17. |
RELATED
PARTY TRANSACTIONS |
As
disclosed in Note 9, as of June 30, 2023 and December 31, 2022, Legacy Airspan had a subordinated term loan with a related
party. This related party has an indirect, non-controlling beneficial interest in Fortress, which is the agent and principal lender under
the Fortress Credit Agreement and the collateral agent and trustee under the Fortress Convertible Note Agreement and the Convertible
Notes. This related party also has an indirect, non-controlling beneficial interest in each holder of Convertible Notes. The Company
derived no revenue from sales of products and services to this related party for the three months ended June 30, 2023 and approximately
$41 thousand for the six months ended June 30, 2023.
The
Company had an outstanding receivable from and payable to a related party, a stockholder, amounting to $0 million and $2.5 million, respectively,
as of June 30, 2023. The Company had an outstanding receivable from and payable to the same related party, amounting to $0.4 million
and $5.5 million, respectively, as of December 31, 2022.
In
addition, the Company has an outstanding accounts receivable from a separate related party, also a stockholder, amounting to $11.7 million
and $4.5 million as of June 30, 2023 and December 31, 2022, respectively. The Company derived approximately $8.4 million and
$4.5 million in revenue from sales of products and services to this related party for the three months ended June 30, 2023 and 2022,
respectively. A senior executive at this customer is also a member of the Board.
The
Company derived revenues from sales of products and services to Dense Air Ltd. (“Dense Air”) amounting to approximately $52
thousand for the period from January 1, 2022 through March 7, 2022. As of March 7, 2022, Dense Air ceased to be a related
party.
|
18. |
EQUITY
METHOD INVESTMENT |
Prior
to March 7, 2022, the Company accounted for its investment in Dense Air, as an equity method investment. Dense Air has been funded
by its sole lender through convertible debt with various restrictions and requirements including a conversion option on substantially
all of the ownership interest in Dense Air. On March 22, 2021, an investor acquired the sole lender to Dense Air’s rights
and obligations under a convertible loan agreement and on March 7, 2022 converted the outstanding amount of the loan into shares.
The Company retained an approximate 4% holding of Dense Air Networks L.P. This conversion did not have a significant effect on the Company’s
consolidated balance sheets, statements of operations or cash flows.
There
have been no dividends received from Dense Air or Dense Air Networks L.P. for the years ended December 31, 2022 and 2021. The investments
had no value at June 30, 2023 and December 31, 2022.
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to “we,” “us,” “our” or the “Company” after the Closing of the Business Combination are
to Airspan Networks Holdings Inc. and its consolidated subsidiaries, and prior to the Closing of the Business Combination are to Legacy
Airspan and its consolidated subsidiaries, in each case, except where the context requires otherwise. The following discussion should
be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in
this Quarterly Report on Form 10-Q (this “Quarterly Report”).
See
the discussion of forward-looking statements and risk factors in Part I Item 1 and Item 1A of this report.
Overview
We
are a U.S. headquartered, award-winning technical leader, in the 4G and 5G Radio Access Network (“RAN”) and broadband access
solutions market. We offer a broad range of software defined radios, broadband access products and network management software to enable
cost-effective deployment and efficient management of mobile, fixed and hybrid wireless networks. Our customers include leading mobile
communications service providers (“CSPs”), large enterprises, military communications integrators and internet service providers
(“ISPs”) working to deliver high-capability broadband access to numerous markets. Our mission is to disrupt and modernize
network total cost of ownership (“TCO”) models. We aim to lower costs for customers throughout the product lifecycle, from
procurement through commissioning and ongoing operating costs. We have been pioneering wireless technology for over 20 years and are
distinguished by our deep customer relationships, innovative product design capabilities and expertise in solving technical challenges
at the network edge, where a device or local network interfaces with the Internet or other networks.
In
4G mobile networks, we established ourselves as an expert in network densification by focusing on solving the problems associated with
physically locating, installing and commissioning networks consisting of hundreds of thousands of small cells as an alternative and supplement
to macro cell-based networks. Software-defined and cost-optimized radio platforms, self-organizing/optimization algorithms and minimum
power consumption have been critical to our 4G business and are expected to be even more critical to the deployment and expansion of
new 5G networks. As an early leader in 5G OPEN-RAN standards, we have worked to unbundle the monolithic network architectures previously
dominated by large incumbent suppliers such as Telefonaktiebolaget LM Ericsson (“Ericsson”), Huawei Technologies Co., Ltd.
(“Huawei”), and Nokia Corporation (“Nokia”). As a foundational member of the 5G ecosystem, we work closely with
wireless operators, chipset suppliers and infrastructure vendors around the world on 5G developments, trials, pilots and initial 5G deployments.
We
started our business in digital wireless access, primarily voice services, rapidly becoming a leader in high performance wireless data
networks. Our acquisition of Mimosa Networks, Inc. (“Mimosa”) in 2018 strengthened our position in the wireless broadband
access market. Mimosa’s capabilities and innovation in wireless broadband point-to-point and point-to-multipoint networks strengthened
our disruptive position in the mobile 4G/5G network densification space and expanded our existing North American presence with an engineering
center in Silicon Valley. Mimosa’s channel-led sales strategy enhances the distribution of our existing products for specific vertical
markets, such as private 4G and 5G and applications in citizens broadband radio service (“CBRS”). On March 8, 2023,
we entered into a Stock Purchase Agreement to sell the Mimosa business to one of Airspan’s major customers while retaining a reseller
arrangement to continue to market and sell the Mimosa products. See Recent Developments section below.
Our
main operations are in: Slough, United Kingdom; Mumbai and Bangalore, India; Tokyo, Japan; Airport City, Israel; and Santa Clara, California,
and our corporate headquarters is in Boca Raton, Florida.
Recent
Developments
Fortress
Amendment
On
May 18, 2023, the Company, Legacy Airspan and certain of the Company’s subsidiaries who are party to the Fortress Credit Agreement
entered into the May 2023 Credit Agreement Amendment relating to the Fortress Credit Agreement with Fortress pursuant to which the
parties agreed to, among other things, (i) certain consents related to the Company’s previously disclosed divestiture of Mimosa,
(ii) waive certain existing events of default under the Fortress Credit Agreement in the limited manner set forth therein, (iii) terminate
the existing delayed draw term loan commitments under the Fortress Credit Agreement and establish new delayed draw term loan commitments
in the aggregate amount of $25 million, (iv) modify the interest rates applicable to certain loans under the Fortress Credit Agreement,
(v) provide for the issuance of 5,912,040 warrants to purchase shares of the Company’s common stock, (vi) amend certain financial
covenants, (vii) provide for additional fees related to the Fortress Credit Agreement, and(viii) amend and restate the Fortress Credit
Agreement. The Warrants provided for under the Fortress Credit Agreement were issued to certain lenders or their designees and will be
exercisable to purchase one share of the Company’s common stock at an exercise price of $0.01 per share. The Warrants have a term
of 7.5 years and will become exercisable upon the earliest to occur of (i) the third anniversary of the issuance of the warrants, (ii)
an “Acquisition” as defined in the Warrant, (iii) any debt financing or issuance of equity or instruments convertible into
equity interests of the Company in which the Company receives in excess of $50 million in one or a series of related transactions, and
(iv) any other strategic transactions, joint ventures, financings or combinations between the Company and one or more investors or third
parties in which the Company or its subsidiaries receive in excess of $50 million in one or a series of related transactions.
On
May 18, 2023, the Company and certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into
the May 2023 Fortress Convertible Note Agreement Amendment to, among other things, (i) provide for certain consents relating to
the Company’s previously disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Convertible
Note Agreement in the limited manner set forth therein, (iii) imposed a $2.5 million fee, which was capitalized to increase the aggregate
principal amount of the Convertible Notes to $52.5 million, (iv) increase the interest rate applicable to the Convertible Notes to 10.00%,
and (v) provide for additional fees related to the Fortress Convertible Note Purchase Agreement and the Convertible Notes. On May 28,
2023, the Company reissued $52.5 million aggregate principal amount of Convertible Notes.
Mimosa
Sale
On
March 8, 2023 (the “Closing Date”), the Company entered into a Stock Purchase Agreement (the “Mimosa Purchase
Agreement”) with Airspan Networks Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Seller”),
Mimosa Networks, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Seller (“Mimosa”), and Radisys Corporation,
an Oregon corporation (“Buyer”), pursuant to which Seller will sell all of the issued and outstanding shares of common stock
of Mimosa to Buyer for an aggregate purchase price of approximately $60.0 million in cash (subject to customary adjustments as set forth
in the Mimosa Purchase Agreement) on the terms and subject to the conditions set forth in the Mimosa Purchase Agreement (the “Mimosa
Sale”). We anticipate that the closing will occur in August 2023.
Global
Economic Conditions
We
have experienced supply chain disruptions and inflationary impacts across our businesses, driven by the impact of the COVID-19 pandemic,
the war in Ukraine and resulting economic sanctions, and general macroeconomic factors. These factors have increased our operating costs.
While we are taking actions to respond to the supply chain disruptions, inflationary environment, and global demand dynamics, we may
not be able to enact these measures in a timely manner, or the measures may not be sufficient to offset the increase in costs, which
could have a material adverse impact on our results of operations.
How
We Assess the Performance of Our Business
In
assessing the performance of our business, we consider a variety of performance and financial measures. The key indicators of the financial
condition and operating performance of our business are revenue, cost of revenue, research and development, sales and marketing, general
and administrative, interest expense, income taxes and net income. To further help us assess our performance with these key indicators,
we use Adjusted EBITDA as a non-GAAP financial measure. We believe Adjusted EBITDA provides useful information to investors and expanded
insight to measure our revenue and cost performance as a supplement to our GAAP consolidated financial statements. See the “Non-GAAP
Financial Measures” section below for a reconciliation to net income (loss), the most directly comparable GAAP measure.
Revenues
We
derive the majority of our revenues from sales of our networking products, with the remaining revenue generated from software licenses
and service fees relating to non-recurring engineering, product maintenance contracts and professional services for our products. We
sell our products and services to end customers, distributors and resellers. Products and services may be sold separately or in bundled
packages.
Our
top three customers accounted for 73.8% and 69.6% of revenue for the three months ended June 30, 2023 and 2022, respectively. For
the six months ended June 30, 2023 and 2022, the Company had three customers and two customers, respectively, whose revenue was
greater than 10% of the period’s total revenue.
Our
sales outside the U.S. and North America accounted for 74.2% and 50.7% of our total revenue in the three months ended June 30, 2023
and 2022, respectively, and 78.3% and 57.9% of our total revenue in the six months ended June 30, 2023 and 2022, respectively. The
following table identifies the percentage of our revenue by customer geographic region in the periods identified.
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
Geographic
Area |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
United
States |
|
|
26 |
% |
|
|
49 |
% |
|
|
22 |
% |
|
|
42 |
% |
Other
North America |
|
|
- |
% |
|
|
- |
% |
|
|
- |
% |
|
|
1 |
% |
North
America |
|
|
26 |
% |
|
|
49 |
% |
|
|
22 |
% |
|
|
43 |
% |
India |
|
|
27 |
% |
|
|
10 |
% |
|
|
30 |
% |
|
|
15 |
% |
Japan |
|
|
34 |
% |
|
|
33 |
% |
|
|
34 |
% |
|
|
34 |
% |
Other
Asia |
|
|
2 |
% |
|
|
1 |
% |
|
|
4 |
% |
|
|
1 |
% |
Asia |
|
|
63 |
% |
|
|
44 |
% |
|
|
68 |
% |
|
|
50 |
% |
Europe |
|
|
4 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
3 |
% |
Africa
and the Middle East |
|
|
5 |
% |
|
|
1 |
% |
|
|
3 |
% |
|
|
2 |
% |
Latin
America and the Caribbean |
|
|
2 |
% |
|
|
2 |
% |
|
|
2 |
% |
|
|
2 |
% |
Total
revenue |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
Cost
of Revenues
Cost
of revenues consists of component and material costs, direct labor costs, warranty costs, royalties, overhead related to manufacture
of our products and customer support costs. Our gross margin is affected by changes in our product mix both because our gross margin
on software and services is higher than the gross margin on base station related equipment, and because our different product lines generate
different margins. In addition, our gross margin is affected by changes in the average selling price of our systems and volume discounts
granted to significant customers. The COVID-19 pandemic continues to have an impact with disruptions to our supply chains, which have
caused extended component lead times, increased component costs, as well as disruption and increased expenses in logistics. We expect
the average selling prices of our existing products to continue to decline and we intend to continue to implement product cost reductions
and develop and introduce new products or product enhancements in an effort to maintain or increase our gross margins. Further, we may
derive an increasing proportion of our revenue from the sale of our integrated systems through distribution channels. Revenue derived
from these sales channels typically carries a lower gross margin than direct sales.
Operating
Expenses
Research
and Development
Research
and development expenses consist primarily of salaries and related costs for personnel and expenses for design, development, testing
facilities and equipment depreciation. These expenses also include costs associated with product development efforts, including consulting
fees and prototyping costs from initial product concept to manufacture and production as well as sub-contracted development work. We
expect to continue to make substantial investments in research and development.
Sales
and Marketing
Sales
and marketing expenses consist of salaries and related costs for personnel, sales commissions, consulting and agent’s fees and
expenses for advertising, travel, technical assistance, trade shows, and promotional and demonstration materials. We expect to continue
to incur substantial expenditures related to sales and marketing activities.
General
and Administrative
General
and administrative expenses consist primarily of salaries and related expenses for our personnel, audit, professional and consulting
fees and facilities costs.
Restructuring
costs
Restructuring
costs consist primarily of employee termination benefits.
Non-Operating
Expenses
Interest
Expense, Net
Interest
expense, net consists primarily of interest associated with the Convertible Notes, two subordinated loan facilities and our senior secured
credit facility, which consists of a term loan and delayed draw commitment. Interest on the term loan was determined based on the highest
of a LIBOR rate, the commercial lending rate of the collateral agent and the federal funds rate, plus an applicable margin. Interest
on the delayed draw commitment was based on the LIBOR rate plus an applicable margin. The LIBOR rates were replaced with SOFR rates pursuant
to the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress Convertible Note Agreement Amendment.
Loss
on Extinguishment of Debt
The
senior term loan and convertible debt were amended with the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress
Convertible Note Agreement Amendment. Due to the increased interest rates and maturity amounts, the modification of terms was accounted
for as debt extinguishment and all fees from the prior agreement were expensed as loss on extinguishment of debt in the consolidated
statement of operations.
Income
Tax Benefit, Net
Our
provision for income tax benefit, net includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards.
Some of our net operating loss carryforwards will begin to expire in 2025 and continue to expire through 2037. Our income tax benefit,
net has been impacted by non-deductible expenses, including equity compensation and research and development amortization.
Net
Loss
Net
loss is determined by subtracting operating and non-operating expenses from revenues.
Adjusted
EBITDA
Adjusted
EBITDA is defined as net income before depreciation and amortization, interest expense and income taxes, and also adjusted to add back
share-based compensation costs, changes in the fair value of the warrant liability and embedded derivatives and one-time costs related
to the Business Combination, as these costs are not considered a part of our core business operations and are not an indicator of ongoing,
future company performance. We use Adjusted EBITDA to evaluate our performance, both internally and as compared to our peers, because
these measures exclude certain items that may not be indicative of our core operating results, as well as items that can vary widely
among companies within our industry. For example, share-based compensation costs can be subject to volatility from changes in the market
price per share of our Common Stock or variations in the value and number of shares granted.
Adjusted
EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business because it excludes, among
other things, the effects of certain transactions that are outside the control of management, while other measures can differ significantly
depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.
We
present this non-GAAP financial measure because we believe it is frequently used by analysts, investors and other interested parties
to evaluate companies in our industry. Further, we believe it is helpful in highlighting trends in our operating results by focusing
on our core operating results and is useful to evaluate our performance in conjunction with our GAAP financial measures. Adjusted EBITDA
is a non-GAAP financial measure and should not be considered as an alternative to operating income, net income or earnings per share,
as a measure of operating performance, cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated
the same way by different companies and should not be considered a substitute for or superior to GAAP measures.
In
particular, Adjusted EBITDA is subject to certain limitations, including the following:
|
● |
Adjusted
EBITDA does not reflect interest expense, or the amounts necessary to service interest or principal payments under the Fortress Credit
Agreement; |
|
● |
Adjusted
EBITDA does not reflect income tax provision (benefit), and because the payment of taxes is part of our operations, tax provision
is a necessary element of our costs and ability to operate; |
|
● |
Although
depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will
often have to be replaced in the future, and Adjusted EBITDA does not reflect any costs of such replacements; |
|
● |
Adjusted
EBITDA does not reflect the non-cash component of share-based compensation; |
|
● |
Adjusted
EBITDA does not reflect the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring
basis, of our ongoing operations; and |
|
● |
Other
companies in our industry may calculate Adjusted EBITDA or similarly titled measures differently than we do, limiting its usefulness
as a comparative measure. |
We
adjust for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as supplemental information.
Segments
Our
business is organized around one reportable segment, the development and supply of broadband wireless products and technologies. This
is based on the objectives of the business and how our chief operating decision maker, the Chief Executive Officer, monitors operating
performance and allocates resources.
Results
of Operations
The
following table summarizes key components of our results of operations for the periods indicated:
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
(in
thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
$ |
32,123 |
|
|
$ |
46,945 |
|
|
$ |
56,896 |
|
|
$ |
84,509 |
|
Cost
of revenues |
|
|
25,390 |
|
|
|
28,117 |
|
|
|
39,816 |
|
|
|
53,612 |
|
Gross
profit |
|
|
6,733 |
|
|
|
18,828 |
|
|
|
17,080 |
|
|
|
30,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
13,416 |
|
|
|
16,720 |
|
|
|
27,607 |
|
|
|
33,241 |
|
Sales
and marketing |
|
|
5,310 |
|
|
|
9,010 |
|
|
|
10,992 |
|
|
|
18,340 |
|
General
and administrative |
|
|
5,746 |
|
|
|
11,089 |
|
|
|
13,411 |
|
|
|
22,247 |
|
Amortization
of intangibles |
|
|
- |
|
|
|
284 |
|
|
|
189 |
|
|
|
568 |
|
Restructuring
costs |
|
|
3,023 |
|
|
|
- |
|
|
|
3,283 |
|
|
|
- |
|
Total
operating expenses |
|
|
27,495 |
|
|
|
37,103 |
|
|
|
55,482 |
|
|
|
74,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(20,762 |
) |
|
|
(18,275 |
) |
|
|
(38,402 |
) |
|
|
(43,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(5,153 |
) |
|
|
(4,207 |
) |
|
|
(9,687 |
) |
|
|
(8,775 |
) |
Loss
on extinguishment of debt |
|
|
(8,281 |
) |
|
|
- |
|
|
|
(8,281 |
) |
|
|
- |
|
Change
in fair value of warrant liability and derivatives, net |
|
|
588 |
|
|
|
3,479 |
|
|
|
1,230 |
|
|
|
3,936 |
|
Other
income (expense), net |
|
|
(153 |
) |
|
|
(2,126 |
) |
|
|
408 |
|
|
|
(2,632 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes |
|
|
(33,761 |
) |
|
|
(21,129 |
) |
|
|
(54,732 |
) |
|
|
(50,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax benefit, net |
|
|
154 |
|
|
|
112 |
|
|
|
236 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
Three
Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022
Revenues
Revenues
for the above periods are presented below:
|
|
Three
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
$ |
28,855 |
|
|
|
89.8 |
% |
|
$ |
44,028 |
|
|
|
93.8 |
% |
Maintenance,
warranty and services |
|
|
3,268 |
|
|
|
10.2 |
% |
|
|
2,917 |
|
|
|
6.2 |
% |
Total
revenues |
|
$ |
32,123 |
|
|
|
100.0 |
% |
|
$ |
46,945 |
|
|
|
100.0 |
% |
Revenue
from products and software licenses of $28.9 million for the three months ended June 30, 2023 decreased by $15.2 million from $44.0
million for the three months ended June 30, 2022. This change was primarily due to decreases in sales of products to three customers
in the U.S. of $17.7 million, other customers in the U.S. of $0.6 million, and other regions of $0.6 million. The reductions in revenue
were offset by an increase in sales to one customer in the U.S. of $3.7 million.
Revenue
from maintenance, warranty and services of $3.3 million for the three months ended June 30, 2023 increased by $0.3 million from
$2.9 million for the three months ended June 30, 2022. This increase was primarily due to an increase in NRE revenue of $0.6 million
and service revenue of $0.1 million, offset by a decrease in maintenance revenue of $0.4 million.
Cost
of Revenues
Cost
of revenues for the above periods are presented below:
|
|
Three
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Cost
of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
$ |
23,998 |
|
|
|
74.7 |
% |
|
$ |
26,864 |
|
|
|
57.2 |
% |
Maintenance,
warranty and services |
|
|
1,392 |
|
|
|
4.3 |
% |
|
|
1,253 |
|
|
|
2.7 |
% |
Total
cost of revenues |
|
$ |
25,390 |
|
|
|
79.0 |
% |
|
$ |
28,117 |
|
|
|
59.9 |
% |
Cost
of revenues from products and software licenses of $24.0 million for the three months ended June 30, 2023 decreased by $2.9
million from $26.9 million for the three months ended June 30, 2022. This change was primarily due to the decrease in revenue
and indirect costs, offset by an inventory impairment charge of $7.2 million. A charge of $5.3 million relates to certain product
initiatives that were eliminated or reduced as a result of the headcount reductions in the 2023 Restructuring Program and $1.9
million relates to an accrual for inventory on order for these eliminated or reduced product initiatives.
Cost
of revenues from maintenance, warranty and services of $1.4 million for the three months ended June 30, 2023 increased by $0.1 million
from $1.3 million for the three months ended June 30, 2022, primarily driven by revenue growth.
Operating
Expenses
Operating
expenses for the above periods are presented below:
|
|
Three
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
$ |
13,416 |
|
|
|
41.8 |
% |
|
$ |
16,720 |
|
|
|
35.6 |
% |
Sales
and marketing |
|
|
5,310 |
|
|
|
16.5 |
% |
|
|
9,010 |
|
|
|
19.2 |
% |
General
and administrative |
|
|
5,746 |
|
|
|
17.9 |
% |
|
|
11,089 |
|
|
|
23.6 |
% |
Amortization
of intangibles |
|
|
- |
|
|
|
- |
% |
|
|
284 |
|
|
|
0.6 |
% |
Restructuring
costs |
|
|
3,023 |
|
|
|
9.4 |
% |
|
|
- |
|
|
|
- |
% |
Total
operating expenses |
|
$ |
27,495 |
|
|
|
85.6 |
% |
|
$ |
37,103 |
|
|
|
79.0 |
% |
Research
and development — Research and development expenses were $13.4 million for the three months ended June 30, 2023, a decrease
of $3.3 million from $16.7 million for the three months ended June 30, 2022. The decrease was primarily due to decreased headcount-related
expenses of $2.6 million, decreased share-based compensation of $0.6 million, and decreased other costs of $0.1 million.
Sales
and marketing — Sales and marketing expenses were $5.3 million for the three months ended June 30, 2023, a decrease of
$3.7 million from $9.0 million for the three months ended June 30, 2022, primarily due to decreased headcount-related expenses of
$2.4 million, decreased share-based compensation of $0.7 million and decreased other costs of $0.6 million.
General
and administrative — General and administrative expenses of $5.7 million for the three months ended June 30, 2023 decreased
by $5.4 million from $11.1 million for the three months ended June 30, 2022. The decrease was primarily due to decreased share-based
compensation of $3.7 million, decreased headcount and related costs of $0.9 million, and decreased other costs of $0.8 million.
Amortization
of intangibles — There was no amortization of intangibles for the three months ended June 30, 2023 in comparison to amortization
of intangibles of $0.3 million for the three months ended June 30, 2022.
Restructuring
costs — Restructuring costs related to employee termination costs of $3.0 million for the three months ended June 30,
2023, compared to no restructuring costs for the three months ended June 30, 2022. We expect to incur further restructuring costs
in 2023. The increase is a result of our announced 2023 Restructuring Program.
Non-Operating
Expenses
Interest
expense, net — Interest expense, net was $5.2 million for the three months ended June 30, 2023, an increase of $1.0 million
from $4.2 million for the three months ended June 30, 2022. The increase was due to a higher average debt outstanding and the increase
in the base interest rates charged in the three months ended June 30, 2023 compared to the same period in 2022.
Loss
on extinguishment of debt — Loss on extinguishment of debt was $8.3 million for the three months ended June 30, 2023,
compared with $0 million for the three months ended June 30, 2022. There was a $5.1 million loss on the extinguishment of the senior
term loan and $3.2 million loss on the extinguishment of the convertible debt.
Change
in fair value of warrant liability and derivatives — Change in fair value of warrant liability and derivatives was a gain of
$0.6 million for the three months ended June 30, 2023, a change of $2.8 million from a gain of $3.5 million for the three months
ended June 30, 2022.
Other
income (expense), net — Other income (expense), net was expense of $0.1 million for the three months ended June 30, 2023,
a decrease of $2.0 million from expense of $2.1 million for the three months ended June 30, 2022. The difference was primarily due
to $2.0 million in foreign currency losses for the three months ended June 30, 2022.
Income
tax benefit, net — Income tax benefit, net was a benefit of $0.2 million and a benefit of $0.1 million for the three months
ended June 30, 2023 and 2022, respectively.
Net
Loss
We
had a net loss of $33.6 million for the three months ended June 30, 2023 compared to a net loss of $21.0 million for the three months
ended June 30, 2022, a change of $12.6 million due to the same factors described above.
Adjusted
EBITDA
Adjusted
EBITDA for the three months ended June 30, 2023 was a loss of $15.2 million, representing a change of $2.9 million from a loss of
$12.3 million for the three months ended June 30, 2022. The increase in Adjusted EBITDA was primarily due to the increase in net
loss discussed above and certain higher adjusting items detailed in the table below.
The
following table presents the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA:
|
|
Three
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
2022 |
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
5,153 |
|
|
|
4,207 |
|
Income
tax (benefit) expense, net |
|
|
(154 |
) |
|
|
(112 |
) |
Depreciation
and amortization |
|
|
720 |
|
|
|
1,154 |
|
EBITDA |
|
|
(27,888 |
) |
|
|
(15,768 |
) |
Share-based
compensation expense |
|
|
1,998 |
|
|
|
6,972 |
|
Change
in fair value of warrant liability and derivatives |
|
|
(588 |
) |
|
|
(3,479 |
|
Loss
on extinguishment of debt |
|
|
8,281 |
|
|
|
- |
|
Restructuring
costs |
|
|
3,023 |
|
|
|
- |
|
Adjusted
EBITDA |
|
$ |
(15,174 |
) |
|
$ |
(12,275 |
) |
Six
Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022
Revenues
Revenues
for the above periods are presented below:
|
|
Six
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
$ |
49,788 |
|
|
|
87.5 |
% |
|
$ |
77,604 |
|
|
|
91.8 |
% |
Maintenance,
warranty and services |
|
|
7,108 |
|
|
|
12.5 |
% |
|
|
6,905 |
|
|
|
8.2 |
% |
Total
revenues |
|
$ |
56,896 |
|
|
|
100.0 |
% |
|
$ |
84,509 |
|
|
|
100.0 |
% |
Revenue
from products and software licenses of $49.8 million for the six months ended June 30, 2022 decreased by $27.8 million from $77.6
million for the six months ended June 30, 2022. This change was primarily due to decreases in sales of products to three customers
in the U.S. of $25.1 million, other customers in the U.S. of $1.4 million, and other regions of $5.0 million. The reductions in revenue
were offset by an increase in sales to one customer in the U.S. of $3.7 million.
Revenue
from maintenance, warranty and services of $7.1 million for the six months ended June 30, 2023 increased by $0.2 million from $6.9
million for the six months ended June 30, 2022. This increase was primarily due to an increase in NRE revenue of $0.2 million.
Cost
of Revenues
Cost
of revenues for the above periods are presented below:
|
|
Six
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Cost
of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
and software licenses |
|
$ |
37,292 |
|
|
|
93.7 |
% |
|
$ |
51,337 |
|
|
|
60.7 |
% |
Maintenance,
warranty and services |
|
|
2,524 |
|
|
|
4.4 |
% |
|
|
2,275 |
|
|
|
2.7 |
% |
Total
cost of revenues |
|
$ |
39,816 |
|
|
|
98.1 |
% |
|
$ |
53,612 |
|
|
|
63.4 |
% |
Cost
of revenues from products and software licenses of $37.3 million for the six months ended June 30, 2023 decreased by $14.0
million from $51.3 million for the six months ended June 30, 2022. This change was primarily due to the decrease in revenue and
indirect costs, offset by an inventory impairment charge of $7.2 million. A charge of $5.3 million relates to certain product
initiatives that were eliminated or reduced as a result of the headcount reductions in the 2023 Restructuring Program and $1.9
million relates to an accrual for inventory on order for these eliminated or reduced product initiatives.
Cost
of revenues from maintenance, warranty and services of $2.5 million for the six months ended June 30, 2023 increased by $0.2 million
from $2.3 million for the six months ended June 30, 2022.
Operating
Expenses
Operating
expenses for the above periods are presented below:
|
|
Six
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
%
of Revenue |
|
|
2022 |
|
|
%
of Revenue |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
$ |
27,607 |
|
|
|
48.5 |
% |
|
$ |
33,241 |
|
|
|
39.3 |
% |
Sales
and marketing |
|
|
10,992 |
|
|
|
19.3 |
% |
|
|
18,340 |
|
|
|
21.7 |
% |
General
and administrative |
|
|
13,411 |
|
|
|
23.6 |
% |
|
|
22,247 |
|
|
|
26.3 |
% |
Amortization
of intangibles |
|
|
189 |
|
|
|
0.3 |
% |
|
|
568 |
|
|
|
0.7 |
% |
Restructuring
costs |
|
|
3,283 |
|
|
|
5.8 |
% |
|
|
- |
|
|
|
- |
% |
Total
operating expenses |
|
$ |
55,482 |
|
|
|
97.5 |
% |
|
$ |
74,396 |
|
|
|
88.0 |
% |
Research
and development — Research and development expenses were $27.6 million for the six months ended June 30, 2023, a decrease
of $5.6 million from $33.2 million for the six months ended June 30, 2022. The decrease was primarily due to decreased headcount
expenses of $4.9 million and decreased share-based compensation of $1.0 million, offset by an increase in other costs of $0.3 million.
Sales
and marketing — Sales and marketing expenses were $11.0 million for the six months ended June 30, 2023, a decrease of
$7.3 million from $18.3 million for the six months ended June 30, 2022. The decrease was the result of decreased headcount related
costs of $4.3 million, decreased other costs of $1.6 million, and decreased share-based compensation of $1.4 million.
General
and administrative — General and administrative expenses were $13.4 million for the six months ended June 30, 2023, a
decrease of $8.8 million from $22.2 million for the six months ended June 30, 2022. The decrease was primarily due to a decrease
of $7.2 million in share-based compensation, decreased headcount related costs of $1.4 million, and decreased other costs of $0.3 million.
Amortization
of intangibles — Amortization of intangibles of $0.2 million was lower for the six months ended June 30, 2023 in comparison
to $0.6 million the six months ended June 30, 2022.
Restructuring
costs — Restructuring costs related to employee termination costs of $3.3 million for the six months ended June 30, 2023 increased
as there were no restructuring costs for the six months ended June 30, 2022. We expect to incur further restructuring costs in 2023.
The increase is a result of our announced 2023 Restructuring Program.
Non-Operating
Expenses
Interest
expense, net — Interest expense, net was $9.7 million for the six months ended June 30, 2023, an increase of $0.9 million
from $8.8 million for the six months ended June 30, 2022. The increase was due to a higher average debt outstanding and the increase
in the base interest rates charged in the six months ended June 30, 2023 than the same period in 2022.
Loss
on extinguishment of debt — Loss on extinguishment of debt was $8.3 million for the six months ended June 30, 2023, compared
with $0 million for the six months ended June 30, 2022. There was a $5.1 million loss on the extinguishment of the senior term loan
and $3.2 million loss on the extinguishment of the convertible debt.
Change
in fair value of warrant liability and derivatives, net — Change in fair value
of warrant liability and derivatives, net was a gain of $1.2 million for the six months ended
June 30, 2023, a change of $2.7 million from a gain of $3.9 million for the six months
ended June 30, 2022.
Other
income (expense), net — Other income (expense), net was income of $0.4 million for the six months ended June 30, 2023,
a difference of $3.0 million an expense of $2.6 million for the six months ended June 30, 2022. The difference was primarily due
to $0.5 million in foreign currency gains for the six months ended June 30, 2023 compared to $2.4 million in foreign currency losses
for the six months ended June 30, 2022.
Income
tax benefit, net — Income tax benefit, net was a benefit of $0.2 million for both of the six months ended June 30, 2023
and 2022, respectively.
Net
Loss
We
had a net loss of $54.5 million for the six months ended June 30, 2022 compared to a net loss of $50.8 million for the six months
ended June 30, 2022, an increase of $3.7 million due to the same factors described above.
Adjusted
EBITDA
Adjusted
EBITDA for the six months ended June 30, 2023 was a loss of $29.0 million, representing a change of $1.3 million from a loss of
$30.3 million for the six months ended June 30, 2022. The increase in Adjusted EBITDA was primarily due to the increase in net loss
discussed above and certain higher adjusting items detailed in the table below.
The
following table presents the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA:
|
|
Six
Months Ended June 30, |
|
($
in thousands) |
|
2023 |
|
|
2022 |
|
Net
loss |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
9,687 |
|
|
|
8,775 |
|
Income
tax (benefit) expense, net |
|
|
(236 |
) |
|
|
(215 |
) |
Depreciation
and amortization |
|
|
1,772 |
|
|
|
2,275 |
|
EBITDA |
|
|
(43,273 |
) |
|
|
(39,920 |
) |
Share-based
compensation expense |
|
|
3,937 |
|
|
|
13,536 |
|
Change
in fair value of warrant liability and derivatives |
|
|
(1,230 |
) |
|
|
(3,936 |
) |
Loss
on extinguishment of debt |
|
|
8,281 |
|
|
|
- |
|
Restructuring
costs |
|
|
3,283 |
|
|
|
- |
|
Adjusted
EBITDA |
|
$ |
(29,002 |
) |
|
$ |
(30,320 |
) |
Liquidity
and Capital Resources
The
March 2023 failures of Silicon Valley Bank and Signature Bank, and subsequent bank failures in 2023, created significant market
disruption and uncertainty for those who bank with those institutions. These failures have raised significant concern regarding the stability
of the banking system in the United States. While we do not hold our cash at any of these banks, if the banks and financial institutions
at which we hold our cash enter receivership or become insolvent in the future in response to financial conditions affecting the banking
system and financial markets, our ability to access our cash and cash equivalents may be threatened and such events could have a material
adverse effect on our business and financial condition.
To
date, our principal sources of liquidity have been our cash and cash equivalents and cash generated from operations, proceeds from the
issuance of long-term debt, preferred and common stock, and the sale of certain receivables. Our capital requirements depend on a number
of factors, including sales, the extent of our spending on research and development, expansion of sales and marketing activities and
market adoption of our products and services.
We
had $75.0 million of current assets and $78.0 million of current liabilities as of June 30, 2023. During the six months ended June 30,
2023, we used $12.1 million in cash flows from operating activities, primarily from the net loss offset by non-cash adjustments. We are
investing heavily in 5G research and development and expect to use cash from operations during the remainder of 2023 and through the
first half of 2024 to fund research and development activities. Cash on hand and the available borrowing capacity under the Fortress
Credit Agreement may not allow us to meet our forecasted cash requirements.
In
order to address the need to satisfy our continuing obligations and realize our long-term strategy, management has taken several steps
and is considering additional actions to improve our operating and financial results, including the following:
|
● |
focusing
our efforts to increase sales in additional geographic markets; |
|
● |
continuing
to develop 5G product offerings that will expand the market for our products; |
|
● |
focusing
our efforts to improve days sales outstanding to provide additional liquidity |
|
● |
selling
the Mimosa business for approximately $60.0 million; and |
|
● |
continuing
to implement cost reduction initiatives to reduce non-strategic costs in operations and expand our labor force in lower cost geographies,
with headcount reductions in higher cost geographies. |
There
can be no assurance that the above actions will be successful. Without additional financing or capital, the Company’s current cash
balance would be insufficient to satisfy repayment demands from its lenders if the lenders elect to declare the senior term loan and
the senior secured convertible notes due prior to the maturity date. There is no assurance that the new or renegotiated financing will
be available, or that if available, will have satisfactory terms. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern within one year after the date that these financial statements are issued. The accompanying condensed
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
Days
sales outstanding (“DSO”) is a measurement of the time it takes to collect receivables. DSO is calculated by dividing accounts
receivable, net as of the end of the quarter by the average daily revenue for the quarter. Average daily revenue for the quarter is calculated
by dividing the quarterly revenue by ninety days. All customer accounts are actively managed, and no losses in excess of amounts reserved
are currently expected. DSO can fluctuate due to the timing and nature of contracts, as well as the payment terms of individual customers.
DSO was 94 days and 101 days as of June 30, 2023 and December 31, 2022, respectively.
On
August 6, 2015, we issued Golden Wayford Limited a $10.0 million subordinated Convertible
Note Promissory Note (the “Golden Wayford Note”) pursuant to a subordinated convertible
note purchase agreement, also dated August 6, 2015. The Golden Wayford Note, in the
amount of $9.0 million plus interest, matured on June 30, 2020. We were not able to
agree to an extended maturity date and the Golden Wayford Note remained outstanding as of
June 30, 2023 and in default under the terms of the arrangement. We were granted a limited
waiver under the Fortress Credit Agreement which waives each actual and prospective default
and event of default existing under the Fortress Credit Agreement directly as a result of
the non-payment of the Golden Wayford Note for so long as the Golden Wayford Note remains
in effect. The waiver is limited to the actual and prospective defaults under the Fortress
Credit Agreement as they existed on December 30, 2020 and not to any other change in
facts or circumstances occurring after December 30, 2020. The waiver does not restrict
Fortress from exercising any rights or remedies they may have with respect to any other default
or event of default under the Fortress Credit Agreement or the related loan documents.
On
December 30, 2020, we and certain of our subsidiaries as guarantors, entered into the Fortress Credit Agreement with Fortress. On
August 13, 2021, the Company, Legacy Airspan and certain of our subsidiaries who are party to the Fortress Credit Agreement entered
into the August 2021 Fortress Amendment to, among other things, add the Company as a guarantor, recognize and account for the Business
Combination, recognize and account for the Convertible Notes and provide updated procedures for replacement of LIBOR. On March 29,
2022, the Company, Legacy Airspan and certain of our subsidiaries who are party to the Fortress Credit Agreement entered into the March 2022
Fortress Credit Amendment to, among other things, amend the financial covenants included in the Fortress Credit Agreement. On May 18,
2023, the Company, Legacy Airspan and certain of the Company’s subsidiaries who are party to the Fortress Credit Agreement entered
into the May 2023 Credit Agreement Amendment relating to the Fortress Credit Agreement with Fortress pursuant to which the parties
agreed to, among other things, (i) certain consents related to the Company’s previously disclosed divestiture of Mimosa, (ii) waive
certain existing events of default under the Fortress Credit Agreement in the limited manner set forth therein, (iii) terminate the existing
delayed draw term loan commitments under the Fortress Credit Agreement and establish new delayed draw term loan commitments in the aggregate
amount of $25 million, (iv) modify the interest rates applicable to certain loans under the Fortress Credit Agreement, (v) provide for
the issuance of 5,912,040 warrants to purchase shares of the Company’s common stock, (vi) amend certain financial covenants and
(vii) provide for additional fees related to the Fortress Credit Agreement, and (viii) amend and restate the Fortress Credit Agreement.
As of June 30, 2023, we were in compliance with all applicable covenants under the Fortress Credit Agreement. See Note 10 of the
notes to the unaudited condensed consolidated financial statements included in this Quarterly Report for further discussion on this agreement.
On
August 13, 2021, we closed the business combination transaction (the “Business Combination”) pursuant to the business
combination agreement (the “Business Combination Agreement”), dated March 8, 2021, by and among the Company, Artemis
Merger Sub Corp., a Delaware corporation and wholly-owned direct subsidiary of the Company, and Airspan Networks Inc. (prior to the Business
Combination, “Legacy Airspan”). In connection with the closing of the Business Combination, we issued 7,500,000 shares of
Common Stock to certain investors that entered into subscription agreements concurrent with the Business Combination, at a price of $10.00
per share, for aggregate consideration of $75.0 million, and $50.0 million in aggregate principal amount of Convertible Notes. On May 18,
2023, the Company and certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into the May 2023
Fortress Convertible Note Agreement Amendment to, among other things, (i) provide for certain consents relating to the Company’s
previously disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Convertible Note Agreement
in the limited manner set forth therein, (iii) imposed a $2.5 million fee, which was capitalized to increase the aggregate principal
amount of the Convertible Notes to $52.5 million, (iv) increase the interest rate applicable to the Convertible Notes to 10.00%, and
(v) provide for additional fees related to the Fortress Convertible Note Purchase Agreement and the Convertible Notes. On May 28,
2023, the Company reissued $52.5 million aggregate principal amount of Convertible Notes.
As
of June 30, 2023, we were in compliance with all applicable covenants under the Fortress Convertible Note Purchase Agreement. See
Note 11 of the notes to the unaudited condensed consolidated financial statements included in this Quarterly Report for further discussion
on this agreement.
As
of June 30, 2023, we had commitments with our main subcontract manufacturers under various purchase orders and forecast arrangements
of $73.5 million, of which $55.6 million relates to Mimosa. The majority of the commitments have expected delivery dates during the remainder
of 2023.
Cash
Flows
The
following table summarizes the changes to our cash flows for the periods presented:
|
|
For
the Six Months Ended June 30, |
|
(in
thousands) |
|
2023 |
|
|
2022 |
|
Statement
of Cash Flows Data: |
|
|
|
|
|
|
|
|
Net
cash used in operating activities |
|
$ |
(12,172 |
) |
|
$ |
(22,494 |
) |
Net
cash used in investing activities |
|
|
(1,122 |
) |
|
|
(1,632 |
) |
Net
cash provided by (used in) financing activities |
|
|
16,144 |
|
|
|
(2,640 |
) |
Net
increase (decrease) in cash, cash equivalents and restricted cash |
|
|
2,850 |
|
|
|
(26,766 |
) |
Cash,
cash equivalents and restricted cash, beginning of period |
|
|
7,287 |
|
|
|
63,122 |
|
Cash,
cash equivalents and restricted cash, end of period |
|
$ |
10,137 |
|
|
$ |
36,356 |
|
Operating
Activities
Net
cash used in operating activities was $12.2 million for the six months ended June 30, 2023, a decrease of $10.3 million from net
cash used in operating activities of $22.5 million for the six months ended June 30, 2022. The decrease is a result of $3.7 million
less from results of our operations, offset by $6.2 million more generated from working capital and $7.8 million increase in non-cash
adjustments.
Investing
Activities
Net
cash used in investing activities was $1.1 million for the six months ended June 30, 2023, a decrease of $0.5 million from $1.6
million for the six months ended June 30, 2022 due to fewer purchases of property and equipment.
Financing
Activities
Net
cash provided by financing activities was $16.1 million for the six months ended June 30, 2023 and was related to $20 million of
borrowings under the senior term loan in the second quarter of 2023, offset by the payment of debt issuance costs of $1.9 million and
repayment of the senior term loan of $1.8 million.
Net
cash used in financing activities was $2.6 million for the six months ended June 30, 2022 and was related to the repayment of borrowings
under the senior term loan.
Critical
Accounting Estimates
The
discussion and analysis of our financial condition and results of operations is based upon our unaudited condensed consolidated financial
statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate
the effectiveness of our estimates and judgments, including those related to revenue recognition, allowance for doubtful accounts, intangible
assets, net, impairment of long-lived assets, share-based compensation and income taxes.
We
base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions and may change as future
events occur.
Critical
accounting policies are those policies that management believes are very important to the portrayal of our financial position and results
of operations, and that require management to make estimates that are difficult, subjective or otherwise complex. Our critical accounting
policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2022, for which there
were no material changes during the six months ended June 30, 2023, included the following:
|
● |
Goodwill; |
|
|
|
|
● |
Share-based
compensation; |
|
|
|
|
● |
Revenue
recognition; and |
|
|
|
|
● |
Convertible
Notes. |
Recent
Accounting Pronouncements
Refer
to Note 2 of our unaudited condensed consolidated financial statements included in this Quarterly Report for further information on recent
accounting pronouncements.
JOBS
Act
The
Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We qualify as an “emerging growth company” and under the JOBS Act
are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,
the financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company
effective dates.
Additionally,
we have chosen to rely on certain reduced reporting requirements applicable to emerging growth companies, including, among other things,
that we are not required to (i) provide an auditor’s attestation report on our system of internal controls over financial reporting
pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) provide all of the compensation disclosure that may be required of non-emerging
growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may
be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s
report providing additional information about the audit and the financial statements (auditor discussion and analysis) and (iv) disclose
certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of
the Chief Executive Officer’s compensation to median employee compensation. These exemptions will apply for a period of five years
following the completion of NBA’s initial public offering or until we are no longer an “emerging growth company,” whichever
is earlier.
We
will remain an “emerging growth company” under the JOBS Act until the earliest of: (i) the last day of the fiscal year (a)
following the fifth anniversary of the closing of NBA’s initial public offering, (b) in which we have total annual gross revenue
of at least $1.235 billion, or (c) when we are deemed to be a “large accelerated filer” under the Exchange Act, which would
occur if the market value of our common equity held by non-affiliates exceeds $700.0 million as of the last business day of our most
recently completed second fiscal quarter; or (ii) the date on which we have issued more than $1.0 billion in non-convertible debt securities
during the prior three-year period.
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
We
are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information under
this item.
Item 4.
Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us
in our Exchange Act reports is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules
and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and
principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under
the Exchange Act), as of June 30, 2023. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded
that, as of that date, our disclosure controls and procedures were effective.
Changes
in Internal Control over Financial Reporting
There
was no change in our internal controls over financial reporting that occurred during the quarter ended June 30, 2023, that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II—OTHER INFORMATION
Item 1.
Legal Proceedings
Reference
is made to Note 13 – Commitments and Contingencies in the notes to the unaudited condensed consolidated financial statements contained
elsewhere in this Quarterly Report for information regarding certain litigation to which we are a party.
Item 1A.
Risk Factors
Our
failure to meet the continued listing requirements of the NYSE American LLC (the “NYSE American”) could result in a delisting
of our common stock.
If
we fail to satisfy the continued listing requirements of the NYSE American, such as the corporate governance requirements or the minimum
closing bid price requirement, the exchange may take steps to delist our common stock. Such a delisting would likely have a negative
effect on the price of our common stock and would impair your ability to sell or purchase our common stock when you wish to do so. In
the event of a delisting notification, we anticipate that we would take actions to restore our compliance with applicable exchange requirements,
such as stabilize our market price, improve the liquidity of our common stock, prevent our common stock from dropping below such exchange’s
minimum bid price requirement, or prevent future non-compliance with such exchange’s listing requirements.
On
June 9, 2023, the Company received a letter (the “Letter”) from the NYSE American stating that we are not in compliance
with the continued listing standards set forth in Sections 1003(a)(i) and (ii) of the NYSE American Company Guide (the “Company
Guide”). Section 1003(a)(i) requires a listed company to have stockholders’ equity of $2 million or more if the listed
company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years. Section 1003(a)(ii)
requires a listed company to have stockholders’ equity of $4 million or more if the listed company has reported losses from continuing
operations and/or net losses in three of its four most recent fiscal years. The Company reported a stockholders’ deficit of $99.9
million as of March 31, 2023, and has had losses from continuing operations and/or net losses in each of its three most recent fiscal
years.
However,
Section 1003(a) states that the NYSE American will not normally consider suspending dealings in, or removing from the list, the
securities of a listed company which is below standards (i) and (ii) of Section 1003(a) if the listed company is in compliance with
the following two standards: (1) total value of market capitalization of at least $50 million; or total assets and revenue of $50 million
each in its last fiscal year, or in two of its last three fiscal years; and (2) the listed company has at least 1.1 million shares publicly
held, a market value of publicly held shares of at least $15 million and 400 round lot shareholders. As of June 9, 2023, the Company
was in compliance with the first standard because it had total assets and total revenue of at least $50 million in its last fiscal year
and was in compliance with the second standard, except that the current market value of publicly held shares was below $15 million.
Accordingly,
the Letter stated that the Company must submit a plan of compliance (the “Plan”) by July 9, 2023 addressing how it intends
to regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide by December 9, 2024. If the Plan is not permitted
or the Plan is not accepted, delisting proceedings will commence. In response to the Letter, the Company submitted the Plan to NYSE American,
pursuant to which the Company also intends to regain compliance with Section 1003(f)(v) of the Company Guide.
The
Company’s stock will continue to be listed on the NYSE American while the Company evaluates its various alternatives. The Company’s
receipt of such notification from the NYSE American does not affect the Company’s business, operations or reporting requirements
with the U.S. Securities and Exchange Commission.
On
July 10, 2023, the Company received written notice (the “Notice”) from the
NYSE American stating that we are not in compliance with the continued listing standard set
forth in Section 1003(f)(v) of the Company Guide because the Company’s common
stock was selling for a substantial period of time at a low price per share, which NYSE American
determined to be a 30-trading day average of less than $0.20 per share. The Notice stated
that the Company’s continued listing is predicated on it effecting a reverse stock
split of its common stock or otherwise demonstrating sustained price improvement within a
reasonable period of time, which NYSE American has determined to be no later than January 10,
2024.
However,
NYSE American may take an accelerated delisting action that would pre-empt the cure period in the event that the common stock trades
at a level viewed to be abnormally low.
As
previously disclosed, on June 9, 2023, the Company received a letter (the “Letter”) from the NYSE American stating that
it is not in compliance with the continued listing standards set forth in Sections 1003(a)(i) and (ii) of the Company Guide and
requesting that the Company submit a plan of compliance (the “Plan”) addressing how it intends to regain compliance. In response
to the Letter, the Company submitted the Plan to NYSE American, pursuant to which the Company also intends to regain compliance with
Section 1003(f)(v) of the Company Guide.
The
Company’s common stock will continue to be listed on the NYSE American while the Company evaluates its various alternatives. The
Company will also continue to be included in the list of NYSE American noncompliant issuers, and the below compliance (“.BC”)
indicator will continue to be disseminated with the Company’s ticker symbol(s).
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Not
applicable.
Item 3.
Defaults Upon Senior Securities
Not
applicable.
Item 4.
Mine Safety Disclosure
Not
applicable.
Item 5.
Other Information.
Not
applicable.
Item 6.
Exhibits.
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
Exhibit
Number |
|
Description |
2.1 |
|
Stock
Purchase Agreement, dated as of March 8, 2023, by and among Airspan Networks Holdings Inc, Airspan Networks Inc., Mimosa Networks,
Inc., and Radisys Corporation (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K filed with the SEC
on March 9, 2023) |
|
|
|
2.2 |
|
Amendment
No. 1 to Stock Purchase Agreement, dated as of July 22, 2023 (incorporated by reference to Exhibit 2.2 to our Current Report
on Form 8-K filed with the SEC on July 25, 2023). |
|
|
|
10.1 |
|
Limited
Waiver and Consent, Second Amendment and Restatement of Credit Agreement and Reaffirmation of Loan Documents, dated May 18,
2023, among Airspan Networks Inc., Airspan Networks Holdings Inc., certain of its subsidiaries, as guarantors, the lenders party
thereto and DBFIP ANI LLC, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to our Current
Report on Form 8-K/A filed with the SEC on May 26, 2023) |
|
|
|
10.2 |
|
Form
of Second Amended and Restated Senior Secured Convertible Note (incorporated by reference to Exhibit 10.2 to our Current Report on
Form 8-K/A filed with the SEC on May 26, 2023) |
|
|
|
10.3 |
|
Limited
Waiver and Consent, Third Amendment to Senior Secured Convertible Note Purchase and Guarantee Agreement and Reaffirmation of Note
Documents, dated May 18, 2023, among Airspan Networks Inc., Airspan Networks Holdings Inc., certain of its subsidiaries, as
guarantors, the purchasers party thereto and DBFIP ANI LLC, as agent, collateral agent and trustee (incorporated by reference to
Exhibit 10.3 to our Current Report on Form 8-K/A filed with the SEC on May 26, 2023) |
|
|
|
10.4 |
|
Specimen
Public Warrant (incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K/A filed with the SEC on May 26,
2023) |
|
|
|
10.5 |
|
Amended
Employment Agreement, dated May 18, 2023, between Eric Stonestrom and Airspan Networks Holdings Inc. (incorporated by reference
to Exhibit 10.5 to our Current Report on Form 8-K/A filed with the SEC on May 26, 2023) |
|
|
|
10.6 |
|
Letter
Agreement, dated June 30, 2023, among DBFIP ANI LLC, Airspan Networks Holdings Inc.
(f/k/a New Beginnings Acquisition Corp.), Airspan Networks Inc., Airspan IP Holdco LLC, Airspan
Networks (SG) Inc., Mimosa Networks, Inc., Mimosa Networks International, LLC, Airspan Communications
Limited, Airspan Networks Ltd. and Airspan Japan KK (incorporated by reference to Exhibit
10.1 to our Current Report on Form 8-K filed with the SEC on July 7, 2023) |
|
|
|
31.1 |
|
Certification
of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934,
as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification
of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934,
as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1* |
|
Certification
of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002. |
|
|
|
32.2* |
|
Certification
of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002. |
101.INS |
|
XBRL
Instance Document |
|
|
101.SCH |
|
XBRL
Taxonomy Extension Schema Document |
|
|
101.CAL |
|
XBRL
Taxonomy Extension Calculation Linkbase Document |
|
|
101.DEF |
|
XBRL
Taxonomy Extension Definition Linkbase Document |
|
|
101.LAB |
|
XBRL
Taxonomy Extension Label Linkbase Document |
|
|
101.PRE |
|
XBRL
Taxonomy Extension Presentation Linkbase Document |
|
|
|
104 |
|
Cover
Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) |
|
* |
These
certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are not deemed to be filed
for purposes of Section 18 of the Exchange Act, nor shall they be deemed incorporated by reference in any filing under the Securities
Act, except as shall be expressly set forth by specific reference in such filing. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized on August 9, 2023.
|
AIRSPAN
NETWORKS HOLDINGS INC. |
|
|
|
|
By: |
/s/
Glenn Laxdal |
|
Name:
|
Glenn
Laxdal |
|
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
David Brant |
|
Name:
|
David
Brant |
|
Title: |
Senior
Vice President and Chief Financial Officer
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATIONS
I,
Glenn Laxdal, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Airspan Networks Holdings Inc.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 9, 2023 |
|
|
|
|
|
|
By: |
/s/
Glenn Laxdal |
|
Name: |
Glenn
Laxdal |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
David Brant, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Airspan Networks Holdings Inc.; |
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 9, 2023 |
|
|
|
|
|
|
By: |
/s/
David Brant |
|
Name: |
David
Brant |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I,
Glenn Laxdal, Chief Executive Officer of Airspan Networks Holdings Inc. (the “Company”), certify, pursuant to 18 U.S.C. Section 1350,
that, to my knowledge:
1. |
the
Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Report”) fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. |
the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
August 9, 2023 |
|
|
|
|
|
|
By: |
/s/
Glenn Laxdal |
|
Name: |
Glenn
Laxdal |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I,
David Brant, Chief Financial Officer of Airspan Networks Holdings Inc. (the “Company”), certify, pursuant to 18 U.S.C. Section 1350,
that, to my knowledge:
1. |
the
Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2023 (the “Report”) fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. |
the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
August 9, 2023 |
|
|
|
|
|
|
By: |
/s/
David Brant |
|
Name: |
David
Brant |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 04, 2023 |
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
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|
|
Document Fiscal Year Focus |
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|
|
Current Fiscal Year End Date |
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|
|
Entity File Number |
001-39679
|
|
Entity Registrant Name |
Airspan Networks Holdings Inc.
|
|
Entity Central Index Key |
0001823882
|
|
Entity Tax Identification Number |
85-2642786
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
777 Yamato Road
|
|
Entity Address, Address Line Two |
Suite 310
|
|
Entity Address, City or Town |
Boca Raton
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
33431
|
|
City Area Code |
(561)
|
|
Local Phone Number |
893-8670
|
|
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Title of 12(b) Security |
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|
|
Trading Symbol |
MIMO
|
|
Security Exchange Name |
NYSE
|
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v3.23.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 10,102
|
$ 7,253
|
Restricted cash |
35
|
34
|
Accounts receivable, net of allowance of $478 and $647 at June 30, 2023 and December 31, 2022, respectively |
22,790
|
46,565
|
Inventory |
10,592
|
18,556
|
Prepaid expenses and other current assets |
16,159
|
17,289
|
Assets held for sale – current |
15,352
|
|
Total current assets |
75,030
|
89,697
|
Property, plant and equipment, net |
5,686
|
7,351
|
Goodwill |
|
13,641
|
Intangible assets, net |
|
5,302
|
Right-of-use assets, net |
3,711
|
5,697
|
Other non-current assets |
3,059
|
3,407
|
Assets held for sale – non-current |
20,913
|
|
Total assets |
108,399
|
125,095
|
Current liabilities: |
|
|
Accounts payable |
17,393
|
26,173
|
Accrued expenses and other current liabilities |
31,247
|
32,243
|
Deferred revenue |
1,547
|
2,892
|
Senior term loan, current portion |
4,179
|
40,529
|
Subordinated debt |
11,396
|
11,119
|
Subordinated term loan – related party |
|
41,528
|
Convertible debt |
|
43,928
|
Current portion of long-term debt |
265
|
259
|
Liabilities held for sale – current |
12,015
|
|
Total current liabilities |
78,042
|
198,671
|
Subordinated term loan – related party |
43,402
|
|
Senior term loan |
59,045
|
|
Convertible debt |
47,749
|
|
Other long-term liabilities |
9,561
|
7,223
|
Liabilities held for sale – non-current |
375
|
|
Total liabilities |
238,174
|
205,894
|
Stockholders’ deficit: |
|
|
Common stock, $0.0001 par value; 250,000,000 shares authorized; 74,582,992 and 74,283,026 shares issued and outstanding at both June 30, 2023 and December 31, 2022 |
7
|
7
|
Additional paid-in capital |
775,947
|
770,427
|
Accumulated deficit |
(905,729)
|
(851,233)
|
Total stockholders’ deficit |
(129,775)
|
(80,799)
|
Total liabilities and stockholders’ deficit |
$ 108,399
|
$ 125,095
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v3.23.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Allowance |
$ 478
|
$ 647
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
74,582,992
|
74,283,026
|
Common stock, shares outstanding |
74,582,992
|
74,283,026
|
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v3.23.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues: |
|
|
|
|
Total revenues |
$ 32,123
|
$ 46,945
|
$ 56,896
|
$ 84,509
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
25,390
|
28,117
|
39,816
|
53,612
|
Gross profit |
6,733
|
18,828
|
17,080
|
30,897
|
Operating expenses: |
|
|
|
|
Research and development |
13,416
|
16,720
|
27,607
|
33,241
|
Sales and marketing |
5,310
|
9,010
|
10,992
|
18,340
|
General and administrative |
5,746
|
11,089
|
13,411
|
22,247
|
Amortization of intangibles |
|
284
|
189
|
568
|
Restructuring costs |
3,023
|
|
3,283
|
|
Total operating expenses |
27,495
|
37,103
|
55,482
|
74,396
|
Loss from operations |
(20,762)
|
(18,275)
|
(38,402)
|
(43,499)
|
Interest expense, net |
(5,153)
|
(4,207)
|
(9,687)
|
(8,775)
|
Loss on extinguishment of debt |
(8,281)
|
|
(8,281)
|
|
Change in fair value of warrant liability and derivatives, net |
588
|
3,479
|
1,230
|
3,936
|
Other income (expense), net |
(153)
|
(2,126)
|
408
|
(2,632)
|
Loss before income taxes |
(33,761)
|
(21,129)
|
(54,732)
|
(50,970)
|
Income tax benefit (expense), net |
154
|
112
|
236
|
215
|
Net loss |
$ (33,607)
|
$ (21,017)
|
$ (54,496)
|
$ (50,755)
|
Loss per share - basic |
$ (0.45)
|
$ (0.29)
|
$ (0.73)
|
$ (0.70)
|
Loss per share - diluted |
$ (0.45)
|
$ (0.29)
|
$ (0.73)
|
$ (0.70)
|
Weighted average shares outstanding - basic |
74,582,992
|
72,335,952
|
74,528,668
|
72,335,952
|
Weighted average shares outstanding - diluted |
74,582,992
|
72,335,952
|
74,528,668
|
72,335,952
|
Products And Software Licenses [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 28,855
|
$ 44,028
|
$ 49,788
|
$ 77,604
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
23,998
|
26,864
|
37,292
|
51,337
|
Maintenance Warranty And Services [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
3,268
|
2,917
|
7,108
|
6,905
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
$ 1,392
|
$ 1,253
|
$ 2,524
|
$ 2,275
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.23.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 7
|
$ 749,592
|
$ (765,851)
|
$ (16,252)
|
Beginning balance, shares at Dec. 31, 2021 |
72,335,952
|
|
|
|
Net loss |
|
|
(29,738)
|
(29,738)
|
Share-based compensation expense |
|
6,564
|
|
6,564
|
Ending balance, value at Mar. 31, 2022 |
$ 7
|
756,156
|
(795,589)
|
(39,426)
|
Ending balance, shares at Mar. 31, 2022 |
72,335,952
|
|
|
|
Net loss |
|
|
(21,017)
|
(21,017)
|
Share-based compensation expense |
|
6,972
|
|
6,972
|
Ending balance, value at Jun. 30, 2022 |
$ 7
|
763,128
|
(816,606)
|
(53,471)
|
Ending balance, shares at Jun. 30, 2022 |
72,335,952
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 7
|
770,427
|
(851,233)
|
(80,799)
|
Beginning balance, shares at Dec. 31, 2022 |
74,283,026
|
|
|
|
Net loss |
|
|
(20,889)
|
(20,889)
|
Issuance of restricted shares, net of cash withheld for payment of taxes |
|
(161)
|
|
(161)
|
Issuance of restricted shares, net of shares withheld for taxes, shares |
299,966
|
|
|
|
Share-based compensation expense |
|
1,939
|
|
1,939
|
Ending balance, value at Mar. 31, 2023 |
$ 7
|
772,205
|
(872,122)
|
(99,910)
|
Ending balance, shares at Mar. 31, 2023 |
74,582,992
|
|
|
|
Net loss |
|
|
(33,607)
|
(33,607)
|
Warrants issued |
|
1,744
|
|
1,744
|
Share-based compensation expense |
|
1,998
|
|
1,998
|
Ending balance, value at Jun. 30, 2023 |
$ 7
|
$ 775,947
|
$ (905,729)
|
$ (129,775)
|
Ending balance, shares at Jun. 30, 2023 |
74,582,992
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (54,496)
|
$ (50,755)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,772
|
2,275
|
Foreign exchange loss (gain) on long-term debt |
6
|
(16)
|
Bad debt expense |
172
|
7
|
Change in fair value of warrants and derivatives, net |
(1,230)
|
(3,936)
|
Loss on extinguishment of debt |
8,281
|
|
Non-cash debt amendment fee |
|
463
|
Inventory impairment charge |
7,215
|
|
Share-based compensation |
3,937
|
13,536
|
Total adjustments |
20,153
|
12,329
|
Changes in operating assets and liabilities: |
|
|
Decrease in accounts receivable |
12,539
|
9,706
|
Increase in inventory |
(1,496)
|
(302)
|
Decrease in prepaid expenses and other current assets |
975
|
2,221
|
Decrease in other non-current assets |
238
|
181
|
Increase (decrease) in accounts payable |
1,611
|
(3,040)
|
(Decrease) increase in deferred revenue |
(1,118)
|
1,686
|
Decrease in accrued expenses and other current liabilities |
(623)
|
(65)
|
Increase in other long-term liabilities |
4,220
|
151
|
Increase in accrued interest on long-term debt |
5,825
|
5,394
|
Net cash used in operating activities |
(12,172)
|
(22,494)
|
Cash flows from investing activities: |
|
|
Purchase of property, plant and equipment |
(1,122)
|
(1,632)
|
Net cash used in investing activities |
(1,122)
|
(1,632)
|
Cash flows from financing activities: |
|
|
Borrowings from senior term loan |
19,981
|
|
Repayment of senior term loan |
(1,760)
|
(2,640)
|
Payment of debt issuance costs |
(1,916)
|
|
Payment of taxes withheld on stock awards |
(161)
|
|
Net cash provided by (used in) financing activities |
16,144
|
(2,640)
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
2,850
|
(26,766)
|
Cash, cash equivalents and restricted cash, beginning of year |
7,287
|
63,122
|
Cash, cash equivalents and restricted cash, end of period |
10,137
|
36,356
|
Supplemental disclosures of cash flow information |
|
|
Cash paid for interest |
3,873
|
2,852
|
Cash (refunded) paid for income taxes |
18
|
(146)
|
Supplemental disclosure of non-cash financing activities: |
|
|
Non-cash debt amendment fee |
4,658
|
463
|
Warrants issued for convertible debt |
1,744
|
|
Cash and cash equivalents |
10,102
|
36,305
|
Restricted cash |
35
|
51
|
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows |
$ 10,137
|
$ 36,356
|
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v3.23.2
BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BUSINESS |
Airspan
Networks Holdings Inc. (the “Company”) designs and produces wireless network equipment for 4G and 5G networks for both mainstream
public telecommunications service providers and private network implementations. Airspan provides Radio Access Network (“RAN”)
products based on Open Virtualized Cloud Native Architectures that support technologies including 5G new radio (“5G NR”)
and Long-Term Evolution (“LTE”), and Fixed Wireless standards, operating in licensed, lightly-licensed and unlicensed frequencies.
The
market for the Company’s wireless systems includes mobile carriers, other public network operators and private and government network
operators for command and control in industrial and public safety applications such as smart utilities, defense, transportation, mining
and oil and gas. The Company’s strategy applies the same network technology across all addressable sectors.
The
Company’s main operations are in Slough, United Kingdom; Mumbai and Bangalore, India; Tokyo, Japan; Airport City, Israel; Santa
Clara, California; and the Company’s corporate headquarters are in the United States (“U.S.”) in Boca Raton, Florida.
On
August 13, 2021 (the “Closing”), the Company (formerly New Beginnings Acquisition Corp.) (the “Company”)
consummated its previously announced business combination transaction (the “Business Combination”) pursuant to the business
combination agreement (the “Business Combination Agreement”), dated March 8, 2021, by and among the Company, Artemis
Merger Sub Corp., a Delaware corporation and wholly-owned direct subsidiary of the Company (“Merger Sub”), and Airspan Networks
Inc., a Delaware corporation (“Legacy Airspan”). In connection with the Closing of the Business Combination, the Company
changed its name to Airspan Networks Holdings Inc. Unless the context otherwise requires, references to “Airspan”, the “Company”,
“us”, “we”, “our” and any related terms prior to the Closing of the Business Combination are intended
to mean Legacy Airspan and its consolidated subsidiaries, and after the Closing of the Business Combination, Airspan Networks Holdings
Inc. and its consolidated subsidiaries. In addition, unless the context otherwise requires, references to “New Beginnings”
and “NBA” are references to New Beginnings Acquisition Corp., the Company’s name prior to the Closing.
In
connection with the Closing of the Business Combination, NBA sold 11,500,000 warrants each exercisable for one share of the Company’s
common stock (the “Common Stock”) at a price of $11.50 per share, subject to adjustment (the “Public Warrants”),
and 545,000 warrants each exercisable for one share of Common Stock at a price of $11.50 per share, subject to adjustment (the “Private
Placement Warrants” and, together with the Public Warrants, the “Common Stock Warrants”).
Mimosa
Sale
On
March 8, 2023 (the “Closing Date”), the Company entered into a Stock Purchase Agreement (the “Mimosa Purchase
Agreement”) with Airspan Networks Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Seller”),
Mimosa Networks, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Seller (“Mimosa”), and Radisys Corporation,
an Oregon corporation (“Buyer”), pursuant to which Seller will sell all of the issued and outstanding shares of common stock
of Mimosa to Buyer for an aggregate purchase price of approximately $60.0 million in cash (subject to customary adjustments as set forth
in the Mimosa Purchase Agreement) on the terms and subject to the conditions set forth in the Mimosa Purchase Agreement (the “Mimosa
Sale”). On July 22, 2023, the parties to the Mimosa Purchase Agreement entered into Amendment No. 1 to Stock Purchase Agreement
to amend the Mimosa Purchase Agreement to extend the Termination Date (as defined in the Mimosa Purchase Agreement), which is the date
that the Mimosa Purchase Agreement may be terminated by either the Buyer or the Seller, by giving written notice of such termination
to the other party, if the closing shall not have occurred on or prior to such date, to August 15, 2023. We anticipate that the
closing will occur in August 2023.
The
accounting requirements for reporting the Mimosa business as held for sale were met, however, the requirements for discontinued operations
were not met. Accordingly, the consolidated financial statements and notes to the consolidated financial statements reflect the assets
and liabilities of the Mimosa business as held for sale for the periods presented. (See Note 7).
|
X |
- DefinitionThe entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND ACCOUNTING POLICIES |
|
2. |
BASIS
OF PRESENTATION AND ACCOUNTING POLICIES |
Basis
of Presentation, Principles of Consolidation and Use of Estimates
The
accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Airspan
IP Holdco LLC (“Holdco”) – 99.8% owned by Airspan. Non-controlling interest in the results of operations of consolidated
subsidiaries represents the minority stockholders’ share of the profit or loss of Holdco. The non-controlling interest in net assets
of this subsidiary, and the net income or loss attributable to the non-controlling interest, were not recorded by the Company as they
are considered immaterial. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying
condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”).
The
Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all
adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements
have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may
be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These
condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes
thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2022.
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ
from those estimates.
Liquidity
The
Company has historically incurred losses from operations. In the past, these losses have been financed through cash on hand or capital
raising activities including borrowings or the sale of newly issued shares.
The
Company had $75.0 million of current assets and $78.0 million of current liabilities as of June 30, 2023. During the six months
ended June 30, 2023, the Company used $12.2 million in cash flow from operating activities. The Company is investing heavily in
5G research and development and the Company expects to continue to use cash from operations during the remainder of 2023 and through
the first half of 2024. Cash on hand and borrowing capacity under our Assignment Agreement, Resignation and Assignment Agreement and
Credit Agreement (as amended, restated, and otherwise supplemented and modified, the “Fortress Credit Agreement”) with DBFIP
ANI LLC (“Fortress”) (see Notes 8 and 10) may not allow the Company to reasonably expect to meet its forecasted cash requirements.
In
order to address the need to satisfy the Company’s continuing obligations and realize its long-term strategy, management has taken
several steps and is considering additional actions to improve its operating and financial results, including the following:
|
● |
focusing
the Company’s efforts to increase sales in additional geographic markets; |
|
● |
continuing
to develop 5G product offerings that will expand the market for the Company’s products; |
|
● |
focusing
the Company’s efforts to improve days sales outstanding to provide additional liquidity; |
|
● |
selling
the Mimosa business for approximately $60.0 million; and |
|
● |
continuing
to implement cost reduction initiatives to reduce non-strategic costs in operations and expand the Company’s labor force in
lower cost geographies, with headcount reductions in higher cost geographies. |
There
can be no assurance that the above actions will be successful. Without additional financing or capital, the Company’s current cash
balance would be insufficient to satisfy repayment demands from its lenders if the lenders elect to declare the senior term loan and
the senior secured convertible notes due prior to the maturity date. There is no assurance that the new or renegotiated financing will
be available, or that if available, will have satisfactory terms. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern within one year after the date that these financial statements are issued. The accompanying condensed
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
Global
Economic Conditions
The
Company has experienced supply chain disruptions and inflationary impacts across our businesses, driven by the impact of the COVID-19
pandemic, the war in Ukraine and resulting economic sanctions, and general macroeconomic factors. These factors have increased our operating
costs. While the Company is taking actions to respond to the supply chain disruptions, inflationary environment, and global demand dynamics,
we may not be able to enact these measures in a timely manner, or the measures may not be sufficient to offset the increase in costs,
which could have a material adverse impact on our results of operations.
Significant
Concentrations
Financial
instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted
cash and accounts receivable. The Company places its cash and cash equivalents in highly rated financial instruments. The Company maintains
certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not experienced
any losses on such accounts.
The
Company’s accounts receivable are derived from sales of its products and approximately 74.2% and 50.7% of product sales were to
non-U.S. customers for the three months ended June 30, 2023 and 2022, respectively and approximately 78.3% and 57.9% of product
sales were to non-U.S. customers for the six months ended June 30, 2023 and 2022, respectively. Two customers accounted for $18.5
million, or 54.7%, of the net accounts receivable balance at June 30, 2023 and two customers accounted for $24.5 million, or 50.9%
of the net accounts receivable balance at June 30, 2022. The Company requires payment in advance or payment security in the form
of a letter of credit to be in place at the time of shipment, except in cases where credit risk is considered to be acceptable. The Company’s
top three customers accounted for 74% and 70% of revenue for the three months ended June 30, 2023 and 2022, respectively, and 71%
and 68% of revenue for the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023,
the Company had three customers whose revenue was greater than 10% of the three-month period’s total revenue. For the six months
ended June 30, 2023, the Company had two customers whose revenue was greater than 10% of the six-month period’s total revenue.
For the three months ended June 30, 2022, the Company had two customers whose revenue was greater than 10% of the three-month period’s
total revenue. For the six months ended June 30, 2022, the Company had three customers whose revenue was greater than 10% of the
six-month period’s total revenue.
The
Company received 96.8% and 94.3% of goods for resale from five suppliers in the three months ended June 30, 2023 and 2022, respectively.
The Company received 93.4% and 91.1% of goods for resale from five suppliers in the six months ended June 30, 2023 and 2022, respectively.
The Company outsources the manufacturing of its base station products to contract manufacturers and obtains subscriber terminals from
vendors in the Asia Pacific region. In the event of a disruption to supply, the Company would be able to transfer the manufacturing of
base stations to alternate contract manufacturers and has alternate suppliers for the majority of subscriber terminals.
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting” which provides optional expedient and exceptions for applying generally accepted accounting
principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation
of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative
reference rates that are more observable or transaction based and less susceptible to manipulation. This ASU provides companies with
optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to
be discontinued. This new standard must be adopted by the Company no later than December 1, 2024, with early adoption permitted.
The potential adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.
In
June 2016, the FASB issued ASU No. 2016-13 (amended by ASU 2019-10), “Financial
Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, regarding the measurement of credit losses for certain financial instruments.”
which replaces the incurred loss model with a current expected credit loss (“CECL”)
model. The CECL model is based on historical experience, adjusted for current conditions
and reasonable and supportable forecasts. The new guidance was adopted by the Company on
January 1, 2023, and it did not have a material impact on the Company’s condensed
consolidated financial statements.
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v3.23.2
REVENUE RECOGNITION
|
6 Months Ended |
Jun. 30, 2023 |
Revenue Recognition |
|
REVENUE RECOGNITION |
The
following is a summary of revenue by category (in thousands):
Schedule of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Products
sales |
|
$ |
27,505 |
|
|
$ |
42,792 |
|
|
$ |
47,583 |
|
|
$ |
74,769 |
|
Non-recurring
engineering (“NRE”) |
|
|
610 |
|
|
|
- |
|
|
|
1,394 |
|
|
|
1,156 |
|
Product
maintenance contracts |
|
|
2,074 |
|
|
|
911 |
|
|
|
4,216 |
|
|
|
1,809 |
|
Professional
service contracts |
|
|
584 |
|
|
|
2,006 |
|
|
|
1,498 |
|
|
|
3,940 |
|
Software
licenses |
|
|
1,260 |
|
|
|
1,162 |
|
|
|
2,079 |
|
|
|
2,546 |
|
Other |
|
|
90 |
|
|
|
74 |
|
|
|
126 |
|
|
|
289 |
|
Total
revenue |
|
$ |
32,123 |
|
|
$ |
46,945 |
|
|
$ |
56,896 |
|
|
$ |
84,509 |
|
There
was $0.6 million and $0.9 million revenue recognized at a point in time for NRE services for the three and six months ended June 30,
2023, respectively. There was no revenue recognized at a point in time for NRE services for the three and six months ended June 30,
2022. For services performed on a customer’s owned asset, since the customer controls the asset being enhanced, revenue is recognized
over time as services are rendered. There was no revenue recognized over time for NRE services using a cost-based input method for the
three months ended June 30, 2023. There was no revenue recognized over time for NRE services using a cost-based input method for
the three months ended June 30, 2022. Revenue recognized over time for NRE services using a cost-based input method amounted to
$0.5 million and $1.2 million for the six months ended June 30, 2023 and 2022, respectively. The Company is allowed to bill for
services performed under the contract in the event the contract is terminated.
The
opening and closing balances of our contract asset and liability balances from contracts with customers as of June 30, 2023 and
December 31, 2022 were as follows (in thousands):
Schedule of contracts with customers asset and liability |
|
Contracts
Assets |
|
|
Contracts
Liabilities |
|
Balance
as of December 31, 2022 |
|
$ |
9,001 |
|
|
$ |
2,892 |
|
Balance
as of June 30, 2023 |
|
|
9,512 |
|
|
|
1,774 |
|
Change |
|
$ |
511 |
|
|
$ |
(1,118 |
) |
Remaining
performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations
included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of June 30, 2023 and December 31,
2022, deferred revenue (both current and noncurrent) of $1.8 million and $2.9 million, respectively, represents the Company’s remaining
performance obligations, of which $1.6 million and $2.8 million, respectively, is expected to be recognized within one year, with the
remainder to be recognized thereafter.
Revenues
for the three and six months ended June 30, 2023 and 2022, include the following (in thousands):
Schedule of revenues from contract liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Amounts
included in the beginning of year contract liability balance |
|
$ |
411 |
|
|
$ |
835 |
|
|
$ |
1,910 |
|
|
$ |
1,880 |
|
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v3.23.2
RESTRUCTURING ACTIVITIES
|
6 Months Ended |
Jun. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
RESTRUCTURING ACTIVITIES |
| 4. | RESTRUCTURING
ACTIVITIES |
In
the second quarter of 2023, as part of a strategic review of our operations, the Company implemented a cost reduction and restructuring
program (the “2023 Restructuring Program”). The 2023 Restructuring Program was primarily comprised of entering into severance
and termination agreements with employees. Formal announcements to the relevant employees were made in May, June and July 2023 and
activities will be ongoing throughout the third and fourth quarter of 2023. The payments related to severance costs should be completed
by March 31, 2024 and the payments related to the building costs should be completed by December 31, 2024.
Restructuring
costs are presented separately on the consolidated statements of operations.
The
following table presents the restructuring costs recognized by the Company under the 2023 Restructuring Program during the three and
six-month periods ended June 30, 2023. The Company did not incur any costs for restructuring during the six months ended June 30,
2022.
Schedule of restructuring costs recognized |
|
Three
Months Ended |
|
|
Six
Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
Severance
costs |
|
$ |
2,312 |
|
|
$ |
2,572 |
|
Other |
|
|
711 |
|
|
|
711 |
|
Total
restructuring costs |
|
$ |
3,023 |
|
|
$ |
3,283 |
|
The
following table represents the restructuring liabilities, which are presented within other accrued expenses in the consolidated balance
sheet:
Schedule of restructuring liabilities |
|
June 30,
2023 |
|
Balance,
December 31, 2022 |
|
$ |
231 |
|
Current
period charges |
|
|
3,283 |
|
Payments |
|
|
(580 |
) |
Balance,
June 30, 2023 |
|
$ |
2,934 |
|
The
Company also recorded an inventory impairment charge of $7.2
million in the three months ended June 30, 2023 which is included in cost of revenues in the consolidated statement of
operations. A
charge of $5.3 million relates to certain product initiatives that were eliminated or reduced as a result of the headcount
reductions in the 2023 Restructuring Program and $1.9 million relates to an accrual for inventory on order for these eliminated or
reduced product initiatives.
|
X |
- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS, NET |
|
5. |
GOODWILL
AND INTANGIBLE ASSETS, NET |
The
Company had goodwill of $13.6 million as of June 30, 2023 and December 31, 2022 resulting from a prior acquisition. Goodwill
and Intangible assets, net are classified as Assets Held for Sale – Noncurrent at June 30, 2023.
Intangible
assets, net consists of the following (in thousands):
Schedule
of Intangible assets, net |
|
Weighted |
|
|
June 30,
2023 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,319 |
) |
|
$ |
4,491 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,509 |
) |
|
|
621 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,728 |
) |
|
$ |
5,112 |
|
|
|
Weighted |
|
|
December 31,
2022 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,189 |
) |
|
$ |
4,621 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,449 |
) |
|
|
681 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,538 |
) |
|
$ |
5,302 |
|
Amortization
expense related to the Company’s intangible assets amounted to $0 and $0.3 million for the three months ended June 30, 2023
and 2022, respectively, and $0.2 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively.
There
will be no further amortization expense for the remainder of 2023 and thereafter related to the Company’s intangible assets as
the long-lived assets in the disposal group should be recorded at the carrying amount at the time the assets are accounted as held for
sale.
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- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.23.2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
|
6. |
ACCRUED
EXPENSES AND OTHER CURRENT LIABILITIES |
Accrued
expenses and other current liabilities consist of the following (in thousands):
Schedule of other accrued expenses |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Payroll
and related benefits and taxes |
|
$ |
7,356 |
|
|
$ |
8,081 |
|
Fair
value of embedded derivatives related to Convertible Debt |
|
|
- |
|
|
|
5,353 |
|
Royalties |
|
|
3,377 |
|
|
|
3,610 |
|
Loan
success fee related to Convertible Debt |
|
|
2,858 |
|
|
|
2,858 |
|
Agent
and sales commissions |
|
|
1,078 |
|
|
|
1,224 |
|
Right-of-use
lease liability, current portion |
|
|
2,367 |
|
|
|
2,923 |
|
Tax
liabilities |
|
|
1,130 |
|
|
|
1,301 |
|
Restructuring
costs |
|
|
2,934 |
|
|
|
231 |
|
Product
warranty liabilities |
|
|
1,203 |
|
|
|
1,478 |
|
Product
marketing |
|
|
1,276 |
|
|
|
376 |
|
Manufacturing
subcontractor costs |
|
|
2,928 |
|
|
|
1,787 |
|
Legal
and professional services |
|
|
2,896 |
|
|
|
1,282 |
|
Other |
|
|
1,844 |
|
|
|
1,739 |
|
Other
accrued expenses |
|
$ |
31,247 |
|
|
$ |
32,243 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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v3.23.2
HELD FOR SALE
|
6 Months Ended |
Jun. 30, 2023 |
Held For Sale |
|
HELD FOR SALE |
As
discussed in Note 1, on March 8, 2023 the Company entered into the Purchase Agreement with Seller, Mimosa, and Buyer, pursuant to
which the Seller will sell all of the issued and outstanding shares of common stock of Mimosa to Buyer for an aggregate purchase price
of approximately $60,000,000 in cash (subject to customary adjustments) on the terms and subject to the conditions set forth in the Purchase
Agreement (the “Transaction”). The Purchase Agreement contains customary representations, warranties and covenants by the
parties subject to specified exceptions and qualifications. Each party’s obligations to consummate the Transaction pursuant to
the Purchase Agreement are subject to customary closing conditions as set out in the Mimosa Purchase Agreement, including, among others,
approval of the Transaction by the Committee on Foreign Investment in the United States, approval of the Transaction by the Competition
Authority of the Republic of Turkey, and approval of the Transaction by the senior lenders. The approval by the Committee on Foreign Investment in the United States and the approval
of the Competition Authority of the Republic of Turkey have been received, and the
closing is anticipated to occur in August 2023.
The
Company met the criteria for recording the Mimosa assets and liabilities as “held for sale” at June 30, 2023. Since
the Company did not meet the criteria for held for sale at December 31, 2022, the assets and liabilities of the Mimosa group are
recorded in their respective categories.
The
assets and liabilities of the disposal group, Mimosa, were evaluated to determine whether the carrying amounts should be adjusted in
accordance with other GAAP standards. After adjusting the assets and liabilities of the disposal group, the disposal group as a whole
is measured at the lower of carrying amount or fair value less costs to sell. Depreciation and amortization of long-lived assets in the
disposal group will not be recorded during the period in which the disposal group meets the criteria for held for sale.
The
unaudited condensed balance sheet of Mimosa at June 30, 2023 is as follows:
Schedule of asset held for sale |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Accounts
receivable, net of allowance of $103 and $123 as of June 30, 2023 and December 31, 2022, respectively |
|
$ |
11,064 |
|
|
$ |
7,413 |
|
Inventory |
|
|
4,133 |
|
|
|
3,759 |
|
Prepaid
expenses and other current assets |
|
|
155 |
|
|
|
410 |
|
Total
current assets |
|
|
15,352 |
|
|
|
11,582 |
|
Property,
plant and equipment, net |
|
|
1,204 |
|
|
|
1,107 |
|
Goodwill |
|
|
13,641 |
|
|
|
13,641 |
|
Intangible
assets, net |
|
|
5,112 |
|
|
|
5,302 |
|
Right-of-use
assets, net |
|
|
845 |
|
|
|
916 |
|
Other
non-current assets |
|
|
111 |
|
|
|
109 |
|
Total
assets |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
10,391 |
|
|
$ |
5,545 |
|
Accrued
expenses and other current liabilities |
|
|
1,397 |
|
|
|
1,517 |
|
Deferred
revenue |
|
|
227 |
|
|
|
253 |
|
Total
current liabilities |
|
|
12,015 |
|
|
|
7,315 |
|
Other
long-term liabilities |
|
|
375 |
|
|
|
449 |
|
Total
liabilities |
|
|
12,390 |
|
|
|
7,764 |
|
Total
liabilities and stockholders’ equity |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
|
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v3.23.2
SUBORDINATED DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Broker-Dealer [Abstract] |
|
SUBORDINATED DEBT |
On
August 6, 2015, Legacy Airspan issued Golden Wayford Limited a $10.0
million subordinated Convertible Promissory Note (the “Golden Wayford Note”) pursuant to a Subordinated Convertible Note
Purchase Agreement. The Golden Wayford Note was amended and restated on November 28, 2017, to reduce the interest rate thereon
and to reflect the application of the payment of $1.0
million of principal on such note. The Golden Wayford Note had an original maturity date of February
16, 2016, which through subsequent amendments was extended to June 30, 2020. The conversion rights related to this
agreement expired on its maturity date, June 30, 2020, and on this date the loan was reclassified from subordinated convertible
debt to subordinated debt.
The
principal and accrued interest under the Golden Wayford Note would have been automatically converted into common shares at the time of
the next equity financing and consummated prior to, on or after the maturity date (June 30, 2020). Such conversion right expired
in accordance with its term. Interest accrues at 5.0% per annum and is payable quarterly, however, because such payment is prohibited
by the terms of the subordination, interest is (in accordance with the terms of the related promissory note) paid in kind.
The
Golden Wayford Note is subordinate to the obligations under the Fortress Credit Agreement (see Note 10). A limited waiver under the Fortress
Credit Agreement waives each actual and prospective default and event of default existing under the Fortress Credit Agreement directly
as a result of the non-payment of the Golden Wayford Note. The Company had subordinated debt outstanding of $9.0 million, plus $2.4 million
and $2.1 million of accrued interest as of June 30, 2023 and December 31, 2022, respectively.
|
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1
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v3.23.2
SUBORDINATED TERM LOAN – RELATED PARTY
|
6 Months Ended |
Jun. 30, 2023 |
Subordinated Term Loan Related Party |
|
SUBORDINATED TERM LOAN – RELATED PARTY |
|
9. |
SUBORDINATED
TERM LOAN – RELATED PARTY |
On
February 9, 2016, Legacy Airspan entered into a $15.0 million subordinated term loan agreement with a related party (the “Subordinated
Term Loan Agreement”) that was due to mature on February 9, 2018. On July 12, 2016, Legacy Airspan entered into an additional
$15.0 million Amendment No. 1 to the Subordinated Term Loan Agreement that was due to mature on February 9, 2018. On July 3,
2017, Legacy Airspan entered into Amendment No. 2 to the Subordinated Term Loan Agreement that extended the maturity date to June 30,
2019. On May 23, 2019, Legacy Airspan entered into Amendment No. 3 to the Subordinated Term Loan Agreement that extended the maturity
date to December 31, 2020. On March 30, 2020, Legacy Airspan entered into Amendment No. 4 to the Subordinated Term Loan Agreement
that extended the maturity date to December 31, 2021. On December 30, 2020, Legacy Airspan entered into Amendment No. 5 to
the Subordinated Term Loan Agreement that extended the maturity date to the later of (a) December 30, 2024 and (b) 365 days after
the maturity date of the Fortress Credit Agreement (as in effect on December 30, 2020) (see Note 10). The term loan is subordinate
to the Fortress Credit Agreement (see Note 10).
Prior
to May 23, 2019, interest accrued at 2.475% per annum and was payable quarterly. In accordance with the amendments below, the interest
rate changed as follows:
|
(a) |
Amendment
No. 3, on May 23, 2019, the interest rate changed to 9.0% per annum to be accrued; |
|
(b) |
Amendment
No. 4, on March 30, 2020, the interest rate changed to 9.0% per annum through December 31, 2020 and from and after January 1,
2021, at a rate of 12.0% per annum to be accrued; and |
|
(c) |
Amendment
No. 5, on December 30, 2020, the interest rate from January 1, 2021 and thereafter changed to 9.0% per annum to be accrued,
subject to reversion to 12.0% if a condition subsequent is not satisfied. The subsequent condition was satisfied. |
The
principal and accrued interest may be repaid early without penalty.
The
Company had a subordinated term loan outstanding of $30.0 million, plus $13.4 million and $11.5 million of accrued interest as of June 30,
2023 and December 31, 2022, respectively. The subordinated term loan is classified as long-term at June 30, 2023 as the Company
is in compliance with the Fortress covenants. At March 31, 2023 and December 31, 2022, the subordinated term loan was classified
as current as the Company had breached covenants with Fortress.
|
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v3.23.2
SENIOR TERM LOAN
|
6 Months Ended |
Jun. 30, 2023 |
Senior Term Loan |
|
SENIOR TERM LOAN |
On
December 30, 2020, Legacy Airspan, together with Holdco, Airspan Networks (SG) Inc., Mimosa Networks, Inc., Mimosa Networks International,
LLC, Airspan Communications Limited, Airspan Networks LTD, and Airspan Japan K.K., as guarantors, together with the other parties thereto,
entered into an assignment agreement, whereby Pacific Western Bank (“PWB”) and Ally Bank assigned their interests in a loan
facility under the Second Amended and Restated Loan and Security Agreement with Legacy Airspan (the “PWB Facility”) to certain
new lenders (the “Assignment Agreement”), and PWB entered into a resignation and assignment agreement (the “Agent Resignation
Agreement”) pursuant to which PWB resigned in its capacity as agent under all of the transaction documents and Fortress became
the successor agent (as defined in the Agent Resignation Agreement), replacing PWB in such capacity under the PWB Facility. The Assignment
Agreement and the Agent Resignation Agreement, along with a Reaffirmation and Omnibus Amendment, resulted in the amendment and restatement
of the terms of the PWB Facility as the Fortress Credit Agreement with the new lenders as the lenders thereunder. Fortress became the
administrative agent, collateral agent and trustee for the lenders and other secured parties. At Closing, on August 13, 2021, the
Company, Legacy Airspan and certain of the Company’s subsidiaries who are party to the Fortress Credit Agreement entered into a
Waiver and Consent, Second Amendment, Restatement, Joinder and Omnibus Amendment to Credit Agreement and Other Loan Documents relating
to the Fortress Credit Agreement with Fortress (the “August 2021 Fortress Amendment”) to, among other things, add the
Company as a guarantor, recognize and account for the Business Combination, recognize and account for the Convertible Notes (see Note
11) and provide updated procedures for replacement of LIBOR. On March 29, 2022, the Company, Legacy Airspan and certain of the Company’s
subsidiaries who are party to the Fortress Credit Agreement entered into a Third Amendment and Waiver to Credit Agreement and Other Loan
Documents relating to the Fortress Credit Agreement with Fortress to, among other things, amend the financial covenants included in the
Fortress Credit Agreement. On May 18, 2023, the Company, Legacy Airspan and certain of the Company’s subsidiaries who are
party to the Fortress Credit Agreement entered into a Limited Waiver and Consent, Second Amendment and Restatement of Credit Agreement
and Reaffirmation of Loan Documents (the “May 2023 Credit Agreement Amendment”) relating to the Fortress Credit Agreement
with Fortress pursuant to which the parties agreed to, among other things, (i) certain consents related to the Company’s previously
disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Credit Agreement in the limited manner
set forth therein, (iii) terminate the existing delayed draw term loan commitments under the Fortress Credit Agreement and establish
new delayed draw term loan commitments in the aggregate amount of $25 million, (iv) modify the interest rates applicable to certain loans
under the Fortress Credit Agreement, (v) provide for the issuance of 5,912,040 warrants to purchase shares of the Company’s common
stock (collectively, the “Warrants”), (vi) amend certain financial covenants, (vii) provide for additional fees related to
the Fortress Credit Agreement, and (viii) amend and restate the Fortress Credit Agreement. The Warrants provided for under the Fortress
Credit Agreement were issued to certain lenders or their designees and will be exercisable to purchase one share of the Company’s
common stock at an exercise price of $0.01 per share. The Warrants have a term of 7.5 years and will become exercisable upon the earliest
to occur of (i) the third anniversary of the issuance of the warrants, (ii) an “Acquisition” as defined in the Warrant, (iii)
any debt financing or issuance of equity or instruments convertible into equity interests of the Company in which the Company receives
in excess of $50 million in one or a series of related transactions, and (iv) any other strategic transactions, joint ventures, financings
or combinations between the Company and one or more investors or third parties in which the Company or its subsidiaries receive in excess
of $50 million in one or a series of related transactions.
With
the May 2023 Credit Agreement Amendment, the interest rates were increased to 5.5% plus SOFR to up to 8.5% for the paid in-kind
interest. The maturity of the loan did not change. The Company accounted for the May 2023 Credit Agreement Amendment as a loss on
debt extinguishment of which $5.1 million is related to the senior term loan.
The
Fortress Credit Agreement initial term loan total commitment of $34.0 million and a term loan commitment of $10.0 million were both funded
to Legacy Airspan on December 30, 2020. Pursuant to the Fortress Credit Agreement, the Company may expand the term loan commitment
by $25.0 million subject to the terms and conditions of the Fortress Credit Agreement. The maturity date of the total loan commitment
is December 30, 2024. The Fortress Credit Agreement contains a prepayment premium of 5.0% if the prepayment occurs during the period
from December 30, 2021 through December 29, 2022, and 3.0% if the prepayment occurs during the period from December 30,
2022 through December 29, 2023. The Fortress Credit Agreement also contained a prohibition on prepayment during the period from
December 30, 2020 through December 29, 2021.
To
secure its obligations under the Fortress Credit Agreement, Fortress was assigned PWB’s
security interest under the PWB Facility and the Company and certain of its subsidiaries
granted Fortress as security for the obligations a security interest in (a) all of the real,
personal and mixed property in which liens are granted or purported to be granted pursuant
to any of the collateral documents as security for the obligations, (b) all products, proceeds,
rents and profits of such property, (c) all of each loan party’s book and records (d)
all of the foregoing whether now owned or existing, in each case excluding certain excluded
assets.
The
Fortress Credit Agreement and the Fortress Convertible Note Agreement each contains representations and warranties, events of default
and affirmative and negative covenants, which include, among other things, certain restrictions on the ability to pay dividends, create
liens, incur additional indebtedness, make investments, dispose of assets, consummate business combinations (except for permitted investment,
as defined in the Fortress Credit Agreement and the Fortress Convertible Note Agreement, respectively), and make distributions. In addition,
financial covenants apply. Prior to the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress Convertible
Note Agreement Amendment, these financial covenants included (a) minimum liquidity of an amount between $15.0 million and $20.0 million,
depending on EBITDA performance levels and whether a default or event of default existed under the Fortress Credit Agreement, (b) minimum
last twelve-month revenue and (c) minimum last twelve-month Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”).
Pursuant to the May 2023 Fortress Credit Agreement Amendment, the financial covenants included in the Fortress Credit Agreement
and the Fortress Convertible Note Agreement were amended to (i) decrease the required minimum liquidity to $2.0 million and, from and
after the Closing Date, $4.0 million, (ii) modify the minimum revenue covenant levels and change to a three-month test period, and (iii)
modify the minimum EBITDA covenant levels and change to a three-month test period. Revenue and EBITDA financial covenants are tested
quarterly.
The
Company was not in compliance with the minimum last twelve-month EBITDA covenant and the minimum last twelve-month revenue covenant under
the Fortress Credit Agreement and the agreement governing the Company’s senior secured convertible notes as of the December 31,
2022 and the March 31, 2023 quarterly measurement dates, and the Company was not in compliance with the minimum liquidity covenant
under the Fortress Credit Agreement and the Fortress Convertible Note Agreement at all times from November 29, 2022, until the date
of the May 2023 Fortress Credit Agreement Amendment and the May 2023 Fortress Convertible Note Agreement Amendment, each of
which is an event of default under those agreements. The Company did not make the payments due under the Fortress Credit Agreement and
the Fortress Convertible Note Agreement on March 31, 2023, which was an event of default under the Fortress Credit Agreement and
the Fortress Convertible Note Agreement. Each of these defaults was waived pursuant to the May 2023 Fortress Credit Agreement Amendment
and the May 2023 Fortress Convertible Note Agreement Amendment.
Based
on management’s current forecast, absent of additional financing or capital raising, the Company has concluded it may not
be in compliance with certain of the prospective financial covenants under the May 2023 Credit Agreement Amendment and the
agreement governing the Company’s senior secured convertible notes during certain periods of the next twelve months.
Accordingly, while the Company may seek future waivers from compliance with the applicable covenants in connection with such
anticipated breaches, or amendments of existing financial covenants included in the Fortress Credit Agreement and the agreement
governing the Company’s senior secured convertible notes, the Company is also pursuing alternative sources of capital so that
it would be able to satisfy its prospective minimum liquidity obligations under the Fortress Credit Agreement and the agreement
governing the Company’s senior secured convertible notes. There can be no assurance that the lenders under the Fortress Credit
Agreement and the agreement governing the Company’s senior secured convertible notes will agree to waive any breaches
thereunder that may arise in the future or that we will otherwise be able to remedy such breaches.
In
the absence of waivers or remedies of existing covenant breaches or any additional breaches that may arise in the future, the lenders
under the May 2023 Credit Agreement Amendment and the agreement governing the Company’s senior secured convertible notes could
(i) elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest and other premiums,
and institute foreclosure proceedings against the Company’s assets, (ii) elect to apply the default interest rate under the Fortress
Credit Agreement and the Fortress Convertible Note Agreement and related agreements, and (iii) with respect to the Fortress Credit Agreement,
elect to terminate their delayed draw commitments thereunder and cease making further loans. As a result of any of these actions, the
Company could be forced into bankruptcy or liquidation. In addition, the Company’s subordinated term loan – related party
(see Note 9) and subordinated debt (see Note 8) could be accelerated or required to be paid due to provisions contained within those
instruments.
As
of June 30, 2023, the Company was in compliance with all applicable covenants under the Fortress Credit Agreement. Prior to June 30,
2023, the Company had breached certain covenants, but they were waived by the lender when the May 2023 Credit Agreement Amendment
was executed.
The
Company’s senior term loan balance was $65.9 million and $44.1 million, inclusive of accrued interest of $6.4 million and $5.0
million, as of June 30, 2023 and December 31, 2022, respectively. Deferred financing fees of $2.7 million and $3.6 million
are reflected as reductions of the outstanding senior term loan balance as of June 30, 2023 and December 31, 2022, respectively.
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v3.23.2
CONVERTIBLE DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Debt |
|
CONVERTIBLE DEBT |
On
August 13, 2021, the Company, together with Legacy Airspan, Holdco, Airspan Networks (SG) Inc., Mimosa Networks, Inc., Mimosa
Networks International, LLC, Airspan Communications Limited, Airspan Networks LTD, and Airspan Japan K.K., as guarantors, and
Fortress, entered into a Senior Secured Convertible Note Purchase and Guarantee Agreement (the “Fortress Convertible Note
Agreement”), in order to meet the available cash requirement of the reverse recapitalization described in Note 3. Pursuant to
the Fortress Convertible Note Agreement, $50.0
million was funded to the Company in exchange for the issuance of $50.0 million aggregate principal amount of Convertible Notes on
August 13, 2021, the date of the reverse recapitalization, which amount was increased to $52.5 million under the May 2023
Fortress Convertible Note Agreement Amendment. The Convertible Notes bear interest, prior to May 18, 2023, at 7.0%
per annum, and from and after May 18, 2023, at 10.0% per annum (the “Base Rate”), payable quarterly in arrears on
March 31, June 30, September 30 and December 31 of each year, beginning on September 30, 2021. The
Convertible Notes will mature on December 30, 2024, unless earlier accelerated, converted, redeemed or repurchased. Under certain circumstances, a default interest
will apply following an event of default under the Convertible Notes at a per annum rate equal to the lower of (i) the Base Rate
plus 3.75% and (ii) the maximum amount permitted by law. The Convertible Notes are pari passu in right of payment and lien
priority with the obligations under the Fortress Credit Agreement and are secured by a security interest in (a) all of the real,
personal and mixed property in which liens are granted or purported to be granted pursuant to any of the collateral documents as
security for the obligations, (b) all products, proceeds, rents and profits of such property, (c) all of each loan party’s
book and records and (d) all of the foregoing whether now owned or existing, in each case excluding certain excluded
assets.
On
March 29, 2022, the Company and certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into
a First Amendment and Waiver to Senior Secured Convertible Note Purchase and Guarantee Agreement and Other Note Documents relating to
the Fortress Convertible Note Agreement and the Convertible Notes (the “March 2022 Fortress Convertible Note Agreement Amendment”)
to, among other things, amend the financial covenants included in the Fortress Convertible Note Agreement, amend the conversion price
of the Convertible Notes and amend the optional redemption provisions of the Convertible Notes. On May 18, 2023, the Company and
certain of its subsidiaries who are party to the Fortress Convertible Note Agreement entered into a Limited Waiver and Consent, Third
Amendment to Senior Secured Convertible Note Purchase and Guarantee Agreement and Reaffirmation of Note Documents (the “May 2023
Fortress Convertible Note Agreement Amendment”) to, among other things, (i) provide for certain consents relating to the Company’s
previously disclosed divestiture of Mimosa, (ii) waive certain existing events of default under the Fortress Convertible Note Agreement
in the limited manner set forth therein, (iii) imposed a $2.5 million fee, which was capitalized to increase the aggregate principal
amount of the Convertible Notes to $52.5 million, (iv) increase the interest rate applicable to the Convertible Notes to 10.00%, and
(v) provide for additional fees related to the Fortress Convertible Note Purchase Agreement and the Convertible Notes. On May 28,
2023, the Company reissued $52.5 million aggregate principal amount of Convertible Notes.
With
the May 2023 Fortress Convertible Note Agreement Amendment, the interest rates were increased to 10.0%. The maturity of the loan
did not change. The Company accounted for the May 2023 Fortress Convertible Note Agreement Amendment as a loss on debt extinguishment
of which $3.2 million is related to the convertible debt.
Prior
to the March 2022 Fortress Convertible Note Agreement Amendment, the Convertible Notes, together with all accrued but unpaid interest
thereon, were convertible, in whole or in part, at any time prior to the payment in full of the principal amount thereof (together with
all accrued but unpaid interest thereon), into shares of Common Stock at a conversion price equal to $12.50 per share. Pursuant to the
March 2022 Fortress Convertible Note Agreement Amendment, the conversion price with respect to the Convertible Notes was decreased
to $8.00 per share. The conversion price with respect to the Convertible Notes is subject to adjustment to reflect stock splits and subdivisions,
stock and other dividends and distributions, recapitalizations, reclassifications, combinations and other similar changes in capital
structure. The conversion price with respect to the Convertible Notes is also subject to a broad-based weighted average anti-dilution
adjustment in the event the Company issues, or is deemed to have issued, shares of Common Stock, other than certain excepted issuances,
at a price below the conversion price then in effect. In addition, pursuant to the March 2022 Fortress Convertible Note Agreement
Amendment, if, during the period commencing on and including the date of the Fortress Convertible Note Agreement Amendment and ending
on and including the 15-month anniversary of the date of the March 2022 Fortress Convertible Note Agreement Amendment, there is
no 30 consecutive trading day-period during which the average of the daily volume weighted average price of the Common Stock (“Daily
VWAP”) for such 30 consecutive trading day-period (after excluding the three highest and the three lowest Daily VWAPs during such
period) equals or exceeds $10.00 (as adjusted for stock splits, stock combinations, dividends, distributions, reorganizations, recapitalizations
and the like), the conversion price with respect to the Convertible Notes will be reduced to the amount that such conversion price would
otherwise have been had the conversion price with respect to the Convertible Notes been $6.00 on the date of the March 2022 Fortress
Convertible Note Agreement Amendment.
The
following is the allocation among the freestanding instruments (in thousands) at the issuance date:
Schedule
of convertible notes |
|
August 13,
2021 |
|
Convertible
Notes |
|
$ |
41,887 |
|
Conversion
option derivative |
|
|
7,474 |
|
Call
and contingent put derivative |
|
|
639 |
|
Total
Convertible Notes |
|
$ |
50,000 |
|
As
of June 30 2023, the Company had convertible debt outstanding as shown below (in thousands):
Schedule of convertible debt |
|
June 30,
2023 |
|
Convertible
Notes |
|
$ |
44,387 |
|
Accrued
interest, less loan discount costs |
|
|
3,362 |
|
Total
Convertible Notes |
|
$ |
47,749 |
|
As
of June 30, 2023, the Company was in compliance with all applicable covenants under the Fortress Convertible Note Agreement. The
Company was not in compliance with all applicable covenants at March 31, 2023 and December 31, 2022, therefore, the convertible
notes were classified as current liabilities.
See
Note 10 for further information related to the Fortress Convertible Note Agreement.
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v3.23.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
|
12. |
FAIR
VALUE MEASUREMENTS |
The
Company’s assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality
and reliability of the information used to determine fair value.
The
Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment,
and they are recorded at fair value only when impairment is recognized. These assets include property, plant and equipment, goodwill
and intangible assets, net. The Company did not record impairment to any non-financial assets in the three and six months ended June 30,
2023 and 2022.
Financial
Disclosures about Fair Value of Financial Instruments
The
table below sets forth information related to the Company’s condensed consolidated financial instruments (in thousands):
Schedule of fair value of financial instruments |
|
Level
in |
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
|
|
Fair
Value |
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
|
|
Hierarchy |
|
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
1 |
|
|
$ |
10,102 |
|
|
$ |
10,102 |
|
|
$ |
7,253 |
|
|
$ |
7,253 |
|
Restricted
cash |
|
1 |
|
|
|
35 |
|
|
|
35 |
|
|
|
34 |
|
|
|
34 |
|
Cash
and investment in severance benefit accounts |
|
1 |
|
|
|
2,917 |
|
|
|
2,917 |
|
|
|
3,161 |
|
|
|
3,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
term loan(a) |
|
2 |
|
|
$ |
43,402 |
|
|
$ |
25,107 |
|
|
$ |
41,528 |
|
|
$ |
25,503 |
|
Subordinated
debt(a) |
|
2 |
|
|
|
11,396 |
|
|
|
7,346 |
|
|
|
11,119 |
|
|
|
7,386 |
|
Senior
term loan(a) |
|
2 |
|
|
|
63,224 |
|
|
|
55,105 |
|
|
|
40,529 |
|
|
|
36,680 |
|
Convertible
debt |
|
2 |
|
|
|
47,749 |
|
|
|
49,325 |
|
|
|
43,928 |
|
|
|
48,249 |
|
Public
Warrants |
|
1 |
|
|
|
15 |
|
|
|
15 |
|
|
|
345 |
|
|
|
345 |
|
Warrants(b) |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
36 |
|
|
|
36 |
|
|
(a) |
As
of June 30, 2023 and December 31, 2022, the fair value of the subordinated term loan, subordinated debt and senior term
loan considered the senior status of the senior term loan under the Fortress Credit Agreement, followed by the junior status of the
subordinated term loan and subordinated debt. The implied yields of the subordinated term loan, subordinated debt and senior term
loan were 34.45%, 40.74% and 32.19%, respectively, as of June 30, 2023 and 23.00%, 27.18% and 28.78%, respectively, as of December 31,
2022. |
|
(b) |
As
of June 30, 2023 and December 31, 2022, the fair value of warrants outstanding that are classified as liabilities are included
in other long-term liabilities in the Company’s condensed consolidated balance sheets. The key inputs to the valuation models
that were utilized to estimate the fair value of the Post-Combination Warrants and Private Placement Warrants as of June 30,
2023 were as follows: |
Schedule
of assumptions |
|
Post-
Combination Warrants |
|
|
Private
Placement Warrants |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
Exercise
price |
|
$ |
12.50
– 17.50 |
|
|
$ |
11.50 |
|
Risk
free rate |
|
|
4.47 |
% |
|
|
4.47 |
% |
Expected
volatility |
|
|
84.2 |
% |
|
|
84.2 |
% |
Dividend
yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
The
conversion option derivative and call and contingent put derivative are considered a Level 3 measurement due to the utilization of significant
unobservable inputs in the valuation. The Company utilized a binomial model to estimate the fair value of the embedded derivative features
requiring bifurcation associated with the Convertible Notes payable at the issuance date and as of the June 30, 2023 reporting date.
The key inputs to the valuation models that were utilized to estimate the fair value of the convertible debt derivative liabilities include:
Schedule
of assumptions of the convertible debt derivative liabilities |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
1.31 |
|
Conversion
strike price |
|
$ |
8.00 |
|
|
$ |
8.00 |
|
Volatility |
|
|
92.00 |
% |
|
|
94.00 |
% |
Dividend
yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
Risk
free rate |
|
|
4.12 |
% |
|
|
4.32 |
% |
Debt
discount rate |
|
|
28.00 |
% |
|
|
15.10 |
% |
Coupon
interest rate |
|
|
7.00 |
% |
|
|
7.00 |
% |
Face
amount (in thousands) |
|
$ |
52,500 |
|
|
$ |
50,000 |
|
Contingent
put inputs and assumptions: |
|
|
|
|
|
|
|
|
Probability
of fundamental change |
|
|
50.00 |
% |
|
|
33.00 |
% |
The
following table presents a roll-forward of the Level 3 instruments:
(in
thousands) |
|
Warrants |
|
|
Conversion
option derivative |
|
|
Call
and contingent put derivative |
|
Beginning
balance, December 31, 2022 |
|
$ |
36 |
|
|
$ |
3,052 |
|
|
$ |
2,301 |
|
Change
in fair value |
|
|
(35 |
) |
|
|
(2,912 |
) |
|
|
2,048 |
|
Ending
balance, June 30, 2023 |
|
$ |
1 |
|
|
$ |
140 |
|
|
$ |
4,349 |
|
The
fair value of the Company’s cash and cash equivalents and restricted cash approximate the carrying value because of the short-term
nature of these accounts.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
|
13. |
COMMITMENTS
AND CONTINGENCIES |
The
Company had commitments with its main subcontract manufacturers under various purchase orders and forecast arrangements of $73.5 million
as of June 30, 2023, of which $55.6 million relates to Mimosa. The majority of the commitments have expected delivery dates during
the remainder of 2023.
Contingencies
and Legal Proceedings
From
time to time, the Company receives and reviews correspondence from third parties with respect to licensing their patents and other intellectual
property in connection with the sale of the Company’s products. Disputes may arise with such third parties if an agreement cannot
be reached regarding the licensing of such patents or intellectual property.
On
October 14, 2019, Barkan Wireless IP Holdings, L.P. (“Barkan”) filed a suit against Sprint Corporation and related entities
(“Sprint”) in the United States District Court for the Eastern District of Texas alleging patent infringement based in part
on two of the Company’s products, Airave 4 and Magic Box Gold. See Barkan Wireless IP Holdings, L.P. v. Sprint Corporation et
al, Case No. 2:19-cv-00336-JRG (E.D. Tex.). On March 26, 2021, after a settlement between Barkan and Sprint, the court granted
an agreed motion to dismiss and the case was closed. Sprint has demanded that the Company indemnify Sprint $3,870,000 for a portion of
the amounts Sprint paid to defend and settle the case. On April 27, 2021, Sprint gave notice that it intends to set-off amounts
it owes the Company until Sprint’s indemnity demand is satisfied. The Company disputes Sprint’s indemnity demand and, on
March 15, 2022, filed a complaint for breach of contract in the United States District Court for the District of Kansas. See Airspan
Networks, Inc. v. Sprint/United Management Company, Case No. 2:22-cv-02104-JAR-ADM (D. Kan.). That complaint was subsequently voluntarily
dismissed by the Company and the underlying breach of contract claim is now a counterclaim in the matter captioned Sprint Communications
Company, L.P et al. vs. Casa Systems, Inc. et al., No. 22CV02327 Div.7 pending in the District Court of Johnson County Kansas. On
January 3, 2023, the parties settled this matter. The Company had previously provided for a reserve for an estimated amount of exposure
related to this matter in a prior year.
Except
as set forth above, the Company is not currently subject to any other material legal proceedings.
The Company may from time to time become a party to various other legal proceedings arising
in the ordinary course of its business. While the results of such claims and litigation cannot
be predicted with certainty, the Company currently believes that it is not a party to any
litigation the final outcome of which is likely to have a material adverse effect on the
Company’s condensed consolidated financial position, results of operations or cash
flows.
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v3.23.2
COMMON STOCK AND WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
COMMON STOCK AND WARRANTS |
|
14. |
COMMON
STOCK AND WARRANTS |
Common
Stock
As
of June 30, 2023, 260,000,000 shares, $0.0001 par value per share are authorized, of which, 250,000,000 shares are designated as
Common Stock and 10,000,000 shares are designated as preferred stock. As of June 30, 2023, there were 74,582,992 shares of Common
Stock issued and outstanding and no shares of preferred stock issued or outstanding.
Holders
of our Common Stock are entitled to receive dividends when, as and if declared by the board of directors of the Company (the “Board”),
payable either in cash, in property or in shares of capital stock. As of June 30, 2023, the Company had not declared any dividends.
Legacy
Airspan Warrants
The
Company accounted for Legacy Airspan convertible preferred stock warrants that have been earned and are exercisable into shares of Legacy
Airspan’s convertible preferred stock as liabilities pursuant to Accounting Standards Codification 480, “Distinguishing
Liabilities from Equity” as the warrants were exercisable into shares of Legacy Airspan convertible preferred stock that were
contingently redeemable upon events outside the control of Legacy Airspan. The warrant liability is included in other long-term liabilities
on the accompanying condensed consolidated balance sheets. The warrants are remeasured and recognized at fair value at each balance sheet
date. At the end of each reporting period, changes in fair value during the period are recognized as a component of other expense, net
on the accompanying condensed consolidated statements of operations.
In
January 2021 and February 2021, Legacy Airspan issued warrants for the purchase of 6,097 and 406, respectively, shares of Legacy
Airspan Series H Convertible Preferred Stock to certain holders of Legacy Airspan Series H Senior Convertible Preferred Stock (one warrant
for every two shares of Legacy Airspan Series H Senior Convertible Preferred Stock purchased in January and February 2021, respectively)
with an exercise price of $61.50 per share and a 5-year term (“Series H warrants”). Legacy Airspan accounted for the initial
fair value of the Series H warrants as a discount on the Legacy Airspan Series H Senior Convertible Preferred Stock issuance and recorded
a corresponding warrant liability.
In
October 2015, Legacy Airspan issued warrants to purchase 487,805 shares of Legacy Airspan Series D Convertible Preferred Stock to
holders of its Series D Convertible Preferred Stock with an exercise price of $61.50 per share, subject to certain performance requirements
(the “Series D-1 Warrants”). In June 2014, Legacy Airspan issued warrants to purchase 203,252 shares of Legacy Airspan
Series D Convertible Preferred Stock to holders of Legacy Airspan Series D Convertible Preferred Stock with an exercise price of $61.50
per share, subject to certain performance requirements (the “Series D Warrants”).
The
Series D Warrants expired unexercised in January 2021 and the Series D-1 Warrants and Series H warrants were converted as part of
the Closing of the Business Combination (Note 3) and ceased to exist after the Business Combination.
Common
Stock Warrants
As
of June 30, 2023, there are 12,045,000 Common Stock Warrants outstanding, consisting of 11,500,000 and 545,000 Public Warrants and
Private Placement Warrants, respectively.
As
part of NBA’s initial public offering, 11,500,000 Public Warrants were sold. The Public Warrants entitle the holder thereof to
purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Public Warrants may be exercised only for
a whole number of shares of Common Stock. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants
will expire on August 13, 2026 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The
Company may redeem the Public Warrants when exercisable, in whole and not in part, at a price of $0.01 per warrant, so long as the Company
provides not less than 30 days’ prior written notice of redemption to each warrant holder, and if, and only if, the reported last
sale price of the Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the
third trading day prior to the date the Company sends the notice of redemption to the warrant holders.
Simultaneously
with NBA’s initial public offering, NBA consummated a private placement of 545,000 Private Placement Warrants with its sponsor.
The Private Placement Warrants are exercisable for one share of Common Stock at a price of $11.50 per share, subject to adjustment. The
Private Placement Warrants are identical to the Public Warrants, except that, so long as the Private Placement Warrants are held by the
initial purchaser or its permitted transferees, the Private Placement Warrants: (1) may be exercised for cash or on a cashless basis;
(2) may not be transferred, assigned or sold until thirty (30) days after the date of the Closing; and (3) may not be redeemed.
Post-Combination
Warrants
As
of June 30, 2023, there are 9,000,000 Post-Combination Warrants outstanding.
At
Closing, the Company issued Post-Combination Warrants exercisable for 9,000,000 shares of Company Common Stock. The Post-Combination
Warrants include: (i) 3,000,000 Post-Combination $12.50 Warrants; (ii) 3,000,000 Post-Combination $15.00 Warrants; and (iii) 3,000,000
Post-Combination $17.50 Warrants. The Post-Combination Warrants may only be exercised during the period commencing on the Closing and
terminating on the earlier of (i) two years following the date of the Closing, August 13, 2023, and (ii) the redemption date, for
a price of $12.50 per Post-Combination $12.50 Warrant, $15.00 per Post-Combination $15.00 Warrant and $17.50 per Post-Combination $17.50
Warrant.
Fortress
Warrants
In
connection with the May 2023 Credit Agreement Amendment relating to the Fortress Credit Agreement with Fortress, the Company issued
5,912,040 warrants to purchase shares of the Company’s common stock Warrants. The Warrants provided for under the Fortress Credit
Agreement were issued to certain lenders or their designees and will be exercisable to purchase one share of the Company’s common
stock at an exercise price of $0.01 per share. The Warrants have a term of 7.5 years and will become exercisable upon the earliest to
occur of (i) the third anniversary of the issuance of the warrants, (ii) an “Acquisition” as defined in the Warrant, (iii)
any debt financing or issuance of equity or instruments convertible into equity interests of the Company in which the Company receives
in excess of $50 million in one or a series of related transactions, and (iv) any other strategic transactions, joint ventures, financings
or combinations between the Company and one or more investors or third parties in which the Company or its subsidiaries receive in excess
of $50 million in one or a series of related transactions. The Company recorded $1.7 million reduction of the convertible debt and a
$1.7 million increase in additional paid in capital.
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v3.23.2
SHARE-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SHARE-BASED COMPENSATION |
|
15. |
SHARE-BASED
COMPENSATION |
2021
Stock Incentive Plan
Prior
to the Business Combination, the Company maintained its 2009 Omnibus Equity Compensation Plan (the “2009 Plan” and together
with the 2021 Plan, the “Plans”). Upon Closing of the Business Combination, awards under the 2009 Plan were converted at
the exchange ratio calculated in accordance with the Business Combination Agreement and the 2021 Plan became effective. On June 21,
2022, the 2021 Plan was amended and restated to, among other things, increase the number of shares of Common Stock authorized for issuance
under the 2021 Plan by 5,643,450 shares. As of June 30, 2023, there were 6,007,718 shares of Common Stock authorized for issuance
under the amended and restated 2021 Plan, plus any shares of Common Stock subject to awards under the 2009 Plan that are forfeited or
reacquired by the Company due to termination or cancellation. As of June 30, 2023, there were 14,383,618 shares of Common Stock
authorized for issuance under the Plans.
The
following table summarizes share-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands):
Schedule of summarizes share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Research
and development |
|
$ |
570 |
|
|
$ |
1,169 |
|
|
$ |
1,101 |
|
|
$ |
2,135 |
|
Sales
and marketing |
|
|
517 |
|
|
|
1,197 |
|
|
|
1,024 |
|
|
|
2,279 |
|
General
and administrative |
|
|
904 |
|
|
|
4,541 |
|
|
|
1,798 |
|
|
|
9,015 |
|
Cost
of sales |
|
|
7 |
|
|
|
65 |
|
|
|
14 |
|
|
|
107 |
|
Total
share-based compensation |
|
$ |
1,998 |
|
|
$ |
6,972 |
|
|
$ |
3,937 |
|
|
$ |
13,536 |
|
Common
Stock Options
The
following table sets forth the activity for all Common Stock options:
Schedule
of common stock options |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contractual Life (Years) |
|
|
Weighted-
Average Grant Date Fair Value |
|
Outstanding,
December 31, 2022 |
|
|
7,812,178 |
|
|
$ |
3.70 |
|
|
|
6.56 |
|
|
$ |
2.23 |
|
Forfeited |
|
|
(31,523 |
) |
|
|
2.26 |
|
|
|
- |
|
|
|
1.46 |
|
Expired |
|
|
(14,421 |
) |
|
|
5.40 |
|
|
|
- |
|
|
|
2.86 |
|
Outstanding,
June 30, 2023(a) |
|
|
7,766,234 |
|
|
$ |
3.70 |
|
|
|
6.02 |
|
|
$ |
1.98 |
|
Exercisable,
June 30, 2023(b) |
|
|
5,566,087 |
|
|
$ |
3.89 |
|
|
|
5.11 |
|
|
$ |
2.06 |
|
|
(a) |
There
was no aggregate intrinsic value of all stock options outstanding as of June 30, 2023. |
|
(b) |
There
was no aggregate intrinsic value of all vested/exercisable stock options as of June 30, 2023. |
As
of June 30, 2023, there was $3.3 million of unrecognized compensation expense related to stock options to be recognized over a weighted
average period of 2.47 years.
Restricted
Stock Units
As
part of the consideration in the Business Combination, RSUs with respect to 1,750,000 shares of Common Stock were granted to the participants
in Legacy Airspan’s MIP. For the RSUs granted to MIP Participants, the weighted average grant date fair value was $9.75 per RSU.
The RSUs granted in connection with the MIP vest one year after the date of the grant.
The
following table sets forth the activity for all RSUs:
Schedule of unvested restricted stock units |
|
Number
of RSUs |
|
|
Weighted
Average Grant Date Fair Value |
|
Outstanding
(nonvested), December 31, 2022 |
|
|
4,267,746 |
|
|
$ |
3.58 |
|
Granted |
|
|
681,620 |
|
|
|
0.56 |
|
Released |
|
|
(387,204 |
) |
|
|
5.44 |
|
Forfeited |
|
|
(51,611 |
) |
|
|
3.25 |
|
Outstanding
(nonvested), June 30, 2023 |
|
|
4,510,551 |
|
|
$ |
2.97 |
|
Because
the Company maintained a full valuation allowance on its U.S. deferred tax assets, it did not recognize any tax benefit related to share-based
compensation expense for the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, there was $8.8 million
of unrecognized compensation expense related to RSUs to be recognized over a weighted average period of 1.72 years.
|
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v3.23.2
NET LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET LOSS PER SHARE |
Net
loss per share is computed using the weighted average number of shares of Common Stock outstanding less the number of shares subject
to repurchase.
The
following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share
data):
Schedule of basic and diluted net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator
- basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
74,582,992 |
|
|
|
72,335,952 |
|
|
|
74,528,668 |
|
|
|
72,335,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.70 |
) |
The
following table sets forth the amounts excluded from the computation of diluted net loss per share as of June 30, 2023 and 2022
because their effect was anti-dilutive.
Schedule of anti-dilutive net loss per share |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Stock
options outstanding |
|
|
7,766,234 |
|
|
|
7,983,614 |
|
Non-vested
shares of restricted stock |
|
|
4,510,551 |
|
|
|
6,759,150 |
|
Warrants(a) |
|
|
27,057,040 |
|
|
|
21,145,000 |
|
Convertible
notes(a) |
|
|
9,729,163 |
|
|
|
9,729,163 |
|
|
(a) |
The
Convertible Notes and warrants referred to in Notes 11 and 14 were also excluded on an as converted basis because their effect would
have been anti-dilutive. |
|
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
|
17. |
RELATED
PARTY TRANSACTIONS |
As
disclosed in Note 9, as of June 30, 2023 and December 31, 2022, Legacy Airspan had a subordinated term loan with a related
party. This related party has an indirect, non-controlling beneficial interest in Fortress, which is the agent and principal lender under
the Fortress Credit Agreement and the collateral agent and trustee under the Fortress Convertible Note Agreement and the Convertible
Notes. This related party also has an indirect, non-controlling beneficial interest in each holder of Convertible Notes. The Company
derived no revenue from sales of products and services to this related party for the three months ended June 30, 2023 and approximately
$41 thousand for the six months ended June 30, 2023.
The
Company had an outstanding receivable from and payable to a related party, a stockholder, amounting to $0 million and $2.5 million, respectively,
as of June 30, 2023. The Company had an outstanding receivable from and payable to the same related party, amounting to $0.4 million
and $5.5 million, respectively, as of December 31, 2022.
In
addition, the Company has an outstanding accounts receivable from a separate related party, also a stockholder, amounting to $11.7 million
and $4.5 million as of June 30, 2023 and December 31, 2022, respectively. The Company derived approximately $8.4 million and
$4.5 million in revenue from sales of products and services to this related party for the three months ended June 30, 2023 and 2022,
respectively. A senior executive at this customer is also a member of the Board.
The
Company derived revenues from sales of products and services to Dense Air Ltd. (“Dense Air”) amounting to approximately $52
thousand for the period from January 1, 2022 through March 7, 2022. As of March 7, 2022, Dense Air ceased to be a related
party.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
EQUITY METHOD INVESTMENT
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY METHOD INVESTMENT |
|
18. |
EQUITY
METHOD INVESTMENT |
Prior
to March 7, 2022, the Company accounted for its investment in Dense Air, as an equity method investment. Dense Air has been funded
by its sole lender through convertible debt with various restrictions and requirements including a conversion option on substantially
all of the ownership interest in Dense Air. On March 22, 2021, an investor acquired the sole lender to Dense Air’s rights
and obligations under a convertible loan agreement and on March 7, 2022 converted the outstanding amount of the loan into shares.
The Company retained an approximate 4% holding of Dense Air Networks L.P. This conversion did not have a significant effect on the Company’s
consolidated balance sheets, statements of operations or cash flows.
There
have been no dividends received from Dense Air or Dense Air Networks L.P. for the years ended December 31, 2022 and 2021. The investments
had no value at June 30, 2023 and December 31, 2022.
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v3.23.2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation, Principles of Consolidation and Use of Estimates |
Basis
of Presentation, Principles of Consolidation and Use of Estimates
The
accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Airspan
IP Holdco LLC (“Holdco”) – 99.8% owned by Airspan. Non-controlling interest in the results of operations of consolidated
subsidiaries represents the minority stockholders’ share of the profit or loss of Holdco. The non-controlling interest in net assets
of this subsidiary, and the net income or loss attributable to the non-controlling interest, were not recorded by the Company as they
are considered immaterial. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying
condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”).
The
Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all
adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements
have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may
be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These
condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes
thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2022.
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ
from those estimates.
|
Liquidity |
Liquidity
The
Company has historically incurred losses from operations. In the past, these losses have been financed through cash on hand or capital
raising activities including borrowings or the sale of newly issued shares.
The
Company had $75.0 million of current assets and $78.0 million of current liabilities as of June 30, 2023. During the six months
ended June 30, 2023, the Company used $12.2 million in cash flow from operating activities. The Company is investing heavily in
5G research and development and the Company expects to continue to use cash from operations during the remainder of 2023 and through
the first half of 2024. Cash on hand and borrowing capacity under our Assignment Agreement, Resignation and Assignment Agreement and
Credit Agreement (as amended, restated, and otherwise supplemented and modified, the “Fortress Credit Agreement”) with DBFIP
ANI LLC (“Fortress”) (see Notes 8 and 10) may not allow the Company to reasonably expect to meet its forecasted cash requirements.
In
order to address the need to satisfy the Company’s continuing obligations and realize its long-term strategy, management has taken
several steps and is considering additional actions to improve its operating and financial results, including the following:
|
● |
focusing
the Company’s efforts to increase sales in additional geographic markets; |
|
● |
continuing
to develop 5G product offerings that will expand the market for the Company’s products; |
|
● |
focusing
the Company’s efforts to improve days sales outstanding to provide additional liquidity; |
|
● |
selling
the Mimosa business for approximately $60.0 million; and |
|
● |
continuing
to implement cost reduction initiatives to reduce non-strategic costs in operations and expand the Company’s labor force in
lower cost geographies, with headcount reductions in higher cost geographies. |
There
can be no assurance that the above actions will be successful. Without additional financing or capital, the Company’s current cash
balance would be insufficient to satisfy repayment demands from its lenders if the lenders elect to declare the senior term loan and
the senior secured convertible notes due prior to the maturity date. There is no assurance that the new or renegotiated financing will
be available, or that if available, will have satisfactory terms. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern within one year after the date that these financial statements are issued. The accompanying condensed
consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
|
Global Economic Conditions |
Global
Economic Conditions
The
Company has experienced supply chain disruptions and inflationary impacts across our businesses, driven by the impact of the COVID-19
pandemic, the war in Ukraine and resulting economic sanctions, and general macroeconomic factors. These factors have increased our operating
costs. While the Company is taking actions to respond to the supply chain disruptions, inflationary environment, and global demand dynamics,
we may not be able to enact these measures in a timely manner, or the measures may not be sufficient to offset the increase in costs,
which could have a material adverse impact on our results of operations.
|
Significant Concentrations |
Significant
Concentrations
Financial
instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted
cash and accounts receivable. The Company places its cash and cash equivalents in highly rated financial instruments. The Company maintains
certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not experienced
any losses on such accounts.
The
Company’s accounts receivable are derived from sales of its products and approximately 74.2% and 50.7% of product sales were to
non-U.S. customers for the three months ended June 30, 2023 and 2022, respectively and approximately 78.3% and 57.9% of product
sales were to non-U.S. customers for the six months ended June 30, 2023 and 2022, respectively. Two customers accounted for $18.5
million, or 54.7%, of the net accounts receivable balance at June 30, 2023 and two customers accounted for $24.5 million, or 50.9%
of the net accounts receivable balance at June 30, 2022. The Company requires payment in advance or payment security in the form
of a letter of credit to be in place at the time of shipment, except in cases where credit risk is considered to be acceptable. The Company’s
top three customers accounted for 74% and 70% of revenue for the three months ended June 30, 2023 and 2022, respectively, and 71%
and 68% of revenue for the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023,
the Company had three customers whose revenue was greater than 10% of the three-month period’s total revenue. For the six months
ended June 30, 2023, the Company had two customers whose revenue was greater than 10% of the six-month period’s total revenue.
For the three months ended June 30, 2022, the Company had two customers whose revenue was greater than 10% of the three-month period’s
total revenue. For the six months ended June 30, 2022, the Company had three customers whose revenue was greater than 10% of the
six-month period’s total revenue.
The
Company received 96.8% and 94.3% of goods for resale from five suppliers in the three months ended June 30, 2023 and 2022, respectively.
The Company received 93.4% and 91.1% of goods for resale from five suppliers in the six months ended June 30, 2023 and 2022, respectively.
The Company outsources the manufacturing of its base station products to contract manufacturers and obtains subscriber terminals from
vendors in the Asia Pacific region. In the event of a disruption to supply, the Company would be able to transfer the manufacturing of
base stations to alternate contract manufacturers and has alternate suppliers for the majority of subscriber terminals.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting” which provides optional expedient and exceptions for applying generally accepted accounting
principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation
of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative
reference rates that are more observable or transaction based and less susceptible to manipulation. This ASU provides companies with
optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to
be discontinued. This new standard must be adopted by the Company no later than December 1, 2024, with early adoption permitted.
The potential adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.
In
June 2016, the FASB issued ASU No. 2016-13 (amended by ASU 2019-10), “Financial
Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, regarding the measurement of credit losses for certain financial instruments.”
which replaces the incurred loss model with a current expected credit loss (“CECL”)
model. The CECL model is based on historical experience, adjusted for current conditions
and reasonable and supportable forecasts. The new guidance was adopted by the Company on
January 1, 2023, and it did not have a material impact on the Company’s condensed
consolidated financial statements.
|
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v3.23.2
REVENUE RECOGNITION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue Recognition |
|
Schedule of revenue |
Schedule of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Products
sales |
|
$ |
27,505 |
|
|
$ |
42,792 |
|
|
$ |
47,583 |
|
|
$ |
74,769 |
|
Non-recurring
engineering (“NRE”) |
|
|
610 |
|
|
|
- |
|
|
|
1,394 |
|
|
|
1,156 |
|
Product
maintenance contracts |
|
|
2,074 |
|
|
|
911 |
|
|
|
4,216 |
|
|
|
1,809 |
|
Professional
service contracts |
|
|
584 |
|
|
|
2,006 |
|
|
|
1,498 |
|
|
|
3,940 |
|
Software
licenses |
|
|
1,260 |
|
|
|
1,162 |
|
|
|
2,079 |
|
|
|
2,546 |
|
Other |
|
|
90 |
|
|
|
74 |
|
|
|
126 |
|
|
|
289 |
|
Total
revenue |
|
$ |
32,123 |
|
|
$ |
46,945 |
|
|
$ |
56,896 |
|
|
$ |
84,509 |
|
|
Schedule of contracts with customers asset and liability |
Schedule of contracts with customers asset and liability |
|
Contracts
Assets |
|
|
Contracts
Liabilities |
|
Balance
as of December 31, 2022 |
|
$ |
9,001 |
|
|
$ |
2,892 |
|
Balance
as of June 30, 2023 |
|
|
9,512 |
|
|
|
1,774 |
|
Change |
|
$ |
511 |
|
|
$ |
(1,118 |
) |
|
Schedule of revenues from contract liability |
Schedule of revenues from contract liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Amounts
included in the beginning of year contract liability balance |
|
$ |
411 |
|
|
$ |
835 |
|
|
$ |
1,910 |
|
|
$ |
1,880 |
|
|
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v3.23.2
RESTRUCTURING ACTIVITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Schedule of restructuring costs recognized |
Schedule of restructuring costs recognized |
|
Three
Months Ended |
|
|
Six
Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
Severance
costs |
|
$ |
2,312 |
|
|
$ |
2,572 |
|
Other |
|
|
711 |
|
|
|
711 |
|
Total
restructuring costs |
|
$ |
3,023 |
|
|
$ |
3,283 |
|
|
Schedule of restructuring liabilities |
Schedule of restructuring liabilities |
|
June 30,
2023 |
|
Balance,
December 31, 2022 |
|
$ |
231 |
|
Current
period charges |
|
|
3,283 |
|
Payments |
|
|
(580 |
) |
Balance,
June 30, 2023 |
|
$ |
2,934 |
|
|
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible assets, net |
Schedule
of Intangible assets, net |
|
Weighted |
|
|
June 30,
2023 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,319 |
) |
|
$ |
4,491 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,509 |
) |
|
|
621 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,728 |
) |
|
$ |
5,112 |
|
|
|
Weighted |
|
|
December 31,
2022 |
|
|
|
Average
Useful Life (in years) |
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount |
|
Internally
developed technology |
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(3,189 |
) |
|
$ |
4,621 |
|
Customer
relationships |
|
6 |
|
|
|
2,130 |
|
|
|
(1,449 |
) |
|
|
681 |
|
Trademarks |
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
- |
|
Non-compete |
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
- |
|
Total
acquired intangible assets |
|
|
|
|
$ |
10,840 |
|
|
$ |
(5,538 |
) |
|
$ |
5,302 |
|
|
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v3.23.2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of other accrued expenses |
Schedule of other accrued expenses |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Payroll
and related benefits and taxes |
|
$ |
7,356 |
|
|
$ |
8,081 |
|
Fair
value of embedded derivatives related to Convertible Debt |
|
|
- |
|
|
|
5,353 |
|
Royalties |
|
|
3,377 |
|
|
|
3,610 |
|
Loan
success fee related to Convertible Debt |
|
|
2,858 |
|
|
|
2,858 |
|
Agent
and sales commissions |
|
|
1,078 |
|
|
|
1,224 |
|
Right-of-use
lease liability, current portion |
|
|
2,367 |
|
|
|
2,923 |
|
Tax
liabilities |
|
|
1,130 |
|
|
|
1,301 |
|
Restructuring
costs |
|
|
2,934 |
|
|
|
231 |
|
Product
warranty liabilities |
|
|
1,203 |
|
|
|
1,478 |
|
Product
marketing |
|
|
1,276 |
|
|
|
376 |
|
Manufacturing
subcontractor costs |
|
|
2,928 |
|
|
|
1,787 |
|
Legal
and professional services |
|
|
2,896 |
|
|
|
1,282 |
|
Other |
|
|
1,844 |
|
|
|
1,739 |
|
Other
accrued expenses |
|
$ |
31,247 |
|
|
$ |
32,243 |
|
|
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v3.23.2
HELD FOR SALE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Held For Sale |
|
Schedule of asset held for sale |
Schedule of asset held for sale |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Accounts
receivable, net of allowance of $103 and $123 as of June 30, 2023 and December 31, 2022, respectively |
|
$ |
11,064 |
|
|
$ |
7,413 |
|
Inventory |
|
|
4,133 |
|
|
|
3,759 |
|
Prepaid
expenses and other current assets |
|
|
155 |
|
|
|
410 |
|
Total
current assets |
|
|
15,352 |
|
|
|
11,582 |
|
Property,
plant and equipment, net |
|
|
1,204 |
|
|
|
1,107 |
|
Goodwill |
|
|
13,641 |
|
|
|
13,641 |
|
Intangible
assets, net |
|
|
5,112 |
|
|
|
5,302 |
|
Right-of-use
assets, net |
|
|
845 |
|
|
|
916 |
|
Other
non-current assets |
|
|
111 |
|
|
|
109 |
|
Total
assets |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
10,391 |
|
|
$ |
5,545 |
|
Accrued
expenses and other current liabilities |
|
|
1,397 |
|
|
|
1,517 |
|
Deferred
revenue |
|
|
227 |
|
|
|
253 |
|
Total
current liabilities |
|
|
12,015 |
|
|
|
7,315 |
|
Other
long-term liabilities |
|
|
375 |
|
|
|
449 |
|
Total
liabilities |
|
|
12,390 |
|
|
|
7,764 |
|
Total
liabilities and stockholders’ equity |
|
$ |
36,265 |
|
|
$ |
32,657 |
|
|
X |
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v3.23.2
CONVERTIBLE DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Debt |
|
Schedule of convertible notes |
Schedule
of convertible notes |
|
August 13,
2021 |
|
Convertible
Notes |
|
$ |
41,887 |
|
Conversion
option derivative |
|
|
7,474 |
|
Call
and contingent put derivative |
|
|
639 |
|
Total
Convertible Notes |
|
$ |
50,000 |
|
|
Schedule of convertible debt |
Schedule of convertible debt |
|
June 30,
2023 |
|
Convertible
Notes |
|
$ |
44,387 |
|
Accrued
interest, less loan discount costs |
|
|
3,362 |
|
Total
Convertible Notes |
|
$ |
47,749 |
|
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair value of financial instruments |
Schedule of fair value of financial instruments |
|
Level
in |
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
|
|
Fair
Value |
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
|
|
Hierarchy |
|
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
1 |
|
|
$ |
10,102 |
|
|
$ |
10,102 |
|
|
$ |
7,253 |
|
|
$ |
7,253 |
|
Restricted
cash |
|
1 |
|
|
|
35 |
|
|
|
35 |
|
|
|
34 |
|
|
|
34 |
|
Cash
and investment in severance benefit accounts |
|
1 |
|
|
|
2,917 |
|
|
|
2,917 |
|
|
|
3,161 |
|
|
|
3,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
term loan(a) |
|
2 |
|
|
$ |
43,402 |
|
|
$ |
25,107 |
|
|
$ |
41,528 |
|
|
$ |
25,503 |
|
Subordinated
debt(a) |
|
2 |
|
|
|
11,396 |
|
|
|
7,346 |
|
|
|
11,119 |
|
|
|
7,386 |
|
Senior
term loan(a) |
|
2 |
|
|
|
63,224 |
|
|
|
55,105 |
|
|
|
40,529 |
|
|
|
36,680 |
|
Convertible
debt |
|
2 |
|
|
|
47,749 |
|
|
|
49,325 |
|
|
|
43,928 |
|
|
|
48,249 |
|
Public
Warrants |
|
1 |
|
|
|
15 |
|
|
|
15 |
|
|
|
345 |
|
|
|
345 |
|
Warrants(b) |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
36 |
|
|
|
36 |
|
|
(a) |
As
of June 30, 2023 and December 31, 2022, the fair value of the subordinated term loan, subordinated debt and senior term
loan considered the senior status of the senior term loan under the Fortress Credit Agreement, followed by the junior status of the
subordinated term loan and subordinated debt. The implied yields of the subordinated term loan, subordinated debt and senior term
loan were 34.45%, 40.74% and 32.19%, respectively, as of June 30, 2023 and 23.00%, 27.18% and 28.78%, respectively, as of December 31,
2022. |
|
(b) |
As
of June 30, 2023 and December 31, 2022, the fair value of warrants outstanding that are classified as liabilities are included
in other long-term liabilities in the Company’s condensed consolidated balance sheets. The key inputs to the valuation models
that were utilized to estimate the fair value of the Post-Combination Warrants and Private Placement Warrants as of June 30,
2023 were as follows: |
|
Schedule of assumptions |
Schedule
of assumptions |
|
Post-
Combination Warrants |
|
|
Private
Placement Warrants |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
Exercise
price |
|
$ |
12.50
– 17.50 |
|
|
$ |
11.50 |
|
Risk
free rate |
|
|
4.47 |
% |
|
|
4.47 |
% |
Expected
volatility |
|
|
84.2 |
% |
|
|
84.2 |
% |
Dividend
yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
Schedule of assumptions of the convertible debt derivative liabilities |
Schedule
of assumptions of the convertible debt derivative liabilities |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Assumptions: |
|
|
|
|
|
|
|
|
Stock
price |
|
$ |
0.17 |
|
|
$ |
1.31 |
|
Conversion
strike price |
|
$ |
8.00 |
|
|
$ |
8.00 |
|
Volatility |
|
|
92.00 |
% |
|
|
94.00 |
% |
Dividend
yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
Risk
free rate |
|
|
4.12 |
% |
|
|
4.32 |
% |
Debt
discount rate |
|
|
28.00 |
% |
|
|
15.10 |
% |
Coupon
interest rate |
|
|
7.00 |
% |
|
|
7.00 |
% |
Face
amount (in thousands) |
|
$ |
52,500 |
|
|
$ |
50,000 |
|
Contingent
put inputs and assumptions: |
|
|
|
|
|
|
|
|
Probability
of fundamental change |
|
|
50.00 |
% |
|
|
33.00 |
% |
|
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v3.23.2
SHARE-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of summarizes share-based compensation expense |
Schedule of summarizes share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Research
and development |
|
$ |
570 |
|
|
$ |
1,169 |
|
|
$ |
1,101 |
|
|
$ |
2,135 |
|
Sales
and marketing |
|
|
517 |
|
|
|
1,197 |
|
|
|
1,024 |
|
|
|
2,279 |
|
General
and administrative |
|
|
904 |
|
|
|
4,541 |
|
|
|
1,798 |
|
|
|
9,015 |
|
Cost
of sales |
|
|
7 |
|
|
|
65 |
|
|
|
14 |
|
|
|
107 |
|
Total
share-based compensation |
|
$ |
1,998 |
|
|
$ |
6,972 |
|
|
$ |
3,937 |
|
|
$ |
13,536 |
|
|
Schedule of common stock options |
Schedule
of common stock options |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contractual Life (Years) |
|
|
Weighted-
Average Grant Date Fair Value |
|
Outstanding,
December 31, 2022 |
|
|
7,812,178 |
|
|
$ |
3.70 |
|
|
|
6.56 |
|
|
$ |
2.23 |
|
Forfeited |
|
|
(31,523 |
) |
|
|
2.26 |
|
|
|
- |
|
|
|
1.46 |
|
Expired |
|
|
(14,421 |
) |
|
|
5.40 |
|
|
|
- |
|
|
|
2.86 |
|
Outstanding,
June 30, 2023(a) |
|
|
7,766,234 |
|
|
$ |
3.70 |
|
|
|
6.02 |
|
|
$ |
1.98 |
|
Exercisable,
June 30, 2023(b) |
|
|
5,566,087 |
|
|
$ |
3.89 |
|
|
|
5.11 |
|
|
$ |
2.06 |
|
|
(a) |
There
was no aggregate intrinsic value of all stock options outstanding as of June 30, 2023. |
|
(b) |
There
was no aggregate intrinsic value of all vested/exercisable stock options as of June 30, 2023. |
|
Schedule of unvested restricted stock units |
Schedule of unvested restricted stock units |
|
Number
of RSUs |
|
|
Weighted
Average Grant Date Fair Value |
|
Outstanding
(nonvested), December 31, 2022 |
|
|
4,267,746 |
|
|
$ |
3.58 |
|
Granted |
|
|
681,620 |
|
|
|
0.56 |
|
Released |
|
|
(387,204 |
) |
|
|
5.44 |
|
Forfeited |
|
|
(51,611 |
) |
|
|
3.25 |
|
Outstanding
(nonvested), June 30, 2023 |
|
|
4,510,551 |
|
|
$ |
2.97 |
|
|
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v3.23.2
NET LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of basic and diluted net loss per share |
Schedule of basic and diluted net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(33,607 |
) |
|
$ |
(21,017 |
) |
|
$ |
(54,496 |
) |
|
$ |
(50,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator
- basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
74,582,992 |
|
|
|
72,335,952 |
|
|
|
74,528,668 |
|
|
|
72,335,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.70 |
) |
|
Schedule of anti-dilutive net loss per share |
Schedule of anti-dilutive net loss per share |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Stock
options outstanding |
|
|
7,766,234 |
|
|
|
7,983,614 |
|
Non-vested
shares of restricted stock |
|
|
4,510,551 |
|
|
|
6,759,150 |
|
Warrants(a) |
|
|
27,057,040 |
|
|
|
21,145,000 |
|
Convertible
notes(a) |
|
|
9,729,163 |
|
|
|
9,729,163 |
|
|
(a) |
The
Convertible Notes and warrants referred to in Notes 11 and 14 were also excluded on an as converted basis because their effect would
have been anti-dilutive. |
|
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X |
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BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Assets, current |
$ 75,000
|
|
$ 75,000
|
|
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$ 78,000
|
|
78,000
|
|
Cash flow from operating activities |
|
|
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|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Non Us Customers [Member] |
|
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|
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|
|
|
|
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74.20%
|
50.70%
|
78.30%
|
57.90%
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration credit risk |
|
|
54.70%
|
50.90%
|
Accounts receivable, after allowance for credit loss |
$ 18,500
|
$ 24,500
|
$ 18,500
|
$ 24,500
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration credit risk |
74.00%
|
70.00%
|
71.00%
|
68.00%
|
Sales [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration credit risk |
|
10.00%
|
10.00%
|
|
Sales [Member] | Customer Concentration Risk [Member] | Three Customers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration credit risk |
10.00%
|
|
|
10.00%
|
Resale Of Goods [Member] | Customer Concentration Risk [Member] | Five Suppliers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
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96.80%
|
94.30%
|
93.40%
|
91.10%
|
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REVENUE RECOGNITION (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total revenues |
$ 32,123
|
$ 46,945
|
$ 56,896
|
$ 84,509
|
Product Sales [Member] |
|
|
|
|
Total revenues |
27,505
|
42,792
|
47,583
|
74,769
|
Nonrecurring Engineering [Member] |
|
|
|
|
Total revenues |
610
|
|
1,394
|
1,156
|
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|
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|
Total revenues |
2,074
|
911
|
4,216
|
1,809
|
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|
|
|
|
Total revenues |
584
|
2,006
|
1,498
|
3,940
|
Software Licenses [Member] |
|
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|
|
Total revenues |
1,260
|
1,162
|
2,079
|
2,546
|
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$ 90
|
$ 74
|
$ 126
|
$ 289
|
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3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue |
$ 32,123
|
$ 46,945
|
$ 56,896
|
$ 84,509
|
|
Deferred revenue, current and non current |
1,800
|
|
1,800
|
|
$ 2,900
|
Revenue performance obligations |
1,600
|
|
1,600
|
|
$ 2,800
|
Transferred at Point in Time [Member] |
|
|
|
|
|
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|
|
|
|
|
Revenue |
600
|
0
|
900
|
0
|
|
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|
|
|
|
|
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|
|
|
|
|
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|
$ 0
|
$ 500
|
$ 1,200
|
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RESTRUCTURING ACTIVITIES (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Restructuring and Related Activities [Abstract] |
|
|
|
Inventory impairment charge |
$ 7,200
|
$ 7,215
|
|
Restructuring program description |
|
A
charge of $5.3 million relates to certain product initiatives that were eliminated or reduced as a result of the headcount
reductions in the 2023 Restructuring Program and $1.9 million relates to an accrual for inventory on order for these eliminated or
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GOODWILL AND INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 10,840
|
$ 10,840
|
Accumulated Amortization |
(5,728)
|
(5,538)
|
Net Carrying Amount |
$ 5,112
|
$ 5,302
|
Internally Developed Technology [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
10 years
|
10 years
|
Gross Carrying Amount |
$ 7,810
|
$ 7,810
|
Accumulated Amortization |
(3,319)
|
(3,189)
|
Net Carrying Amount |
$ 4,491
|
$ 4,621
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
6 years
|
6 years
|
Gross Carrying Amount |
$ 2,130
|
$ 2,130
|
Accumulated Amortization |
(1,509)
|
(1,449)
|
Net Carrying Amount |
$ 621
|
$ 681
|
Trademarks [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
2 years
|
2 years
|
Gross Carrying Amount |
$ 720
|
$ 720
|
Accumulated Amortization |
(720)
|
(720)
|
Net Carrying Amount |
|
|
Noncompete Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
3 years
|
3 years
|
Gross Carrying Amount |
$ 180
|
$ 180
|
Accumulated Amortization |
(180)
|
(180)
|
Net Carrying Amount |
|
|
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Payroll and related benefits and taxes |
$ 7,356
|
$ 8,081
|
Fair value of embedded derivatives related to Convertible Debt |
|
5,353
|
Royalties |
3,377
|
3,610
|
Loan success fee related to Convertible Debt |
2,858
|
2,858
|
Agent and sales commissions |
1,078
|
1,224
|
Right-of-use lease liability, current portion |
2,367
|
2,923
|
Tax liabilities |
1,130
|
1,301
|
Restructuring costs |
2,934
|
231
|
Product warranty liabilities |
1,203
|
1,478
|
Product marketing |
1,276
|
376
|
Manufacturing subcontractor costs |
2,928
|
1,787
|
Legal and professional services |
2,896
|
1,282
|
Other |
1,844
|
1,739
|
Other accrued expenses |
$ 31,247
|
$ 32,243
|
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v3.23.2
HELD FOR SALE (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Accounts receivable, net of allowance of $103 and $123 as of June 30, 2023 and December 31, 2022, respectively |
$ 22,790
|
$ 46,565
|
Inventory |
10,592
|
18,556
|
Prepaid expenses and other current assets |
16,159
|
17,289
|
Total current assets |
75,030
|
89,697
|
Property, plant and equipment, net |
5,686
|
7,351
|
Goodwill |
|
13,641
|
Intangible assets, net |
|
5,302
|
Right-of-use assets, net |
3,711
|
5,697
|
Other non-current assets |
3,059
|
3,407
|
Total assets |
108,399
|
125,095
|
Current liabilities: |
|
|
Accounts payable |
17,393
|
26,173
|
Accrued expenses and other current liabilities |
31,247
|
32,243
|
Deferred revenue |
1,547
|
2,892
|
Total current liabilities |
78,042
|
198,671
|
Other long-term liabilities |
9,561
|
7,223
|
Total liabilities |
238,174
|
205,894
|
Total liabilities and stockholders’ equity |
108,399
|
125,095
|
Mimosa [Member] |
|
|
Current assets: |
|
|
Accounts receivable, net of allowance of $103 and $123 as of June 30, 2023 and December 31, 2022, respectively |
11,064
|
7,413
|
Inventory |
4,133
|
3,759
|
Prepaid expenses and other current assets |
155
|
410
|
Total current assets |
15,352
|
11,582
|
Property, plant and equipment, net |
1,204
|
1,107
|
Goodwill |
13,641
|
13,641
|
Intangible assets, net |
5,112
|
5,302
|
Right-of-use assets, net |
845
|
916
|
Other non-current assets |
111
|
109
|
Total assets |
36,265
|
32,657
|
Current liabilities: |
|
|
Accounts payable |
10,391
|
5,545
|
Accrued expenses and other current liabilities |
1,397
|
1,517
|
Deferred revenue |
227
|
253
|
Total current liabilities |
12,015
|
7,315
|
Other long-term liabilities |
375
|
449
|
Total liabilities |
12,390
|
7,764
|
Total liabilities and stockholders’ equity |
$ 36,265
|
$ 32,657
|
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v3.23.2
SUBORDINATED DEBT (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
|
|
Nov. 28, 2017 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Aug. 06, 2015 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Subordinated debt |
[1] |
|
$ 11,396
|
$ 11,119
|
|
Accrued interest |
|
|
$ 13,400
|
11,500
|
|
Golden Wayford Limited [Member] |
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|
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Defined Benefit Plan Disclosure [Line Items] |
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|
$ 10,000
|
Principal Payment |
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$ 1,000
|
|
|
|
Maturity Date |
|
Feb. 16, 2016
|
|
|
|
Interest rate |
|
|
5.00%
|
|
|
Subordinated debt |
|
|
$ 9,000
|
|
|
Accrued interest |
|
|
$ 2,400
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$ 2,100
|
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v3.23.2
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1 Months Ended |
|
|
|
May 23, 2019 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Feb. 09, 2016 |
Offsetting Assets [Line Items] |
|
|
|
|
Subordinated Debts |
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$ 30,000
|
|
|
Interest Payable, Current |
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$ 13,400
|
$ 11,500
|
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Offsetting Assets [Line Items] |
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Subordinated Term Loan |
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$ 15,000
|
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v3.23.2
SENIOR TERM LOAN (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
May 31, 2023 |
Dec. 30, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Warrant purchase share issuance |
5,912,040
|
5,912,040
|
|
|
|
|
|
Warrants term exercisable |
7 years 6 months
|
7 years 6 months
|
|
|
|
|
|
Loss on debt extinguishment |
|
$ 5,100
|
$ (8,281)
|
|
$ (8,281)
|
|
|
Senior term loan |
|
|
65,900
|
|
65,900
|
|
$ 44,100
|
Accrued interest |
|
|
6,400
|
|
6,400
|
|
$ 5,000
|
Convertible Note Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Liquidity |
|
|
15,000
|
|
15,000
|
|
|
Convertible Note Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Liquidity |
|
|
$ 20,000
|
|
$ 20,000
|
|
|
Fortress Credit Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Maturity Date |
|
|
|
|
Dec. 30, 2024
|
|
|
Interest rate description |
|
|
|
|
The Fortress Credit Agreement contains a prepayment premium of 5.0% if the prepayment occurs during the period
from December 30, 2021 through December 29, 2022, and 3.0% if the prepayment occurs during the period from December 30,
2022 through December 29, 2023.
|
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Tranche 1 [Member] | Fortress Credit Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Term loan |
|
34,000
|
|
|
|
|
|
Tranche 2 [Member] | Fortress Credit Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Term loan |
|
$ 10,000
|
|
|
|
|
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CONVERTIBLE DEBT (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Aug. 13, 2021 |
May 28, 2023 |
Dec. 30, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Face amount |
|
|
|
$ 52,500
|
|
$ 52,500
|
|
$ 50,000
|
Loss on debt extinguishment |
|
|
$ 5,100
|
$ (8,281)
|
|
$ (8,281)
|
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Convertible Notes [Member] |
|
|
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Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Face amount |
$ 50,000
|
$ 52,500
|
|
|
|
|
|
|
Interest rate |
|
7.00%
|
|
|
|
|
|
|
Maturity date |
Dec. 30, 2024
|
|
|
|
|
|
|
|
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|
$ 3,200
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Cash and cash equivalents |
|
$ 10,102
|
$ 7,253
|
|
Restricted Cash |
|
35
|
34
|
$ 51
|
Cash and investment in severance benefit accounts |
|
2,917
|
3,161
|
|
Subordinated term loan |
[1] |
43,402
|
41,528
|
|
Subordinated Debt |
[1] |
11,396
|
11,119
|
|
Senior Term Loans |
[1] |
63,224
|
40,529
|
|
Convertible Debt |
|
47,749
|
43,928
|
|
Public Warrants |
|
15
|
345
|
|
Warrant |
[2] |
1
|
36
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Cash and cash equivalents |
|
10,102
|
7,253
|
|
Restricted Cash |
|
35
|
34
|
|
Cash and investment in severance benefit accounts |
|
2,917
|
3,161
|
|
Public Warrants |
|
15
|
345
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Subordinated term loan |
[1] |
25,107
|
25,503
|
|
Subordinated Debt |
[1] |
7,346
|
7,386
|
|
Senior Term Loans |
[1] |
55,105
|
36,680
|
|
Convertible Debt |
|
49,325
|
48,249
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Warrant |
[2] |
$ 1
|
$ 36
|
|
|
|
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v3.23.2
COMMON STOCK AND WARRANTS (Details Narrative) - $ / shares
|
1 Months Ended |
6 Months Ended |
|
May 31, 2023 |
Feb. 28, 2021 |
Jan. 31, 2021 |
Dec. 30, 2020 |
Oct. 31, 2015 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, Par value |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
Common stock, Shares authorized |
|
|
|
|
|
250,000,000
|
250,000,000
|
Preferred stock, shares authorized |
|
|
|
|
|
10,000,000
|
|
Common stock, Shares issued |
|
|
|
|
|
74,582,992
|
74,283,026
|
Common stock, Shares outstanding |
|
|
|
|
|
74,582,992
|
74,283,026
|
Preferred stock, Shares issued |
|
|
|
|
|
0
|
|
Preferred stock, Shares outstanding |
|
|
|
|
|
0
|
|
Warrant term |
7 years 6 months
|
|
|
7 years 6 months
|
|
|
|
Share price |
|
|
|
|
|
$ 0.17
|
$ 1.31
|
Warrant purchase share issuance |
5,912,040
|
|
|
5,912,040
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
12,045,000
|
|
Public Warrants [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
11,500,000
|
|
Warrants sold |
|
|
|
|
|
11,500,000
|
|
Share price |
|
|
|
|
|
$ 11.50
|
|
Private Placement Warrants [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
545,000
|
|
Warrants sold |
|
|
|
|
|
545,000
|
|
Post Combination Warrants [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
9,000,000
|
|
Airspan [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Warrant issued |
|
406
|
6,097
|
|
487,805
|
|
|
Exercise price |
|
$ 61.50
|
$ 61.50
|
|
$ 61.50
|
|
|
Warrant term |
|
5 years
|
5 years
|
|
|
|
|
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3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total share-based compensation |
$ 1,998
|
$ 6,972
|
$ 3,937
|
$ 13,536
|
Research and Development Expense [Member] |
|
|
|
|
Total share-based compensation |
570
|
1,169
|
1,101
|
2,135
|
Selling and Marketing Expense [Member] |
|
|
|
|
Total share-based compensation |
517
|
1,197
|
1,024
|
2,279
|
General and Administrative Expense [Member] |
|
|
|
|
Total share-based compensation |
904
|
4,541
|
1,798
|
9,015
|
Cost of Sales [Member] |
|
|
|
|
Total share-based compensation |
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$ 65
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$ 14
|
$ 107
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SHARE-BASED COMPENSATION (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Intrinsic value of options |
|
$ 0
|
|
|
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|
$ 0
|
|
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|
|
|
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
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Number of Shares Options Outstanding, Beginning |
|
7,812,178
|
|
|
Exercise Price Outstanding, Beginning |
|
$ 3.70
|
|
|
Weighted Average Remaining Contractual Life (Years) |
|
6 years 7 days
|
[1] |
6 years 6 months 21 days
|
Weighted-Average Grant Date Fair Value,Beginning |
|
$ 2.23
|
|
|
Number of Shares Options, Forfeited |
|
(31,523)
|
|
|
Exercise Price Forfeited |
|
$ 2.26
|
|
|
Weighted-Average Grant Date Fair Value,Forfeited |
|
$ 1.46
|
|
|
Number of Shares Options Expired |
|
(14,421)
|
|
|
Exercise Price Expired |
|
$ 5.40
|
|
|
Weighted-Average Grant Date Fair Value,Expired |
|
$ 2.86
|
|
|
Number of Shares Options Outstanding, Ending |
|
7,766,234
|
[1] |
7,812,178
|
Exercise Price Outstanding, Ending |
|
$ 3.70
|
[1] |
$ 3.70
|
Weighted-Average Grant Date Fair Value,Ending |
|
$ 1.98
|
[1] |
$ 2.23
|
Exercisable |
[2] |
5,566,087
|
|
|
Exercise Price Outstanding, Ending |
[2] |
$ 3.89
|
|
|
Weighted Average Remaining Contractual Life (Years) exercisable |
[2] |
5 years 1 month 9 days
|
|
|
Weighted-average grant date fair value exercisable |
[2] |
$ 2.06
|
|
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v3.23.2
SHARE-BASED COMPENSATION (Details 2) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Shares Options Outstanding, Beginning | shares |
4,267,746
|
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares |
$ 3.58
|
Number of Shares Options, Granted | shares |
681,620
|
Weighted Average Grant Date Fair Value Outstanding, Granted | $ / shares |
$ 0.56
|
Number of Shares Options, Released | shares |
(387,204)
|
Weighted Average Grant Date Fair Value Outstanding, Released | $ / shares |
$ 5.44
|
Number of Shares Options, Forfeited | shares |
(51,611)
|
Weighted Average Grant Date Fair Value Outstanding, Forfeited | $ / shares |
$ 3.25
|
Number of Shares Options Outstanding, Ending | shares |
4,510,551
|
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares |
$ 2.97
|
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v3.23.2
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
6 Months Ended |
Jun. 21, 2022 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Unrecognized compensation expenses |
|
$ 8,800
|
Common Stock Options [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Unrecognized compensation expenses |
|
$ 3,300
|
Restricted Stock Unit [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted average period |
|
2 years 5 months 19 days
|
Restricted Stock Units [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted average period |
|
1 year 8 months 19 days
|
Restricted stock granted |
|
1,750,000
|
Weighted average grant date fair value |
|
$ 9.75
|
Plan 2021 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number shares issued |
5,643,450
|
6,007,718
|
Plan 2009 [Member] | Common Stock [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Common Stock reserved |
|
14,383,618
|
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v3.23.2
NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss |
$ (33,607)
|
$ (21,017)
|
$ (54,496)
|
$ (50,755)
|
Weighted average shares outstanding - basic |
74,582,992
|
72,335,952
|
74,528,668
|
72,335,952
|
Weighted average shares outstanding - diluted |
74,582,992
|
72,335,952
|
74,528,668
|
72,335,952
|
Net loss per share - basic |
$ (0.45)
|
$ (0.29)
|
$ (0.73)
|
$ (0.70)
|
Net loss per share - diluted |
$ (0.45)
|
$ (0.29)
|
$ (0.73)
|
$ (0.70)
|
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v3.23.2
NET LOSS PER SHARE (Details 1) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity Option [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive shares |
|
7,766,234
|
7,983,614
|
Restricted Stock [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive shares |
|
4,510,551
|
6,759,150
|
Warrant [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive shares |
[1] |
27,057,040
|
21,145,000
|
Convertible Notes [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Anti-dilutive shares |
[1] |
9,729,163
|
9,729,163
|
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands |
2 Months Ended |
3 Months Ended |
6 Months Ended |
|
Mar. 07, 2022 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Stockholder [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable from related parties |
|
$ 0
|
$ 0
|
|
$ 400
|
Accounts payable to related party |
|
2,500
|
2,500
|
|
5,500
|
Another Stockholder [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Revenue from related party |
|
|
8,400
|
$ 4,500
|
|
Accounts receivable from related parties |
|
11,700
|
11,700
|
|
$ 4,500
|
Legacy Airspan [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Revenue from related party |
|
$ 41
|
$ 41
|
|
|
Dense Air [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Revenue from related party |
$ 52
|
|
|
|
|
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v3.23.2
X |
- DefinitionThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
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