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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 9, 2023
FLUX
POWER HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-31543 |
|
92-3550089 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
2685
S. Melrose Drive, Vista,
California |
|
92081 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
877-505-3589
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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, $0.001 par value |
|
FLUX |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item
2.02 Results of Operations and Financial Condition.
On
November 9, 2023, the Company issued a press release announcing, among other things, limited financial and operational information for
its fiscal first quarter ended September 30, 2023 and provided certain forward-looking performance estimates. In addition, the Company
will hold a conference call to discuss such results. The full text of the press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K. The projections constituting the performance estimates included in the press release involve risks and uncertainties,
the outcome of which cannot be foreseen at this time and, therefore, actual results may vary materially from these forecasts. In this
regard, see the information included in the press release under the caption “Forward-Looking Statements.”
Item
7.01 Regulation FD Disclosure.
The
information under Items 2.02 of this Current Report on Form 8-K is incorporated by reference in this Item 7.01.
The
information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1 is being “furnished”
and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item
9.01 Financial Statements and Exhibits.
Exhibit
Index
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 hereunto duly authorized.
|
Flux
Power Holdings, Inc. |
|
a
Nevada corporation |
|
|
|
|
By:
|
/s/
Ronald F. Dutt |
|
|
Ronald
F. Dutt, |
|
|
Chief
Executive Officer |
|
|
|
Dated:
November 9, 2023 |
|
|
Exhibit
99.1
Flux
Power Fiscal Year 2024 First Quarter Financial Results
Ongoing
Gross Margin Initiatives Result in 700BP Improvement in Gross Margins
Backlog
Increased to $31M as of November 2, 2023
Partnering
with Fortune 100 Customer on Industry’s First Telematics Integration for Entire Fleet
Management
to Host Conference Call Today at 4:30 p.m. Eastern Time
Vista,
CA — November 9, 2023 — Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage
solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal
first quarter ended September 30, 2023.
Key
Financial FY 2024 First Quarter and Subsequent Operational Highlights and Business Update
($
millions) | |
Q1
Comparison | |
| |
Q1
2024 | | |
Q1
2023 | | |
$
Change YoY | | |
%
Change YoY | |
Revenue | |
$ | 14.8 | | |
$ | 17.8 | | |
$ | -3.0 | | |
| -17 | % |
Gross
Profit | |
$ | 4.3 | | |
$ | 3.9 | | |
$ | 0.4 | | |
| 9 | % |
Gross
Margin | |
| 29 | % | |
| 22 | % | |
| — | | |
| 32 | % |
Adjusted
EBITDA | |
$ | -1.2 | | |
$ | -1.5 | | |
$ | 0.3 | | |
| 24 | % |
|
● |
Expansion
of Margins Leading to Profitability in FY2024: |
|
○ |
Gross
profit increased 9% in Q1’24 compared to Q1’23. |
|
|
|
|
○ |
Gross
margin increased 700 basis points in Q1’24 compared to Q1’23. |
|
|
|
|
○ |
Adjusted
EBITDA loss improved 24% in Q1’24 compared to Q1’23. |
|
● |
Continued
Revenue Expansion |
|
○ |
High
demand new heavy-duty models completed UL Listing, to be launched for 2024. |
|
|
|
|
○ |
Private
Label Program to be launched this quarter with major forklift OEM. |
|
|
|
|
○ |
Partnering
with Fortune 100 Customer on industry first of telematics integration for entire fleet |
|
|
|
|
○ |
Exploring
potential partnership on fast charging proprietary technology. |
|
○ |
Reached
prototype stage for automation of battery cells into modules to support current high customer demand, while creating commonality
and reducing inventory. |
|
|
|
|
○ |
Partnership
for international sales channel making progress. |
|
|
|
|
○ |
Backlog
(open orders) increased to $31M as of November 2, 2023. |
|
● |
Improved
capital structure |
|
○ |
Secured
a new $15 million credit facility, including expansion provisions to $20 million, from Gibraltar Business Capital (“GBC”)
to fund working capital and to repay its existing credit facility with Silicon Valley Bank (“SVB”). |
|
|
|
|
○ |
Terminated
an at-the-market (“ATM”) offering program. |
|
|
|
|
○ |
A
new $2.0 million subordinated line of credit with Cleveland Capital providing additional credit support with an extended
duration to August 15, 2025. |
Backlog
Summary
The
backlog status is a point in time measure but in total reflects underlying pacing of orders:
Fiscal
Quarter Ended | |
Beginning
Backlog | | |
New
Orders | | |
Shipments | | |
Ending
Backlog | |
June
30, 2022 | |
$ | 38,593,000 | | |
$ | 11,622,000 | | |
$ | 15,195,000 | | |
$ | 35,020,000 | |
September
30, 2022 | |
$ | 35,020,000 | | |
$ | 9,678,000 | | |
$ | 17,840,000 | | |
$ | 26,858,000 | |
December
31, 2022 | |
$ | 26,858,000 | | |
$ | 20,652,000 | | |
$ | 17,158,000 | | |
$ | 30,352,000 | |
March
31, 2023 | |
$ | 30,352,000 | | |
$ | 9,751,000 | | |
$ | 15,087,000 | | |
$ | 25,016,000 | |
June
30, 2023 | |
$ | 25,016,000 | | |
$ | 19,780,000 | | |
$ | 16,252,000 | | |
$ | 28,544,000 | |
September
30, 2023 | |
$ | 28,544,000 | | |
$ | 8,102,000 | | |
$ | 14,797,000 | | |
$ | 21,849,000 | |
November
2, 2023, Ending Backlog $31,080,000
CEO
Commentary
“In
our first fiscal quarter of 2024, we have seen encouraging strides towards profitability. This achievement comes amidst a traditionally
slower revenue period, further impacted by delays in the delivery of forklifts. We are already seeing a pickup in our second quarter
to achieve another growth year in FY2024. Our sales cycle normally reflects forklift lead times ranging from 2-3 months but for
much of the past 12 months, lead times have increased by up to 12 months for several high volume forklift lines. Adjusted
EBITDA loss improved by 24% to $1.2 million in Q1’24. Gross margin improvement initiatives contributed to a 700 basis point increase
in Q1’24 to 29%. Two new major customers have been added since June 30, 2023.
“As
of November 2, 2023, our open order backlog has increased by $9.2 million, reaching a total of $31.1 million. This growth is attributable
to the synchronization of our product offerings with the schedule of new forklift and airport Ground Support Equipment (“GSE”)
deliveries. Two new customers contributed to this increase in backlog, in both forklifts and airport GSE. Beyond our backlog of open
orders, we are working on a pipeline of high probability orders of over $100 million which does stretch beyond the current fiscal year.
Recently at the GSE EXPO 2023, we featured our energy storage and telematics platforms that are facilitating electrification of GSE,
with airline GSE integration partner Averest Inc. As the airline industry transitions from lead acid and propane to electrically powered
GSE, the ability to have real time access to actionable data has made telematics imperative for both operational efficiency and successfully
scaling fleet electrification. Sustainability leaders like Delta Air Lines have set the pace with their commitment to reach Net-Zero
carbon emissions by 2050 including a focus on transitioning fossil fuel-powered belt loaders, bag, and tug tractors to electric, zero-emission
vehicles.
“Over
the course of the year, our primary objective has been to diligently follow our roadmap to achieve consistent profitability. Alongside
this, we have advanced in several growth-oriented projects that promise both immediate and future benefits. Early in 2024, we anticipate
our new heavy-duty models and OEM private label program will meet the robust market demand effectively. In parallel, our automated assembly
for cell modules is progressing on schedule. We plan to launch an industry first integrated telematics, fleet-wide program with
a Fortune 100 customer later in 2024. Building on these developments, we are collaborating with our partners
to bring battery cell innovations and expand our sales on a global scale.
“We
migrated from our Silicon Valley Bank credit facility to a new $15 million credit facility with Gibraltar Business Capital which provides
lower interest rates, a two-year term, and the potential to expand the facility to $20 million to accommodate higher working capital
needs as our business grows. This facility, along with our improvement in operating cash requirements, supports our current business
growth. Additional credit support, beyond projected needs, is provided by our new $2.0 million subordinated line of credit with Cleveland
Capital. Finally, as we look to the future, we believe it is good corporate practice to replace our previous shelf registration as it
allows us to maintain flexibility with respect to our capital management.
“Looking
ahead, we believe our near-term track to profitability, combined with our emerging growth strategy will position the Company to both
lead our sector in lithium-ion adoption and provide accretive business growth to drive improved shareholder value. We are pleased,
but never content, with our progress regarding customer satisfaction of product quality, service, and ease of doing business.
Our market reputation is very important to our Fortune 500 customer base, and we have resourced our marketing efforts to expand brand
awareness. I look forward to providing additional updates in the months to come,” concluded Dutt.
Q1’24
Financial Results
Revenue
for the fiscal first quarter of 2024 decreased 17% to $14.8 million compared to $17.8 million in the fiscal first quarter of 2023,
due to fewer units of energy storage packs sold during the current quarter primarily as a result of deferrals related to forklift timing
delays, seasonality, and product mix.
Gross
profit for the fiscal first quarter of 2024 increased to $4.3 million compared to a gross profit of $3.9 million in the fiscal first
quarter of 2023. Gross margin increased to 29% in the fiscal first quarter of 2024 as compared to 22% in the fiscal first quarter of
2023. Gross profit improved by 9% as a result of lower cost of sales per unit as a result of the gross margin improvement initiatives,
partially offset by lower number of units sold.
Adjusted
EBITDA was a loss of $1.2 million in the fiscal first quarter of 2024 as compared to a loss of $1.5 million in the fiscal first quarter
of 2023, driven by the improved gross margins.
Selling
& Administrative expenses increased to $4.7 million in the fiscal first quarter of 2024, as compared to $4.5 million in fiscal
first quarter of 2023, primarily attributable to staff related expenses, depreciation, professional service fees, stock-based compensation,
and travel expenses, partially offset by decreases in commissions, outbound shipping costs, recruiting costs, and consulting fees.
Research
& Development expenses increased to $1.3 million in the fiscal first quarter of 2024, compared to $1.2 million in the fiscal
first quarter of 2023, primarily due to higher staff related expenses.
Net
loss for the fiscal first quarter of 2024 was $2.1 million, similar to the fiscal first quarter of 2023, with nominal improvement
principally reflecting increased gross profit, offset by increased operating expenses and interest expense.
Cash
was $1.1 million on September 30, 2023, as compared to $2.4 million at June 30, 2023 reflecting changes in working capital management.
Available working capital includes: our line of credit as of November 2, 2023, under our $15.0 million credit facility from Gibraltar
Business Capital with a remaining available balance of $2.9 million; and $2.0 million available under the subordinated line of
credit with Cleveland Capital.
Net
cash used in operating activities increased to $3.1 million in the three months ended September 30, 2023, compared to $0.6 million
in the three months ended September 30, 2022, primarily due to changes in working capital of inventory, receivables, and payables.
First
Quarter Fiscal Year 2024 Results Conference Call
Flux
Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call
will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s
website here.
To
access the call, please use the following information:
Date: |
Thursday,
November 9, 2023 |
Time: |
4:30
p.m. Eastern Time, 1:30 p.m. Pacific Time |
Toll-free
dial-in number: |
1-877-407-4018 |
International
dial-in number: |
1-201-689-8471 |
Conference
ID: |
13741955 |
Please
call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you
have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The
conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1638333&tp_key=4d161faacd
and via the investor relations section of the Company’s website here.
A
replay of the webcast will be available after 7:30 p.m. Eastern Time through February 9, 2024.
Toll-free
replay number: |
1-844-512-2921 |
International
replay number: |
1-412-317-6671 |
Replay
ID: |
13741955 |
Note
about Non-GAAP Financial Measures
A
non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes
or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance
with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with,
nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In
addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure.
Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization, and stock-based compensation
expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information
to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal
reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most
comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable
to similarly titled measures presented by other companies.
US-GAAP
NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net
loss | |
$ | (2,112,000 | ) | |
$ | (2,139,000 | ) |
Add/Subtract: | |
| | | |
| | |
Interest,
net | |
| 403,000 | | |
| 328,000 | |
Income
tax provision | |
| - | | |
| - | |
Depreciation
and amortization | |
| 261,000 | | |
| 172,000 | |
EBITDA | |
| (1,448,000 | ) | |
| (1,639,000 | ) |
Add/Subtract: | |
| | | |
| | |
Stock-based
compensation | |
| 276,000 | | |
| 95,000 | |
Adjusted
EBITDA | |
$ | (1,172,000 | ) | |
$ | (1,544,000 | ) |
About
Flux Power Holdings, Inc.
Flux
Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of
industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage.
Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers
with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead
acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for
fleets. For more information, please visit www.fluxpower.com.
Forward-Looking
Statements
This
release contains projections and other “forward-looking statements” relating to Flux Power’s business, that are often
identified using “believes,” “expects” or similar expressions. Forward-looking statements involve several estimates,
assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed,
estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial
condition; statements regarding plans and expectations with respect to the Company’s registration statement on Form S-3 and any
potential future offering or capital raises. Flux Power’s ability to obtain raw materials and other supplies for its products at
competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and
supply chain; the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux
Power’s ability to improve its gross margins, or achieve breakeven cash flow or profitability, Flux Power’s ability to fulfill
backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due
to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities,
Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution
partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes
in pricing, and Flux Power’s ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent.
Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations,
opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such
statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance
will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking
statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined
in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements
are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual
results could differ from those projected.
Flux,
Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered
marks are the property of and used to identify the products or services of their respective owners.
Follow
us at:
Blog:
Flux Power Blog
News
Flux Power News
Twitter:
@FLUXpwr
LinkedIn: Flux Power
Contacts
Media
& Investor Relations:
info@fluxpower.com
External
Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
FLUX
POWER HOLDINGS, INC.
CONSOLIDATED
BALANCE SHEETS
| |
September
30, 2023 | | |
June
30, 2023 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash | |
$ | 1,139,000 | | |
$ | 2,379,000 | |
Accounts
receivable | |
| 10,699,000 | | |
| 8,649,000 | |
Inventories,
net | |
| 19,495,000 | | |
| 18,996,000 | |
Other
current assets | |
| 1,053,000 | | |
| 918,000 | |
Total
current assets | |
| 32,386,000 | | |
| 30,942,000 | |
Right
of use assets | |
| 2,670,000 | | |
| 2,854,000 | |
Property,
plant and equipment, net | |
| 1,747,000 | | |
| 1,789,000 | |
Other
assets | |
| 119,000 | | |
| 120,000 | |
| |
| | | |
| | |
Total
assets | |
$ | 36,922,000 | | |
$ | 35,705,000 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 10,065,000 | | |
$ | 9,735,000 | |
Accrued
expenses | |
| 3,782,000 | | |
| 3,181,000 | |
Line
of credit | |
| 11,986,000 | | |
| 9,912,000 | |
Deferred
revenue | |
| 336,000 | | |
| 131,000 | |
Customer
deposits | |
| 17,000 | | |
| 82,000 | |
Finance
lease payable, current portion | |
| 147,000 | | |
| 143,000 | |
Office
lease payable, current portion | |
| 667,000 | | |
| 644,000 | |
Accrued
interest | |
| 102,000 | | |
| 2,000 | |
Total
current liabilities | |
| 27,102,000 | | |
| 23,830,000 | |
Office
lease payable, less current portion | |
| 1,880,000 | | |
| 2,055,000 | |
Financed
lease payable, less current portion | |
| 229,000 | | |
| 273,000 | |
| |
| | | |
| | |
Total
liabilities | |
| 29,211,000 | | |
| 26,158,000 | |
| |
| | | |
| | |
Stockholders’
equity: | |
| | | |
| | |
| |
| | | |
| | |
Preferred
stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Common
stock, $0.001 par value; 30,000,000 shares authorized; 16,478,237 and 16,462,215 shares issued and outstanding at September 30, 2023
and June 30, 2023, respectively | |
| 16,000 | | |
| 16,000 | |
Additional
paid-in capital | |
| 98,362,000 | | |
| 98,086,000 | |
Accumulated
deficit | |
| (90,667,000 | ) | |
| (88,555,000 | ) |
| |
| | | |
| | |
Total
stockholders’ equity | |
| 7,711,000 | | |
| 9,547,000 | |
| |
| | | |
| | |
Total
liabilities and stockholders’ equity | |
$ | 36,922,000 | | |
$ | 35,705,000 | |
FLUX
POWER HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Revenues | |
$ | 14,797,000 | | |
$ | 17,840,000 | |
Cost
of sales | |
| 10,486,000 | | |
| 13,892,000 | |
| |
| | | |
| | |
Gross
profit | |
| 4,311,000 | | |
| 3,948,000 | |
| |
| | | |
| | |
Operating
expenses: | |
| | | |
| | |
Selling
and administrative | |
| 4,725,000 | | |
| 4,536,000 | |
Research
and development | |
| 1,295,000 | | |
| 1,223,000 | |
Total
operating expenses | |
| 6,020,000 | | |
| 5,759,000 | |
| |
| | | |
| | |
Operating
loss | |
| (1,709,000 | ) | |
| (1,811,000 | ) |
| |
| | | |
| | |
Interest
income (expense), net | |
| (403,000 | ) | |
| (328,000 | ) |
| |
| | | |
| | |
Net
loss | |
$ | (2,112,000 | ) | |
$ | (2,139,000 | ) |
| |
| | | |
| | |
Net
loss per share - basic and diluted | |
$ | (0.13 | ) | |
$ | (0.13 | ) |
| |
| | | |
| | |
Weighted
average number of common shares outstanding - basic and diluted | |
| 16,474,754 | | |
| 15,997,296 | |
FLUX
POWER HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (2,112,000 | ) | |
$ | (2,139,000 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Depreciation | |
| 261,000 | | |
| 172,000 | |
Stock-based compensation | |
| 276,000 | | |
| 95,000 | |
Amortization of debt issuance costs | |
| 81,000 | | |
| 229,000 | |
Noncash lease expense | |
| 146,000 | | |
| 117,000 | |
Allowance for inventory reserve | |
| (3,000 | ) | |
| 25,000 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (2,050,000 | ) | |
| (2,987,000 | ) |
Inventories | |
| (496,000 | ) | |
| (2,641,000 | ) |
Other current assets | |
| (215,000 | ) | |
| (229,000 | ) |
Accounts payable | |
| 330,000 | | |
| 6,860,000 | |
Accrued expenses | |
| 601,000 | | |
| 19,000 | |
Accrued interest | |
| 100,000 | | |
| 1,000 | |
Office lease payable | |
| (152,000 | ) | |
| (120,000 | ) |
Deferred revenue | |
| 205,000 | | |
| 184,000 | |
Customer deposits | |
| (65,000 | ) | |
| (165,000 | ) |
Net cash used in operating activities | |
| (3,093,000 | ) | |
| (579,000 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchases of equipment | |
| (181,000 | ) | |
| (352,000 | ) |
Net cash used in investing activities | |
| (181,000 | ) | |
| (352,000 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from revolving line of credit | |
| 18,055,000 | | |
| 12,900,000 | |
Payment of revolving line of credit | |
| (15,981,000 | ) | |
| (12,138,000 | ) |
Payment of financed leases | |
| (40,000 | ) | |
| (10,000 | ) |
Net cash provided by financing activities | |
| 2,034,000 | | |
| 752,000 | |
| |
| | | |
| | |
Net change in cash | |
| (1,240,000 | ) | |
| (179,000 | ) |
Cash, beginning of period | |
| 2,379,000 | | |
| 485,000 | |
| |
| | | |
| | |
Cash, end of period | |
$ | 1,139,000 | | |
$ | 306,000 | |
| |
| | | |
| | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Initial right of use asset recognition | |
$ | - | | |
$ | 78,000 | |
Common stock issued for vested RSUs | |
$ | - | | |
$ | 5,000 | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 223,000 | | |
$ | 99,000 | |
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