General form of registration statement for all companies including face-amount certificate companies

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

v3.21.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:        
Net (loss)/income $ (204,141,000) $ 5,277,000 $ (19,535,000) $ (66,145,000)
(Loss)/gain from discontinued operations, net of tax (1,022,000) 28,960,000 28,185,000 (6,160,000)
Loss from continuing operations (203,119,000) (23,683,000) (47,720,000) (59,985,000)
Adjustments to reconcile net loss to net cash (used in) operating activities:        
Depreciation and amortization expense 6,301,000 3,757,000 9,803,000 6,897,000
(Gain)/loss on debt extinguishment   (284,000) (284,000) 3,267,000
Loss on debt extinguishment       3,054,000
Stock-based compensation expense 772,000 1,142,000 1,982,000 3,345,000
Loss on issuance of 2021 convertible bridge notes 96,476,000      
Loss on issuance of 2021 convertible bridge notes rights offering 3,193,000      
Amortization of debt discount and issuance costs 823,000 836,000 1,137,000 1,811,000
Debt issuance cost expensed for debt carried at fair value 47,718,000      
(Gain)/loss on equity method investment (963,000) 581,000 953,000 1,241,000
Loss on disposal of property and equipment 24,000     6,000
Unrealized loss/(gain) on derivatives 14,975,000 279,000 558,000 (541,000)
Satellite impairment loss 18,407,000   0 6,606,000
Bad debt expense 4,000      
Deferred income tax provision (benefit)    
Realized gain on promissory notes       (4,113,000)
Changes in operating assets and liabilities:        
Accounts receivable (1,293,000) 2,012,000 1,425,000 (64,000)
Contract assets 1,151,000 (1,344,000) (3,796,000) (658,000)
Prepaid expenses, and other current assets (405,000) (56,000) 400,000 (1,982,000)
Increase (Decrease) in Other Operating Assets (150,000) (752,000) (1,024,000)  
Accounts payable and accrued liabilities (2,604,000) (14,000) 2,483,000 3,356,000
Other current liabilities (2,067,000) 244,000 (340,000) (363,000)
Contract liabilities - current and long-term (952,000) 4,701,000 9,019,000 6,573,000
Liability for estimated contract losses (1,047,000) 3,340,000 6,252,000  
Other long-term liabilities 1,644,000 1,482,000 3,852,000 1,699,000
Net Cash Provided by (Used in) Operating Activities, Continuing Operations (21,112,000) (7,759,000) (15,300,000) (33,118,000)
Cash flows (used in) operating activities - discontinued operations 0 (14,383,000) (16,374,000) 6,808,000
Net cash (used in) operating activities (21,112,000) (22,142,000) (31,674,000) (26,310,000)
Cash Flows from Investing Activities:        
Purchase of property and equipment (207,000) (41,000) (281,000) (481,000)
Satellite procurement work in process (11,205,000) (15,913,000) (18,096,000) (33,208,000)
Purchase of domain name (7,000)      
Cash flows (used in) investing activities - continuing operations (11,419,000) (15,954,000) (18,377,000) (33,689,000)
Cash flows provided by investing activities - discontinued operations   8,410,000 8,607,000 (266,000)
Net cash (used in) investing activities (11,419,000) (7,544,000) (9,770,000) (33,955,000)
Cash Flows from Financing Activities:        
Proceeds from Issuance of Debt 58,573,000 3,600,000    
Proceeds from options exercised 7,000 23,000 30,000 121,000
Proceeds from warrants exercised 120,000      
Capital lease payments   (17,000) (39,000) (311,000)
Debt payments (750,000)      
Payments for deferred offering costs (3,487,000)      
Payments for debt issuance costs (646,000) (108,000)    
Principal payments on debt       (14,000,000)
Payment for debt and equity issuance costs     (108,000) (3,611,000)
Withholding tax payment on vesting of restricted stock awards and options exercised     (39,000)  
Proceeds from borrowings     3,600,000 107,640,000
Cash flows provided by financing activities - continuing operations 53,817,000 3,498,000 3,444,000 89,839,000
Cash flows (used in) financing activities - discontinued operations       (133,000)
Net cash provided by financing activities 53,817,000 3,498,000 3,444,000 89,706,000
Net Change in Cash 21,286,000 (26,188,000) (38,000,000) 29,441,000
Cash, cash equivalents, and restricted cash – beginning of year 10,573,000 37,190,000 37,190,000 17,577,000
Cash reclassified to assets held for sale at beginning of period   11,383,000 11,383,000 1,555,000
Cash reclassified to assets held for sale at the end of period       (11,383,000)
Total cash, cash equivalents, and restricted cash 31,859,000 22,385,000 10,573,000 37,190,000
Supplemental Cash Flow Elements:        
Cash and cash equivalents 26,384,000 16,911,000 5,098,000 31,715,000
Restricted cash 5,475,000 5,475,000 5,475,000 5,475,000
Total cash, cash equivalents, and restricted cash 31,859,000 22,385,000 10,573,000 37,190,000
Supplemental disclosures of cash flows information:        
Cash paid for interest 286,000 821,000 1,113,000 1,678,000
Supplemental disclosures of non-cash financing and investing information:        
Property and equipment additions accrued but not paid 10,837,000 3,071,000 5,397,000 5,292,000
SPAC costs accrued but not paid 3,663,000      
Debt issuance costs expensed for debt carried at fair value accrued but not paid 3,129,000      
Capitalized Interest 135,000 736,000    
Issuance of common stock due to bridge financing and rights offering, net of issuance cost 106,353,000      
Issuance of Common Stock Warrants Due to Bridge Financing 18,800,000      
Consent fees payable in common stock or cash recorded as a derivative 2,715,000      
Contingent liability for working capital adjustment to M&Y Space ("Mitsui USA") 1,022,000      
Issuance of preferred stock in the sale of Spaceflight, Inc.   3,247,000 3,247,000  
Application of Secured Loan against the 2020 Share Purchase Agreement ("SPA") purchase price   26,182,000 26,182,000  
Conversion of debt to equity       36,236,000
Increase of debt principal for paid-in-kind interest     2,791,000  
Equipment acquired under capital lease   22,000 9,000 111,000
Osprey Technology Acquisition Corp [Member]        
Cash Flows from Operating Activities:        
Net (loss)/income (14,694,704) (2,686,114) (15,265,396) (7,209,680)
Adjustments to reconcile net loss to net cash (used in) operating activities:        
Interest income earned on marketable securities held in Trust Account (63,087) (1,643,832) (1,793,627) (714,993)
Change in fair value of warrant liability 11,620,500 3,620,625 13,924,875 6,999,875
Transaction costs       560,698
Unrealized (gain) loss on marketable securities held in Trust Account 52 4,199 (3,447) 6,479
Deferred income tax provision (benefit)   479 1,361 (1,361)
Changes in operating assets and liabilities:        
Accounts payable and accrued liabilities     1,976,231 180,244
Prepaid expenses 11,257 (51,464) 112,048 (202,472)
Prepaid income taxes     (255,364)  
Accrued expenses 2,551,720 (156,732)    
Income taxes payable   247,935 (94,636) 94,636
Net cash (used in) operating activities (574,262) (664,904) (1,397,955) (286,574)
Cash Flows from Investing Activities:        
Interest withdrawn for tax payments 120,050 283,860    
Investment of cash in Trust Account       (316,250,000)
Cash withdrawn from Trust Account to pay franchise and income taxes     713,860  
Net cash (used in) investing activities 120,050 283,860 713,860 (316,250,000)
Cash Flows from Financing Activities:        
Proceeds from sale of Units, net of underwriting discounts paid       309,925,000
Proceeds from sale of Private Placement Warrants       8,325,000
Proceeds from promissory notes 107,000     124,992
Repayment of promissory notes – related party       (224,992)
Payment of offering costs       (571,876)
Net cash provided by financing activities 107,000     317,578,124
Net Change in Cash (347,212) (381,044) (684,095) 1,041,550
Cash, cash equivalents, and restricted cash – beginning of year 399,516 1,083,611 1,083,611 42,061
Total cash, cash equivalents, and restricted cash 52,304 702,567 399,516 1,083,611
Supplemental Cash Flow Elements:        
Total cash, cash equivalents, and restricted cash 52,304 702,567 399,516 1,083,611
Supplemental disclosures of cash flows information:        
Cash paid for income taxes     350,000  
Supplemental disclosures of non-cash financing and investing information:        
Initial classification of Class A Common Stock subject to redemption       286,727,625
Change in value of Class A Common Stock subject to possible redemption 53,391,642 $ (2,686,114) (15,265,401) (6,633,789)
Initial classification of warrant liabilities       (14,807,125)
Deferred underwriting fee payable $ 11,068,750   $ 11,068,750 $ 11,068,750