Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (245,643,000) $ (19,535,000)
Total (loss) gain from discontinued operations, net of income taxes (1,650,000) 28,185,000
Loss from continuing operations (243,993,000) (47,720,000)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation and amortization expense 14,306,000 9,803,000
Gain on debt extinguishment (4,059,000) (284,000)
Bad debt expense 58,000 0
Stock-based compensation expense 42,571,000 1,982,000
Loss on issuance of Bridge Notes 99,669,000 0
Issuance costs for derivative liabilities and debt carried at fair value 48,009,000 0
Amortization of debt discount and issuance costs 1,807,000 1,137,000
(Gain) loss on equity method investment (1,027,000) 953,000
Loss on disposal of property and equipment 24,000 0
Gain (loss) on derivatives (23,885,000) 558,000
Satellite impairment loss 18,407,000 0
Changes in operating assets and liabilities:    
Accounts receivable 216,000 1,425,000
Contract assets 2,118,000 (3,796,000)
Prepaid expenses and other current assets (5,207,000) 400,000
Other assets (309,000) (1,024,000)
Accounts payable and accrued liabilities 2,543,000 2,483,000
Other current liabilities (2,680,000) (340,000)
Contract liabilities - current and long-term (5,262,000) 9,019,000
Liability for estimated contract losses (198,000) 6,252,000
Other liabilities 3,020,000 3,852,000
Cash flows used in operating activities - continuing operations (53,872,000) (15,300,000)
Cash flows used in operating activities - discontinued operations 0 (16,374,000)
Net cash used in operating activities (53,872,000) (31,674,000)
Cash flows from investing activities:    
Purchase of property and equipment (1,266,000) (281,000)
Satellite procurement work in process (62,643,000) (18,096,000)
Purchase of domain name (7,000) 0
Proceeds from equity method investment 302,000 0
Cash flows used in investing activities - continuing operations (63,614,000) (18,377,000)
Cash flows provided by investing activities - discontinued operations 0 8,607,000
Net cash used in investing activities (63,614,000) (9,770,000)
Cash flows from financing activities:    
Proceeds from recapitalization transaction, net of payment of equity issuance costs 244,880,000 0
Payments of transaction costs related to sponsor earn-out shares (291,000) 0
Proceeds from issuance of debt 58,573,000 3,600,000
Proceeds from options exercised 130,000 30,000
Proceeds from warrants exercised 163,000 0
Capital lease payments (2,000) (39,000)
Debt payments (22,198,000) 0
Issuance costs for derivative liabilities and debt carried at fair value (6,238,000) (108,000)
Withholding tax payment on vesting of restricted stock awards and options exercised 0 (39,000)
Cash flows provided by financing activities - continuing operations 275,017,000 3,444,000
Cash flows used in financing activities - discontinued operations 0 0
Net cash provided by financing activities 275,017,000 3,444,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 157,531,000 (38,000,000)
Cash, cash equivalents, and restricted cash – beginning of year 10,573,000 37,190,000
Cash reclassified to assets held for sale at beginning of period 0 11,383,000
Cash reclassified to assets held for sale at the end of period 0 0
Cash, cash equivalents, and restricted cash – end of period 168,104,000 10,573,000
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 165,586,000 5,098,000
Restricted cash 2,518,000 5,475,000
Total cash, cash equivalents, and restricted cash 168,104,000 10,573,000
Supplemental disclosures of cash flows information:    
Cash paid for interest 378,000 1,113,000
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid 5,222,000 5,397,000
Capitalized interest 620,000 1,162,000
Capitalized stock-based compensation 11,000 0
Issuance of common stock due to Bridge Notes and rights offering, net of issuance 106,353,000 0
Issuance of common stock warrants due to Bridge Notes 18,800,000 0
Issuance of common stock upon settlement of promissory notes 8,038,000 0
Net exercise of common stock warrants 210,000 0
Conversion of Bridge Notes 77,097,000 0
Net exercise of Bridge Note warrants 38,329,000 0
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd 1,650,000 0
Increase of debt principal for paid-in-kind interest 0 2,791,000
Application of Secured Loan against the 2020 Share Purchase Agreement (“SPA”) purchase price 0 26,182,000
Equipment acquired under capital lease 0 8,700
Preferred Stock    
Supplemental disclosures of non-cash financing and investing information:    
Issuance of preferred stock in the sale of Spaceflight, Inc. 0 3,247,000
Common Stock warrants    
Supplemental disclosures of non-cash financing and investing information:    
Net exercise of common stock warrants in connection with merger $ 1,324,000 $ 0