Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (6,453) $ (3,733)
Adjustments to reconcile net loss to net cash flows used in operating activities    
Depreciation and amortization 22 32
Inventory reserve 58 12
Amortization of discount of notes payable and convertible notes payable 708 2,568
Foreign exchange adjustments (245) 1,911
Tax benefit recognized on unrealized gain on debt securities   (100)
Realized loss on investment in convertible bond 544 297
Loss on equity method investment   1,713
Loss on debt extinguishment   821
Gain on restructured debt (1,032)  
Loss on disposal of property and equipment   1
Loss on leased assets 4  
Share-based compensation 256 1,262
Fair value of warrants issued for services   334
Change in fair value of warrant derivative liabilities (57) (1,195)
Change in fair value of conversion feature derivative, notes payable (291) (2,773)
Changes in fair value of embedded derivative, note payable from related party   (36)
Net changes in operating assets and liabilities    
Accounts receivable 2,900 (5,149)
Inventories 7 650
Prepaid expenses and other current assets 605 (214)
Other non-current assets 868 239
Accounts payable and accrued expenses 1,300 4,800
Other current liabilities (1,990) (2,025)
Other long-term liabilities 510 (918)
Net cash flows used in operating activities (2,286) (1,503)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of convertible bond 2,508 2,232
Sales of property and equipment 4  
Purchases of property and equipment (12) (17)
Loan to equity method investee   (2,647)
Net cash flows provided by (used in) investing activities 2,500 (432)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable issued 4,111 7,050
Proceeds from notes payable issued, related parties   927
Proceeds from convertible notes payable issued   1,000
Proceeds from convertible notes payable issued, related party   1,000
Payments of notes payable (4,509) (7,390)
Payments of notes payable, related party (500) (110)
Payments of convertible notes (455)  
Net cash flows provided by (used in) financing activities (1,353) 2,477
Effect of exchange rate changes on cash (19) (16)
Net decrease in cash and cash equivalents (1,158) 526
Cash and cash equivalents, beginning of year 2,547 2,021
Cash and cash equivalents, end of year 1,389 2,547
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES    
Interest paid 2,246 2,453
Income taxes paid (refunded) 48 83
NON-CASH INVESING AND FINANCING ACTIVITIES    
Capitalized interest on renewal of notes payable   618
Conversion of convertible note payable to common stock $ 260 3,590
Newly acquired right-of-use lease asset   $ 189