Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Oct. 01, 2022
Oct. 02, 2021
OPERATING ACTIVITIES:    
Net income (loss)   $ (5,445,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization $ 347,000 3,136,000
Amortization of debt issuance costs   0
Stock based compensation expense   274,000
Accretion of note receivable discount   0
Gain on legal settlement   0
Gain on Payroll Protection Program loan forgiveness   (1,872,000)
Gain on settlement of vendor advance payments   (952,000)
Gain on reversal of contingent liability   0
Gain on sale of GeoTraq (10,241,000) 0
Unrealized loss on marketable securities 646,000 0
Changes in assets and liabilities:    
Accounts receivable   (1,931,000)
Income taxes receivable   196,000
Prepaid expenses and other current assets   (71,000)
Inventories   478,000
Right of use assets   (995,000)
Lease liability   971,000
Accounts payable and accrued expenses   2,840,000
Deposits and other Assets   (114,000)
Net cash used in operating activities   (3,485,000)
INVESTING ACTIVITIES:    
Purchases of property and equipment   (1,530,000)
Purchases of intangibles   (65,000)
Net cash used in investing activities   (1,595,000)
FINANCING ACTIVITIES:    
Proceeds from equity financing, net   5,544,000
Proceeds from issuance of short-term notes payable   538,000
Proceeds from stock option exercise   27,000
Proceeds from note payable   1,835,000
Payments on related party notes payable   0
Payments on notes payable   (58,000)
Payments on short-term notes payable   (323,000)
Net cash provided by financing activities   7,563,000
Effect of changes in exchange rate on cash and cash equivalents   (42,000)
INCREASE IN CASH AND CASH EQUIVALENTS   2,441,000
CASH AND CASH EQUIVALENTS, beginning of period   379,000
CASH AND CASH EQUIVALENTS, end of period   2,820,000
Supplemental cash flow disclosures:    
Interest paid   146,000
Income taxes paid   28,000
Right of use asset - operating leases capitalized   $ 1,815,000
As Restated    
OPERATING ACTIVITIES:    
Net income (loss) 8,104,000  
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 347,000  
Amortization of debt issuance costs 10,000  
Stock based compensation expense 4,000  
Accretion of note receivable discount (225,000)  
Gain on legal settlement (115,000)  
Gain on Payroll Protection Program loan forgiveness 0  
Gain on settlement of vendor advance payments 0  
Gain on reversal of contingent liability (637,000)  
Gain on sale of GeoTraq (10,241,000)  
Unrealized loss on marketable securities 646,000  
Changes in assets and liabilities:    
Accounts receivable (2,614,000)  
Income taxes receivable 0  
Prepaid expenses and other current assets 176,000  
Inventories 689,000  
Right of use assets 54,000  
Lease liability 0  
Accounts payable and accrued expenses 1,440,000  
Deposits and other Assets (29,000)  
Net cash used in operating activities (2,391,000)  
INVESTING ACTIVITIES:    
Purchases of property and equipment (736,000)  
Purchases of intangibles (214,000)  
Net cash used in investing activities (950,000)  
FINANCING ACTIVITIES:    
Proceeds from equity financing, net 0  
Proceeds from issuance of short-term notes payable 648,000  
Proceeds from stock option exercise 0  
Proceeds from note payable 4,052,000  
Payments on related party notes payable (107,000)  
Payments on notes payable 0  
Payments on short-term notes payable (1,089,000)  
Net cash provided by financing activities 3,504,000  
Effect of changes in exchange rate on cash and cash equivalents 0  
INCREASE IN CASH AND CASH EQUIVALENTS 163,000  
CASH AND CASH EQUIVALENTS, beginning of period 705,000  
CASH AND CASH EQUIVALENTS, end of period 868,000  
Supplemental cash flow disclosures:    
Interest paid 235,000  
Income taxes paid 54,000  
Right of use asset - operating leases capitalized $ 1,902,000