v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Changes in operating assets and liabilities:    
Net (loss) income $ (4,738) $ 19,727
Adjustments to reconcile net (loss) income to cash used in operating activities:    
Depreciation and amortization 842 835
Amortization of convertible notes 1,490
Gain on warrant exercise (294)
Gain on change in fair value of derivative liability (589)
Share-based compensation (5) (17)
Impairment loss on goodwill 4,271
Warranty reserve (2,792) (586)
Amortization of right-of-use assets 549 470
Loss on warrants issued during private placement 7,432
Gain on change in fair value of warrant liability (1,060) (14,618)
Bargain purchase gain (32,072)
Deferred tax liability reversal (3,041)
Changes in operating assets and liabilities:    
Accounts receivable 41 (3,205)
Inventories 1,239 12,854
Battery lease receivables 122 413
Prepaid expenses and other assets (361) (441)
Amount due from related party (17)
Accounts payable (438) 1,115
Accrued liabilities 1,823 467
Deferred revenue (292) (10)
Advance from customers 1,408 2,309
Lease liabilities (1,019) (869)
Net investment in leases 24 111
Amount due from related party (5) 46
Income tax payable 2,309
Net cash used in operating activities (4,973) (1,599)
Cash flows from investing activities:    
Purchase of property and equipment (113)
Loan lent to a related party (816)
Proceeds from repayment from a related party 50
Acquisition of Proterra (10,000)
Net cash used in investing activities (10,879)
Cash flows from financing activities:    
Repayment of borrowings (1,504) (2,008)
Proceeds from borrowings 5,825 2,363
Repayment of related party borrowings (1,904)
Proceeds from related party borrowings 1,041
Proceeds received from private placements 11,104
Net cash generated from financing activities 4,321 10,596
Decrease in cash and cash equivalents (652) (1,882)
Cash and cash equivalents at beginning of the period 764 3,283
Cash and cash equivalents at end of the period 112 1,401
Supplemental cash flow information:    
Income tax paid
Non-cash activities:    
Derivative liabilities recorded as debt discount
Issuance of common stock per convertible note conversion 577 832
Reclass of derivative liability upon conversion of related convertible debentures 33 273
Issuance of restricted shares to Wisdom Financial to repay the consulting fee 270
Issuance of common stock for settlement with vendors $ 1,693