v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (20,087,000) $ (44,685,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss (gain) on disposal of fixed assets 255,000 (1,000)
Depreciation and amortization 1,290,000 1,751,000
Stock-based compensation expense 5,873,000 25,597,000
Change in fair value of the Warrants (266,000) (1,599,000)
Change in fair value of freestanding derivative 0 51,000
Amortization of debt issuance costs 192,000 239,000
Change in fair value of embedded derivative (885,000) (346,000)
Change in fair value of earnout consideration 15,000 0
Realized gain on investments in marketable securities (16,000) (259,000)
Changes in operating assets and liabilities    
Accounts and note receivable [1] (813,000) (338,000)
Aircraft support parts 12,000 1,326,000
Prepaid expense and other current and noncurrent assets (379,000) (3,897,000)
Accounts payable, accrued expenses and other liabilities [2] (4,953,000) (14,492,000)
Net cash used in operating activities (19,762,000) (36,653,000)
Cash Flows from Investing Activities:    
Proceeds from sales and maturities of marketable securities 1,055,000 25,062,000
Sale of property, plant and equipment 0 114,000
Investments in construction in progress – leasehold improvements 0 (1,046,000)
Purchases of property, plant and equipment (957,000) (11,171,000)
Expenditures for capitalized software (312,000) 0
Net cash (used in) provided by investing activities (214,000) 12,959,000
Cash Flows from Financing Activities:    
Repayments on debt (733,000) (469,000)
Payment of issuance costs for Common Stock in the at-the-market offering (324,000) 0
Proceeds from issuance of Common Stock in the at-the-market offering 168,000 0
Payment of finance lease liability (7,000) (8,000)
Costs incurred related to the Closing 0 (6,794,000)
Proceeds from the Closing 0 3,194,000
Net cash used in financing activities (896,000) (4,077,000)
Net change in cash, cash equivalents and restricted cash (20,872,000) (27,771,000)
Cash, cash equivalents and restricted cash – beginning of the period 36,937,000 42,460,000
Cash, cash equivalents and restricted cash – end of the period 16,065,000 14,689,000
Less: Restricted cash – end of the period 9,289,000 12,399,000
Cash and cash equivalents – end of the period $ 6,776,000 $ 2,290,000
[1] Includes related party accounts receivable of $0.1 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Includes related party accounts payable of $1.0 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

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