GCT Semiconductor Holding Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(unaudited, in thousands, except per share amounts)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $1,812 | $258 |
| Accounts receivable, net | 6,441 | 4,920 |
| Inventory | 3,110 | 1,486 |
| Contract assets | 5,098 | 3,439 |
| Prepaid expenses and other current assets | 3,545 | 2,906 |
| Total current assets | 20,006 | 13,009 |
| Property and equipment, net | 641 | 772 |
| Operating lease right-of-use assets | 1,065 | 1,521 |
| Intangibles, net | 99 | 245 |
| Other assets | 810 | 881 |
| Total assets | $22,621 | $16,428 |
| Liabilities and Stockholders’ Deficit | ||
| Current liabilities: | ||
| Accounts payable | $1,070 | $17,814 |
| Contract liabilities | 511 | 48 |
| Accrued and other current liabilities | 22,365 | 23,956 |
| Common stock forward liability | 451 | — |
| Borrowings | 32,819 | 44,509 |
| Convertible promissory notes, current | 4,008 | 27,794 |
| Operating lease liabilities, current | 724 | 680 |
| Total current liabilities | 61,948 | 114,801 |
| Convertible promissory notes, net of current | 4,830 | 6,239 |
| Net defined benefit liabilities | 8,052 | 7,689 |
| Long-term operating lease liabilities | 358 | 850 |
| Income taxes payable | 2,245 | 2,178 |
| Warrant liabilities | 3,197 | — |
| Other liabilities | 242 | 108 |
| Total liabilities | 80,872 | 131,865 |
| Commitments and contingencies (Note 8) | ||
| Stockholders’ deficit: | ||
| Preferred stock, par value $0.0001 per share; 40,000 and 82,352 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — |
| Common stock, par value $0.0001 per share; 400,000 and 200,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 47,611 and 24,166 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively(1) | 5 | 3 |
| Additional paid-in capital(1) | 499,751 | 435,752 |
| Accumulated other comprehensive loss | (946) | (1,538) |
| Accumulated deficit | (557,061) | (549,654) |
| Total stockholders’ deficit | (58,251) | (115,437) |
| Total liabilities and stockholders’ deficit | $22,621 | $16,428 |
(1)
Amounts as of December 31, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting for the Business Combination (as defined in the Notes to the Unaudited Condensed Consolidated Financial Statements.)
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