INSEEGO CORP
For the period ended Mar 31, 2024. Filed May 10, 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.
Mar 31, 2024 · Filed May 10, 2024
INSG$4.25+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(In thousands)
| Preferred Stock · Common Stock · AdditionalPaid-in Capital (*) · Accumulated Deficit · AccumulatedOtherComprehensive (Loss) Income · TotalStockholders’ Deficit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares () · Amount () | ||||||||||
| Balance, December 31, 2022 | 25 | $— | 10,847 | $11 | $793,952 | (857,751) | $(6,329) | $(70,117) | ||
| Net loss | — | — | — | — | — | (5,104) | — | (5,104) | ||
| Foreign currency translation adjustment | — | — | — | — | — | — | 94 | 94 | ||
| Vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 4 | — | 75 | — | — | 75 | ||
| Issuance of common shares in connection with a public offering, net of issuance costs | 86 | 529 | 529 | |||||||
| Share-based compensation | — | — | — | — | 1,800 | — | — | 1,800 | ||
| Series E preferred stock dividends | — | — | — | — | 723 | (723) | — | — | ||
| Balance, March 31, 2023 | 25 | $— | 10,937 | $11 | $797,079 | $(863,578) | $(6,235) | $(72,723) | ||
| Balance, December 31, 2023 | 25 | $— | 11,879 | $12 | $810,138 | $(906,928) | $(5,327) | $(102,105) | ||
| Net loss | — | — | — | — | — | (4,455) | — | (4,455) | ||
| Foreign currency translation adjustment | — | — | — | — | — | — | 262 | 262 | ||
| Vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 4 | — | (8) | — | — | (8) | ||
| Share-based compensation | — | — | — | — | 717 | — | — | 717 | ||
| Series E preferred stock dividends | — | — | — | — | 790 | (790) | — | — | ||
| Balance, March 31, 2024 | 25 | $— | 11,883 | $12 | $811,637 | $(912,173) | $(5,065) | $(105,589) | ||
(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(4,455) | $(5,104) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 4,375 | 5,430 |
| Provision for expected credit losses | (32) | 41 |
| Impairment of capitalized software | 420 | 504 |
| Provision for excess and obsolete inventory | 108 | 217 |
| Share-based compensation expense | 717 | 1,800 |
| Amortization of debt discount and debt issuance costs | 489 | 489 |
| Deferred income taxes | (5) | 101 |
| Non-cash operating lease expense | 405 | 592 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (828) | (1,997) |
| Inventories | 1,279 | 3,097 |
| Prepaid expenses and other assets | (785) | (1,940) |
| Accounts payable | (718) | 5,544 |
| Accrued expenses and other liabilities | 3,999 | (490) |
| Operating lease liabilities | (423) | (625) |
| Net cash provided by operating activities | 4,546 | 7,659 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | — | (61) |
| Additions to capitalized software development costs and purchases of intangible assets | (577) | (2,443) |
| Net cash used in investing activities | (577) | (2,504) |
| Cash flows from financing activities: | ||
| Principal payments under finance lease obligations | — | (199) |
| Proceeds from a public offering, net of issuance costs | — | 529 |
| Principal payments on financed assets | — | (360) |
| Net borrowings (repayments) on revolving credit facility | 583 | (3,385) |
| Proceeds from ESPP | — | 75 |
| Net cash provided by (used in) financing activities | 583 | (3,340) |
| Effect of exchange rates on cash | 226 | (272) |
| Net increase in cash and cash equivalents | 4,778 | 1,543 |
| Cash and cash equivalents, beginning of period | 7,519 | 7,143 |
| Cash and cash equivalents, end of period | $12,297 | $8,686 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the year for: | ||
| Interest | $147 | $117 |
| Income taxes | $44 | $59 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Transfer of inventories to rental assets | $696 | $543 |
| Capital expenditures financed through accounts payable or accrued liabilities | $104 | $2,164 |
| Right-of-use assets obtained in exchange for operating leases liabilities | $146 | $50 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.