ClearSign Technologies Corp
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 14, 2024
CLIR$2.36+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001558370-24-008292
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001558370-24-012226
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 63 current paragraphs.
28 unchanged; 23 reworded; 11 added; 9 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Participation Right Exercise
Current report
On June 24, 2024, following clirSPV, LLC’s (the “SPV”) notice to exercise its participation right in connection with the underwritten public offering and concurrent private placement discussed above (See “Note 7 – Equity” for additional information), we entered into a securities purchase agreement (the “Securities Purchase Agreement”) with the SPV whereby we issued an aggregate of (i) 3,907,000 shares of common stock, (ii) Pre-Funded Warrants to purchase up to 786,000 shares of common stock, and (iii) Private Warrants to purchase up to 7,039,500 shares of common stock.
Current report
Subsequently, on June 26, 2024, the SPV and we entered into an Amendment to the Securities Purchase Agreement (the “Amendment”) to provide for a revised allocation of the SPV’s subscription between shares of common stock and Pre-Funded Warrants in lieu thereof. Pursuant to the Amendment, the SPV subscribed for: (i) 3,350,000 shares of common stock, (ii) Pre-Funded Warrants to purchase up to 1,343,000 shares of common stock and (iii) Private Warrants to purchase up to 7,039,500 shares of common stock, for aggregate gross proceeds of approximately $4.3 million.
Current report
Amendment to Certificate of Incorporation
Current report
On June 25, 2024, we held our 2024 annual meeting of stockholders, at which our stockholders approved, among other items, an increase in the number of authorized shares of common stock available for issuance under our certificate of incorporation (as amended, the “certificate of incorporation”) to 87,500,000 shares from 62,500,000 shares previously authorized.
Current report
Accordingly, on June 25, 2024, we filed an amendment to our certificate of incorporation with the Secretary of State of the State of Delaware, reflecting the increase of our authorized shares of common stock to 87,500,000 shares, which became effective upon filing.
Current report
Consolidated revenues for the three months ended June 30, 2024 were $45 thousand compared to $150 thousand for the same period in 2023. Revenues for the three months ended June 30, 2024 are predominantly related to engineering services provided to customers as part of contractual obligations. Revenues for the three months ended June 30, 2023 were mostly generated from a stand-alone engineering feasibility study and spare parts sale. Consolidated revenues for the six months ended June 30, 2024 were $1,147 thousand compared to $1,044 thousand for the same
Current report
G&A expenses for the six months ended June 30, 2024, decreased by $36 thousand, or 1.2%, compared to the same period in 2023. The decrease of $135 thousand in human capital and benefit costs was primarily driven by the timing of departures and subsequent onboarding costs. The year-over-year decrease was offset by year-over-year increases in costs related to board of director departure costs of $73 thousand. We incurred board of director departure costs of $260 thousand and $187 thousand during the six months ended June 30, 2024 and 2023, respectively.
Current report
Other income decreased $17 thousand, or 4.0%, for the six months ended June 30, 2024, compared to the same period in 2023. This unfavorable decrease was mainly due to the fact that we had received $154 thousand in connection with the decommissioning of our Seattle office during 2023, and we derived no income from this project during the comparable period in 2024. This year-over-year decrease was offset by a $148 thousand increase in government assistance related to our Department of Energy hydrogen burner project.
Current report
Net loss for the six months ended June 30, 2024 was $2,980 thousand compared to $2,907 thousand for the same period in 2023, or an approximate 2.6% increase. The increase in net loss is primarily attributable to an unfavorable increase in operating expenses of $300 thousand, which was partially offset by a favorable increase in gross profit of $244 thousand, all of which are explained above.
Current report
Financing activities for the six months ended June 30, 2024, resulted in cash inflows of $12,966 thousand, which is primarily attributable to the issuance of securities in connection with the recent equity offerings (see “Note 7 – Equity” for additional information), offset by $30 thousand in disbursements for taxes paid related to vesting of employee restricted stock units.
Removed paragraphs (9)
Previous report
ATM Suspension
Previous report
On March 18, 2024, we filed a prospectus supplement suspending the sales of common stock under our At-the-Market (“ATM”) program pursuant to that certain Sales Agreement between us and Virtu Americas LLC, as sales agent, dated December 23, 2020 (the “Sales Agreement”). We will not make any sales of our shares of common stock pursuant to the Sales Agreement unless and until a new prospectus supplement is filed with the Securities and Exchange Commission (the “SEC”); however, the Sales Agreement remains in full force and effect.
Previous report
Nasdaq Listing Rules Compliance
Previous report
Nasdaq Compliance Notice
Previous report
As previously disclosed, on November 24, 2023, we were notified by Nasdaq that we were not in compliance with Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) because our Board of Directors (the “Board”), at the time of
Previous report
such notification, did not have a majority of directors who would be considered “independent directors,” as that term is defined in Nasdaq Listing Rule 5605(a)(2), and the Board’s Audit & Risk Committee (the “Audit Committee”) consisted of only two independent directors as a result of the resignation of Gary DiElsi from the Board. We were initially given a cure period in order to regain compliance (i) until the earlier of the Company’s next annual stockholders’ meeting or November 11, 2024, or (ii) if the next annual stockholders’ meeting was to be held before May 7, 2024, then we would need to evidence compliance by no later than May 7, 2024.
Previous report
To regain compliance, we were required to identify and select a member for the Board who qualified as “independent” and would meet the Audit Committee criteria set forth in Nasdaq Listing Rule 5605. This requirement was met on April 23, 2024, when David M. Maley was appointed as a member of the Board and Audit Committee, which appointment was disclosed in a Current Report on Form 8-K filed with the SEC on April 24, 2024.
Previous report
On April 25, 2024, we received a letter from Nasdaq informing us that we had regained compliance with the Board and Audit Committee composition requirements as set forth in Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A), respectively.
Previous report
Additionally, because we are subject to the SEC’s “baby shelf rules,” which prohibits companies with a public float of less than $75 million from issuing securities under a “shelf” registration statement in excess of one-third of such company’s public float in a 12-month period (for more details, refer to “Note 7 – Equity” above in the notes to our condensed consolidated financial statements), we suspended our ATM program (see “Recent Developments – ATM Suspension” above for more details), pursuant to which we were able to sell shares of our common stock from time to time. The “shelf” registration statement on Form S-3 was filed with the SEC on July 1, 2022, and declared effective on August 12, 2022. The “shelf” registration statement on Form S-3 allows us to offer common stock, preferred stock, warrants, subscription rights, debt securities and units from time to time, subject to the “baby shelf rules,” and as market conditions permit to fund, to the extent required, the ongoing operations of the Company. Until the growth of revenue increases to a level that covers operating expenses, the Company intends to continue to fund operations in this manner, although the volatility in the capital markets may negatively affect our ability to do so.
Reworded paragraphs (23)
Previous wording
We have incurred losses since inception totaling $94.8 million and we expect to experience operating losses and negative cash flow for the foreseeable future. We have historically financed our operations primarily through issuances of equity securities. As of April 23, 2024, we have raised approximately $100.9 million in gross proceeds through the sale of our equity securities. We may need to raise additional capital in the future, however, the significant volatility in the capital markets may negatively affect our ability to raise this additional capital.
Current wording
We have incurred losses since inception totaling $96.7 million and we expect to experience operating losses and negative cash flow for the foreseeable future. We have historically financed our operations primarily through issuances of equity securities. As of June 30, 2024, we have raised approximately $105.2 million in gross proceeds through the sale of our equity securities. We may need to raise additional capital in the future, however, the significant volatility in the capital markets may negatively affect our ability to raise this additional capital.
Previous wording
On April 23, 2024, we completed an underwritten public offering, whereby we sold 4,620,760 shares of common stock and 5-year redeemable warrants to purchase up to 4,620,760 shares of common stock, (plus a 45-day option to purchase up to an additional 693,114 shares of common stock and 5-year redeemable warrants to purchase up to 693,114 shares of common stock, or up to 693,114 shares of common stock only) at a price of $0.92 per set of one share of common stock and one redeemable warrant. Concurrently, we completed a private placement, whereby we sold 2,249,763 shares of common stock, pre-funded warrants to purchase up to 3,155,642 shares of common stock and 5-year redeemable warrants to purchase up to 8,108,106 shares of common stock. The offering prices in the private placement were $0.91 per share and $0.01 per redeemable warrants, or $0.9099 per pre-funded warrant and $0.01 per redeemable warrants, as applicable. The warrants issued in both offerings have an exercise price equal to $1.05 per share.
Current wording
On April 23, 2024, we completed an underwritten public offering, whereby we sold 4,620,760 shares of common stock and 5-year redeemable warrants to purchase up to 4,620,760 shares of common stock (the “Public Warrants”) (plus a 45-day option to purchase up to an additional 693,114 shares of common stock and Public Warrants to purchase up to 693,114 shares of common stock, or up to 693,114 shares of common stock only) at a price of $0.92 per set of one share of common stock and one Public Warrant. Concurrently, we completed a private placement, whereby we sold 2,249,763 shares of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 3,155,642 shares of common stock and redeemable warrants (the “Private Warrants”) to purchase up to 8,108,106 shares of common stock. The offering prices in the private placement were $0.91 per share and $0.01 per Private Warrant, or $0.9099 per Pre-Funded Warrant and $0.01 per Private Warrant, as applicable. The redeemable warrants issued in both offerings have an exercise price equal to $1.05 per share.
Previous wording
In connection with these offerings, we issued Public Ventures, LLC (“Public Ventures”) 5-year warrants to purchase up to 369,660 shares of common stock at an exercise price of $1.1375 per share as part of their underwriter compensation, which warrants will become exercisable on October 16, 2024. We also issued Public Ventures 5-year warrants to purchase up to 432,432 shares of common stock at an exercise price of $1.1375 per share as part of their placement agent compensation for the private placement, which warrants will become exercisable on October 16, 2024. Both sets of warrants may be exercised on a cashless basis based on a formula set forth therein.
Current wording
In connection with this offering, we issued Public Ventures, LLC (“Public Ventures”) 5-year warrants to purchase up to 369,660 shares of common stock at an exercise price of $1.1375 per share as part of their underwriter compensation, which underwriter warrants become exercisable on October 16, 2024 (the “Underwriter Warrants”). We also issued Public Ventures 5-year warrants to purchase up to 432,432 shares of common stock at an exercise price of $1.1375 per share as part of their placement agent compensation in connection with the private placement, which warrants become exercisable on October 16, 2024 (the “Placement Agent Warrants,” and together with the Public Warrants, Private Warrants, Pre-Funded Warrants and Underwriter Warrants, the “Warrants,” and the shares issuable upon exercise of the Warrants, the “Warrant Shares”). Both sets of warrants may be exercised on a cashless basis based on a formula set forth in the respective warrants.
Previous wording
Subsequently, on May 15, 2024, Public Ventures exercised its option in full to purchase an additional 693,114 shares of common stock and 5-year redeemable warrants to purchase up to 693,114 shares of common stock at a price of $0.92 per set of one share of common stock and one redeemable warrant.
Current wording
Subsequently, on May 15, 2024, Public Ventures exercised its option in full to purchase an additional 693,114 shares of common stock and Public Warrants to purchase up to 693,114 shares of common stock at a price of $0.92 per set of one share of common stock and one Public Warrant, in connection with which we issued Public Ventures additional Underwriter Warrants to purchase up to 55,449 shares of common stock.
Previous wording
The public offering and the concurrent private placement resulted in combined gross proceeds of approximately $9.3 million, and net proceeds of approximately $8.1 million. The exercise of Public Ventures’ option to purchase additional shares of common stock and redeemable warrants resulted in additional gross and net proceeds of approximately $0.6 million, respectively.
Current wording
The public offering and the concurrent private placement resulted in combined gross proceeds of approximately $9,300 thousand, and net proceeds of approximately $8,100 thousand. The exercise of Public Ventures’ option to purchase additional shares of common stock and Public Warrants resulted in additional gross proceeds of approximately $638 thousand.
Previous wording
The Notice does not result in the immediate delisting of our common stock from Nasdaq, and we intend to monitor our common stock’s closing bid price and consider its available options in the event that our common stock’s closing bid price remains below $1 per share.
Current wording
The Notice does not result in the immediate delisting of our common stock from Nasdaq, and we intend to monitor our common stock’s closing bid price and consider our available options in the event that our common stock’s closing bid price remains below $1 per share.
Previous wording
The following discussion and analysis of financial condition and results of operations is based upon our financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States. Certain accounting policies and estimates are particularly important to the understanding of our financial position and results of operations. These policies and estimates require the application of significant judgment by management. These estimates can be materially affected by changes from period to period as economic factors and conditions outside of our control change. As a result, they are subject to an inherent degree of uncertainty. In applying these policies, our management uses their judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on our historical operations, our future business plans and projected financial results, the terms of existing contracts, our observance of trends in the industry, information provided by our customers and information available from other outside sources, as appropriate. We believe the current assumptions and other considerations used to estimate amounts reflected in the condensed consolidated financial statements included in this Form 10-Q are appropriate.
Current wording
The following discussion and analysis of financial condition and results of operations is based upon our financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States. Certain accounting policies and estimates are particularly important to the understanding of our financial position and results of operations. These policies and estimates require the application of significant judgment by management. These estimates can be materially affected by changes from period to period as economic factors and conditions outside of our control change. As a result, they are subject to an inherent degree of uncertainty. In applying these policies, our management uses their judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on our historical operations, our future business plans and projected financial results, the terms of existing contracts, our observance of trends in the industry, information provided by our customers and information available from other outside sources, as appropriate. We believe the current
Previous wording
This Form 10-Q and our most recent Annual Report on Form 10-K include discussions of our accounting policies, as well as methods and estimates used in the preparation of our audited consolidated financial statements. For further information on our critical accounting policies and estimates, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K, the notes to our audited consolidated financial statements included in our most recent Annual Report on Form 10-K and Note 2 of our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q. Since our most recent Annual Report on Form 10-K, we have not experienced a material change to our critical accounting policies or the methods and applications used to develop our accounting estimates.
Current wording
This Form 10-Q and our most recent Annual Report on Form 10-K include discussions of our accounting policies, as well as methods and estimates used in the preparation of our audited consolidated financial statements. For further information on our critical accounting policies and estimates, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K, the notes to our audited consolidated financial statements included in our most recent Annual Report on Form 10-K and “Note 2 – Summary of Significant Accounting Policies” of our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q. Since our most recent Annual Report on Form 10-K, we have not experienced a material change to our critical accounting policies or the methods and applications used to develop our accounting estimates.
Previous wording
Comparison of the Three Months Ended March 31, 2024 and 2023
Current wording
Comparison of the Three and Six Months Ended June 30, 2024 and 2023
Previous wording
Consolidated revenues for the three months ended March 31, 2024 were $1,102 thousand compared to $894 thousand for the same period in 2023. Revenues for the three months ended March 31, 2024, were predominately generated from our process burner line. Specifically, we shipped multiple process burners, executed consulting services, and delivered spare parts related to orders from our California refinery customer. For a different customer, an engineering study and Computational Fluid Dynamic (“CFD”) analysis was successfully accepted by the customer, and such analysis marked completion of a contractual performance obligation for this customer per ASC 606 standards. Revenues for the three months ended March 31, 2023 were predominately related to our process burner product line and an associated burner performance test. The associated burner performance test satisfied a contractual performance obligation, per ASC 606 standards, that required our customer to witness a successful burner performance test that met their engineering specifications.
Current wording
period in 2023, and were predominantly generated from our process burner line. Specifically, we shipped multiple process burners, executed consulting services, and delivered spare parts related to orders from our California refinery customer. For a different customer, an engineering study and Computational Fluid Dynamic analysis was successfully accepted by the customer, and such analysis marked completion of a contractual performance obligation for this customer per ASC 606 standards. Revenues for the six months ended June 30, 2023 were predominantly related to our process burner product line and an associated burner performance test. The associated burner performance test satisfied a contractual performance obligation, per ASC 606 standards, that required our customer to witness a successful burner performance test that met their engineering specifications.
Previous wording
Gross profit for the three months ended March 31, 2024, increased by $331 thousand compared to $106 thousand in profit for the same period in 2023. The favorable increase in profit was driven by the higher margin profile for the shipment of multiple process burners during the first quarter of 2024 as compared to the margin from a customer witness test in the same period in 2023. This margin profile difference was expected since customer witness tests typically produce lower margins.
Current wording
Gross profit decreased by $87 thousand, or 67.5%, and increased by $244 thousand, or 103.9%, for the three and six months ended June 30, 2024, respectively, as compared to the same time periods in 2023. The unfavorable decrease in gross profit for the three months ended June 30, 2024 was predominantly due to lower revenues. The favorable increase in gross profit for the six months ended June 30, 2024 was mainly driven by the higher margin profile for the shipment of multiple process burners during the first quarter of 2024 as compared to the margin from a customer witness test in the same period in 2023. This margin profile difference was expected since customer witness tests typically produce lower margins.
Previous wording
R&D expenses for the three months ended March 31, 2024, increased by $121 thousand, or 75.7%, when compared to the same period in 2023. This unfavorable year-over-year difference in R&D expenses is primarily driven by additional head count and related benefit costs of $89 thousand, that did not exist in the comparable period in 2023.
Current wording
R&D expenses increased $215 thousand, or 115%, and $336 thousand, or 96.9%, for the three and six months ended June 30, 2024, respectively, as compared to the same time periods in 2023. This unfavorable year-over-year increase in R&D expenses was mainly driven by additional head count and related benefit costs of $67 thousand and $156 thousand for the three and six months ended June 30, 2024, respectively, that did not exist in the comparable periods in 2023. In addition, we incurred an unfavorable additional year-over-year expense related to product development costs for our process burner product line for a total of $32 thousand and $143 thousand for the three and six months ended June 30, 2024, respectively.
Previous wording
G&A expenses for the three months ended March 31, 2024, decreased $242 thousand, or 14.7%, when compared to the same period in 2023. This favorable year-over-year difference in G&A expenses is primarily comprised of $187 thousand for vesting of restricted stock units triggered by the departure of a Board member during the prior year comparable quarter.
Current wording
G&A expenses increased $206 thousand, or 13.2%, for the three months ended June 30, 2024, as compared to the same time period in 2023. This unfavorable increase in G&A expenses is primarily comprised of $260 thousand for vesting of restricted stock units triggered by the departure of a member of our board of directors during the three months ended June 30, 2024.
Previous wording
Other income decreased by $131 thousand, or 47.7%, for the three months ending March 31, 2024, as compared to the same period in 2023. The unfavorable change is primarily due to the $119 thousand sale of materials from the decommissioning of our Seattle office during the comparable period in 2023.
Current wording
Other income increased by $114 thousand, or 75.5%, for the three months ending June 30, 2024, as compared to the same period in 2023. The favorable increase is primarily due to $128 thousand increase in government assistance from our Department of Energy hydrogen burner development grant. This increase was partially offset by a decrease of $35 thousand for the sale of materials from the decommissioning of our Seattle office during the comparable period in 2023.
Previous wording
Net loss for the three months ended March 31, 2024, was $1,108 thousand as compared to $1,429 thousand for the same quarter in 2023, or an approximate 22.5% decrease. The $321 thousand decrease is primarily attributable to the $331 thousand increase in gross profit referenced in the above explanation.
Current wording
Net loss for the three months ended June 30, 2024, was $1,872 thousand compared to $1,478 thousand for the same quarter in 2023, or an approximate 26.7% increase. The $394 thousand increase is primarily attributable to the increased operating expenses noted in the above explanations.
Previous wording
At March 31, 2024, our cash and cash equivalent balance totaled $4,624 thousand compared to $5,684 thousand at December 31, 2023, a decrease of $1,060 thousand. The decrease in cash and cash equivalent balance is primarily attributable to our net loss of $1,108 thousand.
Current wording
At June 30, 2024, our cash and cash equivalent balance totaled $15,974 thousand compared to $5,684 thousand at December 31, 2023, an increase of $10,290 thousand. The increase in cash and cash equivalent balance is primarily attributable to our public offering and concurrent private placement. See “Note 7 – Equity” for additional information.
Previous wording
At March 31, 2024, our current assets were in excess of current liabilities resulting in working capital of $3,540 thousand as compared to $4,253 thousand at December 31, 2023. Our Annual Report on Form 10-K filed with the SEC on April 1, 2024, contained a “going concern” note in our annual audit report prepared by our independent registered public accounting firm, which raised substantial doubt about our ability to continue operations. We believe that we have alleviated the substantial doubt raised by our independent auditor following the consummation of the public offering and the related over-allotment exercise by the underwriter to purchase additional securities, as well as the concurrent private placement, pursuant to which offerings we raised aggregate gross proceeds of $9.9 million and net proceeds of $8.7 million, after broker discounts and related offering fees. The public offering was consummated pursuant to an effective “shelf” registration statement on Form S-3. See “Recent Developments – Public and Concurrent Private Placement” above for more details on these offerings.
Current wording
At June 30, 2024, our current assets were in excess of current liabilities resulting in working capital of $14,906 thousand as compared to $4,253 thousand at December 31, 2023. Our Annual Report on Form 10-K filed with the SEC on April 1, 2024, contained a “going concern” note, which raised substantial doubt about our ability to continue operations. We believe that we have alleviated the substantial doubt following the consummation of the recent underwritten public offering and concurrent private placement. See “Note 7 – Equity” for additional information.
Previous wording
Accordingly, after considering the subsequent events following the period covered in this Form 10-Q, we believe we have sufficient cash and expected cash collections to fund current operating expenses for over twelve months. We have no contractual debt obligations and to the extent we may require additional funds beyond twelve months from the date hereof, and customer cash collections cannot fund our needs, we may utilize equity offerings. Historically, we have funded operations predominantly through equity offerings.
Current wording
Accordingly, we believe we have sufficient cash and expected cash collections to fund current operating expenses for over twelve months. We have no contractual debt obligations and to the extent we may require additional funds beyond twelve months from the date hereof, and customer cash collections cannot fund our needs, we may utilize equity offerings. Historically, we have funded operations predominantly through equity offerings. Until the growth of revenue increases to a level that covers operating expenses, the Company intends to continue to fund operations in this manner, although the volatility in the capital markets may negatively affect our ability to do so. As of June 30, 2024, approximately 21.3 million shares of our common stock are issuable upon exercise of the Warrants (as defined above), and we may receive up to $22.5 million in aggregate gross proceeds from the cash exercises thereof, subject to certain beneficial ownership limitations set forth therein. The Warrants require the warrant holder to tender cash upon exercise, with the exception of the Underwriter Warrants which allow the holder to exercise cashless if they so desire. These equity financial instruments may from time to time fund future cash needs, but the volatility of our stock and the risk tolerance of warrant holders will play a key role in this type of funding.
Previous wording
Operating activities for the three months ended March 31, 2024, resulted in cash outflows of $1,001 thousand, primarily due to the net loss for the period of $1,108 thousand, offset with non-cash expense of $121 thousand.
Current wording
Operating activities for the six months ended June 30, 2024, resulted in cash outflows of $2,525 thousand, primarily due to the net loss for the period of $2,980 thousand, offset with non-cash expense of $519 thousand.
Previous wording
Operating activities for the three months ended March 31, 2023, resulted in cash outflows of $554 thousand, primarily due to the loss for the period of $1,429 thousand, offset with non-cash expenses of $329 thousand, and an increase of $392 thousand of contract liabilities, which represents payments from customers in advance of future project costs.
Current wording
Operating activities for the six months ended June 30, 2023, resulted in cash outflows of $508 thousand, primarily due to the loss for the period of $2,907 thousand, offset with non-cash expenses of $471 thousand, and an increase of $1,858 thousand of contract liabilities, which represents payments from customers in advance of future project costs.
Previous wording
Investing activities for the three months ended March 31, 2024, resulted in cash outflows of $34 thousand, which is attributable to disbursements for patents and other intangible assets.
Current wording
Investing activities for the six months ended June 30, 2024, resulted in cash outflows of $117 thousand, which is primarily attributable to $99 thousand of disbursements for patents and other intangible assets.
Previous wording
Investing activities for the three months ended March 31, 2023, resulted in cash outflows of $554 thousand, which is primarily attributable to $2,162 thousand of short-term held-to-maturity U.S. treasury purchases, offset by $1,627 thousand in redemption of the same investments.
Current wording
Investing activities for the six months ended June 30, 2023, resulted in cash inflows of $1,684 thousand, which is primarily attributable to the redemption of $3,897 thousand of short-term held-to-maturity U.S. treasuries, offset by $2,162 thousand of purchases for the same type of investments.
Previous wording
Financing activities for the three months ended March 31, 2023, included $15 thousand in disbursements for taxes paid related to vesting of employee restricted stock units.
Current wording
Financing activities for the six months ended June 30, 2023, included $15 thousand in disbursements for taxes paid related to vesting of employee restricted stock units.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
assumptions and other considerations used to estimate amounts reflected in the condensed consolidated financial statements included in this Form 10-Q are appropriate.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Financing activities for the three months ended March 31, 2024, included $22 thousand in disbursements for taxes paid related to vesting of employee restricted stock units.