Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 10,859 $ 28,316
Accounts receivable, net 24,641 26,726
Contract assets 39,779 31,041
Inventory 1,687 1,469
Income tax receivable 688 688
Prepaid insurance 1,304 2,240
Prepaid expenses and other current assets 5,464 5,687
Total current assets 84,422 96,167
Property, plant and equipment, net of accumulated depreciation of $5,526 and $3,032, respectively 14,631 12,761
Right-of-use assets 14,041 13,103
Intangible assets, net of accumulated amortization of $16,612 and $11,247, respectively 62,969 66,871
Goodwill 64,413 64,618
Equity method investments 3,241 3,269
Other non-current assets 509 909
Total assets 244,226 257,698
Current liabilities:    
Accounts payable 14,185 17,584
Notes payable to sellers 0 1,000
Short-term debt, including current portion of long-term debt 1,976 2,578
Short-term operating lease liabilities 3,677 3,214
Short-term finance lease liabilities 364 299
Accrued expenses 37,678 36,581
Deferred revenue 27,059 29,817
Other current liabilities 2,310 3,666
Total current liabilities 87,249 94,739
Long-term debt, net 79,943 74,745
Long-term operating lease liabilities 13,118 12,670
Long-term finance lease liabilities 883 579
Warrant liabilities 3,789 1,314
Deferred tax liabilities 2,195 3,255
Other non-current liabilities 355 506
Total liabilities 187,532 187,808
Commitments and contingencies (Note J – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 88,000.00 shares authorized; 87,289.66 and 81,250.00 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. Liquidation preference of $179,349 and $162,500 as of September 30, 2023 and December 31, 2022, respectively. [1] 85,395 76,365
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,912,000 shares authorized; none issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 64,799,841 and 64,280,631 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 6 6
Treasury stock, 236,012 and 141,811 shares, at cost, as of September 30, 2023 and December 31, 2022, respectively (629) (381)
Additional paid-in capital 195,500 198,126
Accumulated deficit (225,503) (206,528)
Accumulated other comprehensive income (loss) 1,775 2,076
Total shareholders’ equity (deficit) (28,851) (6,701)
Noncontrolling interests 150 226
Total equity (deficit) (28,701) (6,475)
Total liabilities, convertible preferred stock and equity (deficit) $ 244,226 $ 257,698
[1] Please refer to Note K – Convertible Preferred Stock for additional information.