Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 11,231 $ 28,316
Accounts receivable, net 25,492 26,726
Contract assets 43,290 31,041
Inventory 1,281 1,469
Income tax receivable 688 688
Prepaid insurance 636 2,240
Prepaid expenses and other current assets 6,545 5,687
Total current assets 89,163 96,167
Property, plant and equipment, net of accumulated depreciation of $4,605 and $3,032, respectively 13,874 12,761
Right-of-use assets 14,892 13,103
Intangible assets, net of accumulated amortization of $14,786 and $11,247, respectively 64,409 66,871
Goodwill 64,994 64,618
Equity method investments 3,495 3,269
Other non-current assets 570 909
Total assets 251,397 257,698
Current liabilities:    
Accounts payable 16,890 17,584
Notes payable to sellers 0 1,000
Short-term debt, including current portion of long-term debt 780 2,578
Short-term operating lease liabilities 3,614 3,214
Short-term finance lease liabilities 382 299
Accrued expenses 34,307 36,581
Deferred revenue 33,905 29,817
Other current liabilities 3,344 3,666
Total current liabilities 93,222 94,739
Long-term debt 75,046 74,745
Long-term operating lease liabilities 14,049 12,670
Long-term finance lease liabilities 806 579
Warrant liabilities 3,325 1,314
Deferred tax liabilities 2,985 3,255
Other non-current liabilities 375 506
Total liabilities 189,808 187,808
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 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. Liquidation preference of $176,476 and $162,500 as of June 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 June 30, 2023 and December 31, 2022, respectively 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 64,445,106 and 64,280,631 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 6 6
Treasury stock, 141,811 and 141,811 shares, at cost, as of June 30, 2023 and December 31, 2022, respectively (381) (381)
Additional paid-in capital 192,962 198,126
Accumulated deficit (219,250) (206,528)
Accumulated other comprehensive income (loss) 2,629 2,076
Total shareholders’ equity (deficit) (24,034) (6,701)
Noncontrolling interests 228 226
Total equity (deficit) (23,806) (6,475)
Total liabilities, convertible preferred stock and equity (deficit) $ 251,397 $ 257,698
[1] Please refer to Note K – Convertible Preferred Stock for additional information.