0001558370-24-012268 | 10-Q | XBRL Viewer

The Company and Summary of Significant Accounting Policies - Future intangible assets amortization expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Future intangible assets amortization expense
2024 (remaining six months)	$ 159
2025	317
2026	317
2027	275
2028	118
2029 and thereafter	213
Total	$ 1,399

The Company and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

The Company and Summary of Significant Accounting Policies

Description of Business

Knightscope, Inc. was incorporated on April 4, 2013 under the laws of the State of Delaware.

Knightscope, Inc. (the “Company”) is an innovator in robotics and artificial intelligence (“AI”) technologies focused on public safety. Our technologies are designed to help our clients protect the people, places, and things where we live, work, study, and visit. Our technologies are made in the United States and allow public safety professionals to more effectively identify, deter, intervene, capture, and prosecute criminals.

To support our mission to make the United States the safest country in the world, we design, develop, manufacture, market, deploy and support Autonomous Security Robots (“ASRs”), the proprietary Knightscope Security Operations Center (“KSOC”) software user interface, Blue Light emergency communication devices (“ECDs”), and the proprietary Knightscope Emergency Management System (“KEMS”) software platform.

Basis of Presentation and Liquidity

The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the period presented. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for other future periods. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024. The Company’s significant accounting policies are described in Note 1 to those audited financial statements.

Since its inception, the Company has incurred significant operating losses and negative cash flows from operations which is principally the result of scaling the business and significant research and development activities related to the development, continued improvement, and deployment of the Company’s ASRs (hardware and software).

Cash and cash equivalents on hand were $2.6 million as of June 30, 2024, compared to $2.3 million as of December 31, 2023. The Company has historically incurred losses and negative cashflows from operations. As of June 30, 2024, the Company also had an accumulated deficit of approximately $175.3 million and stockholders’ equity of approximately $11.2 million. The Company is dependent on additional fundraising in order to sustain its ongoing operations. Based on current operating levels, the Company will need to raise additional funds in the next twelve months by selling additional equity or incurring debt. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months from the date of this report.

Basic and Diluted Net Loss per Share

Net loss per share of common stock is computed using the two-class method required for participating securities based on their participation rights. All series of convertible preferred stock are participating securities as the holders are entitled to participate in common stock dividends with common stock on an as converted basis. The holders of the Company’s preferred stock are also entitled to noncumulative dividends prior and in preference, to the Company’s common stock and do not have a contractual obligation to share in the losses of the Company. In accordance with the two-class method, earnings allocated to these participating securities, which include participation rights in undistributed earnings with common stock, are subtracted from net loss to determine net loss attributable to common stockholders upon their occurrence.

Basic net loss per share is computed by dividing net loss attributable to common stockholders (net adjusted for preferred stock dividends declared or accumulated) by the weighted average number of common shares outstanding during the period. All participating securities are excluded from basic weighted average shares outstanding. In computing diluted net loss attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by diluted weighted average shares outstanding, including potentially dilutive securities, unless anti-dilutive. Potentially dilutive securities that were excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2024 and 2023 consist of the following:


	June 30,	June 30,
	2024	2023
Series A Preferred Stock (convertible to Class B Common Stock)	—	1,418,381
Series B Preferred Stock (convertible to Class B Common Stock)	—	3,498,859
Series m Preferred Stock (convertible to Class A Common Stock)	—	1,800,959
Series m-2 Preferred Stock (convertible to Class B Common Stock)	—	160,000
Series S Preferred Stock (convertible to Class A Common Stock)	—	2,676,565
Warrants to purchase Class A Common Stock	8,644,019	1,138,446
Warrants to purchase Series m-3 Preferred Stock	—	1,432,786
Warrants to purchase Series S Preferred Stock	—	2,941,814
Stock options	14,005,835	9,405,655
Total potentially dilutive shares	22,649,854	24,473,465

As all potentially dilutive securities are anti-dilutive as of June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share for each period.

Segments

The Company has one operating segment and one reportable segment as its chief operating decision maker, who is its Chief Executive Officer, reviews financial information on a regular basis for purposes of allocating resources and evaluating financial performance. All long-lived assets are located in the United States and substantially all revenue is attributed to sellers and buyers based in the United States.

Comprehensive Loss

Net loss was equal to comprehensive loss for the three and six month periods ended June 30, 2024 and 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Specific accounts that require management estimates include, but are not limited to, estimating the useful lives of the Company’s ASRs, property and equipment and intangible assets, certain estimates required within revenue recognition, warranty and allowance for credit losses, determination of deferred tax valuation allowances, estimating fair values of the Company’s share-based awards, warrant liability, and derivative liabilities, inclusive of any contingent assets and liabilities. Actual results could differ from those estimates and such differences may be material to the financial statements.

Reclassifications

Certain reclassifications have been made to the condensed balance sheet as of December 31, 2023 to conform to the fiscal year 2024 presentation. The reclassifications had no impact on total assets, total liabilities, or stockholders’ equity (deficit).

Accounting Pronouncements Adopted in 2024

None.

Accounting Pronouncements Not Yet Adopted

In November 2023, Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting. The amendment improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. It is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management does not believe the implementation of this pronouncement will have a material impact on the Company’s financial statements.

In December 2023, FASB released ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances income tax disclosures for the effective tax rate reconciliation and income taxes paid. This ASU is effective for fiscal periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this ASU and the impact it may have on its financial statement disclosures.

Management has reviewed other recently issued accounting pronouncements issued or proposed by the FASB, and does not believe any of these accounting pronouncements has had or will have a material impact on the condensed consolidated financial statements.

Inventory

Inventory, principally purchased components, is stated at the lower of cost or net realizable value. Cost is determined using an average cost, which approximates actual cost on a first-in, first-out basis. Inventory in excess of salable amounts and inventory which is considered obsolete based upon changes in existing technology is written off. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the new cost basis.


	June 30,		December 31,
	2024		2023
Raw materials	$	2,967	$	2,112
Work in process		147		82
Finished goods		128		126
	$	3,242	$	2,320

Autonomous Security Robots, net

ASRs consist of materials, ASRs in progress and finished ASRs. ASRs in progress and finished ASRs include materials, labor and other direct and indirect costs used in their production. Finished ASRs are valued using a discrete bill of materials, which includes an allocation of labor and direct overhead based on assembly hours. Depreciation expense on ASRs is recorded using the straight-line method over their estimated expected lives, which currently ranges from 3 to 5 years. Depreciation expense of finished ASRs included in research and development expense amounted to $0 and $2, depreciation expense of finished ASRs included in sales and marketing expense amounted to $0 and $1, and depreciation expense included in cost of revenue, net amounted to $507 and $409 for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense of finished ASRs included in research and development expense amounted to $1 and $4, depreciation expense of finished ASRs included in sales and marketing expense amounted to $0 and $13, and depreciation expense included in cost of revenue, net amounted to $990 and $770 for the six months ended June 30, 2024 and 2023, respectively.

ASRs, net, consisted of the following:


	June 30,		December 31,
	2024		2023
Raw materials	$	2,587	$	3,841
ASRs in progress		1,512		1,575
Finished ASRs		9,343		12,130
		13,442		17,546
Less: accumulated depreciation on Finished ASRs		(4,904)		(8,701)
ASRs, net	$	8,538	$	8,845

In the first quarter of 2024, the Company discontinued the K5 v3 machines and as a result, in the first half of 2024, wrote off approximately $1.1 million against service cost of revenue, net.

The components of the Finished ASRs, net are as follows:


	June 30,		December 31,
	2024		2023
ASRs on lease or available for lease	$	8,620	$	10,804
Demonstration ASRs		42		607
Research and development ASRs		186		194
Charge boxes		495		525
		9,343		12,130
Less: accumulated depreciation		(4,904)		(8,701)
Finished ASRs, net	$	4,439	$	3,429

Intangible Assets

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows:


		June 30, 2024
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(338)	$	652
Customer relationships	8		950		(203)		747
Total		$	1,940	$	(541)	$	1,399


		December 31, 2023
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(239)	$	751
Customer relationships	8		950		(144)		806
Total		$	1,940	$	(383)	$	1,557

Intangible assets amortization expense totaled $79 and $136 for the three months ended June 30, 2024 and 2023 respectively. Intangible assets amortization was recorded in sales and marketing and cost of revenue, net - service in the amounts of $29 and $50, respectively for the three month period ended June 30, 2024 compared to amortization expense recorded in sales and marketing and cost of revenue, net - service in the amounts of $87 and $49, respectively for the three month period ended June 30, 2023.

Intangible assets amortization expense totaled $158 and $273 for the six months ended June 30, 2024 and 2023 respectively. Intangible asset amortization was recorded in sales and marketing and cost of revenue, net - service in the amounts of $59 and $99, respectively for the six month period ended June 30, 2024 compared to amortization expense recorded in sales and marketing and cost of revenue, net - service in the amounts of $174 and $99, respectively for the six month period ended June 30, 2023.

As of June 30, 2024, future intangible assets amortization expense for each of the next five years and thereafter is as follows:


Year ending December 31,	Amount
2024 (remaining six months)	$	159
2025		317
2026		317
2027		275
2028		118
2029 and thereafter		213
Total	$	1,399

Other Current Liabilities

Other current liabilities consisted of the following:


	June 30,		December 31,
	2024		2023
Sales tax	$	376	$	364
Customer deposits		241		239
Warranty liability		457		406
Other		255		450
	$	1,329	$	1,459

Warranty Liability

The liability for estimated warranty claims is accrued at the time of sale and the expense is recorded in the condensed statements of operations in cost of revenue, net - product. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability.

Change in the warranty liability for the six months ended consisted of the following:


	June 30,
	2024		2023
Balance January 1,	$	406	$	145
Provision for warranties issued		234		240
Warranty services provided		(183)		(72)
	$	457	$	313

Accrued Expenses

Accrued expenses consisted of the following:


	June 30,		December 31,
	2024		2023
Legal, consulting, and financial services	$	432	$	117
Payroll and payroll taxes		523		604
Credit cards		297		244
Accrued interest		169		10
Other		459		180
	$	1,880	$	1,155

Convertible Preferred Warrant Liabilities and Common Stock Warrants

Freestanding warrants to purchase shares of the Company’s preferred stock are classified as liabilities on the balance sheets at their estimated fair value because the underlying shares of preferred stock are contingently redeemable and, therefore, may obligate the Company to transfer assets at some point in the future. The preferred stock warrants are recorded at fair value upon issuance and are subject to remeasurement to their respective estimated fair values. At the end of each reporting period, changes in the estimated fair value of the preferred stock warrants are recorded in the condensed statements of operations. The Company will continue to adjust the liability associated with the preferred stock warrants for changes in the estimated fair value until the earlier of the exercise or expiration of the preferred stock warrants or the completion of a sale of the Company. Upon an initial public offering, the preferred stock warrants will convert into warrants to purchase common stock and any liabilities recorded for the preferred stock warrants will be reclassified to additional paid-in capital and will no longer be subject to remeasurement.

Common stock warrants that are not considered derivative liabilities are accounted for at fair value at the date of issuance in additional paid-in capital. The fair value of these common stock warrants is determined using the Black-Scholes option-pricing model.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718, Compensation - Stock Compensation, which requires that the estimated fair value on the date of grant be determined using the Black-Scholes option pricing model with the fair value recognized over the requisite service period of the awards, which is generally the option vesting period. The Company’s determination of the fair value of the stock-based awards on the date of grant, using the Black-Scholes option pricing model, is affected by the fair value of the Company’s common stock as well as other assumptions regarding a number of highly complex and subjective variables. These variables include but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee option exercise behaviors. Because there is insufficient historical information available to estimate the expected term of the stock-based awards, the Company adopted the simplified method of estimating the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company recognizes forfeitures as they occur when calculating stock-based compensation for its equity awards.

Stock-Based Compensation - Equity Incentive Plans (Details) - shares		6 Months Ended
	Jun. 23, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2016	Apr. 30, 2014
Share-Based Compensation
Number of shares available for grant		5,414,706	99,363
Vesting period of options (in years)		4 years
2014 Equity Incentive Plan
Share-Based Compensation
Number of shares issuable under plan					2,000,000
2016 Equity Incentive Plan
Share-Based Compensation
Number of shares available for grant				1,936,014
2022 Equity incentive plan
Share-Based Compensation
Number of shares issuable under plan	5,000,000
2022 Equity incentive plan \| Class A Common Stock
Share-Based Compensation
Percentage of outstanding common stock considered for annual increase in authorized shares under the plan (in percent)	5.00%
2022 Equity incentive plan \| Term of stock options, If price of 100 % of fair market value
Share-Based Compensation
Maximum percentage of fair market value of stock options price		100.00%
Stock options term		10 years
Percentage of voting power held		10.00%
2022 Equity incentive plan \| Term of stock options, If price of 110 % of fair market value
Share-Based Compensation
Maximum percentage of fair market value of stock options price		110.00%
Stock options term		5 years
Percentage of voting power held		10.00%

Revenue and Deferred Revenue

6 Months Ended

Jun. 30, 2024

Revenue and Deferred Revenue

Revenue and Deferred Revenue

NOTE 2: Revenue and Deferred Revenue

Revenue Recognition

ASR related revenues

The Company derives its revenues from lease of proprietary ASRs along with access to the browser-based interface KSOC through contracts under the lease accounting that typically have a twelve (12) - month term with an automatic renewal feature. In addition, the Company derives non-lease revenue items such as professional services related to ASRs’ deployments, special decals, shipping costs and training if any, recognized when control of these services is transferred to the clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

ECD related revenues

The Company also derives revenues from sales of its ECDs and related services, such as installation, maintenance, and upgrades. Revenue is recognized when clients sign full or partial certificate of completion, at which point, Knightscope can generate an invoice for its products and services. Clients also have the option to sign up for ongoing preventative and maintenance agreements. The maintenance revenue is recognized in the period the service is performed and the Company has determined that term of the contracts has been fulfilled. Installation or upgrades revenue are recognized upon completion of the project/contracts. In certain cases, deferred revenue is recognized to account for unfinished contracts.

The Company determines revenue recognition through the following steps:

●

identification of the contract, or contracts, with a client;

●

identification of the performance obligations in the contract;

●

determination of the transaction price;

●

allocation of the transaction price to the performance obligations in the contract; and

●

recognition of revenue when, or as, the Company satisfies a performance obligation.

ASR subscription revenue

The Company recognizes ASR subscription revenue as follows:

ASR subscription revenue is generated from lease of proprietary ASRs along with access to the browser-based interface KSOC through contracts that typically have 12 - month terms. These revenue arrangements adhere to lease accounting guidance and are classified as leases for revenue recognition purposes. Currently, all revenue arrangements qualify as operating leases where consideration allocated to the lease deliverables is recognized ratably over the lease term.

Deferred revenue

In connection with the Company’s Machine-as-a-Service (“MaaS”) subscription for the Company’s ASRs, the Company’s standard billing terms are annual in advance. In these situations, the Company records the invoices as deferred revenue and amortizes the subscription amount when the services are delivered, which generally is a 12-month period. In addition, the Company refers certain transactions to financing companies, whereby the financing company advances the full value of the MaaS subscription to the Company, less a processing fee. The advanced payment is recorded in deferred revenue and amortized over the term of the subscription once the ASR is delivered to the deployment site.

The Company derives its revenue from the lease subscription of its proprietary ASRs along with access to its browser and mobile based software interface, KSOC. MaaS subscription agreements typically have a twelve (12)-month term.

The Company also records deferred revenue from unfinished contracts for certain ECD related services.

Deferred revenue includes billings in excess of revenue recognized. Revenue recognized at a point in time generally does not result in significant increases in deferred revenue. Revenue recognized over a period generally results in a majority of the increases in deferred revenue as the performance obligations are fulfilled after the billing event. Deferred revenue was as follows:


	June 30, 2024
Deferred revenue - short term	$	2,288
Revenue recognized in the six months ended related to amounts included in deferred revenue as of January 1, 2024	$	1,173

Deferred revenue represents amounts invoiced to customers for contracts for which revenue has yet to be recognized based for subscription services to be delivered to the Company’s clients. Typically, the timing of invoicing is based on the terms of the contract.

Customer Deposits

Customer deposits primarily relate to sales of ECDs to certain customers dependent upon creditworthiness. The customer deposits are recorded as current liabilities and reclassed as a contra accounts receivable account at the time that the final invoice for the sale is generated following the completion of the revenue recognition criteria.

Disaggregation of revenue

The Company disaggregates revenue from contracts with customers into the timing of the transfers of goods and services by product line.

The following table summarizes revenue by product line and timing of recognition:


	Three Months Ended June 30,
	2024						2023
	Point in time		Over time		Total		Point in time		Over time		Total
ASRs	$	22	$	990	$	1,012	$	20	$	1,080	$	1,100
ECDs		1,928		263		2,191		2,393		70		2,463
Total	$	1,950	$	1,253	$	3,203	$	2,413	$	1,150	$	3,563


	Six Months Ended June 30,
	2024						2023
	Point in time		Over time		Total		Point in time		Over time		Total
ASRs	$	47	$	1,955	$	2,002	$	40	$	2,082	$	2,122
ECDs		3,154		301		3,455		4,180		158		4,338
Total	$	3,201	$	2,256	$	5,457	$	4,220	$	2,240	$	6,460

Other revenue, net

Other non-ASR service-related revenues such as deployment services, decals and training revenue are recognized when services are delivered. Revenue from these transactions has been immaterial for all periods presented and is included in service revenue, net.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

The Company and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies
Gross carrying amount	$ 1,940		$ 1,940		$ 1,940
Accumulated amortization	(541)		(541)		(383)
Carrying amount, net	1,399		1,399		$ 1,557
Intangible assets amortization expense	79	$ 136	158	$ 273
Sales and marketing
The Company and Summary of Significant Accounting Policies
Intangible assets amortization expense	29	87	59	174
Cost of revenue, net
The Company and Summary of Significant Accounting Policies
Intangible assets amortization expense	$ 50	$ 49	$ 99	$ 99
Developed technology
The Company and Summary of Significant Accounting Policies
Amortization Period (years)	5 years		5 years		5 years
Gross carrying amount	$ 990		$ 990		$ 990
Accumulated amortization	(338)		(338)		(239)
Carrying amount, net	$ 652		$ 652		$ 751
Customer relationships
The Company and Summary of Significant Accounting Policies
Amortization Period (years)	8 years		8 years		8 years
Gross carrying amount	$ 950		$ 950		$ 950
Accumulated amortization	(203)		(203)		(144)
Carrying amount, net	$ 747		$ 747		$ 806

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation
Total stock-based compensation expense	$ 269	$ 731	$ 603	$ 1,177
Cost of revenue, net
Share-Based Compensation
Total stock-based compensation expense	8	107	65	200
Research and development
Share-Based Compensation
Total stock-based compensation expense	146	125	268	125
Sales and marketing
Share-Based Compensation
Total stock-based compensation expense	32	55	80	108
General and administrative
Share-Based Compensation
Total stock-based compensation expense	$ 83	$ 444	$ 190	$ 744

Capital Stock and Warrants (Tables)

6 Months Ended

Jun. 30, 2024

Capital Stock and Warrants

Schedule of the Company's outstanding warrants


Class of shares	Number of Warrants	Exercise Price		Expiration Date
Class A Common Stock (previously Series m-3 Preferred Stock)	1,432,786	$	4.00	December 31, 2027
Class A Common Stock (previously Series S Preferred Stock)	6,072,787	$	1.88	December 31, 2027
Class A Common Stock	1,138,446	$	3.25	October 13, 2027

Schedule of common stock reserved for future issuance


		June 30,
		2024
Stock options to purchase common stock		14,005,835
Warrants outstanding for future issuance of convertible common stock		8,644,019
Stock options available for future issuance		5,414,706
Total shares of Class A Common Stock reserved		28,064,560

Convertible preferred stock

Capital Stock and Warrants

Schedule of convertible preferred stock authorized and issued and outstanding

The following tables summarize convertible preferred stock authorized and issued and outstanding as of June 30, 2024:



		Shares	Proceeds Net		Aggregate
	Shares	Issued and	of Issuance		Liquidation
	Authorized	Outstanding	Costs		Preference
Series A Preferred Stock	8,936,015	—	$	—	$	—
Series B Preferred Stock	4,707,501	—		—		—
Series m Preferred Stock	6,666,666	—		—		—
Series m-1 Preferred Stock	333,334	—		—		—
Series m-2 Preferred Stock	1,660,756	—		—		—
Series m-3 Preferred Stock	3,490,658	—		—		—
Series m-4 Preferred Stock	4,502,061	—		—		—
Series S Preferred Stock	13,108,333	—		—		—
Total Preferred Stock	43,405,324	—	$	—	$	—

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and contingencies.

Schedule of components of leases and lease costs


	June 30, 2024		December 31, 2023
Operating leases
Operating lease right-of-use assets	$	1,086	$	1,458

Operating lease liabilities, current portion	$	787	$	733
Operating lease liabilities, non-current portion		300		711
Total operating lease liabilities	$	1,087	$	1,444

Schedule of future minimum operating lease payments


Years ending December 31,	Amount
2024 (remaining six months)	$	425
2025		675
2026		73
Total future minimum lease payments		1,173
Less – Interest		(86)
Present value of lease liabilities	$	1,087

Revenue and Deferred Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue and Deferred Revenue
Deferred revenue - short term	$ 2,288	$ 1,741
Revenue recognized in the six months ended related to amounts included in deferred revenue as of January 1, 2024	$ 1,173

Fair Value Measurement - Summary of the changes in the fair value of the Company's level 3 convertible note (Details) - Convertible note liabilities $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Measurement
Beginning Balance	$ 8,152
Notes converted	(8,592)
Interest accretion	$ 440

The Company and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

The Company and Summary of Significant Accounting Policies

The Company and Summary of Significant Accounting Policies

NOTE 1: The Company and Summary of Significant Accounting Policies

Description of Business

Knightscope, Inc. was incorporated on April 4, 2013 under the laws of the State of Delaware.

Basis of Presentation and Liquidity

Basic and Diluted Net Loss per Share


	June 30,	June 30,
	2024	2023
Series A Preferred Stock (convertible to Class B Common Stock)	—	1,418,381
Series B Preferred Stock (convertible to Class B Common Stock)	—	3,498,859
Series m Preferred Stock (convertible to Class A Common Stock)	—	1,800,959
Series m-2 Preferred Stock (convertible to Class B Common Stock)	—	160,000
Series S Preferred Stock (convertible to Class A Common Stock)	—	2,676,565
Warrants to purchase Class A Common Stock	8,644,019	1,138,446
Warrants to purchase Series m-3 Preferred Stock	—	1,432,786
Warrants to purchase Series S Preferred Stock	—	2,941,814
Stock options	14,005,835	9,405,655
Total potentially dilutive shares	22,649,854	24,473,465

As all potentially dilutive securities are anti-dilutive as of June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share for each period.

Segments

Comprehensive Loss

Net loss was equal to comprehensive loss for the three and six month periods ended June 30, 2024 and 2023.

Use of Estimates

Reclassifications

Accounting Pronouncements Adopted in 2024

None.

Accounting Pronouncements Not Yet Adopted

Inventory


	June 30,		December 31,
	2024		2023
Raw materials	$	2,967	$	2,112
Work in process		147		82
Finished goods		128		126
	$	3,242	$	2,320

Autonomous Security Robots, net

ASRs, net, consisted of the following:


	June 30,		December 31,
	2024		2023
Raw materials	$	2,587	$	3,841
ASRs in progress		1,512		1,575
Finished ASRs		9,343		12,130
		13,442		17,546
Less: accumulated depreciation on Finished ASRs		(4,904)		(8,701)
ASRs, net	$	8,538	$	8,845

In the first quarter of 2024, the Company discontinued the K5 v3 machines and as a result, in the first half of 2024, wrote off approximately $1.1 million against service cost of revenue, net.

The components of the Finished ASRs, net are as follows:


	June 30,		December 31,
	2024		2023
ASRs on lease or available for lease	$	8,620	$	10,804
Demonstration ASRs		42		607
Research and development ASRs		186		194
Charge boxes		495		525
		9,343		12,130
Less: accumulated depreciation		(4,904)		(8,701)
Finished ASRs, net	$	4,439	$	3,429

Intangible Assets

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows:


		June 30, 2024
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(338)	$	652
Customer relationships	8		950		(203)		747
Total		$	1,940	$	(541)	$	1,399


		December 31, 2023
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(239)	$	751
Customer relationships	8		950		(144)		806
Total		$	1,940	$	(383)	$	1,557

As of June 30, 2024, future intangible assets amortization expense for each of the next five years and thereafter is as follows:


Year ending December 31,	Amount
2024 (remaining six months)	$	159
2025		317
2026		317
2027		275
2028		118
2029 and thereafter		213
Total	$	1,399

Other Current Liabilities

Other current liabilities consisted of the following:


	June 30,		December 31,
	2024		2023
Sales tax	$	376	$	364
Customer deposits		241		239
Warranty liability		457		406
Other		255		450
	$	1,329	$	1,459

Warranty Liability

Change in the warranty liability for the six months ended consisted of the following:


	June 30,
	2024		2023
Balance January 1,	$	406	$	145
Provision for warranties issued		234		240
Warranty services provided		(183)		(72)
	$	457	$	313

Accrued Expenses

Accrued expenses consisted of the following:


	June 30,		December 31,
	2024		2023
Legal, consulting, and financial services	$	432	$	117
Payroll and payroll taxes		523		604
Credit cards		297		244
Accrued interest		169		10
Other		459		180
	$	1,880	$	1,155

Convertible Preferred Warrant Liabilities and Common Stock Warrants

Stock-Based Compensation

The Company and Summary of Significant Accounting Policies - Components of ASRs, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies
Raw materials	$ 2,587	$ 3,841
ASRs in progress	1,512	1,575
Finished ASRs	9,343	12,130
ASRs, gross	13,442	17,546
Less: accumulated depreciation on Finished ASRs	(4,904)	(8,701)
ASRs, net	$ 8,538	$ 8,845

Stock-Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Shares Available for Grant
Available and outstanding as of beginning of year	99,363
2022 Equity incentive plan increase	9,364,784
Granted	(7,445,000)
Forfeited	3,394,559
Expired	1,000
Available and outstanding as of ending of year	5,414,706		99,363
Number of Shares Outstanding
Available and outstanding as of beginning of year	10,069,394
Granted	7,445,000
Exercised	(113,000)
Forfeited	(3,394,559)
Expired	(1,000)
Available and outstanding as of ending of year	14,005,835		10,069,394
Vested and exercisable	5,323,033
Weighted Average Exercise Price
Available and outstanding as of beginning of year	$ 2.72
Granted	0.45
Exercised	0.16
Forfeited	4.24
Expired	0.16
Available and outstanding as of ending of year	1.16		$ 2.72
Vested and exercisable as of ending of year	$ 1.73
Weighted Average Remaining Contractual Life (Years)
Available and outstanding as of ending of year	8 years 1 month 24 days		7 years 1 month 20 days
Vested and exercisable as of ending of year	5 years 9 months 3 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, outstanding			$ 141
Weighted average grant date fair value of options granted	$ 0.25
Share based payment award shares options exercise	113,000	451,020
Fair value of the shares subject to stock options vested	$ 848	$ 1,400
Unamortized stock-based compensation expense, options	$ 3,600
Stock options
Aggregate Intrinsic Value
Vesting term (in years)	2 years

Fair Value Measurement - Classification by level of input within the fair value hierarchy (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities
Derivative liability - Class A Common Stock warrants	$ 34	$ 271
Warrant liability - Series m-3 Preferred Stock
Liabilities
Warrant liability		284
Warrant liability - Series S Preferred Stock
Liabilities
Warrant liability		5,692
Money market funds
Assets
Money market funds	1,112	1,104
Level 1 \| Money market funds
Assets
Money market funds	1,112	1,104
Level 3
Liabilities
Derivative liability - Class A Common Stock warrants	$ 34	271
Level 3 \| Warrant liability - Series m-3 Preferred Stock
Liabilities
Warrant liability		284
Level 3 \| Warrant liability - Series S Preferred Stock
Liabilities
Warrant liability		$ 5,692

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 09, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41248
Entity Registrant Name	Knightscope, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2482575
Entity Address, Address Line One	1070 Terra Bella Avenue
Entity Address, City or Town	Mountain View
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	924-1025
Title of 12(b) Security	Class A Common Stock, $0.001 Par Value per Share
Trading Symbol	KSCP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001600983
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		136,095,119
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		16,725,760

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue, net	$ 3,203	$ 3,563	$ 5,457	$ 6,460
Total cost of revenue, net	3,761	3,554	7,460	6,664
Gross profit (loss)	(558)	9	(2,003)	(204)
Operating expenses:
Research and development	1,637	1,482	3,206	2,879
Sales and marketing	1,537	1,193	3,043	2,321
General and administrative	2,734	3,274	6,375	6,913
Restructuring charges	295	5	414	149
Total operating expenses	6,203	5,954	13,038	12,262
Loss from operations	(6,761)	(5,945)	(15,041)	(12,466)
Other income (expense):
Change in fair value of warrant and derivative liabilities	681	1,193	1,451	5,815
Change in fair value of convertible notes		(43)
Interest income (expense), net	(128)	48	(193)	(454)
Other expense, net	(63)	(51)	(80)	(137)
Total other income	490	1,147	1,178	5,224
Net loss before income tax expense	(6,271)	(4,798)	(13,863)	(7,242)
Net loss	$ (6,271)	$ (4,798)	$ (13,863)	$ (7,242)
Basic net loss per common share (in $ per share)	$ (0.05)	$ (0.08)	$ (0.13)	$ (0.14)
Diluted net loss per common share (in $ per share)	$ (0.05)	$ (0.08)	$ (0.13)	$ (0.14)
Weighted average shares used to compute basic net loss per share (in shares)	116,863,327	57,224,377	106,099,552	50,087,068
Weighted average shares used to compute diluted net loss per share (in shares)	116,863,327	57,224,377	106,099,552	50,087,068
Service
Total revenue, net	$ 1,950	$ 1,825	$ 3,641	$ 3,573
Total cost of revenue, net	2,791	2,642	5,874	4,884
Product
Total revenue, net	1,253	1,738	1,816	2,887
Total cost of revenue, net	$ 970	$ 912	$ 1,586	$ 1,780

Debt Obligations

6 Months Ended

Jun. 30, 2024

Debt Obligations

Debt Obligations

NOTE 4: Debt Obligations

On September 29, 2023, the Company filed an Offering Circular on Form 1-A/A (File No. 024-12314) (the “Offering Circular”) for the issuance of up to $10.0 million in Public Safety Infrastructure Bonds (the “Bonds”) pursuant to Regulation A of the Securities Act. The Offering Circular was qualified with the SEC on October 2, 2023. The price per Bond is $1,000. The Bonds are unsecured, bearing interest at 10% per annum, payable annually on December 31 each year, starting on December 31, 2024, with the Bonds maturing on the fifth anniversary of the initial issuance.

The amortized carrying amount of the Company’s debt obligations consists of the following:


	June 30,		December 31,
	2024		2023
Bonds, net of unamortized issuance costs of $356 and $194, respectively	$	3,917	$	1,242
Less: current portion of debt obligations		—		—
Non-current portion of debt obligations	$	3,917	$	1,242

The Company issued Bonds with a total principal amount of approximately $2.8 million, in aggregate, generating net proceeds to the Company of approximately $2.6 million, net of issuance costs of approximately $0.2 million during the six months ended June 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Schedule of stock option activity under all of the Company's equity incentive plans


					Weighted
			Weighted		Average
	Shares	Number of	Average		Remaining	Aggregate
	Available for	Shares	Exercise		Contractual	Intrinsic
	Grant	Outstanding	Price		Life (Years)	Value (000’s)
Available and outstanding as of December 31, 2023	99,363	10,069,394	$	2.72	7.14	$	141
2022 Equity incentive plan increase	9,364,784	—
Granted	(7,445,000)	7,445,000		0.45
Exercised	—	(113,000)		0.16
Forfeited	3,394,559	(3,394,559)		4.24
Expired	1,000	(1,000)		0.16
Available and outstanding as of June 30, 2024	5,414,706	14,005,835	$	1.16	8.15	$	—
Vested and exercisable as of June 30, 2024		5,323,033	$	1.73	5.76	$	—

Schedule of assumptions utilized for option grants


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate	4.20	%	3.62	%	4.20	%	3.62	%
Expected dividend yield	—	%	—	%	—	%	—	%
Expected volatility	54.30	%	54.73	%	54.35	%	54.71	%
Expected term (in years)	5.8		5.4		5.7		5.4

Schedule of stock-based compensation expense recognized in the Company's consolidated statements of operations


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of revenue, net	$	8	$	107	$	65	$	200
Research and development		146		125		268		125
Sales and marketing		32		55		80		108
General and administrative		83		444		190		744
Total	$	269	$	731	$	603	$	1,177

The Company and Summary of Significant Accounting Policies - Autonomous Security Robots, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development expense
Autonomous Security Robots, net
Depreciation expense of finished ASRs	$ 0	$ 2	$ 1	$ 4
Sales and marketing expense
Autonomous Security Robots, net
Depreciation expense of finished ASRs	0	1	0	13
Cost of revenue, net
Autonomous Security Robots, net
Depreciation expense of finished ASRs	$ 507	$ 409	$ 990	$ 770
Minimum
Autonomous Security Robots, net
Estimated expected lives			3 years
Maximum
Autonomous Security Robots, net
Estimated expected lives			5 years
Autonomous Security Robots, net
Autonomous Security Robots, net
Service cost of revenue, net			$ 1,100

Debt Obligations (Details) - Public Safety Infrastructure Bonds (the "Bonds") - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Oct. 02, 2023
Debt obligations
Maximum offering amount		$ 10.0
Price per Bond		$ 1,000
Interest rate per annum		10.00%
Principal amount of bonds issued	$ 2.8
Aggregate net proceeds	2.6
Issuance costs	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Commitments and contingencies - Components of leases and lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating leases
Operating lease right-of-use assets	$ 1,086		$ 1,086		$ 1,458
Operating lease liabilities, current portion	787		787		733
Operating lease liabilities, non-current portion	300		300		711
Total operating lease liabilities	1,087		1,087		$ 1,444
Operating lease costs
Operating lease costs	$ 300	$ 200	$ 500	$ 500

The Company and Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
The Company and Summary of Significant Accounting Policies
Sales tax	$ 376	$ 364
Customer deposits	241	239
Warranty liability	457	406	$ 313	$ 145
Other	255	450
Total other current liabilities	$ 1,329	$ 1,459

Revenue and Deferred Revenue - Revenue by product line and timing of recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue and Deferred Revenue
Total revenue, net	$ 3,203	$ 3,563	$ 5,457	$ 6,460
ASRs
Revenue and Deferred Revenue
Total revenue, net	1,012	1,100	2,002	2,122
ECDs
Revenue and Deferred Revenue
Total revenue, net	2,191	2,463	3,455	4,338
Point in time
Revenue and Deferred Revenue
Total revenue, net	1,950	2,413	3,201	4,220
Point in time \| ASRs
Revenue and Deferred Revenue
Total revenue, net	22	20	47	40
Point in time \| ECDs
Revenue and Deferred Revenue
Total revenue, net	1,928	2,393	3,154	4,180
Over time
Revenue and Deferred Revenue
Total revenue, net	1,253	1,150	2,256	2,240
Over time \| ASRs
Revenue and Deferred Revenue
Total revenue, net	990	1,080	1,955	2,082
Over time \| ECDs
Revenue and Deferred Revenue
Total revenue, net	$ 263	$ 70	$ 301	$ 158

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Capital Stock and Warrants - Convertible preferred stock authorized and issued and outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Capital Stock and Warrants
Shares Authorized	43,405,324	43,405,324
Shares Issued	0	9,499,083
Shares Outstanding	0	9,499,083
Aggregate Liquidation Preference	$ 0	$ 35,361
Series A Preferred Stock
Capital Stock and Warrants
Shares Authorized	8,936,015
Series B Preferred Stock
Capital Stock and Warrants
Shares Authorized	4,707,501
Series m Preferred Stock
Capital Stock and Warrants
Shares Authorized	6,666,666
Series m-1 Preferred Stock
Capital Stock and Warrants
Shares Authorized	333,334
Series m-2 Preferred Stock
Capital Stock and Warrants
Shares Authorized	1,660,756
Series m-3 Preferred Stock
Capital Stock and Warrants
Shares Authorized	3,490,658
Series m-4 Preferred Stock
Capital Stock and Warrants
Shares Authorized	4,502,061
Series S Preferred Stock
Capital Stock and Warrants
Shares Authorized	13,108,333

Related parties and related-party transactions

6 Months Ended

Jun. 30, 2024

NOTE 7: Related parties and related-party transactions

One of the Company’s vendors, Konica Minolta, Inc. (“Konica Minolta”), is a stockholder of the Company. Konica Minolta provides the Company with repair services to its ASRs. The Company paid Konica Minolta $137 and $145 in service fees for the three-month periods ended June 30, 2024 and 2023, respectively. The Company paid Konica Minolta $197 and $244 in service fees for the six month periods ended June 30, 2024 and 2023, respectively. The Company had payables of $46 and $84 owed to Konica Minolta as of June 30, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (13,863)	$ (7,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,280	1,155
Loss on disposal of Autonomous Security Robots	1,075
Loss on disposal of property and equipment	1
Stock compensation expense	603	1,177
Change in fair value of warrant and derivative liabilities	(1,451)	(5,815)
Accrued interest	159	440
Common stock issued in exchange for consulting services		293
Amortization of debt discount	31
Changes in operating assets and liabilities:
Accounts receivable, net	(1,418)	(673)
Prepaid expenses and other current assets	171	(246)
Inventory	(922)	(111)
Other assets	(1)	22
Accounts payable	757	(938)
Accrued expenses	566	30
Deferred revenue	547	155
Other current and noncurrent liabilities	(177)	538
Net cash used in operating activities	(12,642)	(11,215)
Cash Flows From Investing Activities
Purchases and related costs incurred for Autonomous Security Robots	(1,759)	(1,690)
Purchases of property and equipment	(4)	(457)
Net cash used in investing activities	(1,763)	(2,147)
Cash Flows From Financing Activities
Proceeds from stock options exercised	18	263
Proceeds from equity sale, net of issuance costs	12,089	14,236
Proceeds from issuance of Public Safety Infrastructure Bonds, net of issuance costs	2,644
Share conversion costs	(2)	(5)
Net cash provided by financing activities	14,749	14,494
Net change in cash, cash equivalents and restricted cash	344	1,132
Cash, cash equivalents and restricted cash at beginning of the period	2,382	4,810
Cash, cash equivalents and restricted cash at end of the period	2,726	5,942
Supplemental Disclosure of Non-Cash Financing and Investing Activities
Conversion of preferred stock to common stock	34,203	1,247
Conversion of debt obligations to Class A Common Stock		8,592
Goodwill adjustment		$ 578
Capital expenditures in accounts payable and other long-term liabilities	27
Preferred stock warrant reclassification to equity	$ 4,762

The Company and Summary of Significant Accounting Policies - Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in accrued warranty
Balance January 1,	$ 406	$ 145
Provision for warranties issued	234	240
Warranty services provided	(183)	(72)
Balance December 31,	$ 457	$ 313

The Company and Summary of Significant Accounting Policies - Basis of Presentation and Liquidity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
The Company and Summary of Significant Accounting Policies
Cash and cash equivalents	$ 2,625		$ 2,282
Accumulated deficit	175,321		161,458
Stockholders' equity	$ 11,176	$ (26,638)	$ (26,634)	$ (25,318)	$ (35,405)	$ (43,586)
Number of operating segment \| segment	1
Number of reportable segment \| segment	1

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2024

Debt Obligations

Schedule of amortized carrying amount of the Company's debt obligations


	June 30,		December 31,
	2024		2023
Bonds, net of unamortized issuance costs of $356 and $194, respectively	$	3,917	$	1,242
Less: current portion of debt obligations		—		—
Non-current portion of debt obligations	$	3,917	$	1,242

The Company and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

The Company and Summary of Significant Accounting Policies

Schedule of potentially dilutive securities that were excluded from the computation of diluted net loss per share

Potentially dilutive securities that were excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2024 and 2023 consist of the following:


	June 30,	June 30,
	2024	2023
Series A Preferred Stock (convertible to Class B Common Stock)	—	1,418,381
Series B Preferred Stock (convertible to Class B Common Stock)	—	3,498,859
Series m Preferred Stock (convertible to Class A Common Stock)	—	1,800,959
Series m-2 Preferred Stock (convertible to Class B Common Stock)	—	160,000
Series S Preferred Stock (convertible to Class A Common Stock)	—	2,676,565
Warrants to purchase Class A Common Stock	8,644,019	1,138,446
Warrants to purchase Series m-3 Preferred Stock	—	1,432,786
Warrants to purchase Series S Preferred Stock	—	2,941,814
Stock options	14,005,835	9,405,655
Total potentially dilutive shares	22,649,854	24,473,465

Schedule of inventory


	June 30,		December 31,
	2024		2023
Raw materials	$	2,967	$	2,112
Work in process		147		82
Finished goods		128		126
	$	3,242	$	2,320

Schedule of ASRs, net and components of the Finished ASRs, net


	June 30,		December 31,
	2024		2023
Raw materials	$	2,587	$	3,841
ASRs in progress		1,512		1,575
Finished ASRs		9,343		12,130
		13,442		17,546
Less: accumulated depreciation on Finished ASRs		(4,904)		(8,701)
ASRs, net	$	8,538	$	8,845


	June 30,		December 31,
	2024		2023
ASRs on lease or available for lease	$	8,620	$	10,804
Demonstration ASRs		42		607
Research and development ASRs		186		194
Charge boxes		495		525
		9,343		12,130
Less: accumulated depreciation		(4,904)		(8,701)
Finished ASRs, net	$	4,439	$	3,429

Schedule of gross carrying amounts and accumulated amortization of the intangible assets with determinable lives


		June 30, 2024
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(338)	$	652
Customer relationships	8		950		(203)		747
Total		$	1,940	$	(541)	$	1,399


		December 31, 2023
	Amortization	Gross
	Period	carrying		Accumulated		Carrying
Intangible assets with determinable lives	(years)	amount		amortization		amount, net
Developed technology	5	$	990	$	(239)	$	751
Customer relationships	8		950		(144)		806
Total		$	1,940	$	(383)	$	1,557

Schedule of future intangible assets amortization expense

As of June 30, 2024, future intangible assets amortization expense for each of the next five years and thereafter is as follows:


Year ending December 31,	Amount
2024 (remaining six months)	$	159
2025		317
2026		317
2027		275
2028		118
2029 and thereafter		213
Total	$	1,399

Schedule of other current liabilities


	June 30,		December 31,
	2024		2023
Sales tax	$	376	$	364
Customer deposits		241		239
Warranty liability		457		406
Other		255		450
	$	1,329	$	1,459

Schedule of change in the warranty liability


	June 30,
	2024		2023
Balance January 1,	$	406	$	145
Provision for warranties issued		234		240
Warranty services provided		(183)		(72)
	$	457	$	313

Schedule of accrued expenses


	June 30,		December 31,
	2024		2023
Legal, consulting, and financial services	$	432	$	117
Payroll and payroll taxes		523		604
Credit cards		297		244
Accrued interest		169		10
Other		459		180
	$	1,880	$	1,155

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

NOTE 5: Stock-Based Compensation

Equity Incentive Plans

In April 2014, the Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”) allowing for the issuance of up to 2,000,000 shares of common stock through grants of options, stock appreciation rights, restricted stock or restricted stock units. In December 2016, the 2014 Plan was terminated, and the Company’s Board of Directors adopted a new equity incentive plan defined as the 2016 Equity Incentive Plan (the “2016 Plan”) in which the remaining 1,936,014 shares available for issuance under the 2014 Plan at that time were transferred to the Company’s 2016 Plan. Awards outstanding under the 2014 Plan at the time of the 2014 Plan’s termination will continue to be governed by their existing terms. The shares underlying any awards that are forfeited, canceled, repurchased or are otherwise terminated by the Company under the 2014 Plan will be added back to the shares of common stock available for issuance under the Company’s 2016 Plan. The 2016 Plan provides for the granting of stock awards such as incentive stock options, non - statutory stock options, stock appreciation rights, restricted stock or restricted stock units to employees, directors and outside consultants as determined by the Board of Directors.

On June 23, 2022, following approval by the Board of Directors, the Company’s stockholders adopted the 2022 Equity Incentive Plan (the “2022 Plan”) allowing for the issuance of up to 5,000,000 shares of Class A Common Stock through grants of options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other stock or cash-based awards. In connection with the adoption of the 2022 Plan, shares previously available for issuance under the 2016 Plan became available for issuance under the 2022 Plan. The number of shares authorized under the 2022 Plan will be increased each January 1^st, beginning January 1, 2023 and ending on (and including) January 1, 2032, by an amount equal to the lesser of (a) 5% of our Class A Common Stock and Class B Common Stock outstanding on December 31st of the immediately preceding calendar year (rounded up to the nearest whole share) and (b) a number of shares determined by the plan administrator. Shares subject to awards (including under the 2016 Plan and the 2014 Plan) that lapse, expire, terminate, or are canceled prior to the issuance of the underlying shares or that are subsequently forfeited to or otherwise reacquired by us will be added back to the shares of common stock available for issuance under the 2022 Plan.

The Board of Directors may grant stock options under the 2022 Plan at an exercise price of not less than 100% of the fair market value of the Company’s common stock on the date the option is granted. Options generally have a term of ten years from the date of grant. Incentive stock options granted to employees who, on the date of grant, own stock representing more than 10% of the voting power of all of the Company’s classes of stock, are granted at an exercise price of not less than 110% of the fair market value of the Company’s common stock. The maximum term of incentive stock options granted to employees who, on the date of grant, own stock having more than 10% of the voting power of all of the Company’s classes of stock, may not exceed five years. The Board of Directors also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Options granted under the 2022 Plan may vest upon the passage of time, generally four years, or upon the attainment of certain performance criteria established by the Board of Directors. The Company may from time-to-time grant options to purchase common stock to non-employees for advisory and consulting services. At each measurement date, the Company will remeasure the fair value of these stock options using the Black - Scholes option pricing model and recognize the expense ratably over the vesting period of each stock option award. Stock options comprise all of the awards granted since the 2022 Plan’s inception.

Stock option activity under all of the Company’s equity incentive plans for the six month period ended of June 30, 2024 is as follows:


					Weighted
			Weighted		Average
	Shares	Number of	Average		Remaining	Aggregate
	Available for	Shares	Exercise		Contractual	Intrinsic
	Grant	Outstanding	Price		Life (Years)	Value (000’s)
Available and outstanding as of December 31, 2023	99,363	10,069,394	$	2.72	7.14	$	141
2022 Equity incentive plan increase	9,364,784	—
Granted	(7,445,000)	7,445,000		0.45
Exercised	—	(113,000)		0.16
Forfeited	3,394,559	(3,394,559)		4.24
Expired	1,000	(1,000)		0.16
Available and outstanding as of June 30, 2024	5,414,706	14,005,835	$	1.16	8.15	$	—
Vested and exercisable as of June 30, 2024		5,323,033	$	1.73	5.76	$	—

The weighted average grant date fair value of options granted during the six month period ended June 30, 2024 was $0.25 per share. There were 113,000 options exercised during the six month period ended June 30, 2024 compared to 451,020 options exercised in the prior year period. The fair value of the options that vested during the six months ended June 30, 2024 and 2023 was $848 and $1.4 million, respectively.

As of June 30, 2024, the Company had unamortized stock-based compensation expense of $3.6 million that will be recognized over the weighted average remaining vesting term of options of 2.0 years.

The assumptions utilized for option grants during the three and six months ended June 30, 2024 and 2023, are as follows:


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate	4.20	%	3.62	%	4.20	%	3.62	%
Expected dividend yield	—	%	—	%	—	%	—	%
Expected volatility	54.30	%	54.73	%	54.35	%	54.71	%
Expected term (in years)	5.8		5.4		5.7		5.4

A summary of stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows:


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of revenue, net	$	8	$	107	$	65	$	200
Research and development		146		125		268		125
Sales and marketing		32		55		80		108
General and administrative		83		444		190		744
Total	$	269	$	731	$	603	$	1,177

The Company and Summary of Significant Accounting Policies - Potentially dilutive securities that were excluded from the computation of diluted net loss per share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Potentially dilutive securities
Total potentially dilutive shares	22,649,854	24,473,465	22,649,854	24,473,465
Series A Preferred Stock (convertible to Class B Common Stock)
Potentially dilutive securities
Total potentially dilutive shares		1,418,381		1,418,381
Series B Preferred Stock (convertible to Class B Common Stock)
Potentially dilutive securities
Total potentially dilutive shares		3,498,859		3,498,859
Series m Preferred Stock (convertible to Class A Common Stock)
Potentially dilutive securities
Total potentially dilutive shares		1,800,959		1,800,959
Series m-2 Preferred Stock (convertible to Class B Common Stock)
Potentially dilutive securities
Total potentially dilutive shares		160,000		160,000
Series S Preferred Stock (convertible to Class A Common Stock)
Potentially dilutive securities
Total potentially dilutive shares		2,676,565		2,676,565
Warrants to purchase Class A Common Stock
Potentially dilutive securities
Total potentially dilutive shares	8,644,019	1,138,446	8,644,019	1,138,446
Warrants to purchase Series m-3 Preferred Stock
Potentially dilutive securities
Total potentially dilutive shares		1,432,786		1,432,786
Warrants to purchase Series s Preferred Stock
Potentially dilutive securities
Total potentially dilutive shares		2,941,814		2,941,814
Stock options
Potentially dilutive securities
Total potentially dilutive shares	14,005,835	9,405,655	14,005,835	9,405,655

The Company and Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies
Raw materials	$ 2,967	$ 2,112
Work in process	147	82
Finished goods	128	126
Inventory	$ 3,242	$ 2,320

Subsequent Events (Details) $ in Thousands		1 Months Ended	6 Months Ended
Subsequent Events (Details) $ in Thousands	Aug. 01, 2024 USD ($) installment	Aug. 09, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares	Oct. 10, 2022 shares
At-the-Market Offering Program \| Class A Common Stock
Subsequent Events
Shares issued \| shares			28,202,234
Aggregate gross share proceeds			$ 12,100
Convertible debt
Subsequent Events
Number of shares issued upon conversion of warrants \| shares				1,138,446
Subsequent Events \| At-the-Market Offering Program \| Class A Common Stock
Subsequent Events
Shares issued \| shares		19,240,793
Aggregate gross share proceeds		$ 4,700
Subsequent Events \| August 2024 Note
Subsequent Events
Aggregate principal amount	$ 3,000
Number of principal payment installment \| installment	2
Principal payment	$ 2,500
Number of monthly installments in first installment of principal payment \| installment	11
Principal payment in second installment	$ 500
Interest rate in occurrence and continuance of event of default (as percentage)	10.00%

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, net of allowance for credit losses
Allowance for credit losses	$ 91	$ 15
Debt obligations, net of debt issuance costs
Debt issuance costs	$ 356	$ 194
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	43,405,324	43,405,324
Preferred stock, shares issued (in shares)	0	9,499,083
Preferred stock, shares outstanding (in shares)	0	9,499,083
Preferred stock, aggregate liquidation preference	$ 0	$ 35,361
Class A Common Stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (n shares)	228,000,000	114,000,000
Common stock, shares issued (in shares)	116,967,395	80,188,600
Common stock, share outstanding (in shares)	116,967,395	80,188,600
Class B Common Stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (n shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	16,725,760	9,357,822
Common stock, share outstanding (in shares)	16,725,760	9,357,822

Fair Value Measurement - Changes in the fair value of Company's Level 3 warrant and derivative liability (Details) - Warrant and derivative liabilities - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Changes in the fair value of Company's Level 3 financial liabilities
Beginning Balance	$ 6,247	$ 11,157
Warrants cancelled		(308)
Revaluation of Series m-3 and S Preferred Stock warrants	(1,214)	(4,601)
Reclassification of Series m-3 and S Preferred Stock warrants	(4,762)
Revaluation of Common Stock warrants	(237)	(906)
Ending Balance	$ 34	$ 5,342

Stock-Based Compensation - Assumptions utilized for option (Details) - Stock options	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation
Risk-free interest rate	4.20%	3.62%	4.20%	3.62%
Expected volatility	54.30%	54.73%	54.35%	54.71%
Expected term (in years)	5 years 9 months 18 days	5 years 4 months 24 days	5 years 8 months 12 days	5 years 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

The Company and Summary of Significant Accounting Policies - Components of the Finished ASRs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies
ASRs on lease or available for lease	$ 8,620	$ 10,804
Demonstration ASRs	42	607
Research and development ASRs	186	194
Charge boxes	495	525
Finished ASRs, gross	9,343	12,130
Less: accumulated depreciation	(4,904)	(8,701)
Finished ASRs, net	$ 4,439	$ 3,429

The Company and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
The Company and Summary of Significant Accounting Policies
Legal, consulting, and financial services	$ 432	$ 117
Payroll and payroll taxes	523	604
Credit cards	297	244
Accrued interest	169	10
Other	459	180
Total accrued expenses	$ 1,880	$ 1,155

Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Measurement

Fair Value Measurement

NOTE 3: Fair Value Measurement

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are three levels of inputs that may be used to measure fair value:

●

Level 1 – Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

●

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities that are measured at fair value on a recurring basis consist of the convertible preferred stock warrant liabilities. The inputs used in estimating the fair value of the warrant liabilities are described in Note 6 -- Capital Stock and Warrants.

The following tables summarize, for each category of assets or liabilities carried at fair value, the respective fair value as of June 30, 2024 and December 31, 2023, and the classification by level of input within the fair value hierarchy:


	Total		Level 1		Level 2		Level 3
June 30, 2024
Assets
Cash equivalents:
Money market funds	$	1,112	$	1,112	$	—	$	—
Liabilities
Derivative liability – Class A Common Stock warrants	$	34	$	—	$	—	$	34


	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash equivalents:
Money market funds	$	1,104	$	1,104	$	—	$	—
Liabilities
Warrant liability – Series m-3 Preferred Stock	$	284	$	—	$	—	$	284
Warrant liability – Series s Preferred Stock	$	5,692	$	—	$	—	$	5,692
Derivative liability – Class A Common Stock warrants	$	271	$	—	$	—	$	271

During the six month periods ended June 30, 2024 and 2023, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and the valuation techniques used did not change compared to the Company’s established practice.

The following table sets forth a summary of the changes in the fair value of Company’s Level 3 warrant and derivative liabilities during the six month periods ended June 30, 2024 and 2023, which were measured at fair value on a recurring basis:


	June 30,		June 30,
	2024		2023
Beginning Balance	$	6,247	$	11,157
Warrants cancelled		—		(308)
Revaluation of Series m-3 and S Preferred Stock warrants		(1,214)		(4,601)
Reclassification of Series m-3 and S Preferred Stock warrants		(4,762)		—
Revaluation of Common Stock warrants		(237)		(906)
Ending Balance	$	34	$	5,342

The following table sets forth a summary of the changes in the fair value of Company’s Level 3 convertible note liabilities during the six month periods ended June 30, 2024 and 2023, which were measured at fair value on a recurring basis:


	June 30,		June 30,
	2024		2023
Beginning Balance	$	—	$	8,152
Notes converted		—		(8,592)
Interest accretion		—		440
Ending Balance	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Capital Stock and Warrants - Outstanding warrants (Details)	Jun. 30, 2024 $ / shares shares
Capital Stock and Warrants
Number of warrants	8,644,019
Class A Common Stock \| Warrants expiration date, December 31, 2027 with Exercise Price of 4.00
Capital Stock and Warrants
Number of warrants	1,432,786
Exercise price \| $ / shares	$ 4.00
Class A Common Stock \| Warrants expiration date, December 31, 2027 with Exercise Price of 1.88
Capital Stock and Warrants
Number of warrants	6,072,787
Exercise price \| $ / shares	$ 1.88
Class A Common Stock \| Warrants expiration date, October 13, 2027
Capital Stock and Warrants
Number of warrants	1,138,446
Exercise price \| $ / shares	$ 3.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue and Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue and Deferred Revenue

Summary of deferred revenue


	June 30, 2024
Deferred revenue - short term	$	2,288
Revenue recognized in the six months ended related to amounts included in deferred revenue as of January 1, 2024	$	1,173

Summary of revenue by product line and timing of recognition


	Three Months Ended June 30,
	2024						2023
	Point in time		Over time		Total		Point in time		Over time		Total
ASRs	$	22	$	990	$	1,012	$	20	$	1,080	$	1,100
ECDs		1,928		263		2,191		2,393		70		2,463
Total	$	1,950	$	1,253	$	3,203	$	2,413	$	1,150	$	3,563


	Six Months Ended June 30,
	2024						2023
	Point in time		Over time		Total		Point in time		Over time		Total
ASRs	$	47	$	1,955	$	2,002	$	40	$	2,082	$	2,122
ECDs		3,154		301		3,455		4,180		158		4,338
Total	$	3,201	$	2,256	$	5,457	$	4,220	$	2,240	$	6,460

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurement

Summary of category of assets or liabilities carried at fair value


	Total		Level 1		Level 2		Level 3
June 30, 2024
Assets
Cash equivalents:
Money market funds	$	1,112	$	1,112	$	—	$	—
Liabilities
Derivative liability – Class A Common Stock warrants	$	34	$	—	$	—	$	34


	Total		Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash equivalents:
Money market funds	$	1,104	$	1,104	$	—	$	—
Liabilities
Warrant liability – Series m-3 Preferred Stock	$	284	$	—	$	—	$	284
Warrant liability – Series s Preferred Stock	$	5,692	$	—	$	—	$	5,692
Derivative liability – Class A Common Stock warrants	$	271	$	—	$	—	$	271

Warrant and derivative liabilities

Fair Value Measurement

Summary of changes in the fair value of Company's Level 3 warrant and convertible note liabilities


	June 30,		June 30,
	2024		2023
Beginning Balance	$	6,247	$	11,157
Warrants cancelled		—		(308)
Revaluation of Series m-3 and S Preferred Stock warrants		(1,214)		(4,601)
Reclassification of Series m-3 and S Preferred Stock warrants		(4,762)		—
Revaluation of Common Stock warrants		(237)		(906)
Ending Balance	$	34	$	5,342

Convertible note liabilities

Fair Value Measurement

Summary of changes in the fair value of Company's Level 3 warrant and convertible note liabilities


	June 30,		June 30,
	2024		2023
Beginning Balance	$	—	$	8,152
Notes converted		—		(8,592)
Interest accretion		—		440
Ending Balance	$	—	$	—

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,271)	$ (4,798)	$ (13,863)	$ (7,242)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
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+ Details

Condensed Statements of Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Preferred Stock Series m Preferred Stock	Preferred Stock Series m-2 Preferred Stock	Preferred Stock Series S Preferred Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common stock Class A Common Stock	Common stock Class B Common Stock	Additional Paid-in-capital	Accumulative Deficit	Total
Balance as of beginning at Dec. 31, 2022	$ 4,818	$ 480	$ 21,977	$ 1,335	$ 7,173
Balance as of beginning (in shares) at Dec. 31, 2022	1,855,328	160,000	2,714,732	3,086,160	3,535,621
Increase (decrease) in temporary equity
Share conversion to common stock	$ (142)		$ (309)	$ (721)	$ (75)
Share conversion to common stock (in shares)	(54,369)		(38,167)	(1,667,779)	(36,762)
Balance as of end at Jun. 30, 2023	$ 4,676	$ 480	$ 21,668	$ 614	$ 7,098
Balance as of end (in shares) at Jun. 30, 2023	1,800,959	160,000	2,676,565	1,418,381	3,498,859
Balance as of beginning at Dec. 31, 2022						$ 28	$ 10	$ 95,716	$ (139,340)	$ (43,586)
Balance as of beginning (in shares) at Dec. 31, 2022						28,029,238	10,319,884
Increase (decrease) in stockholders' equity
Stock based compensation								1,177		1,177
Conversion of debt obligations to Class A Common Stock						$ 11		8,581		8,592
Conversion of debt obligations to Class A Common Stock (in shares)						10,432,428
Stock options exercised								263		263
Stock options exercised (in shares)						213,020	238,000
Proceeds from Equity Sale, net of issuance costs						$ 23		14,213		14,236
Proceeds from Equity Sale, net of issuance costs (in shares)						22,821,226
Share conversion to common stock						$ 2		1,245		1,247
Share conversion to common stock (in shares)						2,023,189	(200,062)
Share conversion costs								(5)		(5)
Net Income (Loss)									(7,242)	(7,242)
Balance as of end at Jun. 30, 2023						$ 64	$ 10	121,190	(146,582)	(25,318)
Balance as of end (in shares) at Jun. 30, 2023						63,519,101	10,357,822
Balance as of beginning at Mar. 31, 2023	$ 4,696	$ 480	$ 21,805	$ 614	$ 7,098
Balance as of beginning (in shares) at Mar. 31, 2023	1,808,498	160,000	2,693,500	1,418,381	3,498,859
Increase (decrease) in temporary equity
Share conversion to common stock	$ (20)		$ (137)
Share conversion to common stock (in shares)	(7,539)		(16,935)
Balance as of end at Jun. 30, 2023	$ 4,676	$ 480	$ 21,668	$ 614	$ 7,098
Balance as of end (in shares) at Jun. 30, 2023	1,800,959	160,000	2,676,565	1,418,381	3,498,859
Balance as of beginning at Mar. 31, 2023						$ 37	$ 10	106,332	(141,784)	(35,405)
Balance as of beginning (in shares) at Mar. 31, 2023						37,314,704	10,357,822
Increase (decrease) in stockholders' equity
Stock based compensation								731		731
Conversion of debt obligations to Class A Common Stock						$ 8		4,410		4,418
Conversion of debt obligations to Class A Common Stock (in shares)						7,538,604
Stock options exercised								38		38
Stock options exercised (in shares)							238,000
Offering proceeds, net of issuance costs						$ 18		9,524		9,542
Offering proceeds, net of issuance costs (shares)						18,396,581
Share conversion to common stock						$ 1		156		157
Share conversion to common stock (in shares)						269,212	(238,000)
Share conversion costs								(1)		(1)
Net Income (Loss)									(4,798)	(4,798)
Balance as of end at Jun. 30, 2023						$ 64	$ 10	121,190	(146,582)	$ (25,318)
Balance as of end (in shares) at Jun. 30, 2023						63,519,101	10,357,822
Balance as of beginning at Dec. 31, 2023	$ 4,621	$ 480	$ 21,390	$ 614	$ 7,098
Balance as of beginning (in shares) at Dec. 31, 2023	1,779,653	160,000	2,642,190	1,418,381	3,498,859					9,499,083
Increase (decrease) in temporary equity
Share conversion to common stock	$ (4,621)	$ (480)	$ (21,390)	$ (614)	$ (7,098)
Share conversion to common stock (in shares)	(1,779,653)	(160,000)	(2,642,190)	(1,418,381)	(3,498,859)
Balance as of end (in shares) at Jun. 30, 2024										0
Balance as of beginning at Dec. 31, 2023						$ 80	$ 9	134,735	(161,458)	$ (26,634)
Balance as of beginning (in shares) at Dec. 31, 2023						80,188,600	9,357,822
Increase (decrease) in stockholders' equity
Stock based compensation								603		603
Reclassification of warrant liabilities								4,762		4,762
Stock options exercised								18		$ 18
Stock options exercised (in shares)						113,000				113,000
Offering proceeds, net of issuance costs						$ 29		12,060		$ 12,089
Offering proceeds, net of issuance costs (shares)						28,202,234
Share conversion to common stock						$ 8	$ 8	34,187		34,203
Share conversion to common stock (in shares)						8,463,561	7,367,938
Share conversion costs								(2)		(2)
Net Income (Loss)									(13,863)	(13,863)
Balance as of end at Jun. 30, 2024						$ 117	$ 17	186,363	(175,321)	$ 11,176
Balance as of end (in shares) at Jun. 30, 2024						116,967,395	16,725,760
Balance as of beginning at Mar. 31, 2024	$ 4,611	$ 480	$ 21,212	$ 614	$ 7,098
Balance as of beginning (in shares) at Mar. 31, 2024	1,775,586	160,000	2,620,258	1,418,381	3,498,859
Increase (decrease) in temporary equity
Share conversion to common stock	$ (4,611)	$ (480)	$ (21,212)	$ (614)	$ (7,098)
Share conversion to common stock (in shares)	(1,775,586)	(160,000)	(2,620,258)	(1,418,381)	(3,498,859)
Balance as of end (in shares) at Jun. 30, 2024										0
Balance as of beginning at Mar. 31, 2024						$ 94	$ 9	142,309	(169,050)	$ (26,638)
Balance as of beginning (in shares) at Mar. 31, 2024						93,748,259	9,357,822
Increase (decrease) in stockholders' equity
Stock based compensation								269		269
Reclassification of warrant liabilities								4,762		4,762
Stock options exercised								18		18
Stock options exercised (in shares)						113,000
Offering proceeds, net of issuance costs						$ 15		5,007		5,022
Offering proceeds, net of issuance costs (shares)						14,689,496
Share conversion to common stock						$ 8	$ 8	33,999		34,015
Share conversion to common stock (in shares)						8,416,640	7,367,938
Share conversion costs								(1)		(1)
Net Income (Loss)									(6,271)	(6,271)
Balance as of end at Jun. 30, 2024						$ 117	$ 17	$ 186,363	$ (175,321)	$ 11,176
Balance as of end (in shares) at Jun. 30, 2024						116,967,395	16,725,760

Related parties and related-party transactions (Details) - Konica Minolta, Inc - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related parties and related-party transactions
Service fees	$ 137	$ 145	$ 197	$ 244
Payables	$ 46		$ 46		$ 84

- Definition

Amount of liabilities classified as other.

+ References + Details

Commitments and contingencies - Additional information (Details)	Jun. 30, 2024
Commitments and contingencies.
Weighted average remaining lease term	1 year 4 months 24 days
Weighted average discount rate	11.60%

Debt Obligations - Amortized carrying amount of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt obligations
Net of unamortized issuance costs	$ 356	$ 194
Non-current portion of debt obligations	3,917	1,242
Public Safety Infrastructure Bonds (the "Bonds")
Debt obligations
Bonds, net of unamortized issuance costs of $356 and $194, respectively	$ 3,917	$ 1,242

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and contingencies - Future minimum operating lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and contingencies.
2024 (remaining six months)	$ 425
2025	675
2026	73
Total future minimum lease payments	1,173
Less - Interest	(86)
Present value of lease liabilities	$ 1,087	$ 1,444

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurement
Fair value assets transfers	$ 0	$ 0
Fair value liability transfers	$ 0	$ 0

Commitments and contingencies

6 Months Ended

Jun. 30, 2024

Commitments and contingencies.

Commitments and contingencies

NOTE 8: Commitments and contingencies

Leases

The Company leases facilities for office space under non-cancelable operating lease agreements. The Company leases space for its corporate headquarters in Mountain View, California through August 2025.

As of June 30, 2024 and December 31, 2023, the components of leases and lease costs are as follows:


	June 30, 2024		December 31, 2023
Operating leases
Operating lease right-of-use assets	$	1,086	$	1,458

Operating lease liabilities, current portion	$	787	$	733
Operating lease liabilities, non-current portion		300		711
Total operating lease liabilities	$	1,087	$	1,444

Operating lease costs were approximately $0.3 million and $0.2 million for the three-month periods ended June 30, 2024 and 2023, respectively and approximately $0.5 million and $0.5 million for the six month periods ended June 30, 2024 and 2023, respectively.

As of June 30, 2024, future minimum operating lease payments for each of the next three years and thereafter is as follows:


Years ending December 31,	Amount
2024 (remaining six months)	$	425
2025		675
2026		73
Total future minimum lease payments		1,173
Less – Interest		(86)
Present value of lease liabilities	$	1,087

Weighted average remaining lease term is 1.4 years as of June 30, 2024 and the weighted average discount rate is 11.6%.

Legal Matters

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business; however, no such claims have been identified as of June 30, 2024 that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

The Company from time to time enters into contracts that contingently require the Company to indemnify parties against third party claims. These contracts primarily relate to: (i) arrangements with clients which generally include certain provisions for indemnifying clients against liabilities if the services infringe a third party’s intellectual property rights, (ii) the Regulation A Issuer Agreement where the Company may be required to indemnify the placement agent for any loss, damage, expense or liability incurred by the other party in any claim arising out of a material breach (or alleged breach) as a result of any potential violation of any law or regulation, or any third party claim arising out of any investment or potential investment in the offering, and (iii) agreements with the Company’s officers and directors, under which the Company may be required to indemnify such persons from certain liabilities arising out of such persons’ relationships with the Company. The Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the condensed financial statements as of June 30, 2024 and December 31, 2023.

Sales Tax Contingencies

The Company has historically not collected state sales tax on the sale of its MaaS product offering but has paid sales tax and use tax on all purchases of raw materials and in conjunction with the financing arrangement of the Company’s ASRs with Farnam Street Financial. The Company’s MaaS product offering may be subject to sales tax in certain jurisdictions. If a taxing authority were to successfully assert that the Company has not properly collected sales or other transaction taxes, or if sales or other transaction tax laws or the interpretation thereof were to change, and the Company was unable to enforce the terms of their contracts with Clients that give the right to reimbursement for the assessed sales taxes, tax liabilities in amounts that could be material may be incurred. Based on the Company’s assessment, the Company has recorded a use tax liability of $0.4 million as of June 30, 2024 and December 31, 2023 which has been included in other current liabilities on the accompanying condensed balance sheets. The Company continues to analyze possible sales tax exposure but does not currently believe that any individual claim or aggregate claims that might arise will ultimately have a material effect on its results of operations, financial position or cash flows.

Commitments and contingencies - Sales Tax Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and contingencies.
Sales tax liability	$ 376	$ 364

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,625	$ 2,282
Restricted cash	101	100
Accounts receivable, net of allowance for credit losses of $91 and $15 as of June 30, 2024 and December 31, 2023	3,508	2,090
Inventory	3,242	2,320
Prepaid expenses and other current assets	1,250	1,421
Total current assets	10,726	8,213
Autonomous Security Robots, net	8,538	8,845
Property, equipment and software, net	756	857
Operating lease right-of-use-assets	1,086	1,458
Goodwill	1,922	1,922
Intangible assets, net	1,399	1,557
Other assets	123	122
Total assets	24,550	22,974
Current liabilities:
Accounts payable	2,615	1,858
Accrued expenses	1,880	1,155
Deferred revenue	2,288	1,741
Operating lease liabilities, current	787	733
Other current liabilities	1,329	1,459
Total current liabilities	8,899	6,946
Non-current liabilities:
Debt obligations, net of debt issuance costs of $356 and $194 as of June 30, 2024 and December 31, 2023	3,917	1,242
Preferred stock warrant liability		5,976
Derivative liability	34	271
Other noncurrent liabilities	224	259
Operating lease liabilities, noncurrent	300	711
Total liabilities	13,374	15,405
Commitments and contingencies (Note 8)
Preferred Stock, $0.001 par value; 43,405,324 shares authorized as of June 30, 2024 and December 31, 2023, 0 and 9,499,083 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $35,361 as of June 30, 2024 and December 31, 2023, respectively		34,203
Stockholders' equity (deficit):
Additional paid-in capital	186,363	134,735
Accumulated deficit	(175,321)	(161,458)
Total stockholders' equity (deficit)	11,176	(26,634)
Total liabilities, preferred stock and stockholders' equity (deficit)	24,550	22,974
Class A Common Stock
Stockholders' equity (deficit):
Common Stock	117	80
Class B Common Stock
Stockholders' equity (deficit):
Common Stock	$ 17	$ 9

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

Subsequent Events

NOTE 9: Subsequent Events

At-the-market offering program

From July 1, 2024 to August 9, 2024, the Company sold 19,240,793 shares of Class A Common Stock, generating approximately $4.7 million of proceeds, net of commissions and other issuance costs, under the Company’s at-the-market offering program.

Senior Secured Promissory Note

On October 10, 2022, the Company entered into a Securities Purchase Agreement (the “2022 Purchase Agreement”) with Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B (the “Holder”), pursuant to which the Company issued and sold to the Holder in a private placement (i) senior secured convertible notes (the “2022 Notes”), and (ii) warrants (the “2022 Warrants”) to purchase up to 1,138,446 shares of the Company’s Class A Common Stock. The 2022 Warrants included an adjustment mechanism, whereby the exercise price and number of shares issuable upon the exercise of the 2022 Warrants (the “Warrant Exercise Price”) were subject to adjustment from time to time, such that immediately after an issuance of shares of Class A Common Stock (a “Stock Issuance”) at any price per share of Class A Common Stock that was lower than the then in effect Warrant Exercise Price (the “Reset Price”), the Warrant Exercise Price would be reduced to equal the Reset Price, and the number of shares issuable upon the exercise of the 2022 Warrants would be increased to the number necessary to maintain the value of the 2022 Warrants immediately prior to such Stock Issuance (the “Explosion”). In connection with the entry into the 2022 Purchase Agreement, the Company and the Holder also entered into a registration rights agreement (the “2022 Registration Rights Agreement”), pursuant to which the Company agreed to provide the Holder with certain registration rights under the Securities Act.

On August 1, 2024 (the “Issuance Date”), the Company and the Holder entered into an Agreement and Waiver (the “Waiver”), pursuant to which, on the Issuance Date, the Company issued to the Holder a Senior Secured Promissory Note due on July 1, 2025, in an aggregate amount equal to $3.0 million (the “Principal”) in exchange for the Holder’s 2022 Warrants (the “August 2024 Note”). The Company has agreed to pay the Principal in two separate installments: the first installment in an amount equal to $2,500,000 payable in 11 equal consecutive monthly installments beginning on September 1, 2024, and the second installment in an amount equal to $500,000 payable on the earlier of (x) October 15, 2024, and (y) upon any issuance by the Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, indebtedness or a combination of units thereof (other than pursuant to a customary at-the-market offering program and equity line of credits). Upon the occurrence of a Change of Control (as defined in the August 2024 Note), the Holder may, at its option, exercisable at any time commencing on the public announcement of such Change of Control until the 30th day after the consummation thereof, require the Company to repay the August 2024 Note in full. The August 2024 Note shall not bear interest; provided, however, upon the occurrence and during the continuance of an Event of Default (as defined in the August 2024 Note), the outstanding principal amount of the Principal shall, automatically upon the occurrence and during the continuance of such Event of Default, bear interest at a rate equal to ten percent of the amount payable per annum until such date that the Event of Default is cured or the August 2024 Note is paid in full.

Additionally, pursuant to the Waiver, the Holder agreed that the Company’s obligations under the 2022 Notes, the 2022 Purchase Agreement, the 2022 Registration Rights Agreement, the 2022 Warrants, and the other Transaction Documents (as defined in the 2022 Purchase Agreement) have been satisfied in full and such documents are terminated, except that the Company shall continue to comply

with and perform Section 4.10 of the 2022 Purchase Agreement and Section 6 of the 2022 Registration Rights Agreement, in each case which provide for indemnification, and which in each case survive and shall remain in full force and effect.

The Waiver and August 2024 Note contain various representations and warranties, affirmative and negative covenants, financial covenants, events of default and other provisions and obligations.

In connection with the entry into the Waiver and the August 2024 Note, on the Issuance Date, the Company and the Holder entered into a security agreement (the “Security Agreement”), pursuant to which the Company granted to the Holder a security interest in substantially all current and future properties, assets, and rights of the Company.

Capital Stock and Warrants - Common stock reserved for future issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Capital Stock and Warrants
Stock options to purchase common stock	14,005,835	10,069,394
Warrants outstanding for future issuance of convertible common stock	8,644,019
Stock options available for future issuance	5,414,706	99,363
Total shares of common stock reserved	28,064,560

Capital Stock and Warrants - At-the-Market Offering Program (Details) - Class A Common Stock - At-the-Market Offering Program - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 07, 2024	Apr. 08, 2024	Aug. 18, 2023	Feb. 09, 2023
Capital Stock and Warrants
Value of common stock shares authorized for issuance		$ 11,660	$ 6,400	$ 25,000	$ 20,000
Shares issued	28,202,234
Net of brokerage and placement fees	$ 500
Aggregate gross share proceeds	$ 12,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock and Warrants

6 Months Ended

Jun. 30, 2024

Capital Stock and Warrants

Capital Stock and Warrants

NOTE 6: Capital Stock and Warrants

On May 15, 2024 (the “Preferred Stock Conversion Date”), pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), each share of the Company’s Super Voting Preferred Stock (as defined in the Certificate of Incorporation) was automatically converted into fully-paid, non-assessable shares of Class B Common Stock and each share of the Company’s Ordinary Preferred Stock (as defined in the Certificate of Incorporation and, together with the Super Voting Preferred Stock, the “Preferred Stock”) was automatically converted into fully-paid, non-assessable shares of Class A Common Stock, in each case at the then effective applicable Conversion Rate (as defined in the Certificate of Incorporation), as a result of the receipt by the Company of a written request for such conversion from the holders of a majority of the voting power of the Preferred Stock then outstanding (the “Automatic Conversion”). As a result of the Automatic Conversion, there were no shares of Preferred Stock outstanding after the Preferred Stock Conversion Date.

For periods subsequent to May 15, 2024, the preferred warrants were no longer subject to contractual modification provisions and were reclassified from a liability classification to an equity classification on the balance sheet.

The following tables summarize convertible preferred stock authorized and issued and outstanding as of June 30, 2024:



		Shares	Proceeds Net		Aggregate
	Shares	Issued and	of Issuance		Liquidation
	Authorized	Outstanding	Costs		Preference
Series A Preferred Stock	8,936,015	—	$	—	$	—
Series B Preferred Stock	4,707,501	—		—		—
Series m Preferred Stock	6,666,666	—		—		—
Series m-1 Preferred Stock	333,334	—		—		—
Series m-2 Preferred Stock	1,660,756	—		—		—
Series m-3 Preferred Stock	3,490,658	—		—		—
Series m-4 Preferred Stock	4,502,061	—		—		—
Series S Preferred Stock	13,108,333	—		—		—
Total Preferred Stock	43,405,324	—	$	—	$	—

A summary of the Company’s outstanding warrants as of June 30, 2024 is as follows:


Class of shares	Number of Warrants	Exercise Price		Expiration Date
Class A Common Stock (previously Series m-3 Preferred Stock)	1,432,786	$	4.00	December 31, 2027
Class A Common Stock (previously Series S Preferred Stock)	6,072,787	$	1.88	December 31, 2027
Class A Common Stock	1,138,446	$	3.25	October 13, 2027

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance relate to outstanding preferred stock, warrants and stock options as follows:


		June 30,
		2024
Stock options to purchase common stock		14,005,835
Warrants outstanding for future issuance of convertible common stock		8,644,019
Stock options available for future issuance		5,414,706
Total shares of Class A Common Stock reserved		28,064,560

At-the-Market Offering Program

In February 2023, the Company commenced an at-the-market offering program with H.C. Wainwright & Co., LLC (“Wainwright”), as sales agent, in connection with which the Company filed a prospectus supplement filed on February 9, 2023 (the “February Prospectus Supplement”), allowing the Company to offer and sell from time to time up to $20.0 million in shares of Class A Common Stock, subject to, and in accordance with, SEC rules. Pursuant to General Instruction I.B.6 of Form S-3, the February Prospectus Supplement provided that in no event would the Company sell any securities in a public primary offering with a value exceeding one-third of the Company’s non-affiliated public float in any 12-month period unless the Company’s non-affiliated public float subsequently rose to $75.0 million or more. On August 18, 2023, after the Company’s non-affiliated public float subsequently rose to an amount greater than $75.0 million, the Company filed a new prospectus supplement (the “August Prospectus Supplement”) providing for the offer and sale from time to time of up to $25.0 million in shares of Class A Common Stock subject to, and in accordance with, SEC rules. On April 8, 2024, the Company filed a prospectus supplement (the “April Prospectus Supplement”), relating to the issuance and sale from time to time of up to $6.4 million in shares of Class A Common Stock subject to, and in accordance with, SEC rules. On June 7, 2024, the Company filed a prospectus supplement (the “June Prospectus Supplement”) to amend the April Prospectus Supplement to increase the issuance and sale from time to time to up to $11.66 million in shares of Class A Common Stock subject to, and in accordance with, SEC rules. During the six months ended June 30, 2024, the Company issued 28,202,234 shares of Class A Common Stock under the at-the-market offering program for net proceeds of approximately $12.1 million, net of brokerage and placement fees of approximately $0.5 million. See also Note 9: Subsequent Events.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false