7 results
10-K
2023 FY
ULY
Urgent.ly Inc
29 Mar 24
Annual report
4:18pm
December 31, 2023 | December 31, 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 37,699 | $ | 6,357 | ||||
Restricted cash | 557 | 1,050 | ||||||
Short-term deposits | 10,539 | — | ||||||
Marketable securities | 20,816 | — | ||||||
Accounts receivable, net of allowance for expected losses of $27 and $338 in 2023 and 2022, respectively | 33,905 | 33,966 | ||||||
Prepaid expenses and other current assets | 4,349 | 2,102 | ||||||
Total current assets | 107,865 | 43,475 | ||||||
Right-of-use assets | 2,437 | 2,485 | ||||||
Property and equipment, net of accumulated depreciation of $1,825 and $1,843 in 2023 and 2022, respectively | 871 | 414 | ||||||
Intangible assets, net | 9,283 | 31 | ||||||
Other non-current assets | 738 | 538 | ||||||
Total assets | $ | 121,194 | $ | 46,943 | ||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,478 | $ | 7,536 | ||||
Accrued expenses | 21,367 | 13,122 | ||||||
Accrued interest | 907 | 6,689 | ||||||
Deferred revenue, current | 456 | 349 | ||||||
Current lease liabilities | 710 | 740 | ||||||
Current portion of long-term debt, net | 3,193 | — | ||||||
Total current liabilities | 31,111 | 28,436 | ||||||
Long-term lease liabilities | 2,045 | 2,120 | ||||||
Long-term debt, net | 66,076 | 99,443 | ||||||
Derivative liability | — | 32,765 | ||||||
Warrant liability | — | 13,957 | ||||||
Other long-term liabilities | 12,358 | 5,059 | ||||||
Total liabilities | 111,590 | 181,780 | ||||||
Redeemable convertible preferred stock, Series C, par value $0.001; 160,000 shares authorized, 157,395 issued and outstanding in 2022 | — | 46,334 | ||||||
Stockholders’ equity (deficit): | ||||||||
Common stock, par value $0.001; 1,000,000,000 shares authorized, 13,311,927 and 154,786 issued and outstanding in 2023 and 2022, respectively | 13 | — | ||||||
Additional paid-in capital | 164,920 | 48,327 | ||||||
Accumulated deficit | (154,769) | (229,498) | ||||||
Accumulated other comprehensive loss | (560) | — | ||||||
Total stockholders’ equity (deficit) | 9,604 | (181,171) | ||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 121,194 | $ | 46,943 |
10-K
2023 FY
ULY
Urgent.ly Inc
29 Mar 24
Annual report
4:18pm
Year Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 74,729 | $ | (95,982) | $ | (56,339) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 990 | 297 | 242 | |||||||||
Amortization of right-of-use assets | 670 | 675 | — | |||||||||
Amortization of contract costs to obtain | 91 | 697 | 443 | |||||||||
Amortization of contract costs to fulfill | 46 | 116 | 187 | |||||||||
Amortization of deferred financing fees | 1,193 | 1,388 | 755 | |||||||||
Stock-based compensation | 2,473 | 494 | 698 | |||||||||
Deferred income taxes | (2,293) | — | — | |||||||||
Bad debt expense (recoveries) | 194 | (269) | 341 | |||||||||
Foreign currency loss | 197 | — | — | |||||||||
Investments interest receivable, amortization and accretion | (493) | — | — | |||||||||
Gain on debt extinguishment | (46,947) | — | — | |||||||||
Bargain purchase gain | (73,410) | — | — | |||||||||
Loss on disposal of property, equipment and software | 61 | — | — | |||||||||
Change in fair value of derivative, warrant, and contingent consideration liabilities | (44,908) | 9,886 | 2,232 | |||||||||
Warrant expense | 1,047 | 1,009 | 705 | |||||||||
Noncash interest expense | 36,667 | 22,002 | 329 | |||||||||
Issuance of common stock or warrants for services | 943 | 92 | — | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 576 | (944) | (8,488) | |||||||||
Prepaid expenses and other current assets | (1,974) | 3 | (1,348) | |||||||||
Other assets | (26) | (135) | (705) | |||||||||
Accounts payable | (5,259) | 3,146 | 1,649 | |||||||||
Accrued expenses | (15,034) | 3,812 | 2,225 | |||||||||
Deferred revenue | (127) | 222 | 113 | |||||||||
Lease liabilities | (727) | (756) | — | |||||||||
Long-term liabilities | 6,176 | 10 | (253) | |||||||||
Net cash used in operating activities | (65,145) | (54,237) | (57,214) | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of property, equipment and software | (149) | (208) | (340) | |||||||||
Acquisition of intangible asset | — | — | (16) | |||||||||
Proceeds from sale of marketable securities | 37,199 | — | — | |||||||||
Cash acquired from the Otonomo merger | 44,717 | — | — | |||||||||
Net cash provided by (used in) investing activities | 81,767 | (208) | (356) | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of long-term debt, net of discount | 10,000 | — | 56,700 | |||||||||
Proceeds from revolving line of credit | — | — | 41,075 | |||||||||
Repayment of revolving line of credit and term loan | — | — | (55,325) | |||||||||
Refunds (payments) of deferred financing fees | (291) | 629 | (4,424) | |||||||||
Proceeds from issuance of convertible notes payable | 4,696 | 30,000 | 39,957 | |||||||||
Proceeds from exercise of stock options and warrants | — | 17 | 69 | |||||||||
Net cash provided by financing activities | 14,405 | 30,646 | 78,052 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (178) | — | — | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 30,849 | (23,799) | 20,482 | |||||||||
Cash, cash equivalents and restricted cash, beginning of year | 7,407 | 31,206 | 10,724 | |||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 38,256 | $ | 7,407 | $ | 31,206 |
10-K
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29 Mar 24
Annual report
4:18pm
10-K
ytd4fcgl03ee3e607
29 Mar 24
Annual report
4:18pm
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