Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 1,536 $ 2,181
Accounts receivable, net 4,029 3,243
Inventory, net 1,655 1,551
Prepaid expenses and other current assets 161 185
Current assets of discontinued operations 217 317
Total current assets 7,598 7,477
Improvements and equipment, net 1,385 1,563
Intangible assets, net 20,935 22,069
Goodwill, net 1,659 1,659
Other assets 173 173
Total assets 31,750 32,941
Current Liabilities:    
Accounts payable 2,875 1,641
Accrued expenses and other current liabilities 5,125 4,270
Senior secured term loan, net 12,831 10,929
Warrant liability 149 130
Total current liabilities 20,980 16,970
Other long-term liabilities 295 304
Total liabilities 21,275 17,274
Commitments and Contingencies
Stockholders’ Equity    
Preferred Stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding 0 0
Common Stock, par value $0.001 per share, 95,000,000 shares authorized; 5,005,211 and 4,986,034 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 5 5
Additional paid-in capital 165,590 165,672
Accumulated deficit (155,120) (150,010)
Total stockholders’ equity 10,475 15,667
Total liabilities and stockholders’ equity $ 31,750 $ 32,941

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v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue, net of returns, allowances and discounts $ 5,381 $ 4,125
Cost of revenues 1,704 1,515
Gross profit 3,677 2,610
Operating expenses    
Selling, general and administrative 7,029 7,588
Royalties 266 186
Research and product development 0 111
Transactional costs 923 634
Change in fair value of contingent consideration liability 0 35
Total operating expenses 8,218 8,554
Loss from operations (4,541) (5,944)
Other (expense) income    
Interest expense (548) (573)
Interest income 1 2
Change in fair value of warrant liability (19) 118
Warrant modification expense 0 (770)
Total other expense (566) (1,223)
Loss from continuing operations before tax (5,107) (7,167)
Income tax expense (3) (3)
Loss from continuing operations (5,110) (7,170)
Discontinued operations:    
Income from discontinued operations, net of tax of $0 for the three months ended March 31, 2018 and 2017 0 172
Net loss $ (5,110) $ (6,998)
Net loss per basic and diluted common share:    
Loss from continuing operations $ (1.19) $ (2.33)
Income from discontinued operations 0 0.06
Net loss per basic and diluted common share $ (1.19) $ (2.27)
Weighted average shares used in computing net loss per basic and diluted common share 4,302,608 3,071,342

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v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities    
Net loss $ (5,110) $ (6,998)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,312 1,382
Amortization of deferred lease incentive (11) (11)
Deferred income tax expense 3 3
Provision for doubtful accounts 155 7
Reserve for note receivable 0 350
Provision for excess and slow moving inventory 0 23
Stock-based compensation expense (80) 491
Deferred rent (1) 2
Amortization of debt issuance and discount costs 190 204
Warrant modification expense 0 770
Change in fair value of warrant liability 19 (118)
Fair value adjustment of contingent consideration liability 0 35
Changes in operating assets and liabilities:    
Accounts receivable (941) (108)
Inventory (104) 48
Prepaid expenses and other assets 24 227
Accounts payable 1,234 (301)
Accrued expenses and other liabilities 855 (652)
Net Cash Used in Operating Activities (2,455) (4,646)
Investing Activities    
Purchase of improvements and equipment 0 (39)
Issuance of bridge loan 0 (350)
Proceeds from escrow 100 0
Net Cash Provided by (Used In) Investing Activities 100 (389)
Financing Activities    
Contingent purchase price payments 0 (675)
Net proceeds from bridge loan 1,712 0
Net proceeds from issuance of common stock 0 2,534
Payment of withholding taxes related to stock-based employee compensation (2) (54)
Net Cash Provided by Financing Activities 1,710 1,805
Net Decrease in Cash and Cash Equivalents (645) (3,230)
Cash and Cash Equivalents - Beginning of year 2,181 5,580
Cash and Cash Equivalents - End of year 1,536 2,350
Supplemental Disclosure of Cash Flows Information    
Cash paid during the period for: Interest 362 370
Non-cash investing and financing activities:    
Common stock issued for contingent purchase price payments $ 0 $ 675

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