v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 2,299 $ 5,580
Accounts receivable, net 3,572 2,760
Inventory, net 2,783 2,702
Prepaid expenses and other current assets 240 735
Total current assets 8,894 11,777
Improvements and equipment, net 1,818 2,092
Intangible assets, net 26,088 28,498
Goodwill, net 11,959 11,959
Other assets 173 173
Total assets 48,932 54,499
Current Liabilities:    
Accounts payable 2,689 2,612
Accrued expenses and other current liabilities 3,576 5,286
Contingent consideration, current 0 675
Senior secured term loan, net 11,966 11,541
Warrant liability 454 20
Total current liabilities 18,685 20,134
Contingent consideration, long-term 0 1,141
Deferred tax liability 755 749
Other long-term liabilities 328 385
Total liabilities 19,768 22,409
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; 50,105,392 and 29,669,036 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 50 30
Additional paid-in capital 164,618 156,363
Accumulated deficit (135,504) (124,303)
Total stockholders' equity 29,164 32,090
Total liabilities and stockholders' equity $ 48,932 $ 54,499

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue, net of returns, allowances and discounts $ 5,522 $ 4,467 $ 10,116 $ 8,424
Cost of revenues 1,850 1,599 3,510 3,189
Gross profit 3,672 2,868 6,606 5,235
Operating expenses        
Selling, general and administrative 7,278 9,189 15,018 18,930
Royalties 209 258 394 475
Research and product development 9 328 120 527
Acquisition-related 0 104 635 104
Change in fair value of contingent consideration liability 1 (9,092) 35 (8,730)
Total operating expenses 7,497 787 16,202 11,306
(Loss) income from operations (3,825) 2,081 (9,596) (6,071)
Other (expense) income        
Interest expense (596) (653) (1,169) (1,271)
Interest income 2 7 4 15
Change in fair value of warrant liability 251 (75) 369 662
Warrant modification expense (33) 0 (803) 0
Total other expense (376) (721) (1,599) (594)
(Loss) income from continuing operations before tax (4,201) 1,360 (11,195) (6,665)
Income tax expense (3) (3) (6) (6)
(Loss) income from continuing operations (4,204) 1,357 (11,201) (6,671)
Discontinued operations:        
Income from discontinued operations, net of tax of $0 for the three and six months ended June 30, 2017 and 2016 0 504 0 850
Gain on sale of assets, net of tax of $0 for the three and six months ended June 30, 2017 and 2016 0 3,311 0 3,311
Income from discontinued operations, net of tax 0 3,815 0 4,161
Net (loss) income $ (4,204) $ 5,172 $ (11,201) $ (2,510)
Net (loss) income per basic common share:        
(Loss) income from continuing operations $ (0.09) $ 0.05 $ (0.29) $ (0.24)
Income from discontinued operations 0 0.02 0 0.03
Gain on sale of assets 0 0.11 0 0.12
Total 0 0.13 0 0.15
Net (loss) income per basic common share (0.09) 0.18 (0.29) (0.09)
Net (loss) income per diluted common share:        
(Loss) income from continuing operations (0.09) 0.05 (0.29) (0.24)
Income from discontinued operations 0 0.02 0 0.03
Gain on sale of assets 0 0.11 0 0.12
Total 0 0.13 0 0.15
Net (loss) income per diluted common share $ (0.09) $ 0.18 $ (0.29) $ (0.09)
Weighted average shares used in computing net (loss) income per common share:        
Basic 45,236,890 28,169,843 38,015,273 27,731,465
Diluted 45,236,890 28,568,600 38,015,273 27,731,465

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net loss $ (11,201) $ (2,510)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,761 2,085
Amortization of deferred lease incentive (23) (19)
Deferred income tax expense 6 6
Provision for doubtful accounts 75 31
Reserve for note receivable 350 0
Provision for excess and slow moving inventory 12 3
Stock-based compensation expense 918 3,080
Deferred rent 3 75
Amortization of debt issuance and discount costs 425 428
Warrant modification expense 803 0
Change in fair value of warrant liability (369) (662)
Fair value adjustment of contingent consideration liability 35 (8,730)
Gain on sale of assets 0 (3,311)
Changes in operating assets and liabilities:    
Accounts receivable (887) (560)
Inventory (93) (601)
Prepaid expenses and other assets 494 294
Accounts payable 56 (473)
Accrued expenses and other current liabilities (1,349) 413
Net Cash Used in Operating Activities (7,984) (10,451)
Investing Activities    
Purchase of improvements and equipment (79) (484)
Issuance of note (350) 0
Net Cash Used in Investing Activities (429) (484)
Financing Activities    
Contingent purchase price payments (675) (2,573)
Net proceeds from issuance of common stock 5,865 0
Payment of withholding taxes related to stock-based employee compensation (58) 0
Net Cash Provided by (Used in) Financing Activities 5,132 (2,573)
Net Decrease in Cash and Cash Equivalents (3,281) (13,508)
Cash and Cash Equivalents - Beginning of period 5,580 26,080
Cash and Cash Equivalents - End of period 2,299 12,572
Supplemental Disclosure of Cash Flows Information    
Interest 620 842
Non-cash investing and financing activities:    
2016 Accrued bonus awarded in equity 374 0
2015 Accrued bonus awarded in equity 0 474
Common stock issued for contingent purchase price payments $ 1,175 $ 2,574

Source