Financial Information

v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 2,003 $ 1,532
Accounts receivable, net 7,488 4,807
Inventory 1,032 4,720
Prepaid expenses and other current assets 1,341 1,104
Total current assets 11,864 12,163
Property and equipment, net 13 216
Intangible assets, net 356 676
Operating lease right-of-use assets 474 1,175
Other assets 295 310
TOTAL ASSETS 13,002 14,540
Current liabilities:    
Obligation under secured borrowing arrangement 7,098 4,443
Line of credit 743 4,204
Operating lease liability, current 381 624
Convertible note with a related party, net of discount 2,872 1,287
Accounts payable 14,719 26,178
Accrued and other liabilities 6,194 4,805
Total current liabilities 32,007 41,541
Operating lease liability, long-term 343 723
Other long-term liabilities 5,071 228
Total liabilities 37,421 42,492
Commitments and contingencies (Note 9)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized, 33,980,905 and 33,876,033 shares issued as of December 31, 2020 and December 31, 2019, respectively; 33,105,284 and 33,000,412 shares outstanding as of December 31, 2020 and December 31, 2019, respectively 32 31
Additional paid-in capital 178,261 177,914
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss
Accumulated deficit (192,673) (195,858)
TOTAL STOCKHOLDERS' DEFICIT (24,419) (27,952)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 13,002 $ 14,540
v3.21.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
Revenue, net $ 64,440 $ 79,667
Cost of revenue 44,831 70,979
Gross profit 19,609 8,688
Operating expenses:    
Advertising and promotion 507 2,487
Salaries and benefits 6,430 7,910
Selling, general and administrative 7,139 9,792
Professional fees 2,764 3,606
Impairment of operating lease right-of-use assets 167
Total operating expenses 17,007 23,795
Income (loss) from operations 2,602 (15,107)
Other (expense) income:    
Loss on settlement of obligations (95) (125)
Gain on settlement of payables 1,687
Interest and other expense, net (1,028) (3,609)
Income (loss) before provision for income taxes 3,166 (18,841)
Provision for income taxes (19) 86
Net income (loss) $ 3,185 $ (18,927)
Net income (loss) per share, basic $ 0.10 $ (0.92)
Net income (loss) per share, diluted $ 0.08 $ (0.92)
Weighted average shares used to compute net income (loss) per share, basic 32,812,462 20,475,313
Weighted average shares used to compute net income (loss) per share, diluted 41,172,461 20,475,313
v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 3,185 $ (18,927)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization of property and equipment 145 339
Amortization of intangible assets 320 320
Bad debt expense 172 21
(Gain) loss on disposal of property and equipment (160) 5
Amortization of debt discount 60
Gain on settlement of payables (1,687)
Inventory provision 82
Stock-based compensation 144 284
Issuance of common stock to non-employees 204 702
Write off of cumulative translation adjustments 175
Impairment of operating lease right-of-use assets 167
Changes in operating assets and liabilities:    
Accounts receivable (2,852) 1,444
Inventory 3,687 8,859
Prepaid expenses and other current assets (39) (528)
Other assets 549 710
Accounts payable and accrued liabilities (4,703) (70)
Net cash used in operating activities (868) (6,524)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (4) (13)
Proceeds from disposal of property and equipment 222
Net cash provided by (used in) investing activities 218 (13)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from lines of credit 1,243 3,239
Payments on lines of credit (3,465) (535)
Proceeds from secured borrowing arrangement, net of reserves 46,377 44,091
Payments on secured borrowing arrangement, net of fees (43,722) (40,933)
Repayment of finance lease obligations (120)
Repayment of notes payable (277)
Proceeds from issuance of Paycheck Protection Program loan 965
Net cash provided by financing activities 1,121 5,742
Effect of exchange rate changes on cash 10
NET CHANGE IN CASH 471 (785)
CASH - BEGINNING OF PERIOD 1,532 2,317
CASH - END OF PERIOD 2,003 1,532
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,437 2,052
Cash paid for taxes 39 77
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:    
Property and equipment acquired in conjunction with finance leases 29
Operating lease right-of-use assets and lease obligations 2,117
Conversion of related party note through issuance of shares $ 18,000

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