Financial Information

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 2,442 $ 6,228
Accounts receivable, net of allowance for doubtful accounts of $1,556 and $1,363, respectively 16,278 16,668
Inventory 7,651 6,484
Prepaid expenses and other current assets 1,140 1,082
Total current assets 27,511 30,462
Property and equipment, net 1,491 1,822
Intangible assets, net 1,157 1,317
Other assets 238 225
TOTAL ASSETS 30,397 33,826
Current liabilities:    
Accounts payable 16,562 11,742
Accrued liabilities 5,700 7,761
Accrued restructuring charges, current 564 595
Obligation under secured borrowing arrangement 2,787 5,385
Line of credit 2,000 3,000
Total current liabilities 27,613 28,483
Convertible notes with a related party, net of discount 17,071 16,669
Accrued restructuring charges, long-term 80 120
Other long-term liabilities 1,248 1,088
Total liabilities 46,012 46,360
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized 15,940,288 and 15,526,175 shares issued as of June 30, 2018 and December 31, 2017, respectively; 15,064,667 and 14,650,554 shares outstanding as of June 30, 2018 and December 31, 2017, respectively 15 14
Additional paid-in capital 159,918 159,608
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss (165) (150)
Accumulated deficit (165,344) (161,967)
TOTAL STOCKHOLDERS' DEFICIT (15,615) (12,534)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 30,397 $ 33,826
v3.10.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue, net $ 27,104 $ 26,192 $ 53,651 $ 52,201
Cost of revenue 18,952 18,576 37,280 38,115
Gross profit 8,152 7,616 16,371 14,086
Operating expenses:        
Advertising and promotion 4,991 2,240 8,652 4,128
Salaries and benefits 2,295 2,620 4,449 5,889
Selling, general and administrative 2,654 2,829 5,200 5,715
Research and development 208 152 420 289
Professional fees 626 727 1,198 1,609
Settlement of obligation (2,747) 1,453 (2,747) 1,453
Total operating expenses 8,027 10,021 17,172 19,083
Income/(Loss) from operations 125 (2,405) (801) (4,997)
Gain on settlement of accounts payable 0 22 0 471
Interest and other expense, net (Note 6) (1,165) (690) (2,473) (1,668)
Loss before income taxes (1,040) (3,073) (3,274) (6,194)
Income taxes 34 76 103 104
Net loss $ (1,074) $ (3,149) $ (3,377) $ (6,298)
Net loss per share, basic and diluted $ (0.07) $ (0.23) $ (0.23) $ (0.46)
Weighted average shares used to compute net loss per share, basic and diluted 14,701,473 13,845,301 14,658,812 13,809,603
v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,377) $ (6,298)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 558 790
Gain on settlement of accounts payable 0 (471)
Settlement of obligation (2,747) 0
Bad debt expense 414 0
Amortization of debt discount 403 0
Stock-based compensation 257 1,148
Other 0 819
Changes in operating assets and liabilities:    
Accounts receivable (71) (120)
Inventory (1,169) 2,465
Prepaid expenses and other current assets (56) (607)
Other assets (15) 0
Accounts payable and accrued liabilities 5,835 530
Accrued restructuring charges (71) (73)
Net cash used in operating activities (39) (1,817)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (73) 0
Net cash used in investing activities (73) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on line of credit (1,000) 0
Proceeds from secured borrowing arrangement, net of reserves 23,785 12,116
Payments on secured borrowing arrangement, net of fees (26,383) (11,650)
Repayment of capital lease obligations (69) (63)
Net cash (used)/provided by financing activities (3,667) 403
Effect of exchange rate changes on cash (7) 24
NET CHANGE IN CASH (3,786) (1,390)
CASH - BEGINNING OF PERIOD 6,228 4,943
CASH - END OF PERIOD 2,442 3,553
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,936 1,086
Cash paid for taxes 69 62
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired in conjunction with capital leases 0 12
Purchase of property and equipment included in current liabilities 4 0
Interest paid through issuance of shares of common stock $ 53 $ 0

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