Financial Information

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 1,749 $ 6,228
Accounts receivable, net of allowance for doubtful accounts of $1,556 and $1,363, respectively 16,235 16,668
Inventory 7,324 6,484
Prepaid expenses and other current assets 1,120 1,082
Total current assets 26,428 30,462
Property and equipment, net 576 1,822
Intangible assets, net 1,077 1,317
Other assets 267 225
TOTAL ASSETS 28,348 33,826
Current liabilities:    
Accounts payable 20,672 11,742
Accrued liabilities 5,238 7,761
Accrued restructuring charges, current 463 595
Obligation under secured borrowing arrangement 594 5,385
Line of credit 1,500 3,000
Total current liabilities 28,467 28,483
Convertible notes with a related party, net of discount 17,226 16,669
Accrued restructuring charges, long-term 58 120
Other long-term liabilities 74 1,088
Total liabilities 45,825 46,360
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized 16,190,288 and 15,526,175 shares issued as of September 30, 2018 and December 31, 2017, respectively; 15,314,667 and 14,650,554 shares outstanding as of September 30, 2018 and December 31, 2017, respectively 15 14
Additional paid-in capital 160,038 159,608
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss (169) (150)
Accumulated deficit (167,322) (161,967)
TOTAL STOCKHOLDERS' DEFICIT (17,477) (12,534)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 28,348 $ 33,826
v3.10.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue, net $ 27,388 $ 24,396 $ 81,039 $ 76,597
Cost of revenue 18,595 16,359 55,875 54,474
Gross profit 8,793 8,037 25,164 22,123
Operating expenses:        
Advertising and promotion 3,589 1,952 12,241 6,079
Salaries and benefits 1,856 2,640 6,305 8,530
Selling, general and administrative 2,975 3,468 8,175 9,183
Research and development 185 199 605 488
Professional fees 436 1,034 1,634 2,643
Impairment of assets 743 0 743 0
Settlement of obligation 0 0 (2,747) 1,453
Total operating expenses 9,784 9,293 26,956 28,376
Loss from operations (991) (1,256) (1,792) (6,253)
Gain on settlement of accounts payable 0 0 0 471
Interest and other expense, net (Note 6) (990) (858) (3,463) (2,526)
Loss before income taxes (1,981) (2,114) (5,255) (8,308)
Income taxes/(benefit) (3) 14 100 118
Net loss $ (1,978) $ (2,128) $ (5,355) $ (8,426)
Net loss per share, basic and diluted $ (0.13) $ (0.15) $ (0.36) $ (0.61)
Weighted average shares used to compute net loss per share, basic and diluted 15,029,312 13,875,119 14,783,699 13,819,939
v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,355) $ (8,426)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 822 1,144
Gain on settlement of accounts payable 0 (471)
Settlement of obligation (2,747) 0
Bad debt expense 822 1,213
Impairment of assets 743 0
Loss on disposal of property and equipment 0 43
Amortization of debt discount 557 460
Stock-based compensation 377 1,688
Write off of prepaid financing costs 0 275
Changes in operating assets and liabilities:    
Accounts receivable (454) (753)
Inventory (755) 2,351
Prepaid expenses and other current assets (114) (101)
Other assets (44) (75)
Accounts payable and accrued liabilities 8,365 417
Accrued restructuring charges (194) (102)
Net cash provided by/(used in) operating activities 2,023 (2,337)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (86) (27)
Net cash used in investing activities (86) (27)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on line of credit (1,500) 0
Proceeds from secured borrowing arrangement, net of reserves 31,677 22,292
Payments on secured borrowing arrangement, net of fees (36,469) (21,046)
Proceeds from related party loan 0 1,000
Repayment of capital lease obligations (101) (106)
Net cash (used)/provided by financing activities (6,393) 2,140
Effect of exchange rate changes on cash (23) 159
NET CHANGE IN CASH (4,479) (65)
CASH - BEGINNING OF PERIOD 6,228 4,943
CASH - END OF PERIOD 1,749 4,878
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 2,727 1,848
Cash paid for taxes 173 86
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 12 0
Interest paid through issuance of shares of common stock $ 53 $ 0

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