Financial Information

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 5,114 $ 6,228
Accounts receivable, net of allowance for doubtful accounts of $1,518 and $1,363, respectively 16,925 16,668
Inventory 7,738 6,484
Prepaid giveaways 111 89
Prepaid expenses and other current assets 895 993
Total current assets 30,783 30,462
Property and equipment, net 1,632 1,822
Intangible assets, net 1,237 1,317
Other assets 239 225
TOTAL ASSETS 33,891 33,826
Current liabilities:    
Accounts payable 14,897 11,742
Accrued liabilities 7,441 7,761
Accrued restructuring charges, current 560 595
Obligation under secured borrowing arrangement 5,547 5,385
Line of credit 2,000 3,000
Total current liabilities 30,445 28,483
Convertible notes with a related party, net of discount 16,917 16,669
Accrued restructuring charges, long-term 110 120
Other long-term liabilities 1,060 1,088
Total liabilities 48,532 46,360
Commitments and contingencies (Note 8)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized 15,607,288 and 15,526,175 shares issued as of March 31, 2018 and December 31, 2017, respectively; 14,731,667 and 14,650,554 shares outstanding as of March 31, 2018 and December 31, 2017, respectively 14 14
Additional paid-in capital 159,798 159,608
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss (142) (150)
Accumulated deficit (164,272) (161,967)
TOTAL STOCKHOLDERS' DEFICIT (14,641) (12,534)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 33,891 $ 33,826
v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue, net $ 26,547 $ 26,009
Cost of revenue 18,328 19,539
Gross profit 8,219 6,470
Operating expenses:    
Advertising and promotion 3,661 1,888
Salaries and benefits 2,154 3,269
Selling, general and administrative 2,546 2,886
Research and development 212 137
Professional fees 572 882
Total operating expenses 9,145 9,062
Loss from operations (926) (2,592)
Gain on settlement of accounts payable 0 449
Other expense, net (1,310) (978)
Loss before provision for income taxes (2,236) (3,121)
Provision for income taxes 69 28
Net loss $ (2,305) $ (3,149)
Net loss per share, basic and diluted $ (0.16) $ (0.23)
Weighted average shares used to compute net loss per share, basic and diluted 14,615,677 13,773,508
v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,305) $ (3,149)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 287 420
Gain on settlement of accounts payable 0 (449)
Bad debt expense 164 0
Amortization of debt discount 248 153
Stock-based compensation 137 607
Other 0 363
Changes in operating assets and liabilities:    
Accounts receivable (443) (1,925)
Inventory (1,255) 2,463
Prepaid giveaways (23) 132
Prepaid expenses and other current assets 100 (387)
Other assets (14) 0
Accounts payable and accrued liabilities 2,917 803
Accrued restructuring charges (45) (73)
Net cash used in operating activities (232) (1,042)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (14) 0
Net cash used in investing activities (14) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on line of credit (1,000) 0
Proceeds from secured borrowing arrangement, net of reserves 13,494 4,087
Payments on secured borrowing arrangement, net of fees (13,332) (4,951)
Repayment of capital lease obligations (34) (36)
Net cash used in financing activities (872) (900)
Effect of exchange rate changes on cash 4 15
NET CHANGE IN CASH (1,114) (1,927)
CASH - BEGINNING OF PERIOD 6,228 4,943
CASH - END OF PERIOD 5,114 3,016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 614 672
Cash paid for taxes 68 8
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 13 9
Interest paid through issuance of shares of common stock $ 53 $ 0

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