Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,477) $ (51,858)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation of property and equipment 1,551 1,760
Amortization of intangible assets 576 1,055
Provision for doubtful accounts 386 219
Gain on settlement of accounts payable (9,927) 0
Loss on disposal of property and equipment 163 16
Loss on sale of subsidiary 2,115 0
Non-cash impairment charges 4,381 0
Non-cash restructuring and other charges (reversals) (4,132) 9,494
Inventory write down related to restructuring 2,285 2,942
Amortization of prepaid stock compensation 938 3,901
Amortization of prepaid sponsorship and endorsement fees 0 6,255
Amortization of debt discount and issuance costs 113 118
Stock-based compensation 5,304 12,705
Stock-based compensation related to issuance of common stock to a related party for guaranty of debt 0 80
Issuance of common stock warrants to third parties for services 6 65
Changes in operating assets and liabilities:    
Accounts receivable 7,338 (5,578)
Inventory (480) 5,928
Prepaid giveaways 103 921
Prepaid sponsorship and endorsement fees 0 (6,843)
Prepaid expenses and other current assets 2,482 (2,185)
Other assets (322) (72)
Accounts payable and accrued liabilities (20,802) 19,270
Accrued restructuring charges (3,669) 7,299
Net cash (used in) provided by operating activities (15,068) 5,492
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (508) (1,477)
Proceeds from disposal of property and equipment 115 519
Proceeds from sale of subsidiary 5,942 0
Purchase of MusclePharm Apparel Rights 0 (850)
Trademark registrations (154) (262)
Investment in contract manufacturer 0 (977)
Net cash provided by (used in) investing activities 5,395 (3,047)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from line of credit 0 9,507
Payments on line of credit (3,000) (14,507)
Repayments of term loan (2,949) (1,051)
Proceeds from issuance of term loan 0 4,000
Issuance costs of term loan 0 (40)
Proceeds from secured borrowing arrangement, net of reserves 43,925 0
Payments on secured borrowing arrangement, net of fees (41,245) 0
Proceeds from convertible notes with a related party 11,000 6,000
Repayments of other debt obligations (20) (25)
Repayment of capital lease obligations (189) (162)
Net cash provided by financing activities 7,522 3,722
Effect of exchange rate changes on cash 13 (106)
NET INCREASE IN CASH (2,138) 6,061
CASH - BEGINNING OF PERIOD 7,081 1,020
CASH - END OF PERIOD 4,943 7,081
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,557 527
Cash paid for taxes 218 77
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of warrants for legal settlement 1,815 0
Shares of common stock issued in conjunction with BioZone disposition 640 0
Shares of common stock issued in conjunction with MusclePharm Apparel rights acquisition 0 1,394
Property and equipment acquired in conjunction with capital leases 460 471
Purchase of property and equipment included in accounts payable and accrued liabilities 9 48
Trademark registration included in accounts payable and accrued liabilities 0 153
Beneficial conversion feature related to convertible note 601 52
Bio Zone [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Loss on sale of subsidiary 2,115  
Changes in operating assets and liabilities:    
Inventory (1,800)  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Shares of common stock issued in conjunction with BioZone disposition $ 640  
Muscle Pharm Apparel [Member]    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Shares of common stock issued in conjunction with MusclePharm Apparel rights acquisition   $ 1,394