INVESTORS

Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 3,553 $ 4,943
Accounts receivable, net of allowance for doubtful accounts of $631 and $462, respectively 13,408 13,353
Inventory 6,133 8,568
Prepaid giveaways 135 205
Prepaid expenses and other current assets 2,403 1,725
Total current assets 25,632 28,794
Property and equipment, net 2,498 3,243
Intangible assets, net 1,478 1,638
Other assets 146 421
TOTAL ASSETS 29,754 34,096
Current liabilities:    
Accounts payable 9,134 9,625
Accrued liabilities 8,115 9,051
Accrued restructuring charges, current 588 614
Obligation under secured borrowing arrangement 3,147 2,681
Convertible notes with a related party, net of discount 16,772 16,465
Total current liabilities 37,756 38,436
Accrued restructuring charges, long-term 161 208
Other long-term liabilities 1,851 332
Total liabilities 39,768 38,976
Commitments and contingencies (Note 9)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized as of June 30, 2017 and December 31, 2016; 15,357,392 and 14,987,230 shares issued as of June 30, 2017 and December 31, 2016, respectively; 14,481,771 and 14,111,609 shares outstanding as of June 30, 2017 and December 31, 2016, respectively 14 14
Additional paid-in capital 157,448 156,301
Treasury stock, at cost; 875,621 shares as of June 30, 2017 and December 31, 2016 (10,039) (10,039)
Accumulated other comprehensive loss (145) (162)
Accumulated deficit (157,292) (150,994)
TOTAL STOCKHOLDERS' DEFICIT (10,014) (4,880)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 29,754 $ 34,096
v3.7.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenue, net $ 26,192 $ 32,867 $ 52,201 $ 75,779
Cost of revenue [1] 18,576 22,181 38,115 49,880
Gross profit 7,616 10,686 14,086 25,899
Operating expenses:        
Advertising and promotion 2,240 2,686 4,128 6,973
Salaries and benefits 2,620 3,292 5,889 12,912
Selling, general and administrative 2,829 4,424 5,715 8,667
Research and development 152 531 289 1,394
Professional fees 727 1,742 1,609 3,130
Restructuring and other charges 0 (4,820) 0 (4,246)
Settlement of obligation 1,453 0 1,453 0
Impairment of assets 0 4,313 0 4,313
Total operating expenses 10,021 12,168 19,083 33,143
Loss from operations (2,405) (1,482) (4,997) (7,244)
Gain on settlement of accounts payable 22 0 471 0
Loss on sale of subsidiary 0 (2,115)   (2,115)
Other expense, net (Note 7) (690) (592) (1,668) (1,304)
Loss before provision for income taxes (3,073) (4,189) (6,194) (10,663)
Provision for income taxes 76 7 104 138
Net loss $ (3,149) $ (4,196) $ (6,298) $ (10,801)
Net loss per share, basic and diluted $ (0.23) $ (0.30) $ (0.46) $ (0.78)
Weighted average shares used to compute net loss per share, basic and diluted 13,845,301 13,874,209 13,809,603 13,855,754
[1] Cost of revenue for the three and six months ended June 30, 2016 included restructuring charges of $0.5 million and $2.2 million, respectively, related to write-down of inventory for discontinued products
v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,298) $ (10,801)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 790 1,232
Gain on settlement of accounts payable (471) 0
Loss on sale of subsidiary   2,115
Impairment of assets 0 4,313
Inventory write down related to restructuring 0 2,169
Non-cash restructuring and other charges (reversals) 0 (4,607)
Amortization of prepaid stock compensation 0 938
Amortization of prepaid sponsorship and endorsement fees 0 844
Stock-based compensation 1,148 5,097
Other 819 156
Changes in operating assets and liabilities:    
Accounts receivable (120) 952
Inventory 2,465 1,359
Prepaid giveaways 70 196
Prepaid expenses and other current assets (677) (260)
Other assets 0 (55)
Accounts payable and accrued liabilities 530 (1,173)
Accrued restructuring charges (73) (3,161)
Net cash used in operating activities (1,817) (686)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment 0 (378)
Proceeds from sale of subsidiary 0 5,942
Proceeds from disposal of property and equipment 0 40
Trademark registrations 0 (154)
Net cash provided by investing activities 0 5,450
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured borrowing arrangement, net of reserves 12,116 38,041
Payments on secured borrowing arrangement, net of fees (11,650) (30,791)
Payments on line of credit 0 (3,000)
Repayments of term loan 0 (2,949)
Repayment of capital lease and other obligations (63) (81)
Net cash provided by financing activities 403 1,220
Effect of exchange rate changes on cash 24 (13)
NET CHANGE IN CASH (1,390) 5,971
CASH - BEGINNING OF PERIOD 4,943 7,081
CASH - END OF PERIOD 3,553 13,052
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,086 926
Cash paid for taxes 62 113
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired in conjunction with capital leases 12 24
Shares of common stock issued for BioZone disposition 0 640
Purchase of property and equipment included in current liabilities $ 0 $ 40

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