INVESTORS

Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 4,878 $ 4,943
Accounts receivable, net of allowance for doubtful accounts of $998 and $462, respectively 13,087 13,353
Inventory 6,274 8,568
Prepaid giveaways 132 205
Prepaid expenses and other current assets 1,902 1,725
Total current assets 26,273 28,794
Property and equipment, net 2,226 3,243
Intangible assets, net 1,397 1,638
Other assets 222 421
TOTAL ASSETS 30,118 34,096
Current liabilities:    
Accounts payable 9,397 9,625
Accrued liabilities 8,526 9,051
Accrued restructuring charges, current 586 614
Obligation under secured borrowing arrangement 3,927 2,681
Convertible notes with a related party, net of discount 0 16,465
Total current liabilities 22,436 38,436
Accrued restructuring charges, long-term 134 208
Other long-term liabilities 1,081 332
Convertible notes with a related party, net of discount 17,925 0
Total liabilities 41,576 38,976
Commitments and contingencies (Note 9)
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized; 15,526,175 and 14,987,230 shares issued as of September 30, 2017 and December 31, 2016, respectively; 14,650,554 and 14,111,609 shares outstanding as of September 30, 2017 and December 31, 2016, respectively 14 14
Additional paid-in capital 157,989 156,301
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss (2) (162)
Accumulated deficit (159,420) (150,994)
TOTAL STOCKHOLDERS' DEFICIT (11,458) (4,880)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 30,118 $ 34,096
v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue, net $ 24,396 $ 30,694 $ 76,597 $ 106,473
Cost of revenue 16,359 20,497 [1] 54,474 70,377 [1]
Gross profit 8,037 10,197 22,123 36,096
Operating expenses:        
Advertising and promotion 1,952 1,905 6,079 8,878
Salaries and benefits 2,640 2,291 8,530 15,203
Selling, general and administrative 3,468 3,937 9,183 12,604
Research and development 199 270 488 1,664
Professional fees 1,034 1,315 2,643 4,445
Restructuring and other charges 0 1,667 0 (2,579)
Settlement of obligation 0 0 1,453 0
Impairment of assets 0 137 0 4,450
Total operating expenses 9,293 11,522 28,376 44,665
Loss from operations (1,256) (1,325) (6,253) (8,569)
Gain on settlement of accounts payable 0 0 471 0
Loss on sale of subsidiary 0 0 0 (2,115)
Other expense, net (Note 7) (858) (122) (2,526) (1,426)
Loss before provision for income taxes (2,114) (1,447) (8,308) (12,110)
Provision for income taxes 14 0 118 138
Net loss $ (2,128) $ (1,447) $ (8,426) $ (12,248)
Net loss per share, basic and diluted $ (0.15) $ (0.10) $ (0.61) $ (0.88)
Weighted average shares used to compute net loss per share, basic and diluted 13,875,119 13,978,833 13,819,939 13,886,496
[1] Cost of revenue for the three and nine months ended September 30, 2016 included restructuring charges of $0.1 million and $2.3 million, respectively, related to write-down of inventory for discontinued products.
v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,426) $ (12,248)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,144 1,658
Gain on settlement of accounts payable (471) 0
Provision for doubtful accounts 1,213 234
Loss on disposal of property and equipment 43 122
Loss on sale of subsidiary 0 2,115
Inventory write down related to restructuring 0 2,285
Non-cash impairment charges 0 4,380
Non-cash restructuring and other charges (reversals) 0 (4,133)
Amortization of prepaid stock compensation 0 938
Amortization of debt discount and issuance costs 460 36
Stock-based compensation 1,688 4,981
Issuance of common stock warrants to third parties for services 0 6
Write off of prepaid financing costs 275 0
Changes in operating assets and liabilities:    
Accounts receivable (753) 5,069
Inventory 2,351 59
Prepaid giveaways 74 243
Prepaid expenses and other current assets (175) 1,186
Other assets (75) (320)
Accounts payable and accrued liabilities 417 (4,908)
Accrued restructuring charges (102) (2,189)
Net cash used in operating activities (2,337) (486)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (27) (459)
Proceeds from sale of subsidiary 0 5,942
Proceeds from disposal of property and equipment 0 40
Trademark registrations 0 (154)
Net cash (used in) provided by investing activities (27) 5,369
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured borrowing arrangement, net of reserves 22,292 39,412
Payments on secured borrowing arrangement, net of fees (21,046) (39,412)
Proceeds from related party loan 1,000 0
Payments on line of credit 0 (3,000)
Repayments of term loan 0 (2,949)
Repayments of other debt obligations 0 (10)
Repayment of capital lease and other obligations (106) (90)
Net cash provided by (used in) financing activities 2,140 (6,049)
Effect of exchange rate changes on cash 159 (21)
NET CHANGE IN CASH (65) (1,187)
CASH - BEGINNING OF PERIOD 4,943 7,081
CASH - END OF PERIOD 4,878 5,894
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,814 1,186
Cash paid for taxes 86 206
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 $ 43

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