INVESTORS

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 6,228 $ 4,943
Accounts receivable, net of allowance for doubtful accounts of $1,363 and $462, respectively 16,668 13,353
Inventory 6,484 8,568
Prepaid giveaways 89 205
Prepaid expenses and other current assets 993 1,725
Total current assets 30,462 28,794
Property and equipment, net 1,822 3,243
Intangible assets, net 1,317 1,638
Other assets 225 421
TOTAL ASSETS 33,826 34,096
Current liabilities:    
Accounts payable 11,742 9,625
Accrued liabilities 7,761 9,051
Accrued restructuring charges, current 595 614
Obligation under secured borrowing arrangement 5,385 2,681
Convertible notes with a related party, net of discount 0 16,465
Line of credit 3,000 0
Total current liabilities 28,483 38,436
Convertible notes with a related party, net of discount 16,669 0
Accrued restructuring charges, long-term 120 208
Other long-term liabilities 1,088 332
Total liabilities 46,360 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 December 31, 2017 and 2016, respectively; 14,650,554 and 14,111,609 shares outstanding as of December 31, 2017 and 2016, respectively 14 14
Additional paid-in capital 159,608 156,301
Treasury stock, at cost; 875,621 shares (10,039) (10,039)
Accumulated other comprehensive loss (150) (162)
Accumulated deficit (161,967) (150,994)
TOTAL STOCKHOLDERS' DEFICIT (12,534) (4,880)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 33,826 $ 34,096
v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Revenue, net $ 102,155 $ 132,499
Cost of revenue 71,710 88,026 [1]
Gross profit 30,445 44,473
Operating expenses:    
Advertising and promotion 9,352 10,652
Salaries and benefits 10,134 18,033
Selling, general and administrative 12,071 15,941
Research and development 642 1,869
Professional fees 3,378 5,735
Restructuring and other charges (reversals) 0 (3,477)
Settlement of obligation 1,877 0
Impairment of assets 180 4,378
Total operating expenses 37,634 53,131
Loss from operations (7,189) (8,658)
Gain on settlement of accounts payable 430 9,927
Loss on sale of subsidiary 0 (2,115)
Other expense, net (4,072) (2,313)
Loss before provision for income taxes (10,831) (3,159)
Provision for income taxes (108) 318
Net loss $ (10,973) $ (3,477)
Net loss per share, basic and diluted $ (0.79) $ (0.26)
Weighted average shares used to compute net loss per share, basic and diluted 13,877,686 13,438,248
[1] Cost of revenue for the year ended December 31, 2016 includes restructuring charges of $2.3 million, related to write-down of inventory for discontinued products.
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,973) $ (3,477)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,139 1,551
Amortization of intangible assets 321 576
Bad debt expense 1,524 386
Gain on settlement of accounts payable (430) (9,927)
Loss on disposal of property and equipment 31 163
Loss on sale of subsidiary 0 2,115
Non-cash impairment charges 180 4,381
Non-cash restructuring and other charges (reversals) 0 (4,132)
Inventory write down related to restructuring 0 2,285
Amortization of prepaid stock compensation 0 938
Amortization of debt discount and issuance costs 545 113
Stock-based compensation 2,096 5,304
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 (4,619) 7,338
Inventory 2,124 (480)
Prepaid giveaways 117 103
Prepaid expenses and other current assets 732 2,482
Other assets (77) (322)
Accounts payable and accrued liabilities 1,991 (20,802)
Accrued restructuring charges (107) (3,669)
Net cash used in operating activities (5,131) (15,068)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (37) (508)
Proceeds from disposal of property and equipment 0 115
Proceeds from sale of subsidiary 0 5,942
Trademark registrations 0 (154)
Net cash (used in) provided by investing activities (37) 5,395
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from line of credit 3,000 0
Payments on line of credit 0 (3,000)
Repayments of term loan 0 (2,949)
Net proceeds from convertible notes with a related party 871 11,000
Proceeds from secured borrowing arrangement, net of reserves 33,692 43,925
Payments on secured borrowing arrangement, net of fees (30,988) (41,245)
Repayments of other debt obligations 0 (20)
Repayment of capital lease obligations (139) (189)
Net cash provided by (used in) financing activities 6,436 7,522
Effect of exchange rate changes on cash 17 13
NET CHANGE IN CASH 1,285 (2,138)
CASH - BEGINNING OF PERIOD 4,943 7,081
CASH - END OF PERIOD 6,228 4,943
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 2,445 1,557
Cash paid for taxes 106 218
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Warrants issued for legal settlement 0 1,815
Shares of common stock issued for BioZone disposition 0 640
Property and equipment acquired in conjunction with capital leases 0 460
Conversion feature related to refinanced convertible note 1,212 0
Beneficial conversion feature related to convertible note $ 0 $ 601

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