v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 10,613 $ 11,485
Trade accounts receivable, net of allowance of $22 and $49, respectively 1,270 2,660
Prepaid expenses and other current assets 375 229
Inventories, net 7,851 9,131
Total current assets 20,109 23,505
Property and equipment, net 1,816 2,472
Intangible assets, net 3,312 3,687
Goodwill 6,163 6,163
Other long-term assets 35 35
Total assets 31,435 35,862
Current liabilities:    
Accounts payable 693 643
Accrued liabilities 3,874 3,421
Current portion of lease liability 19
Current portion of long-term debt 8,432 16,365
Total current liabilities 13,018 20,429
Deferred rent 348 432
Long-term debt
Lease liability, net of current portion 33
Other long-term liabilities 163 171
Derivative liabilities 548 598
Stockholders' equity:    
Convertible preferred stock, $0.01 par value, 130,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015
Common stock, $0.01 par value; 250,000,000 shares authorized; 26,402,501 and 10,886,248 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 264 109
Additional paid-in capital 226,388 210,660
Accumulated deficit (209,327) (196,537)
Total stockholders' equity 17,325 14,232
Total liabilities and stockholders' equity $ 31,435 $ 35,862

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v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Product revenue $ 3,378 $ 4,835 $ 11,574 $ 14,358
Costs of revenue 765 1,640 2,675 4,525
Gross profit 2,613 3,195 8,899 9,833
Operating expenses:        
Research and development 1,582 1,676 4,743 5,072
General and administrative 1,912 1,432 4,834 4,793
Sales and marketing 2,326 2,893 7,514 9,376
Total operating expenses 5,820 6,001 17,091 19,241
Loss from operations (3,207) (2,806) (8,192) (9,408)
Other income (expense):        
Interest expense (745) (1,147) (3,998) (3,381)
Gain (loss) on extinguishment of debt (417) 2,403 (661) 2,324
Change in fair value of derivative liabilities 26 (7,779) 50 (8,879)
Loss on extinguishment of derivative liabilities (2) (1,263)
Offering costs (821) (821)
Other expense 5 19 11 (19)
Total other expense, net (1,131) (7,327) (4,598) (12,039)
Net loss before income taxes (4,338) (10,133) (12,790) (21,447)
Provision for income taxes
Net comprehensive loss (4,338) (10,133) (12,790) (21,447)
Other comprehensive loss, net of tax:        
Total comprehensive loss (4,338) (10,133) (12,790) (21,447)
Deemed dividend related to beneficial conversion feature and accretion of a discount on Series A Preferred Stock (6,278) (6,278)
Net loss attributable to common stockholders $ (10,616) $ (10,133) $ (19,068) $ (21,447)
Net loss per share attributable to common stockholders:        
Basic and diluted $ (0.46) $ (2.21) $ (1.21) $ (6.41)
Weighted average common shares outstanding:        
Basic and diluted 23,048,941 4,575,302 15,711,429 3,343,695

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flow from operating activities    
Net loss $ (12,790) $ (21,447)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,123 1,265
Amortization of intangible assets 375 375
Amortization of lease incentive for tenant improvements 15 15
Non cash interest expense 1,778 1,724
Gain (loss) on extinguishment of debt 661 (2,324)
Stock based compensation 197 780
Change in fair value of derivative liabilities (50) 8,879
Loss on extinguishment of derivative liabilities 1,263
Gain on disposal of equipment (13) (15)
Provision for inventory reserve 861 954
Bad debt recovery (7)
Offering costs 821
Changes in operating assets and liabilities:    
Trade accounts receivable 1,390 144
Prepaid expenses and other current assets (138) (334)
Inventories 428 1,158
Accounts payable and accrued liabilities 906 (316)
Net cash used in operating activities (5,257) (7,065)
Cash flows from investing activities    
Purchase of property and equipment (427) (501)
Proceeds from sale of property and equipment 30 28
Net cash used in investing activities (397) (473)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 11,408 4,337
Proceeds from the exercise of warrants 448
Payments on long-term debt (5,071) (1,158)
Issuance costs paid for debt (267)
Debt extinguishment payments (1,728) (2,500)
Payments for capital lease (8)
Purchase of treasury stock (120)
Net cash provided by financing activities 4,782 559
Net decrease in cash and cash equivalents (872) (6,979)
Cash and cash equivalents at beginning of period 11,485 18,247
Cash and cash equivalents at end of period 10,613 11,268
Noncash investing and financing activities    
Debt converted to common stock 2,480 202
Common stock issued for cashless exercise of warrant derivative liabilities 11,589
Issuance of treasury stock upon conversion of RSUs to common stock 120
Derivative liabilities issued with preferred stock 382
Capital lease for property and equipment 60
Deemed dividend related to beneficial conversion feature of preferred convertible stock and accretion of a discount (as restated) 6,278
Supplemental cash flow information    
Cash paid for interest $ 1,330 $ 1,845

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