v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 8,835 $ 539
Trade accounts receivable, net of allowance of $72 and $22, respectively 1,204 1,240
Prepaid expenses and other current assets 266 190
Inventories, net 1,237 1,241
Total current assets 11,542 3,210
Inventories, net 1,223 1,136
Property and equipment, net 1,212 1,446
Intangible assets, net 2,432 2,651
Goodwill 6,163 6,163
Other long-term assets 35 35
Total assets 22,607 14,641
Current liabilities:    
Accounts payable 910 1,732
Accrued liabilities 967 2,682
Debt - related party 2,479 2,356
Debt 605
Derivative liabilities, current portion 6,061 896
Total current liabilities 10,417 8,271
Deferred rent 240 179
Other long-term liabilities 141 288
Derivative liabilities, net of current portion 500 461
Total liabilities 11,298 9,199
Commitments and contingencies  
Stockholders' equity:    
Convertible preferred stock, $0.01 par value, 130,000,000 shares authorized; 10,928 shares issued and outstanding.
Common stock, $0.01 par value, 250,000,000 shares authorized, 7,509,248 and 3,028,065 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively. 75 30
Additional paid-in capital 237,574 226,041
Accumulated deficit (226,340) (220,629)
Total stockholders' equity 11,309 5,442
Total liabilities and stockholders' equity $ 22,607 $ 14,641

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Product revenue $ 2,039 $ 3,208 $ 4,330 $ 5,837
Costs of revenue 521 722 1,045 1,383
Gross profit 1,518 2,486 3,285 4,454
Operating expenses:        
Research and development 1,311 1,342 2,550 2,358
General and administrative 1,116 1,084 2,590 2,196
Sales and marketing 1,124 1,784 2,322 3,426
Total operating expenses 3,551 4,210 7,462 7,980
Loss from operations (2,033) (1,724) (4,177) (3,526)
Other income (expenses):        
Interest expense (809) (378) (1,284) (738)
Loss on extinguishment of derivative liabilities (1,252)
Offering costs (682) (682) (131)
Loss on extinguishment of debt (340)
Change in fair value of derivative liabilities 1,209 403 2,020 2,182
Other income (loss), net 3 (4) 5 (2)
Total other income (expense) net (279) 21 (1,533) 1,311
Net loss before income taxes (2,312) (1,703) (5,710) (2,215)
Provision for income taxes
Net loss (2,312) (1,703) (5,710) (2,215)
Deemed dividend related to the beneficial conversion feature and accretion of a discount on series B preferred stock (7,334) (7,334)
Net loss attributable to common stockholders $ (9,646) $ (1,703) $ (13,044) $ (2,215)
Net loss per share        
Basic and diluted $ (1.65) $ (0.56) $ (2.81) $ (0.76)
Weighted average common shares outstanding:        
Basic and diluted 5,847,984 3,022,073 4,636,346 2,918,240

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flow from operating activities    
Net loss $ (5,710) $ (2,215)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 290 293
Amortization of intangible assets 269 268
Amortization of lease incentive for tenant improvements 28 10
Non-cash interest expense 936 519
Loss on extinguishment of debt 340
Stock based compensation 34 119
Change in fair value of derivative liabilities (2,020) (2,182)
Gain on disposal of equipment 51 2
Loss on extinguishment of derivative liabilities 1,252
Provision for inventory reserve 400
Offering costs 682 131
Bad debt expense 35
Changes in operating assets and liabilities:    
Trade accounts receivable 1 (354)
Prepaid expenses and other current assets (76) (115)
Inventories (84) 170
Accounts payable and accrued liabilities (1,280) (475)
Net cash used in operating activities (5,934) (3,430)
Cash flows from investing activities    
Purchase of property and equipment (111) (508)
Purchase of intangible asset (50)
Proceeds from sale of property and equipment 4
Net cash used in investing activities (157) (508)
Cash flows from financing activities    
Proceeds from issuance of warrant derivative liabilities, net of issuance costs ($682) 7,577 679
Proceeds from issuance of preferred stock, net of issuance costs ($668) 6,754
Proceeds from issuance of common stock in connection with the exercise of warrants, net of issuance costs 1,633
Proceeds from the issuance of debt 705
Proceeds from the issuance of common stock 3,128
Payments on debt (2,282) (3,324)
Net cash provided by financing activities 14,387 483
Net increase (decrease) in cash and cash equivalents 8,296 (3,455)
Cash and cash equivalents at beginning of period 539 6,915
Cash and cash equivalents at end of period 8,835 3,460
Noncash investing and financing activities    
Debt exchange $ 2,265
Payment of debt with common stock 1,453
Extinguishment of derivative liabilities through exercise of warrants $ 565
Warrants issued in association with debt 98
Supplemental cash flow information    
Cash paid for interest $ 337 $ 219

Source