v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,816 $ 6,915
Trade accounts receivable, net of allowance of $22 and $22, respectively 1,587 1,620
Prepaid expenses and other current assets 176 239
Inventories, net 1,733 7,213
Total current assets 6,312 15,987
Inventories, net 3,933
Property and equipment, net 1,372 889
Intangible assets, net 2,785 3,187
Goodwill 6,163 6,163
Other long-term assets 35 35
Total assets 20,600 26,261
Current liabilities:    
Accounts payable 1,159 658
Accrued liabilities 2,356 3,183
Debt 4,614 7,012
Derivative liabilities, current portion 1,031 3,137
Total current liabilities 9,160 13,990
Deferred rent 215 319
Other long-term liabilities 278 188
Derivative liabilities, net of current portion 506 528
Total liabilities 10,160 15,026
Commitments and contingencies
Stockholders' equity:    
Convertible preferred stock, $0.01 par value, 130,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.01 par value, 250,000,000 shares authorized, 3,022,073 and 2,280,407 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively. 30 22
Additional paid-in capital 225,733 222,513
Accumulated deficit (215,323) (211,300)
Total stockholders' equity 10,440 11,235
Total liabilities and stockholders' equity $ 20,600 $ 26,261

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Product revenue $ 2,956 $ 3,378 $ 8,793 $ 11,574
Costs of revenue 1,408 765 2,791 2,675
Gross profit 1,548 2,613 6,002 8,899
Operating expenses:        
Research and development 1,433 1,582 3,790 4,743
General and administrative 1,092 1,912 3,288 4,834
Sales and marketing 1,579 2,326 5,005 7,514
Total operating expenses 4,104 5,820 12,083 17,091
Loss from operations (2,556) (3,207) (6,081) (8,192)
Other income (expenses):        
Interest expense (270) (745) (1,008) (3,998)
Loss on extinguishment of debt (417) (661)
Change in fair value of derivative liabilities 756 (252) 2,938 (228)
Offering costs (571) (131) (571)
Other income 1 5 (2) 11
Total other income (expense), net 487 (1,980) 1,797 (5,447)
Net loss before income taxes (2,069) (5,187) (4,284) (13,639)
Provision for income taxes
Net loss (2,069) (5,187) (4,284) (13,639)
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 $ (2,069) $ (11,465) $ (4,284) $ (19,917)
Net loss per share        
Basic and diluted $ (0.68) $ (5.97) $ (1.47) $ (15.21)
Weighted average common shares outstanding:        
Basic and diluted 3,022,073 1,920,745 2,918,240 1,309,286

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flow from operating activities    
Net loss $ (4,284) $ (13,639)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 432 1,123
Amortization of intangible assets 402 375
Amortization of lease incentive for tenant improvements 15 15
Non-cash interest expense 675 1,778
Loss on extinguishment of debt 661
Stock based compensation 173 197
Change in fair value of derivative liabilities (2,938) 228
Loss (gain) on disposal of equipment 2 (13)
Provision for inventory reserve 1,300 861
Offering costs 131
Changes in operating assets and liabilities:    
Trade accounts receivable 33 1,390
Prepaid expenses and other current assets 63 (138)
Inventories 246 428
Accounts payable and accrued liabilities (646) 906
Net cash used in operating activities (4,396) (5,257)
Cash flows from investing activities    
Purchase of property and equipment (917) (427)
Proceeds from sale of property and equipment 30
Net cash used in investing activities (917) (397)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 3,128 2,540
Proceeds from issuance of preferred stock, net of issuance costs 3,622
Proceeds from issuance of warrant derivative liability, net of issuance costs 679 5,246
Proceeds from the exercise of warrants 448
Proceeds from issuance of debt 2,500
Payments on debt (5,043) (5,071)
Issuance costs paid for debt (50) (267)
Debt extinguishment payments (1,728)
Payments for capital lease (8)
Net cash provided by financing activities 1,214 4,782
Net decrease in cash and cash equivalents (4,099) (872)
Cash and cash equivalents at beginning of period 6,915 11,485
Cash and cash equivalents at end of period 2,816 10,613
Non-cash investing and financing activities    
Deemed dividend related to beneficial conversion feature of preferred convertible stock and accretion of a discount 6,278
Debt converted to common stock 2,480
Capital lease for property and equipment 60
Derivative liability reduced with exercise of warrants 274
Debt discount from warrants issued with debt 189
Supplemental cash-flow information    
Cash paid for interest $ 333 $ 1,330

Source