Financials

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 2,889 $ 879
Accounts receivable, net 1 406
Inventories, net 1,853 1,467
Prepaid expenses and other current assets 62 523
Total current assets 4,805 3,275
Fixed assets, net 246 287
Intangible assets, net 1,579 1,780
Total assets 6,630 5,342
Current liabilities:    
Accounts payable 249 328
Accrued expenses and other current liabilities 360 717
Convertible note 575 575
Term note 100
Total current liabilities 1,184 1,720
Contract liability 125 117
Total liabilities 1,309 1,837
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.001 par value; 500,000 shares authorized; no shares issued and outstanding
Common stock, $.001 par value; 12,000,000 and 8,000,000 shares authorized; at September 30, 2016 and December 31, 2015, respectively; 5,086,055 and 3,552,873 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 5 4
Additional paid-in capital 32,350 26,946
Accumulated deficit (27,034) (23,445)
Total stockholders' equity 5,321 3,505
Total liabilities and stockholders' equity $ 6,630 $ 5,342
v3.5.0.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statements of Operations [Abstract]        
Net revenues $ 39 $ 36 $ 300 $ 124
Cost of sales (excludes amortization of acquired intangibles) 30 396 292 432
Gross profit (loss) 9 (360) 8 (308)
Operating expenses:        
Research and development 108 231 481 634
Selling, general and administrative 703 645 2,881 2,668
Amortization of acquired intangibles 53 53 157 158
Loss on asset impairment 44
Total operating expenses 864 929 3,563 3,460
Operating loss (855) (1,289) (3,555) (3,768)
Other income (expense):        
Interest income 1 1
Interest expense (11) (5) (34) (11)
Total other expense, net (11) (4) (34) (10)
Loss before income taxes (866) (1,293) (3,589) (3,778)
Income tax provision (1) (2)
Net loss (866) (1,294) (3,589) (3,780)
Deemed dividend resulting from warrant modification (225)
Net loss attributable to common shareholders $ (866) $ (1,294) $ (3,589) $ (4,005)
Net loss per share attributable to common shareholders        
Basic and diluted $ (0.17) $ (0.39) $ (0.76) $ (1.25)
Weighted average number of common shares outstanding:        
Basic and diluted 5,064 3,306 4,708 3,192
v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (3,589) $ (3,780)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 41 39
Amortization 157 157
Provision for inventory reserve 94 371
Accretion of contract liability 8 13
Decrease in allowance for doubtful accounts (293)
Stock-based compensation 264 730
Impairment charge 44
Changes in operating assets and liabilities:    
Accounts receivable 405 660
Inventories (480) (371)
Prepaid expenses and other current assets 461 274
Accounts payable and accrued expenses (436) 229
Net cash used in operating activities (3,031) (1,971)
Cash flows from investing activities:    
Purchases of fixed assets (27)
Net cash used in investing activities (27)
Cash flows from financing activities:    
Borrowings of revolving note 400
Repayment of term note (100) (100)
Proceeds from exercise of warrants, net 916
Proceeds from private placement of common stock 5,250
Offering costs (109)
Net cash provided by financing activities 5,041 1,216
Net increase (decrease) in cash 2,010 (782)
Cash at beginning of period 879 1,567
Cash at end of period 2,889 785
Cash paid during the period for:    
Interest 2 11
Income taxes, net of refunds 4
Supplemental schedule of non-cash investing and financing activities:    
Incremental fair value resulting from warrant modification 225
Conversion of revolving note to term note $ 400