Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 1,866 $ 879
Accounts receivable, net 8 406
Inventories, net 1,862 1,467
Prepaid expenses and other current assets 85 523
Total current assets 3,821 3,275
Fixed assets, net 233 287
Intangible assets, net 1,907 1,780
Total assets 5,961 5,342
Current liabilities:    
Accounts payable 226 328
Accrued expenses and other current liabilities 417 717
Convertible note 575
Term note 100
Total current liabilities 643 1,720
Contract liability 117
Total liabilities 643 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 shares authorized at December 31, 2016 and 8,000,000 at December 31, 2015; 5,344,372 and 3,552,873 shares issued and outstanding at December 31, 2016 and 2015, respectively 5 4
Additional paid-in capital 33,099 26,946
Accumulated deficit (27,786) (23,445)
Total stockholders' equity 5,318 3,505
Total liabilities and stockholders' equity $ 5,961 $ 5,342
v3.7.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Statements of Operations [Abstract]    
Net revenues $ 327 $ 159
Cost of sales (excludes amortization of acquired intangibles) 319 780
Gross profit (loss) 8 (621)
Operating expenses    
Selling, marketing and research 846 521
Personnel and benefits 1,548 1,556
Share-based compensation 392 930
General and administrative 1,275 1,224
Amortization of acquired intangibles 210 210
Loss on asset impairment 44
Total operating expenses 4,315 4,441
Operating loss (4,307) (5,062)
Other income (expense):    
Interest income 1 1
Interest expense (35) (15)
Total other expense (34) (14)
Loss before income taxes (4,341) (5,076)
Income tax provision (2)
Net loss (4,341) (5,078)
Deemed dividend resulting from warrant modification (225)
Net loss per share attributable to common shareholders: $ (4,341) $ (5,303)
Net loss per share attributable to common shareholders:    
Basic and diluted $ (0.90) $ (1.64)
Weighted average number of common shares outstanding:    
Basic and diluted 4,806 3,240
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:    
Net loss $ (4,341) $ (5,078)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 54 53
Amortization 210 210
Change in contract liability (117) 16
Provision for inventory reserve 107 697
Bad debt expense / (reversal of allowance) (390)
Stock-based compensation 392 930
Impairment charge 44
Changes in operating assets and liabilities:    
Decrease in accounts receivable 398 966
Increase in inventories (501) (350)
Decrease in prepaid expenses and other current assets 437 222
(Increase) decrease in accounts payable and accrued expenses (356) 471
Net cash used in operating activities (3,673) (2,252)
Cash Flows From Investing Activities:    
Purchase of capitalized software (380)
Purchases of fixed assets (1) (27)
Net cash used in investing activities (381) (27)
Cash Flows From Financing Activities:    
Proceeds from issuance of common stock, net 5,141
Note borrowings 575
Proceeds from exercise of warrants, net 916
Borrowings under revolving note 400
Repayments of term note (100) (300)
Net cash provided by financing activities 5,041 1,591
Net increase (decrease) in cash 987 (688)
Cash at beginning of year 879 1,567
Cash at end of year 1,866 879
Cash paid during the year for:    
Interest 13
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
Shares issued under Make-Whole Share provision 430
Issuance of common stock upon conversion of convertible note $ 621