Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 1,144 $ 1,866
Accounts receivable, net 8 8
Inventories, net 1,855 1,862
Prepaid expenses and other current assets 315 85
Total current assets 3,322 3,821
Deferred offering costs 125
Fixed assets, net 207 233
Intangible assets, net 1,783 1,907
Total assets 5,437 5,961
Current liabilities:    
Accounts payable 35 226
Accrued expenses and other current liabilities 279 361
Deferred revenue 20 56
Total current liabilities 334 643
Total liabilities 334 643
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 June 30, 2017 and December 31, 2016; 5,844,372 and 5,344,372 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 6 5
Additional paid-in capital 35,106 33,099
Accumulated deficit (30,009) (27,786)
Total stockholders' equity 5,103 5,318
Total liabilities and stockholders' equity $ 5,437 $ 5,961
v3.7.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statements of Operations [Abstract]        
Net revenues $ 59 $ 66 $ 209 $ 261
Cost of sales (excludes amortization of acquired intangibles) 44 49 179 262
Gross profit (loss) 15 17 30 (1)
Operating expenses        
Selling and marketing 186 527 486 688
Research & development 22 5 22 5
Personnel and benefits 371 399 663 790
Share-based compensation 41 129 82 226
General and administrative 373 395 825 841
Amortization of acquired intangibles 72 53 124 105
Bad debt 59 59
Loss on asset impairment 44
Total operating expenses 1,124 1,508 2,261 2,699
Operating loss (1,109) (1,491) (2,231) (2,700)
Other income (expense)        
Other income 3 8
Interest (expense) (12) (23)
Total other income (expense) 3 (12) 8 (23)
Loss before income taxes (1,106) (1,503) (2,223) (2,723)
Income tax provision
Net loss $ (1,106) $ (1,503) $ (2,223) $ (2,723)
Net loss per share attributable to common shareholders:        
Basic and diluted $ (0.19) $ (0.3) $ (0.39) $ (0.54)
Weighted average number of common shares outstanding:        
Basic and diluted 5,844,372 5,057,055 5,736,637 5,057,055
v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities:    
Net loss $ (2,223) $ (2,723)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 26 28
Amortization 124 104
Provision for inventory reserve 94
Accretion of contract liability 5
Stock-based compensation 82 226
Bad debt (59)
Impairment charge 44
Changes in operating assets and liabilities:    
Decrease in accounts receivable 59 399
Decrease in inventories 7 3
Increase in prepaid expenses and other current assets (230) (61)
Decrease in deferred revenue (36)
Decrease in accounts payable and accrued expenses (273) (292)
Net cash used in operating activities (2,523) (2,173)
Cash Flows From Investing Activities:    
Purchases of fixed assets (1)
Net cash used in investing activities (1)
Cash Flows From Financing Activities:    
Repayment of term note (100)
Deferred offering costs from at the market transaction (125)
Proceeds from registered direct offering of common stock, net of offering costs 1,926 5,141
Net cash provided by financing activities 1,801 5,041
Net (decrease) increase in cash (722) 2,867
Cash at beginning of period 1,866 879
Cash at end of period $ 1,144 $ 3,746