Financials

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 791 $ 64
Accounts receivable, net 60 5
Inventories, net 1,368 1,666
Prepaid expenses 94 23
Total current assets 2,313 1,758
Operating lease right of use asset 151 192
Deferred offering costs 95
Fixed assets, net 78 97
Intangible assets, net 739 896
Total assets 3,281 3,038
Current liabilities:    
Accounts payable 127 277
Accrued expenses and other current liabilities 4 230
Operating lease liabilities - current portion 62 46
Related party promissory note payable and accrued interest 661 1,159
Total current liabilities 854 1,712
Long-term liabilities:    
Note Payable PPP loan 310
Operating lease liabilities - net of current portion 95 146
Total liabilities 1,259 1,858
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 500,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 15,000,000 shares authorized; 11,846,795 and 9,176,908 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 12 9
Additional paid-in capital 43,787 40,496
Accumulated deficit (41,777) (39,325)
Total stockholders’ equity 2,022 1,180
Total liabilities and stockholders’ equity $ 3,281 $ 3,038
v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Net revenues $ 485 $ 350 $ 1,104 $ 653
Cost of revenues 248 174 578 316
Gross profit 237 176 526 337
Operating expenses:        
Selling, marketing and research 233 339 662 951
Personnel and benefits 393 406 1,226 1,226
General and administrative 419 342 1,063 1,200
Total operating expenses 1,045 1,087 2,951 3,377
Operating loss (808) (911) (2,425) (3,040)
Interest expense, net (7) (10) (27) (31)
Net loss $ (815) $ (921) $ (2,452) $ (3,071)
Net loss per share attributable to common shareholders:        
Basic and diluted $ (0.07) $ (0.10) $ (0.22) $ (0.35)
Weighted average number of common shares outstanding:        
Basic and diluted 11,846,795 9,173,851 10,996,891 8,675,666
v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net loss $ (2,452) $ (3,071)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 19 20
Amortization 157 262
Stock-based compensation 236 93
Non-cash lease expense 41
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (55) 34
Decrease in other current asset 1,124
Decrease in inventories 298 51
Increase in prepaid expenses and other assets (71) (88)
Decrease in operating lease liabilities (35)
Decrease in other asset bond deposit 50
Increase in deferred revenue 20
Increase in accrued interest on promissory note payable 27 29
Decrease in accounts payable and accrued expenses (376) (428)
Net cash used in operating activities (2,211) (1,904)
Cash Flows From Financing Activities:    
Proceeds from registered direct offering of common stock 1,298 438
Proceeds from related party promissory note 300
Proceeds from note payable PPP loan 310
Deferred offering costs from at-the market transaction (3)
Proceeds from issuance of common stock in private placement 1,030 1,850
Net cash provided by financing activities 2,938 2,285
Net increase in cash 727 381
Cash at beginning of period 64 15
Cash at end of period 791 396
Supplemental schedule of non-cash investing and financing activities:    
Conversion of related party promissory note payable into shares of common stock 825 250
Reclassification of deferred offering costs to additional paid in capital $ 95 $ 16