Financials

v3.7.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 9,664 $ 9,502
Accounts receivable, net of allowance for doubtful accounts 12,675 11,748
Other current assets 2,018 2,174
Total current assets 24,357 23,424
FIXED ASSETS, net of accumulated depreciation 4,778 4,738
OTHER ASSETS    
Restricted cash 300 300
Patents and other intangible assets, net of accumulated amortization 1,451 1,503
Investment in joint venture 256 268
Goodwill 12,029 12,029
Other 194 172
Total other assets 14,230 14,272
Total Assets 43,365 42,434
CURRENT LIABILITIES    
Accounts payable and accrued expenses 8,099 8,148
Obligations under capital leases, current portion 229 109
Deferred revenue 432 789
Term note, current portion 0 2,000
Total current liabilities 8,760 11,046
Term note 4,779 2,654
Obligations under capital leases 616 374
Deferred rent payable and other 229 290
Warrant liability 7,620 2,018
Deferred revenue, long-term 436 428
Total Liabilities 22,440 16,810
STOCKHOLDERS’ EQUITY    
Preferred stock, authorized 9,764 shares, $0.0001 par value, none issued 0 0
Common stock, authorized 100,000 shares, $0.0001 par value, 19,756 and 18,936 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 144,457 139,576
Accumulated (deficit) (123,534) (113,954)
Total Stockholders’ Equity 20,925 25,624
Total Liabilities and Stockholders’ Equity $ 43,365 $ 42,434
v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue $ 6,966 $ 6,068
Cost of revenues 4,209 4,103
Gross profit 2,757 1,965
Operating expenses:    
Research and development 1,110 1,532
General and administrative 3,477 4,318
Sales and marketing 971 1,298
Total operating expenses 5,558 7,148
Loss from operations (2,801) (5,183)
Other income (expense):    
Interest expense (194) (126)
Interest income 17 4
Change in fair value of acquisition note payable (232) 34
Change in fair value of warrant liability (7,294) 17
Other expense 46 0
Total other (expense) (7,749) (71)
Loss before income taxes (10,550) (5,254)
Income tax (benefit) (970) 0
Net (loss) $ (9,580) $ (5,254)
Basic and diluted net (loss) per share (in dollars per share) $ (0.51) $ (0.39)
Basic and diluted weighted-average shares outstanding (in shares) 18,904 13,547
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (9,580,000) $ (5,254,000)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 534,000 518,000
Amortization 83,000 87,000
Provision for bad debts (recoveries) (21,000) 0
Stock-based compensation 435,000 534,000
Change in fair value of acquisition note payable 232,000 (34,000)
Change in fair value of warrant liability 7,294,000 (17,000)
Amortization of debt issuance costs 7,000 4,000
Amortization of discount on debt 7,000 0
Loss in equity method investment 12,000 12,000
Loss on extinguishment of debt 78,000 0
Changes in:    
Accounts receivable (901,000) (1,828,000)
Other current assets 156,000 295,000
Other non-current assets 28,000 3,000
Accounts payable, accrued expenses and deferred revenue (694,000) (101,000)
Deferred rent payable and other (61,000) (6,000)
Net cash (used in) operating activities (2,391,000) (5,787,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (178,000) (319,000)
Patent costs (31,000) (39,000)
Net cash (used in) investing activities (209,000) (358,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (34,000) (41,000)
Proceeds from warrant exercises 1,750,000 0
Proceeds from Partners for Growth IV, L.P. term note 6,000,000 0
Principal payments on Silicon Valley Bank term note (4,667,000) 0
Payment of debt issuance costs and loan fees (287,000) 0
Net cash provided by (used in) financing activities 2,762,000 (41,000)
Net increase (decrease) in cash and cash equivalents 162,000 (6,186,000)
CASH AND CASH EQUIVALENTS    
Beginning 9,502,000 19,459,000
Ending 9,664,000 13,273,000
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 269,000 97,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 396,000 0
Derivative warrants issued with debt $ 1,004,000 $ 0

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