Financials

v3.10.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,601 $ 9,541
Accounts receivable, net of allowance for doubtful accounts of 2018 $7,401; 2017 $6,539 9,357 10,958
Other current assets 3,245 2,707
Total current assets 14,203 23,206
FIXED ASSETS, net of accumulated depreciation 4,742 5,550
OTHER ASSETS    
Restricted cash 350 350
Patents and other intangible assets, net of accumulated amortization 4,276 4,478
Investment in joint venture 243 246
Goodwill 17,257 17,992
Other 300 399
Total other assets 22,426 23,465
Total Assets 41,371 52,221
CURRENT LIABILITIES    
Accounts payable and accrued expenses 9,778 8,715
Obligations under capital leases, current portion 322 272
Deferred revenue 2,004 516
Line of credit 3,438 4,137
Term note, current portion 6,000 6,000
Total current liabilities 21,542 19,640
Obligations under capital leases 564 624
Deferred rent payable and other 304 360
Warrant liability 1,134 4,403
Deferred revenue, long-term 547 429
Total Liabilities 24,091 25,456
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, 27,726 and 27,754 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 3 3
Additional paid-in capital 162,575 161,527
Accumulated other comprehensive income 134 69
Accumulated (deficit) (145,432) (134,834)
Total Stockholders’ Equity 17,280 26,765
Total Liabilities and Stockholders’ Equity $ 41,371 $ 52,221
v3.10.0.1
Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue $ 7,036 $ 6,604 $ 14,703 $ 13,570
Cost of revenues 4,853 4,034 9,935 8,243
Gross profit 2,183 2,570 4,768 5,327
Operating expenses:        
Research and development 673 989 1,354 2,099
General and administrative 5,419 3,529 10,679 7,006
Sales and marketing 1,341 1,165 2,932 2,136
Total operating expenses 7,433 5,683 14,965 11,241
Loss from operations (5,250) (3,113) (10,197) (5,914)
Other income (expense):        
Interest expense (578) (253) (817) (447)
Interest income 0 10 21 27
Change in fair value of acquisition note payable 64 13 81 (219)
Change in fair value of warrant liability 2,154 577 2,846 (6,717)
Other income (expense) (23) 0 (23) (46)
Total other income (expense) 1,617 347 2,108 (7,402)
Loss before income taxes (3,633) (2,766) (8,089) (13,316)
Income tax (benefit) 0 0 0 (970)
Net (loss) $ (3,633) $ (2,766) $ (8,089) $ (12,346)
Basic net (loss) per share (in dollars per share) $ (0.13) $ (0.14) $ (0.30) $ (0.64)
Diluted net (loss) per share (in dollars per share) $ (0.13) $ (0.16) $ (0.30) $ (0.64)
Basic weighted-average shares outstanding (in shares) 27,049 19,697 27,049 19,301
Diluted weighted-average shares outstanding (in shares) 27,049 20,663 27,049 19,301
Foreign currency translation gain $ 85 $ 0 $ 65 $ 0
Comprehensive (loss) $ (3,548) $ (2,766) $ (8,024) $ (12,346)
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (8,089) $ (12,346)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 879 981
Amortization 269 166
Provision for bad debts 862 236
Stock-based compensation 542 876
Change in fair value of acquisition note payable (81) 219
Change in fair value of warrant liability (2,846) 6,717
Amortization of debt issuance costs 0 31
Amortization of discount on debt 0 48
Gain on sale of India subsidiary (9) 0
Modification of 2017 Debt warrants 83 0
Loss in equity method investment 3 19
Loss on extinguishment of debt 0 78
Changes in:    
Accounts receivable 374 (1,638)
Other current assets (467) (370)
Other non-current assets 1 38
Accounts payable, accrued expenses and deferred revenue 421 (2,361)
Deferred rent payable and other (43) (83)
Net cash (used in) operating activities (8,101) (7,389)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (529) (400)
Patent costs (63) (63)
Purchase of cost method investment 0 (200)
Cash received in the sale of India subsidiary, net of cash transferred 1,551 0
Net cash provided by (used in) investing activities 959 (663)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (160) (101)
Proceeds from warrant exercises 0 1,771
Proceeds from option exercises 0 4
Proceeds from borrowings on Silicon Valley Bank line of credit 3,162 2,000
Repayment of borrowings on Silicon Valley Bank line of credit (3,861) 0
Proceeds from Partners for Growth IV, L.P. term note 0 6,000
Principal payments on Silicon Valley Bank term note 0 (4,667)
Payment of debt issuance costs and loan fees 0 (287)
Net cash provided by (used in) financing activities (859) 4,720
Effect of foreign exchange rates on cash and cash equivalents and restricted cash 61 0
Net (decrease) in cash and cash equivalents and restricted cash (7,940) (3,332)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning 9,891 9,502
Ending 1,951 6,170
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 638 410
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 150 567
Derivative warrants issued with debt 0 1,004
Fair value of warrants reclassified from liabilities to equity 423 0
Accounts receivable, net 365 0
Other current assets (71) 0
Fixed assets, net 608 0
Goodwill 735 0
Other noncurrent assets 98 0
Accounts payable, accrued expenses and deferred revenue (180) 0
Deferred rent and other (13) 0
Gain on sale of India subsidiary 9 0
Cash received in the sale of India subsidiary, net of cash transferred $ 1,551 $ 0

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