Financials

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 4,807 $ 9,502
Accounts receivable, net of allowance for doubtful accounts of 2017 $2,277; 2016 $1,387 15,797 11,748
Other current assets 2,881 2,174
Total current assets 23,485 23,424
FIXED ASSETS, net of accumulated depreciation 6,009 4,738
OTHER ASSETS    
Restricted cash 300 300
Patents and other intangible assets, net of accumulated amortization 8,356 1,503
Investment in joint venture 247 268
Goodwill 14,158 12,029
Other 1,415 172
Total other assets 24,476 14,272
Total Assets 53,970 42,434
CURRENT LIABILITIES    
Accounts payable and accrued expenses 9,314 8,148
Obligations under capital leases, current portion 271 109
Deferred revenue 109 789
Line of credit 2,000 0
Term note, current portion 0 2,000
Total current liabilities 11,694 11,046
Term note 4,936 2,654
Obligations under capital leases 726 374
Deferred rent payable and other 181 290
Warrant liability 4,167 2,018
Deferred revenue, long-term 1,130 428
Total Liabilities 22,834 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, 24,252 and 18,936 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 158,068 139,576
Accumulated other comprehensive (loss) (1) 0
Accumulated (deficit) (126,933) (113,954)
Total Stockholders’ Equity 31,136 25,624
Total Liabilities and Stockholders’ Equity $ 53,970 $ 42,434
v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 8,028 $ 6,750 $ 21,598 $ 19,819
Cost of revenues 4,588 4,444 12,831 12,832
Gross profit 3,440 2,306 8,767 6,987
Operating expenses:        
Research and development 981 1,594 3,080 4,806
General and administrative 4,346 3,701 11,352 11,677
Sales and marketing 1,301 1,054 3,437 3,731
Total operating expenses 6,628 6,349 17,869 20,214
Loss from operations (3,188) (4,043) (9,102) (13,227)
Other income (expense):        
Interest expense (350) (111) (797) (344)
Interest income 10 4 37 21
Change in fair value of acquisition note payable 105 18 (114) 119
Change in fair value of warrant liability 2,790 712 (3,927) 729
Other expense 0 (325) (46) (325)
Total other (expense) 2,555 298 (4,847) 200
Loss before income taxes (633) (3,745) (13,949) (13,027)
Income tax (benefit) 0 0 (970) 0
Net (loss) $ (633) $ (3,745) $ (12,979) $ (13,027)
Basic net (loss) per share $ (0.03) $ (0.23) $ (0.65) $ (0.88)
Diluted net (loss) per share $ (0.15) $ (0.23) $ (0.65) $ (0.88)
Basic weighted-average shares outstanding 21,577 16,519 20,059 14,868
Diluted weighted-average shares outstanding 22,359 16,519 20,059 14,868
Foreign currency translation (loss) $ (1) $ 0 $ (1) $ 0
Comprehensive (loss) $ (634) $ (3,745) $ (12,980) $ (13,027)
v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (12,979,000) $ (13,027,000)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 1,436,000 1,502,000
Amortization 234,000 260,000
Provision for bad debts 890,000 8,000
Stock-based compensation 1,395,000 1,538,000
Change in fair value of acquisition note payable 114,000 (119,000)
Change in fair value of warrant liability 3,927,000 (729,000)
Amortization of debt issuance costs 51,000 9,000
Amortization of discount on debt 134,000 0
Loss in equity method investment 21,000 45,000
Loss on extinguishment of debt 78,000 0
Changes in:    
Accounts receivable (4,029,000) (7,066,000)
Other current assets (606,000) (67,000)
Other non-current assets 251,000 (9,000)
Accounts payable, accrued expenses and deferred revenue (1,057,000) 372,000
Deferred rent payable and other (109,000) (16,000)
Net cash (used in) operating activities (10,249,000) (17,299,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (1,192,000) (345,000)
Patent costs (73,000) (127,000)
Purchase of cost method investment (200,000) 0
Payments to Acquire Businesses, Gross 656,000 0
Net cash (used in) investing activities (2,121,000) (472,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (170,000) (101,000)
Proceeds from warrant exercises 1,827,000 0
Proceeds from option exercises 7,000 0
Proceeds from offerings of common stock with derivative warrants, net of certain offering costs 0 9,962,000
Proceeds from borrowings on Silicon Valley Bank line of credit 2,000,000 0
Proceeds from Partners for Growth IV, L.P. term note 6,000,000 0
Proceeds from Aspire Capital common stock purchases, net of certain offering costs 2,965,000 0
Principal payments on Silicon Valley Bank term note (4,667,000) (833,000)
Payment of debt issuance costs and loan fees (287,000) 0
Net cash provided by financing activities 7,675,000 9,028,000
Net (decrease) in cash and cash equivalents (4,695,000) (8,743,000)
CASH AND CASH EQUIVALENTS    
Beginning 9,502,000 19,459,000
Ending 4,807,000 10,716,000
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 633,000 250,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 567,000 0
Derivative warrants issued with debt 1,004,000 0
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) $ 9,856,000 $ 0

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