INVESTORS

Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Current assets:      
Cash $ 4,943 $ 7,081 $ 1,020
Accounts receivable, net of allowance for doubtful accounts of $462 and $347 as of December 31, 2016 and 2015 13,353 22,003  
Inventory 8,568 12,549  
Prepaid giveaways 205 307  
Prepaid stock compensation 0 1,641  
Prepaid expenses and other current assets 1,725 3,698  
Total current assets 28,794 47,279  
Property and equipment, net 3,243 6,693  
Investments, long-term 0 977  
Intangible assets, net 1,638 8,652  
Other assets 421 180  
TOTAL ASSETS 34,096 63,781  
Current liabilities:      
Accounts payable 9,625 39,652  
Accrued liabilities 9,051 12,526  
Accrued restructuring charges, current 614 9,140  
Obligation under secured borrowing arrangement 2,681 0  
Convertible notes with a related party, net of discount 16,465 0  
Line of credit 0 3,000  
Term loan 0 2,949  
Other debt obligations 0 21  
Total current liabilities 38,436 67,288  
Convertible note with a related party, net of discount 0 5,952  
Accrued restructuring charges, long-term 208 279  
Other long-term liabilities 332 330  
Total liabilities 38,976 73,849  
Commitments and contingencies (Note 10)    
Stockholders' deficit:      
Common stock, par value of $0.001 per share; 100,000,000 shares authorized as of December 31, 2016 and 2015; 14,987,230 and 14,664,161 shares issued as of December 31, 2016 and 2015, respectively; 14,111,609 and 13,788,540 shares outstanding as of December 31, 2016 and 2015, respectively 14   14
Additional paid-in capital 156,301 147,646 129,130
Treasury stock, at cost; 875,621 shares as of December 31, 2016 and 2015 (10,039) (10,039) (10,039)
Accumulated other comprehensive loss (162) (172) (66)
Accumulated deficit (150,994) (147,517) (95,659)
TOTAL STOCKHOLDERS' DEFICIT (4,880) (10,068) $ 23,380
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 34,096 $ 63,781  
v3.6.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue, net $ 132,499 $ 166,858
Cost of revenue 88,026 [1] 109,927
Gross profit 44,473 56,931
Operating expenses:    
Advertising and promotion 10,652 26,985
Salaries and benefits 18,033 31,176
Selling, general and administrative 15,941 19,372
Research and development 1,869 4,251
Professional fees 5,735 6,801
Restructuring and other charges (3,477) 18,293
Impairment of assets 4,378 0
Total operating expenses 53,131 106,878
Loss from operations (8,658) (49,947)
Gain on settlement of accounts payable 9,927 0
Loss on sale of subsidiary (2,115) 0
Other expense, net (2,313) (1,806)
Loss before provision for income taxes (3,159) (51,753)
Provision for income taxes 318 105
Net loss $ (3,477) $ (51,858)
Net loss per share, basic and diluted $ (0.26) $ (3.81)
Weighted average shares used to compute net loss per share, basic and diluted 13,438,248 13,621,255
[1] Cost of revenue for the years ended December 31, 2016 included restructuring charges of $2.3 million and $2.9 million, respectively, related to write-down of inventory for discontinued products.
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,477) $ (51,858)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation of property and equipment 1,551 1,760
Amortization of intangible assets 576 1,055
Provision for doubtful accounts 386 219
Gain on settlement of accounts payable (9,927) 0
Loss on disposal of property and equipment 163 16
Loss on sale of subsidiary 2,115 0
Non-cash impairment charges 4,381 0
Non-cash restructuring and other charges (reversals) (4,132) 9,494
Inventory write down related to restructuring 2,285 2,942
Amortization of prepaid stock compensation 938 3,901
Amortization of prepaid sponsorship and endorsement fees 0 6,255
Amortization of debt discount and issuance costs 113 118
Stock-based compensation 5,304 12,705
Stock-based compensation related to issuance of common stock to a related party for guaranty of debt 0 80
Issuance of common stock warrants to third parties for services 6 65
Changes in operating assets and liabilities:    
Accounts receivable 7,338 (5,578)
Inventory (480) 5,928
Prepaid giveaways 103 921
Prepaid sponsorship and endorsement fees 0 (6,843)
Prepaid expenses and other current assets 2,482 (2,185)
Other assets (322) (72)
Accounts payable and accrued liabilities (20,802) 19,270
Accrued restructuring charges (3,669) 7,299
Net cash (used in) provided by operating activities (15,068) 5,492
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (508) (1,477)
Proceeds from disposal of property and equipment 115 519
Proceeds from sale of subsidiary 5,942 0
Purchase of MusclePharm Apparel Rights 0 (850)
Trademark registrations (154) (262)
Investment in contract manufacturer 0 (977)
Net cash provided by (used in) investing activities 5,395 (3,047)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from line of credit 0 9,507
Payments on line of credit (3,000) (14,507)
Repayments of term loan (2,949) (1,051)
Proceeds from issuance of term loan 0 4,000
Issuance costs of term loan 0 (40)
Proceeds from secured borrowing arrangement, net of reserves 43,925 0
Payments on secured borrowing arrangement, net of fees (41,245) 0
Proceeds from convertible notes with a related party 11,000 6,000
Repayments of other debt obligations (20) (25)
Repayment of capital lease obligations (189) (162)
Net cash provided by financing activities 7,522 3,722
Effect of exchange rate changes on cash 13 (106)
NET INCREASE IN CASH (2,138) 6,061
CASH - BEGINNING OF PERIOD 7,081 1,020
CASH - END OF PERIOD 4,943 7,081
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,557 527
Cash paid for taxes 218 77
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of warrants for legal settlement 1,815 0
Shares of common stock issued in conjunction with BioZone disposition 640 0
Shares of common stock issued in conjunction with MusclePharm Apparel rights acquisition 0 1,394
Property and equipment acquired in conjunction with capital leases 460 471
Purchase of property and equipment included in accounts payable and accrued liabilities 9 48
Trademark registration included in accounts payable and accrued liabilities 0 153
Beneficial conversion feature related to convertible note 601 52
Bio Zone [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Loss on sale of subsidiary 2,115  
Changes in operating assets and liabilities:    
Inventory (1,800)  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Shares of common stock issued in conjunction with BioZone disposition $ 640  
Muscle Pharm Apparel [Member]    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Shares of common stock issued in conjunction with MusclePharm Apparel rights acquisition   $ 1,394

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