INVESTORS

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 3,016 $ 4,943
Accounts receivable, net of allowance for doubtful accounts of $521 and $462, respectively 15,236 13,353
Inventory 6,114 8,568
Prepaid giveaways 73 205
Prepaid expenses and other current assets 2,113 1,725
Total current assets 26,552 28,794
Property and equipment, net 2,853 3,243
Intangible assets, net 1,558 1,638
Other assets 146 421
TOTAL ASSETS 31,109 34,096
Current liabilities:    
Accounts payable 10,891 9,625
Accrued liabilities 8,180 9,051
Accrued restructuring charges, current 565 614
Obligation under secured borrowing arrangement 1,816 2,681
Convertible notes with a related party, net of discount 16,618 16,465
Total current liabilities 38,070 38,436
Accrued restructuring charges, long-term 185 208
Other long-term liabilities 270 332
Total liabilities 38,525 38,976
Stockholders' deficit:    
Common stock, par value of $0.001 per share; 100,000,000 shares authorized as of March 31, 2017 and December 31, 2016; 15,337,230 and 14,987,230 shares issued as of March 31, 2017 and December 31, 2016, respectively; 14,461,609 and 14,111,609 shares outstanding as of March 31 2017 and December 31, 2016, respectively 14 14
Additional paid-in capital 156,908 156,301
Treasury stock, at cost; 875,621 shares as of March 31, 2017 and December 31, 2016 (10,039) (10,039)
Accumulated other comprehensive loss (156) (162)
Accumulated deficit (154,143) (150,994)
TOTAL STOCKHOLDERS' DEFICIT (7,416) (4,880)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 31,109 $ 34,096
v3.7.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue, net $ 26,009 $ 42,912
Cost of revenue 19,539 27,699 [1]
Gross profit 6,470 15,213
Operating expenses:    
Advertising and promotion 1,888 4,287
Salaries and benefits 3,269 9,620
Selling, general and administrative 2,886 4,243
Research and development 137 863
Professional fees 882 1,388
Restructuring and other charges 0 574
Total operating expenses 9,062 20,975
Loss from operations (2,592) (5,762)
Gain on settlement of accounts payable 449 0
Other expense, net (978) (712)
Loss before provision for income taxes (3,121) (6,474)
Provision for income taxes 28 131
Net loss $ (3,149) $ (6,605)
Net loss per share, basic and diluted $ (0.23) $ (.48)
Weighted average shares used to compute net loss per share, basic and diluted 13,773,508 13,896,876
[1] Cost of revenue for the three months ended March 31, 2016 included restructuring charges of $1.7 million related to write-down of inventory for discontinued products.
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,149) $ (6,605)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 420 647
Gain on settlement of accounts payable (449) 0
Inventory write down related to restructuring 0 1,662
Amortization of prepaid stock compensation 0 703
Amortization of prepaid sponsorship and endorsement fees 0 698
Stock-based compensation 607 4,670
Other 516 159
Changes in operating assets and liabilities:    
Accounts receivable (1,925) (302)
Inventory 2,463 2,274
Prepaid giveaways 132 14
Prepaid expenses and other current assets (387) (249)
Other assets 0 (50)
Accounts payable and accrued liabilities 803 (925)
Accrued restructuring charges (73) (326)
Net cash (used in) provided by operating activities (1,042) 2,370
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment 0 (50)
Proceeds from disposal of property and equipment 0 16
Trademark registrations 0 6
Net cash provided by (used in) investing activities 0 (28)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on line of credit 0 (3,000)
Repayments of term loan 0 (2,949)
Proceeds from secured borrowing arrangement, net of reserves 4,087 23,142
Payments on secured borrowing arrangement, net of fees (4,951) (17,516)
Repayment of capital lease obligations (36) (41)
Net cash provided by financing activities (900) (364)
Effect of exchange rate changes on cash 15 (5)
NET INCREASE IN CASH (1,927) 1,973
CASH - BEGINNING OF PERIOD 4,943 7,081
CASH - END OF PERIOD 3,016 9,054
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 672 439
Cash paid for taxes 8 61
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired in conjunction with capital leases 12 24
Purchase of property and equipment included in accounts payable and accrued liabilities 9 309
Trademark registration included in accounts payable and accrued liabilities $ 0 $ 160

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