Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 26,434 $ 13,678
Accounts receivable 2 1,066
Prepaid expenses and other current assets 283 292
Total current assets 26,719 15,036
Property and equipment, net 191 203
Investment 2,618 2,745
Other long-term assets 322 321
Total assets 29,850 18,305
Current liabilities:    
Accounts payable 5,003 1,858
Accounts payable - related parties 23 88
Accrued expenses 1,049 1,832
Accrued income taxes 327 3
Other liabilities, current 20 33
Total current liabilities 6,422 3,814
Other liabilities, non-current 119 119
Total liabilities 6,541 3,933
Commitments and contingencies (Note 2)
Redeemable Preferred Stock    
Series A Preferred stock - $0.0001 par value, 39,733 and 83,502 issued and outstanding at March 31, 2017 and December 31, 2016, respectively (Liquidation preference of $6,556 at March 31, 2017 and $13,778 at December 31, 2016, respectively) 6,264 13,486
Stockholders' equity    
Preferred stock - $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding (which excludes 39,733 shares and 83,502 Series A Redeemable Preferred Stock at March 31, 2017 and December 31, 2016, respectively) at March 31, 2017 and December 31, 2016, respectively 0 0
Common stock - $0.0001 par value; 80,000,000 shares authorized; 23,139,216 and 23,102,728 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 18,349 18,140
Accumulated deficit (1,306) (17,256)
Total stockholders' equity 17,045 886
Total liabilities and stockholders' equity $ 29,850 $ 18,305

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenues $ 24,747,000 $ 2,320,000
Cost of revenues 3,783,000 0
Gross profit 20,964,000 2,320,000
Research and development expense 153,000 51,000
Selling, general and administrative expenses 4,537,000 3,433,000
Total operating expenses 4,690,000 3,484,000
Income (loss) from operations 16,274,000 (1,164,000)
Interest income 0 1,000
Income (loss) before income taxes 16,274,000 (1,163,000)
Provision for income taxes 324,000 0
Net income (loss) $ 15,950,000 $ (1,163,000)
Net income (loss) per share applicable to common stockholders, basic and diluted (in dollars per share) $ 0.69 $ (0.05)
Weighted-average common shares outstanding, basic (in shares) 23,133,370 22,708,699
Weighted-average common shares outstanding, diluted (in shares) 23,216,528 22,708,699

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 15,950 $ (1,163)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 12 14
Stock-based compensation 209 142
Changes in operating assets and liabilities:    
Accounts receivable 1,064 0
Prepaid expenses and other current assets 8 38
Accrued expenses (783) (4)
Accounts payable 3,145 (39)
Accounts payable - related parties (65) 4
Other liabilities (13) (31)
Accrued income taxes 324 0
Net cash provided by (used in) operating activities 19,851 (1,039)
Cash flows from investing activities:    
Proceeds from investments 127 0
Net cash provided by investing activities 127 0
Cash flows from financing activities:    
Redemption Series A Preferred shares (7,222) 0
Net cash used in financing activities (7,222) 0
Net increase (decrease) in cash and cash equivalents 12,756 (1,039)
Cash and cash equivalents - beginning 13,678 6,101
Cash and cash equivalents - ending $ 26,434 $ 5,062

Source