Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 11,563,000 $ 6,101,000
Prepaid expenses and other current assets 185,000 322,000
Total current assets 11,748,000 6,423,000
Property and equipment, net 224,000 257,000
Investment 2,745,000 2,195,000
Other long-term assets 325,000 325,000
Total assets 15,042,000 9,200,000
Current liabilities:    
Accounts payable 2,132,000 2,220,000
Accounts payable - related parties 13,000 17,000
Accrued expenses 2,298,000 450,000
Accrued income taxes 9,000 9,000
Other liabilities, current 0 32,000
Total current liabilities 4,452,000 2,728,000
Other liabilities, non-current 124,000 130,000
Total liabilities 4,576,000 2,858,000
Commitments and contingencies (Note 2)
Stockholders' (deficit) equity    
Preferred stock 0 0
Common stock - $0.0001 par value; 80,000,000 shares authorized; 22,864,574 and 22,640,611 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 2,000 2,000
Additional paid-in capital 17,950,000 23,946,000
Accumulated deficit (21,172,000) (17,606,000)
Total stockholders' (deficit) equity (3,220,000) 6,342,000
Total liabilities and stockholders' equity 15,042,000 9,200,000
Series A Preferred Stock    
Stockholders' (deficit) equity    
Preferred stock $ 13,686,000 $ 0

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenues $ 1,141 $ 0 $ 9,988 $ 700
Cost of revenues 0 0 2,237 60
Gross profit 1,141 0 7,751 640
Research and development expense 259 206 364 352
Selling, general and administrative expenses 4,184 4,490 10,953 13,108
Loss from operations (3,302) (4,696) (3,566) (12,820)
Return on investment 0 0 0 1,271
Other income (expense), net 0 (4) 0 11
Loss before income taxes (3,302) (4,700) (3,566) (11,538)
Provision for income taxes 0 0 0 5
Net Loss (3,302) (4,700) (3,566) (11,543)
Accretion of Series A Preferred shares (1,309) 0 (6,789) 0
Net loss to common stockholders $ (4,611) $ (4,700) $ (10,355) $ (11,543)
Net loss per share applicable to common stockholders, basic and diluted (in dollars per share) $ (0.20) $ (0.21) $ (0.45) $ (0.51)
Weighted-average common shares outstanding, basic and diluted 22,853,865 22,561,745 22,775,918 22,522,910

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (3,566) $ (11,543)
Adjustments to reconcile net loss to net cash used in operating activities:    
Return on Investment 0 (1,271)
Depreciation and amortization 42 35
Stock-based compensation 682 642
Changes in operating assets and liabilities:    
Accounts receivable 0 2,016
Prepaid expenses and other current assets 137 (129)
Other long-term assets 0 (301)
Accrued expenses 1,848 (363)
Accounts payable (88) 473
Accounts payable - related parties (4) (92)
Other liabilities (38) 65
Accrued income taxes 0 8
Net cash used in operating activities (987) (10,460)
Cash flows from investing activities:    
Purchases of property and equipment (9) (264)
Proceeds from investment 0 826
Purchase of additional investment (550) (500)
Net cash (used in) provided by investing activities (559) 62
Cash flows from financing activities:    
Proceeds from the sale of Series A Preferred shares, net of issuance costs 9,490 0
Redemption Series A Preferred shares (2,593) 0
Proceeds from exercise of stock options 111 49
Net cash provided by financing activities 7,008 49
Net increase (decrease) in cash and cash equivalents 5,462 (10,349)
Cash and cash equivalents - beginning 6,101 17,505
Cash and cash equivalents - ending 11,563 7,156
Supplemental Disclosures of Cash Flow Information    
Additional investment held by investee 0 445
Accretion of Series A Preferred shares to redemption value $ 6,789 $ 0

Source