☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 02-0377419 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
98 Spit Brook Road, Suite 100, Nashua, NH | 03062 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.01 par value | ICAD | The Nasdaq Stock Market LLC |
Large Accelerated filer | ☐ | Accelerated filer | ||||
Non-accelerated filer | Smaller reporting company | ☒ | ||||
Emerging growth company | ☐ |
Page | ||||||||
FINANCIAL INFORMATION | ||||||||
Item 1 | ||||||||
Financial Statements (unaudited) | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
8 | ||||||||
Item 2 | ||||||||
28 | ||||||||
Item 3 | ||||||||
39 | ||||||||
Item 4 | ||||||||
39 | ||||||||
PART II | ||||||||
40 | ||||||||
Item | ||||||||
1A | ||||||||
40 | ||||||||
Item 6 | ||||||||
41 | ||||||||
42 |
September 30, | December 31, | |||||||
Assets | 2020 | 2019 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 22,633 | $ | 15,313 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $216 in 2020 and $136 in 2019 | 8,376 | 9,819 | ||||||
Inventory, net | 3,146 | 2,611 | ||||||
Prepaid expenses and other current assets | 1,662 | 1,453 | ||||||
Total current assets | 35,817 | 29,196 | ||||||
Property and equipment, net of accumulated depreciation of $6,716 in 2020 and $6,510 in 2019 | 620 | 551 | ||||||
Operating lease assets | 1,945 | 2,406 | ||||||
Other assets | 101 | 50 | ||||||
Intangible assets, net of accumulated amortization of $8,418 in 2020 and $8,186 in 2019 | 962 | 1,183 | ||||||
Goodwill | 8,362 | 8,362 | ||||||
Total assets | $ | 47,807 | $ | 41,748 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,084 | $ | 1,990 | ||||
Accrued and other expenses | 4,679 | 6,590 | ||||||
Notes payable - current portion | 994 | 4,250 | ||||||
Lease payable - current portion | 822 | 758 | ||||||
Deferred revenue | 5,644 | 5,248 | ||||||
Total current liabilities | 14,223 | 18,836 | ||||||
Lease payable, long-term portion | 1,287 | 1,837 | ||||||
Notes payable, long-term portion | 6,729 | 2,003 | ||||||
Convertible debentures payable to non-related parties, at fair value | — | 12,409 | ||||||
Convertible debentures payable to related parties, at fair value | — | 1,233 | ||||||
Deferred revenue, long-term portion | 219 | 356 | ||||||
Deferred tax | 4 | 3 | ||||||
Total liabilities | 22,462 | 36,677 | ||||||
Commitments and Contingencies (Note 7) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value: authorized 1,000,000 shares; NaN issued. | — | — | ||||||
Common stock, $ 0.01 par value: authorized 30,000,000 shares; issued 23,155,482 as ofSeptember 30, 2020 | 231 | 195 | ||||||
Additional paid-in capital | 266,861 | 230,615 | ||||||
Accumulated deficit | (240,332 | ) | (224,324 | ) | ||||
Treasury stock at cost, 185,831 shares in 2020 and 2019 | (1,415 | ) | (1,415 | ) | ||||
Total stockholders’ equity | 25,345 | 5,071 | ||||||
Total liabilities and stockholders’ equity | $ | 47,807 | $ | 41,748 | ||||
(Unaudited) | ||||||||
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 35,805 | $ | 27,186 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $87 in 2021 and $111 in 2020 | 11,792 | 10,027 | ||||||
Inventory, net | 3,290 | 3,144 | ||||||
Prepaid expenses and other current assets | 1,989 | 1,945 | ||||||
Total current assets | 52,876 | 42,302 | ||||||
Property and equipment, net of accumulated depreciation of $7,020 in 2021 and $6,778 in 2020 | 925 | 744 | ||||||
Operating lease assets | 1,176 | 1,758 | ||||||
Other assets | 1,657 | 1,527 | ||||||
Intangible assets, net of accumulated amortization of $8,667 in 2021 and $8,494 in 2020 | 741 | 889 | ||||||
Goodwill | 8,362 | 8,362 | ||||||
Total assets | $ | 65,737 | $ | 55,582 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,651 | $ | 2,869 | ||||
Accrued and other expenses | 5,523 | 7,039 | ||||||
Lease payable — current portion | 856 | 726 | ||||||
Deferred revenue | 5,930 | 6,117 | ||||||
Total current liabilities | 14,960 | 16,751 | ||||||
Lease payable, long-term portion | 431 | 1,075 | ||||||
Notes payable, long-term portion | — | 6,960 | ||||||
Deferred revenue, long-term portion | 520 | 267 | ||||||
Deferred tax | 5 | 4 | ||||||
Total liabilities | 15,916 | 25,057 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value: authorized 1,000,000 shares; NaN issued. | 0— | 0— | ||||||
Common stock, $0.01 par value: authorized 60,000,000 shares; issued 25,287,837 as of September 30, 2021 and 23,693,735 as of December 31, 2020. | ||||||||
Outstanding 25,102,006 as of September 30, 2021 and 23,508,575 as of December 31, 2020. | 253 | 236 | ||||||
Additional paid-in capital | 300,017 | 273,639 | ||||||
Accumulated deficit | (249,034 | ) | (241,935 | ) | ||||
Treasury stock at cost, 185,831 shares in 2021 and 2020 | (1,415 | ) | (1,415 | ) | ||||
Total stockholders’ equity | 49,821 | 30,525 | ||||||
Total liabilities and stockholders’ equity | $ | 65,737 | $ | 55,582 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue: | ||||||||||||||||
Products | $ | 4,538 | $ | 5,156 | $ | 11,220 | $ | 13,331 | ||||||||
Service and supplies | 2,591 | 2,701 | 8,027 | 8,628 | ||||||||||||
Total revenue | 7,129 | 7,857 | 19,247 | 21,959 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Products | 1,345 | 809 | 2,899 | 2,134 | ||||||||||||
Service and supplies | 667 | 891 | 2,169 | 2,466 | ||||||||||||
Amortization and depreciation | 92 | 103 | 287 | 297 | ||||||||||||
Total cost of revenue | 2,104 | 1,803 | 5,355 | 4,897 | ||||||||||||
Gross profit | 5,025 | 6,054 | 13,892 | 17,062 | ||||||||||||
Operating expenses: | ||||||||||||||||
Engineering and product development | 1,849 | 2,485 | 5,938 | 6,751 | ||||||||||||
Marketing and sales | 2,979 | 3,588 | 9,218 | 9,281 | ||||||||||||
General and administrative | 1,834 | 1,872 | 6,476 | 5,276 | ||||||||||||
Amortization and depreciation | 52 | 69 | 153 | 206 | ||||||||||||
Total operating expenses | 6,714 | 8,014 | 21,785 | 21,514 | ||||||||||||
Loss from operations | (1,689 | ) | (1,960 | ) | (7,893 | ) | (4,452 | ) | ||||||||
Interest expense | (115 | ) | (193 | ) | (360 | ) | (604 | ) | ||||||||
Other income | 10 | 103 | 85 | 226 | ||||||||||||
Loss on extinguishment of debt | — | — | (341 | ) | — | |||||||||||
Loss on fair value of convertible debentures | — | (900 | ) | (7,464 | ) | (5,340 | ) | |||||||||
Other expense, net | (105 | ) | (990 | ) | (8,080 | ) | (5,718 | ) | ||||||||
Loss before income tax expense | (1,794 | ) | (2,950 | ) | (15,973 | ) | (10,170 | ) | ||||||||
Tax expense | (3 | ) | (6 | ) | (34 | ) | (33 | ) | ||||||||
Net loss and comprehensive loss | $ | (1,797 | ) | $ | (2,956 | ) | $ | (16,007 | ) | $ | (10,203 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.73 | ) | $ | (0.57 | ) | ||||
Diluted | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.73 | ) | $ | (0.57 | ) | ||||
Weighted average number of shares used in computing loss per share: | ||||||||||||||||
Basic | 23,173 | 19,284 | 21,827 | 18,049 | ||||||||||||
Diluted | 23,173 | 19,284 | 21,827 | 18,049 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue: | ||||||||||||||||
Products | $ | 6,320 | $ | 4,538 | $ | 16,429 | $ | 11,220 | ||||||||
Service and supplies | 3,041 | 2,591 | 9,401 | 8,027 | ||||||||||||
Total revenue | 9,361 | 7,129 | 25,830 | 19,247 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Products | 1,807 | 1,345 | 4,592 | 2,899 | ||||||||||||
Service and supplies | 763 | 667 | 2,462 | 2,169 | ||||||||||||
Amortization and depreciation | 79 | 92 | 237 | 287 | ||||||||||||
Total cost of revenue | 2,649 | 2,104 | 7,291 | 5,355 | ||||||||||||
Gross profit | 6,712 | 5,025 | 18,539 | 13,892 | ||||||||||||
Operating expenses: | ||||||||||||||||
Engineering and product development | 2,285 | 1,849 | 6,745 | 5,938 | ||||||||||||
Marketing and sales | 3,886 | 2,979 | 10,739 | 9,218 | ||||||||||||
General and administrative | 2,658 | 1,834 | 7,461 | 6,476 | ||||||||||||
Amortization and depreciation | 64 | 52 | 178 | 153 | ||||||||||||
Total operating expenses | 8,893 | 6,714 | 25,123 | 21,785 | ||||||||||||
Loss from operations | (2,181 | ) | (1,689 | ) | (6,584 | ) | (7,893 | ) | ||||||||
Interest expense | 0 | (115 | ) | (141 | ) | (360 | ) | |||||||||
Other income | 5 | 10 | 12 | 85 | ||||||||||||
Loss on extinguishment of debt | 0 | — | (386 | ) | (341 | ) | ||||||||||
Loss on fair value of convertible debentures | — | — | — | (7,464 | ) | |||||||||||
Other income (expense), net | 5 | (105 | ) | (515 | ) | (8,080 | ) | |||||||||
Loss before income tax expense | (2,176 | ) | (1,794 | ) | (7,099 | ) | (15,973 | ) | ||||||||
Tax expense | — | (3 | ) | — | (34 | ) | ||||||||||
Net loss and comprehensive loss | $ | (2,176 | ) | $ | (1,797 | ) | $ | (7,099 | ) | $ | (16,007 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) | ||||
Diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) | ||||
Weighted average number of shares used in computing loss per share: | ||||||||||||||||
Basic | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
Diluted | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
For the Nine Months ended September 30, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (7,099 | ) | $ | (16,007 | ) | ||
Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
Amortization | 176 | 234 | ||||||
Depreciation | 242 | 206 | ||||||
Bad debt provision | (25 | ) | 80 | |||||
Stock-based compensation | 2,102 | 2,542 | ||||||
Amortization of debt discount and debt costs | 17 | 65 | ||||||
Loss on extinguishment of debt | 386 | 341 | ||||||
Deferred tax expense | — | 1 | ||||||
Change in fair value of convertible debentures | — | 7,464 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,827 | ) | 1,151 | |||||
Inventory | (146 | ) | (535 | ) | ||||
Prepaid and other assets | 493 | 69 | ||||||
Accounts payable | (217 | ) | 96 | |||||
Accrued expenses | (2,028 | ) | (2,322 | ) | ||||
Deferred revenue | 65 | 532 | ||||||
Total adjustments | (762 | ) | 9,924 | |||||
Net cash used for operating activities | (7,861 | ) | (6,083 | ) | ||||
Cash flow from investing activities: | ||||||||
Additions to patents, technology and other | (24 | ) | (11 | ) | ||||
Additions to property and equipment | (426 | ) | (275 | ) | ||||
Net cash used for investing activities | (450 | ) | (286 | ) | ||||
Cash flow from financing activities: | ||||||||
Issuance of common stock pursuant to stock option plans | 933 | 415 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan | 190 | 209 | ||||||
Proceeds from issuance of common stock, net | 23,229 | 12,174 | ||||||
Taxes paid related to restricted stock issuance | (59 | ) | (225 | ) | ||||
Principal payments of capital lease obligations | — | (4,638 | ) | |||||
Repayment of debt financing | (7,363 | ) | 775 | |||||
Repayment on line of credit | — | (2,000 | ) | |||||
Proceeds from notes payable | — | 6,957 | ||||||
Debt issuance costs | — | 22 | ||||||
Net cash provided by financing activities | 16,930 | 13,689 | ||||||
Increase in cash and equivalents | 8,619 | 7,320 | ||||||
Cash and cash equivalents, beginning of period | 27,186 | 15,313 | ||||||
Cash and cash equivalents, end of period | $ | 35,805 | $ | 22,633 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 92 | $ | 127 | ||||
Taxes paid | $ | — | $ | 34 | ||||
Issuance of common stock upon conversion of debentures | — | 21,164 | ||||||
Right-of-use | $ | — | $ | 69 | ||||
For the Nine Months ended September 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (16,007 | ) | $ | (10,203 | ) | ||
Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
Amortization of Intangible Assets | 234 | 283 | ||||||
Depreciation | 206 | 220 | ||||||
Bad debt provision | 80 | 62 | ||||||
Stock-based compensation | 2,542 | 856 | ||||||
Amortization of debt discount and debt costs | 65 | 109 | ||||||
Loss on extinguishment of debt | 341 | — | ||||||
Deferred tax expense | 1 | — | ||||||
Change in fair value of convertible debentures | 7,464 | 5,340 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 1,151 | (1,672 | ) | |||||
Inventory | (535 | ) | (800 | ) | ||||
Prepaid and other current assets | 69 | 165 | ||||||
Accounts payable | 96 | 101 | ||||||
Accrued expenses | (2,322 | ) | 837 | |||||
Deferred revenue | 532 | (70 | ) | |||||
Total adjustments | 9,924 | 5,431 | ||||||
Net cash used for operating activities | (6,083 | ) | (4,772 | ) | ||||
Cash flow from investing activities: | ||||||||
Additions to patents, technology and other | (11 | ) | (8 | ) | ||||
Additions to property and equipment | (275 | ) | (211 | ) | ||||
Net cash used for investing activities | (286 | ) | (219 | ) | ||||
Cash flow from financing activities: | ||||||||
Issuance of common stock pursuant to stock option plans | 415 | 1,396 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan | 209 | — | ||||||
Taxes paid related to restricted stock issuance | (225 | ) | (106 | ) | ||||
Principal payments of capital lease obligations | — | (10 | ) | |||||
Principal repayment of debt financing | (4,638 | ) | (1,400 | ) | ||||
Proceeds from Line of Credit | 775 | 1,000 | ||||||
Repayment to Line of Credit | (2,000 | ) | — | |||||
Proceeds from debt financing | 6,957 | — | ||||||
Debt issuance costs | 22 | — | ||||||
Proceeds from issuance of common stock, net | 12,174 | 9,353 | ||||||
Net cash provided by financing activities | 13,689 | 10,233 | ||||||
Increase in cash and equivalents | 7,320 | 5,242 | ||||||
Cash and cash equivalents, beginning of period | 15,313 | 12,185 | ||||||
Cash and cash equivalents, end of period | $ | 22,633 | $ | 17,427 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 127 | $ | 404 | ||||
Taxes paid | $ | 34 | $ | 33 | ||||
Issuance of stock upon conversion of debentures | 21,164 | — | ||||||
Right-of-use | $ | 69 | $ | 2,641 | ||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Number of Shares Issued | Par Value | |||||||||||||||||||||||
Balance at December 31, 2019 | 19,546,151 | $ | 196 | $ | 230,615 | $ | (224,325 | ) | $ | (1,415 | ) | $ | 5,071 | |||||||||||
Issuance of common stock relative to vesting of restricted stock | 97,830 | — | (225 | ) | (225 | ) | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | 94,678 | 1 | 416 | — | — | 417 | ||||||||||||||||||
Stock Issuance Net | 1,562,500 | 16 | 12,158 | — | — | 12,174 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 34,857 | 209 | 209 | |||||||||||||||||||||
Issuance of stock upon conversion of Debentures | 1,819,466 | 18 | 21,146 | — | — | 21,164 | ||||||||||||||||||
Stock-based compensation | — | — | 2,542 | 2,542 | ||||||||||||||||||||
Net loss | — | — | — | (16,007 | ) | — | (16,007 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2020 | 23,694,406 | 236 | 273,639 | (241,935 | ) | (1,415) | $ | 30,525 | ||||||||||||||||
Issuance of common stock relative to vesting of restricted stock | 43,831 | 1 | (60 | ) | — | — | (59 | ) | ||||||||||||||||
Issuance of common stock, net | 1,393,738 | 14 | 23,215 | — | — | 23,229 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | 138,450 | 2 | 931 | — | — | 933 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 17,412 | — | 190 | — | — | 190 | ||||||||||||||||||
Stock-based compensation | — | — | 2,102 | — | — | 2,102 | ||||||||||||||||||
Net loss | — | — | — | (7,099 | ) | — | (7,099 | ) | ||||||||||||||||
Balance at September 30, 2021 | 25,287,837 | $ | 253 | $ | 300,017 | $ | (249,034 | ) | $ | (1,415 | ) | $ | 49,821 | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Number of Shares Issued | Par Value | |||||||||||||||||||||||
Balance at June 30, 2020 | 23,060,272 | $ | 231 | $ | 266,211 | $ | (238,535 | ) | $ | (1,415 | ) | $ | 26,492 | |||||||||||
Issuance of common stock relative to vesting of restricted stock | 29,106 | — | (94 | ) | — | — | (94 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 49,712 | — | 185 | — | — | 185 | ||||||||||||||||||
Stock Issuance Net | — | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 16,392 | — | 94 | — | — | 94 | ||||||||||||||||||
Issuance of stock upon conversion of Debentures | — | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | 465 | — | — | 465 | ||||||||||||||||||
Net loss | — | — | — | (1,797 | ) | — | (1,797 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Number of Shares Issued | Par Value | |||||||||||||||||||||||
Balance at December 31, 2018 | 17,066,510 | $ | 171 | $ | 218,914 | $ | (210,774 | ) | $ | (1,415 | ) | $ | 6,896 | |||||||||||
Issuance of common stock relative to vesting of restricted stock shares forfeited for tax obligations | 122,993 | 1 | (106 | ) | — | — | (106 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 428,980 | 4 | 1,392 | — | — | 1,396 | ||||||||||||||||||
Stock Issuance net of issuance costs | 1,881,818 | 19 | 9,334 | 9,353 | ||||||||||||||||||||
Stock-based compensation | — | — | 856 | — | — | 856 | ||||||||||||||||||
Net loss | — | — | — | (10,203 | ) | — | (10,203 | ) | ||||||||||||||||
Balance at September 30, 2019 | 19,500,301 | $ | 195 | $ | 230,390 | $ | (220,977 | ) | $ | (1,415 | ) | $ | 8,192 | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Number of Shares Issued | Par Value | |||||||||||||||||||||||
Balance at June 30, 2019 | 19,447,763 | $ | 194 | $ | 230,141 | $ | (218,021 | ) | $ | (1,415 | ) | $ | 10,899 | |||||||||||
Issuance of common stock relative to vesting of restricted stock shares forfeited for tax obligations | 51,871 | 1 | (91 | ) | — | — | (91 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 667 | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | 340 | 340 | ||||||||||||||||||||||
Net loss | — | — | — | (2,956 | ) | — | (2,956 | ) | ||||||||||||||||
Balance at September 30, 2019 | 19,500,301 | $ | 195 | $ | 230,390 | $ | (220,977 | ) | $ | (1,415 | ) | $ | 8,192 |
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at June 30, 2021 | 25,213,302 | 251 | 299,049 | (246,858 | ) | (1,415 | ) | $ | 51,027 | |||||||||||||||
Issuance of common stock relative to vesting of restricted stock | 14,665 | 1 | (60 | ) | — | — | (59 | ) | ||||||||||||||||
Issuance of common stock, net | 54,702 | 1 | 296 | — | — | 297 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | — | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 5,168 | — | 76 | — | — | 76 | ||||||||||||||||||
Stock-based compensation | — | — | 656 | — | — | 656 | ||||||||||||||||||
Net loss | — | — | — | (2,176 | ) | — | (2,176 | ) | ||||||||||||||||
Balance at September 30, 2021 | 25,287,837 | $ | 253 | $ | 300,017 | $ | (249,034 | ) | $ | (1,415 | ) | $ | 49,821 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2019 | 19,546,151 | $ | 196 | $ | 230,615 | $ | (224,325 | ) | $ | (1,415) | $ | 5,071 | ||||||||||||
Issuance of common stock relative to vesting of restricted stock, net | 97,830 | — | (225 | ) | — | — | (225 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 94,678 | 1 | 416 | — | — | 417 | ||||||||||||||||||
Stock Issuance Net | 1,562,500 | 16 | 12,158 | — | — | 12,174 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 34,857 | 209 | 209 | |||||||||||||||||||||
Issuance of stock upon conversion of Debentures | 1,819,466 | 18 | 21,146 | — | — | 21,164 | ||||||||||||||||||
Stock-based compensation | — | — | 2,542 | 2,542 | ||||||||||||||||||||
Net loss | — | — | — | (16,007 | ) | — | (16,007 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at June 30, 2020 | 23,060,272 | $ | 231 | $ | 266,211 | $ | (238,535 | ) | $ | (1,415 | ) | $ | 26,492 | |||||||||||
Issuance of common stock relative to vesting of restricted stock | 29,106 | — | (94 | ) | — | — | (94 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 49,712 | — | 185 | — | — | 185 | ||||||||||||||||||
Stock Issuance Net | — | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 16,392 | — | 94 | — | — | 94 | ||||||||||||||||||
Issuance of stock upon conversion of Debentures | — | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | 465 | — | — | 465 | ||||||||||||||||||
Net loss | — | — | — | (1,797 | ) | — | (1,797 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Three months ended September 30, 2021 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 4,454 | $ | 2,358 | $ | 6,812 | ||||||
Service contracts | 1,554 | 398 | 1,952 | |||||||||
Supply and source usage agreements | — | 562 | 562 | |||||||||
Professional services | — | 35 | 35 | |||||||||
Other | — | — | — | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 4,454 | $ | 2,393 | $ | 6,847 | ||||||
Services transferred over time | 1,554 | 960 | 2,514 | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 3,629 | $ | 1,403 | $ | 5,032 | ||||||
OEM partners | 2,379 | — | 2,379 | |||||||||
Channel partners | — | 1,950 | 1,950 | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Nine months ended September 30, 2021 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 11,778 | $ | 6,580 | $ | 18,358 | ||||||
Service contracts | 4,737 | 1,109 | 5,846 | |||||||||
Supply and source usage agreements | — | 1,572 | 1,572 | |||||||||
Professional services | — | 54 | 54 | |||||||||
Other | — | — | — | |||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 11,778 | $ | 6,633 | $ | 18,411 | ||||||
Services transferred over time | 4,737 | $ | 2,682 | 7,419 | ||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 10,691 | $ | 3,632 | $ | 14,323 | ||||||
OEM partners | 5,824 | — | 5,824 | |||||||||
Channel partners | — | 5,683 | 5,683 | |||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 |
Three months ended September 30, 2020 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 3,889 | $ | 1,038 | $ | 4,927 | ||||||
Service contracts | 1,400 | 347 | 1,747 | |||||||||
Supply and source usage agreements | — | 444 | 444 | |||||||||
Professional services | — | 9 | 9 | |||||||||
Other | 2 | — | 2 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 3,889 | $ | 1,051 | $ | 4,940 | ||||||
Services transferred over time | 1,402 | 787 | 2,189 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 2,904 | $ | 857 | $ | 3,761 | ||||||
OEM partners | 2,387 | — | 2,387 | |||||||||
Channel partners | — | 981 | 981 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Nine months ended September 30, 2020 | Three months ended September 30, 2020 | |||||||||||||||||||||||
Reportable Segments | Reportable Segments | |||||||||||||||||||||||
Detection | Therapy | Total | Detection | Therapy | Total | |||||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||||||
Products | $ | 9,690 | $ | 2,959 | $ | 12,649 | $ | 3,889 | $ | 1,038 | $ | 4,927 | ||||||||||||
Service contracts | 4,151 | 1,079 | 5,230 | 1,400 | 347 | 1,747 | ||||||||||||||||||
Supply and source usage agreements | — | 1,305 | 1,305 | — | 444 | 444 | ||||||||||||||||||
Professional services | — | 20 | 20 | — | 9 | 9 | ||||||||||||||||||
Other | 43 | — | 43 | 2 | — | 2 | ||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | $ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||||||
Goods transferred at a point in time | $ | 9,731 | $ | 3,039 | $ | 12,770 | $ | 3,889 | $ | 1,051 | $ | 4,940 | ||||||||||||
Services transferred over time | 4,153 | 2,324 | 6,477 | 1,402 | 787 | 2,189 | ||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | $ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||||||||
Sales Channels | ||||||||||||||||||||||||
Direct sales force | $ | 7,785 | $ | 3,131 | $ | 10,916 | $ | 2,904 | $ | 857 | $ | 3,761 | ||||||||||||
OEM partners | 6,099 | — | 6,099 | 2,387 | — | 2,387 | ||||||||||||||||||
Channel partners | — | 2,232 | 2,232 | — | 981 | 981 | ||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | $ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||
Reportable Segments | ||||||||||||||||||||||||
Detection | Therapy | Total | ||||||||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||||||
Products | $ | 9,690 | $ | 2,959 | $ | 12,649 | ||||||||||||||||||
Service contracts | 4,151 | 1,079 | 5,230 | |||||||||||||||||||||
Supply and source usage agreements | — | 1,305 | 1,305 | |||||||||||||||||||||
Professional services | — | 20 | 20 | |||||||||||||||||||||
Other | 43 | — | 43 | |||||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||||||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||||||
Goods transferred at a point in time | $ | 9,731 | $ | 3,039 | $ | 12,770 | ||||||||||||||||||
Services transferred over time | 4,153 | 2,324 | 6,477 | |||||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||||||||||||||
Sales Channels | ||||||||||||||||||||||||
Direct sales force | $ | 7,785 | $ | 3,131 | $ | 10,916 | ||||||||||||||||||
OEM partners | 6,099 | — | 6,099 | |||||||||||||||||||||
Channel partners | — | 2,232 | 2,232 | |||||||||||||||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||||||||||||||
Three months ended September 30, 2019 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 4,749 | $ | 841 | $ | 5,590 | ||||||
Service contracts | 1,336 | 446 | 1,782 | |||||||||
Supply and source usage agreements | — | 465 | 465 | |||||||||
Professional services | — | 18 | 18 | |||||||||
Other | 2 | — | 2 | |||||||||
$ | 6,087 | $ | 1,770 | $ | 7,857 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 4,749 | $ | 892 | $ | 5,641 | ||||||
Services transferred over time | 1,338 | 878 | 2,216 | |||||||||
$ | 6,087 | $ | 1,770 | $ | 7,857 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 3,467 | $ | 1,280 | $ | 4,747 | ||||||
OEM partners | 2,620 | — | 2,620 | |||||||||
Channel partners | — | 490 | 490 | |||||||||
$ | 6,087 | $ | 1,770 | $ | 7,857 | |||||||
Nine months ended September 30, 2019 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 11,347 | $ | 3,410 | $ | 14,757 | ||||||
Service contracts | 4,012 | 1,437 | 5,449 | |||||||||
Supply and source usage agreements | — | 1,528 | 1,528 | |||||||||
Professional services | — | 59 | 59 | |||||||||
Other | 105 | 61 | 166 | |||||||||
$ | 15,464 | $ | 6,495 | $ | 21,959 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 11,347 | $ | 3,668 | $ | 15,015 | ||||||
Services transferred over time | 4,117 | 2,827 | 6,944 | |||||||||
$ | 15,464 | $ | 6,495 | $ | 21,959 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 8,441 | $ | 4,793 | $ | 13,234 | ||||||
OEM partners | 7,023 | — | 7,023 | |||||||||
Channel partners | — | 1,702 | 1,702 | |||||||||
$ | 15,464 | $ | 6,495 | $ | 21,959 | |||||||
Contract balances | ||||
Balance at September 30, 2020 | ||||
Receivables, which are included in “Trade accounts receivable” | $ | 8,376 | ||
Contract assets, which are included in “Prepaid and other current assets” | 7 | |||
Contract liabilities, which are included in “Deferred revenue” | 5,863 |
Contract balances | ||||||||
Balance at | Balance at | |||||||
September 30, 2021 | December 31, 2020 | |||||||
Receivables, which are included in ‘Trade accounts receivable’ | $ | 11,792 | $ | 10,027 | ||||
Current other assets” | 658 | 481 | ||||||
Non-current contract assets, which are included in “otherassets” | 1,602 | 1,434 | ||||||
Contract liabilities, which are included in “Deferred revenue” | 6,450 | 6,384 |
Contract liabilities | September 30, 2020 | December 31, 2019 | ||||||
Short term | $ | 5,644 | $ | 5,248 | ||||
Long term | 219 | 356 | ||||||
Total | $ | 5,863 | $ | 5,604 | ||||
Contract liabilities | September 30, 2021 | December 31, 2020 | ||||||
Short term | $ | 5,930 | $ | 6,117 | ||||
Long term | 520 | 267 | ||||||
Total | $ | 6,450 | $ | 6,384 | ||||
Nine Months Ended September 30, 2021 | ||||||||
Nine Months Ended September 30, | ||||||||
Balance at beginning of period | $ | 5,604 | $ | 6,384 | ||||
Deferral of revenue | 8,092 | 9,761 | ||||||
Recognition of deferred revenue | (7,833 | ) | (9,695 | ) | ||||
Balance at end of period | $ | 5,863 | $ | 6,450 | ||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net loss | $ | (1,797 | ) | $ | (2,956 | ) | $ | (16,007 | ) | $ | (10,203 | ) | $ | (2,176 | ) | $ | (1,797 | ) | $ | (7,099 | ) | $ | (16,007 | ) | ||||||||
Shares used in the calculation of basic and diluted net loss per share | 23,173 | 19,284 | 21,827 | 18,049 | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||||||||||||||
Diluted shares used in the calculation of net loss per share | 23,173 | 19,284 | 21,827 | 18,049 | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||||||||||||||
Net loss per share - basic and dilute d | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.73 | ) | $ | (0.57 | ) | ||||||||||||||||||||
Net loss per share—basic and diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) |
As of September 30, | ||||||||
2020 | 2019 | |||||||
Stock options | 1,971,704 | 1,509,292 | ||||||
Restricted stock | 29,166 | 191,909 | ||||||
Convertible Debentures | — | 1,742,500 | ||||||
Total | 2,000,870 | 3,443,701 | ||||||
As of September 30, | ||||||||
2021 | 2020 | |||||||
Stock options | 2,509,511 | 1,971,704 | ||||||
Restricted stock | 1,750 | 29,166 | ||||||
Total | 2,511,261 | 2,000,870 | ||||||
As of September 30, 2020 | As of December 31, 2019 | |||||||
Raw materials | $ | 1,422 | $ | 1,572 | ||||
Work in process | 324 | 39 | ||||||
Finished Goods | 1,629 | 1,469 | ||||||
Inventory Gross | 3,375 | 3,080 | ||||||
Inventory Reserve | (229 | ) | (469 | ) | ||||
Inventory Net | $ | 3,146 | $ | 2,611 | ||||
September 30, 2021 | December 31, 2020 | |||||||
Raw materials | $ | 1,845 | $ | 1,538 | ||||
Work in process | 104 | 76 | ||||||
Finished Goods | 1,567 | 1,774 | ||||||
Inventory Gross | 3,516 | 3,388 | ||||||
Inventory Reserve | (225 | ) | (244 | ) | ||||
Inventory Net | $ | 3,290 | $ | 3,144 | ||||
Input | December 31, 2019 | February 21, 2020 | ||||||
Company’s stock price | $ | 7.77 | $ | 11.64 | ||||
Conversion price | 4.00 | 4.00 | ||||||
Remaining term (years) | 1.97 | 0.00 | ||||||
Equity volatility | 49.00 | % | N/A | |||||
Risk free rate | 1.57 | % | N/A | |||||
Probability of default event 1 | 0.45 | % | N/A | |||||
Utilization of Forced Conversion (if available) 1 | 100.00 | % | 100.00 | % | ||||
Exercise of Default Redemption (if available) 1 | 100.00 | % | N/A | |||||
Effective discount rate 1 | 18.52 | % | N/A |
Input | December 31, 2019 | February 21, 2020 | ||||||
Company’s stock price | $ | 7.77 | $ | 11.64 | ||||
Conversion price | 4.00 | 4.00 | ||||||
Remaining term (years) | 1.97 | 0.00 | ||||||
Equity volatility | 49.00 | % | N/A | |||||
Risk free rate | 1.57 | % | N/A | |||||
1 Probabilty of default event | 0.45 | % | N/A | |||||
1 Utilization of Forced Conversion (if available) | 100.00 | % | 100.00 | % | ||||
1 Exercise of Default Redemption (if available) | 100.00 | % | N/A | |||||
1 Effective discount rate | 18.52 | % | N/A | |||||
1 Represents a Level 3 unobservable input, as defined in Note 8 - Fair Value Measurements, below. |
1 | Represents a Level 3 unobservable input, as defined in Note 8—Fair Value Measurements, below. |
Convertible Debentures | December 31, 2019 | February 21, 2020 | December 31, 2019 | February 21, 2020 | ||||||||||||
Fair value, in accordance with fair value option | $ | 13,642 | $ | 21,164 | $ | 13,642 | $ | 21,164 | ||||||||
Principal value outstanding | $ | 6,970 | $ | 6,970 | $ | 6,970 | $ | 6,970 | ||||||||
Amount Due | ||||
2020 | $ | 94 | ||
2021 | 1,238 | |||
2022 | 2,875 | |||
2023 | 2,735 | |||
2024 | 1,003 | |||
Total | $ | 7,945 | ||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cash interest expense | $ | 94 | $ | 65 | $ | 232 | $ | 222 | ||||||||
Interest on convertible debentures | 0 | 87 | 49 | 261 | ||||||||||||
Accrual of notes payable final payment | 8 | 34 | 47 | 98 | ||||||||||||
Amortization of debt costs | 13 | 7 | 32 | 21 | ||||||||||||
Interest expense capital lease | 0 | 0 | 0 | 2 | ||||||||||||
Total interest expense | $ | 115 | $ | 193 | $ | 360 | $ | 604 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash interest expense | $ | 0 | $ | 94 | $ | 141 | $ | 232 | ||||||||
Interest on convertible debentures | — | — | — | 49 | ||||||||||||
Accrual of notes payable final payment | — | 8 | — | 47 | ||||||||||||
Amortization of debt costs | — | 13 | — | 32 | ||||||||||||
Total interest expense | $ | 0 | $ | 115 | $ | 141 | $ | 360 | ||||||||
Lease Cost | Classification | Three Months Ended September 30, 2020 | Year Ended December 31, 2019 | |||||||
Operating lease cost | Operating expenses | $ | 217 | $ | 804 | |||||
Finance lease costs | ||||||||||
Amortization of leased assets | Amortization and depreciation | 4 | 15 | |||||||
Interest on lease liabilities | Interest expense | 0 | 2 | |||||||
Total | $ | 221 | $ | 821 | ||||||
Lease Cost | Classification | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||
Operating lease cost—Right of Use Asset | Operating expenses | $ | 214 | $ | 649 | |||||
Operating lease cost—Variable | Operating expenses | 63 | $ | 127 | ||||||
Total | $ | 277 | $ | 776 | ||||||
Three Months Ended September 30, 2020 | ||||
Cash paid from operating cash flows for operating leases | $ | 229 | ||
Cash paid from operating cash flows for finance leases | 0 | |||
Cash paid from financing cash flows for finance leases | 4 | |||
As of September 30, 2020 | ||||
Weighted-average remaining lease term of operating leases (in years) | 2.45 | |||
Weighted-average remaining lease term of finance leases (in years) | — | |||
Weighted-average discount rate for operating leases | 5.6 | % | ||
Weighted-average discount rate for finance leases | 0 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||
Cash paid from operating cash flows for operating leases | $ | 230 | $ | 581 |
As of September 30, 2021 | ||||
Weighted-average remaining lease term of operating leases (in years) | 1.47 | |||
Weighted-average discount rate for operating leases | 5.5 | % |
As of September 30, 2020: | Operating Leases | Finance Leases | Total | |||||||||
2020 | $ | 228 | — | 228 | ||||||||
2021 | 920 | — | 920 | |||||||||
2022 | 899 | — | 899 | |||||||||
2023 | 211 | — | 211 | |||||||||
2024 | 5 | — | 5 | |||||||||
Total lease payments | 2,263 | — | 2,263 | |||||||||
Less: imputed interest | (154 | ) | — | (154 | ) | |||||||
Total lease liabilities | 2,109 | — | 2,109 | |||||||||
Less: current portion of lease liabilities | (822 | ) | — | (822 | ) | |||||||
Long-term lease liabilities | $ | 1,287 | $ | — | $ | 1,287 | ||||||
As of September 30, 2021: | Operating Leases | |||
2021 | 229 | |||
2022 | 899 | |||
2023 | 211 | |||
2024 | 5 | |||
Total lease payments | 1,344 | |||
Less: imputed interest | (57 | ) | ||
Total lease liabilities | 1,287 | |||
Less: current portion of lease liabilities | (856 | ) | ||
Long-term lease liabilities | $ | 431 |
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
19 | 19 | |||||||
Average risk-free interest rate | 0.15% | 1.60% | 0.79% | 1.99% | ||||
Expected dividend yield | NaN | NaN | NaN | NaN | ||||
Expected life | 3.5 years | 3.5 years | 3.5 years | 3.5 years | ||||
Expected volatility | 66.0% to 66.0% | 51.04% to 51.37% | 50.2 to 65.7% | 51.04% to 54.23% | ||||
Weighted average exercise price | $8.84 | $6.78 | $10.08 | $5.69 | ||||
Weighted average fair value | $4.11 | $2.63 | $4.34 | $2.26 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
19 | ||||||||||||||||
Cost of revenue | $ | 3 | $ | 1 | $ | 28 | $ | 2 | ||||||||
Engineering and product development | 64 | 62 | 406 | 182 | ||||||||||||
Marketing and sales | 61 | 62 | 608 | 178 | ||||||||||||
General and administrative | 337 | 215 | 1,500 | 494 | ||||||||||||
$ | 465 | $ | 340 | $ | 2,542 | $ | 856 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Average risk-free interest rate | 0.41 | % | 0.15 | % | 0.28 | % | 0.79 | % | ||||
Expected dividend yield | NaN | NaN | NaN | NaN | ||||||||
Expected life | 3.5 years | 3.5 years | 3.5 years | 3.5 years | ||||||||
Expected volatility | 65.57% to 67.42 | % | 66.0% to 66.0 | % | 65.57% to 67.42 | % | 50.2 to 65.7 | % | ||||
Weighted average exercise price | $15.04 | $8.84 | $16.61 | $10.08 | ||||||||
Weighted average fair value | $6.18 | $4.11 | $7.34 | $4.34 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cost of revenue | $ | 3 | $ | 3 | $ | 20 | $ | 28 | ||||||||
Engineering and product development | 73 | 64 | 281 | 406 | ||||||||||||
Marketing and sales | 149 | 61 | 629 | 608 | ||||||||||||
General and administrative | 431 | 337 | 1,172 | 1,500 | ||||||||||||
$ | 656 | $ | 465 | $ | 2,102 | $ | 2,542 | |||||||||
Remaining expense | $ | 1,060 | $ | 4,972 | ||||
Weighted average term | 1.0 | 1.3 |
As of | As of September 30, | |||||||||||||||
September 30, | ||||||||||||||||
Aggregate intrinsic value | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Stock options | $ | 6,679 | $ | 4,154 | $ | 8,765 | $ | 6,679 | ||||||||
Restricted stock | 257 | 1,315 | 19 | 257 |
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 27,186 | — | — | $ | 27,186 | ||||||||||
Total Assets | $ | 27,186 | — | — | $ | 27,186 | ||||||||||
Fair Value Measurements (in thousands) as of September 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 35,805 | — | — | $ | 35,805 | ||||||||||
Total Assets | $ | 35,805 | — | — | $ | 35,805 | ||||||||||
Fair Value Measurements (in thousands) as of December 31, 2019 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 15,313 | $ | $ | — | $ | 15,313 | |||||||||
Total Assets | $ | 15,313 | $ | — | $ | — | $ | 15,313 | ||||||||
Liabilities | ||||||||||||||||
Convertible debentures | $ | — | $ | — | $ | 13,642 | $ | 13,642 | ||||||||
Total Liabilities | $ | — | $ | — | $ | 13,642 | $ | 13,642 | ||||||||
Fair Value Measurements as of September 30, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 22,633 | $ | $ | $ | 22,633 | ||||||||||
Total Assets | $ | 22,633 | $ | — | $ | — | $ | 22,633 | ||||||||
Convertible Debentures | ||||
Balance, December 31, 2019 | $ | 13,642 | ||
Fair value adjustments | 7,522 | |||
Conversion | (21,164 | ) | ||
Balance as of September 30, 2020 | $ | — | ||
Consolidated reporting unit | Detection | Therapy | Total | |||||||||||||
Accumulated Goodwill | $ | 47,937 | $ | — | $ | — | $ | 47,937 | ||||||||
Accumulated impairment | (26,828 | ) | — | — | (26,828 | ) | ||||||||||
Fair value allocation | (21,109 | ) | 7,663 | 13,446 | — | |||||||||||
Acquisition of DermEbx and Radion | — | — | 6,154 | 6,154 | ||||||||||||
Acquisition measurement period adjustments | — | — | 116 | 116 | ||||||||||||
Acquisition of VuComp | — | 1,093 | — | 1,093 | ||||||||||||
Sale of MRI assets | — | (394 | ) | (394 | ) | |||||||||||
Impairment | — | — | (19,716 | ) | (19,716 | ) | ||||||||||
Balance at December 31, 2020 and September 30, 2021 | — | 8,362 | — | 8,362 |
Consolidated reporting unit | Detection | Therapy | Total | |||||||||||||
Accumulated Goodwill | $ | 47,937 | $ | — | $ | — | $ | 47,937 | ||||||||
Accumulated impairment | (26,828 | ) | — | — | (26,828 | ) | ||||||||||
Fair value allocation | (21,109 | ) | 7,663 | 13,446 | — | |||||||||||
Acquisition of DermEbx and Radion | — | — | 6,154 | 6,154 | ||||||||||||
Acquisition measurement period adjustments | — | — | 116 | 116 | ||||||||||||
Acquisition of VuComp | — | 1,093 | — | 1,093 | ||||||||||||
Sale of MRI assets | — | (394 | ) | (394 | ) | |||||||||||
Impairment | — | — | (19,716 | ) | (19,716 | ) | ||||||||||
Prior to December 31, 2019 | — | 8,362 | — | 8,362 | ||||||||||||
Balance at September 30, 2020 | $ | — | $ | 8,362 | $ | — | $ | 8,362 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Segment revenues: | ||||||||||||||||
Detection | $ | 6,008 | $ | 5,291 | $ | 16,515 | $ | 13,885 | ||||||||
Therapy | 3,353 | 1,838 | 9,315 | 5,362 | ||||||||||||
Total Revenue | $ | 9,361 | $ | 7,129 | $ | 25,830 | $ | 19,247 | ||||||||
Segment gross profit: | ||||||||||||||||
Detection | $ | 5,058 | $ | 4,227 | $ | 13,788 | $ | 11,227 | ||||||||
Therapy | 1,654 | 798 | 4,751 | 2,665 | ||||||||||||
Segment gross profit | $ | 6,712 | $ | 5,025 | $ | 18,539 | $ | 13,892 | ||||||||
Segment operating income (loss): | ||||||||||||||||
Detection | $ | 671 | $ | 866 | $ | 1,664 | $ | 721 | ||||||||
Therapy | (173 | ) | (711 | ) | (735 | ) | (2,149 | ) | ||||||||
Segment operating income (loss) | $ | 498 | $ | 155 | $ | 929 | $ | (1,428 | ) | |||||||
General, administrative, depreciation and amortization expense | $ | (2,679 | ) | $ | (1,844 | ) | $ | (7,513 | ) | $ | (6,465 | ) | ||||
Interest expense | — | (115 | ) | (141 | ) | (360 | ) | |||||||||
Other income | 5 | 10 | 12 | 85 | ||||||||||||
Loss on extinguishment of debt | — | — | (386 | ) | (341 | ) | ||||||||||
Fair value of convertible debentures | — | — | — | (7,464 | ) | |||||||||||
Loss before income tax | $ | (2,176 | ) | $ | (1,794 | ) | $ | (7,099 | ) | $ | (15,973 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Segment revenues: | ||||||||||||||||
Detection | $ | 5,291 | $ | 6,087 | $ | 13,885 | $ | 15,464 | ||||||||
Therapy | 1,838 | 1,770 | 5,362 | 6,495 | ||||||||||||
Total Revenue | $ | 7,129 | $ | 7,857 | $ | 19,247 | $ | 21,959 | ||||||||
Segment gross profit: | ||||||||||||||||
Detection | $ | 4,227 | $ | 5,051 | $ | 11,227 | $ | 12,874 | ||||||||
Therapy | 798 | 1,003 | 2,665 | $ | 4,188 | |||||||||||
Segment gross profit | $ | 5,025 | $ | 6,054 | $ | 13,892 | $ | 17,062 | ||||||||
Segment operating income (loss): | ||||||||||||||||
Detection | $ | 866 | $ | 943 | $ | 721 | $ | 1,918 | ||||||||
Therapy | (711 | ) | (1,022 | ) | (2,149 | ) | $ | (1,065 | ) | |||||||
Segment operating income (loss) | $ | 155 | $ | (79 | ) | $ | (1,428 | ) | $ | 853 | ||||||
General, administrative, depreciation and amortization expense | $ | (1,844 | ) | $ | (1,881 | ) | $ | (6,465 | ) | $ | (5,305 | ) | ||||
Interest expense | (115 | ) | (193 | ) | (360 | ) | (604 | ) | ||||||||
Other income | 10 | 103 | 85 | 226 | ||||||||||||
Loss on extinguishment of debt | — | — | (341 | ) | — | |||||||||||
Fair value of convertible debentures | — | (900 | ) | (7,464 | ) | (5,340 | ) | |||||||||
Loss before income tax | $ | (1,794 | ) | $ | (2,950 | ) | $ | (15,973 | ) | $ | (10,170 | ) | ||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Detection revenue | ||||||||||||||||
Product revenue | $ | 4,454 | $ | 3,889 | $ | 565 | 14.5 | % | ||||||||
Service and supplies revenue | 1,554 | 1,402 | 152 | 10.8 | % | |||||||||||
Subtotal | 6,008 | 5,291 | 717 | 13.6 | % | |||||||||||
Therapy revenue | ||||||||||||||||
Product revenue | 1,866 | 649 | 1,217 | 187.5 | % | |||||||||||
Service and supplies revenue | 1,487 | 1,189 | 298 | 25.1 | % | |||||||||||
Subtotal | 3,353 | 1,838 | 1,515 | 82.4 | % | |||||||||||
Total revenue | $ | 9,361 | $ | 7,129 | $ | 2,232 | 31.3 | % | ||||||||
Three months ended September 30, | ||||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||||
Detection revenue | ||||||||||||||||
Product revenue | $ | 3,889 | $ | 4,749 | $ | (860 | ) | (18.1 | )% | |||||||
Service revenue | 1,402 | 1,338 | 64 | 4.8 | % | |||||||||||
Subtotal | 5,291 | 6,087 | (796 | ) | (13.1 | )% | ||||||||||
Therapy revenue | ||||||||||||||||
Product revenue | 649 | 407 | 242 | 59.5 | % | |||||||||||
Service revenue | 1,189 | 1,363 | (174 | ) | (12.8 | )% | ||||||||||
Subtotal | 1,838 | 1,770 | 68 | 3.8 | % | |||||||||||
Total revenue | $ | 7,129 | $ | 7,857 | $ | (728 | ) | (9.3 | )% | |||||||
Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||||
Detection revenue | ||||||||||||||||
Product revenue | $ | 9,691 | $ | 11,347 | $ | (1,656 | ) | (14.6 | )% | |||||||
Service revenue | 4,194 | 4,117 | 77 | 1.9 | % | |||||||||||
Subtotal | 13,885 | 15,464 | (1,579 | ) | (10.2 | )% | ||||||||||
Therapy revenue | ||||||||||||||||
Product revenue | 1,529 | 1,984 | (455 | ) | (22.9 | )% | ||||||||||
Service revenue | 3,833 | 4,511 | (678 | ) | (15.0 | )% | ||||||||||
Subtotal | 5,362 | 6,495 | (1,133 | ) | (17.4 | )% | ||||||||||
Total revenue | $ | 19,247 | $ | 21,959 | $ | (2,712 | ) | (12.4 | )% | |||||||
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Detection revenue | ||||||||||||||||
Product revenue | $ | 11,779 | $ | 9,691 | $ | 2,088 | 21.5 | % | ||||||||
Service revenue | $ | 4,736 | 4,194 | 542 | 12.9 | % | ||||||||||
Subtotal | 16,515 | 13,885 | 2,630 | 18.9 | % | |||||||||||
Therapy revenue | ||||||||||||||||
Product revenue | $ | 4,650 | 1,529 | 3,121 | 204.1 | % | ||||||||||
Service revenue | $ | 4,665 | 3,833 | 832 | 21.7 | % | ||||||||||
Subtotal | 9,315 | 5,362 | 3,953 | 73.7 | % | |||||||||||
Total revenue | $ | 25,830 | $ | 19,247 | $ | 6,583 | 34.2 | % | ||||||||
Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2021 | 2020 | Change | % Change | |||||||||||||||||||||||||
Products | $ | 1,345 | $ | 809 | $ | 536 | 66.3 | % | $ | 1,807 | $ | 1,345 | $ | 462 | 34.3 | % | ||||||||||||||||
Service and supplies | 667 | 891 | (224 | ) | (25.1 | )% | 763 | 667 | 96 | 14.4 | % | |||||||||||||||||||||
Amortization and depreciation | 92 | 103 | (11 | ) | (10.7 | )% | 79 | 92 | (13 | ) | (14.1 | )% | ||||||||||||||||||||
Total cost of revenue | $ | 2,104 | $ | 1,803 | $ | 301 | 16.7 | % | $ | 2,649 | $ | 2,104 | $ | 545 | �� | 25.9 | % | |||||||||||||||
Gross profit | $ | 5,025 | $ | 6,054 | $ | (1,029 | ) | (17.0 | )% | $ | 6,712 | $ | 5,025 | $ | 1,687 | 33.6 | % |
Three months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Detection gross profit | $ | 5,058 | $ | 4,227 | $ | 831 | 19.7 | % | ||||||||
Therapy gross profit | 1,654 | 798 | 856 | 107.3 | % | |||||||||||
Gross profit | 6,712 | 5,025 | 1,687 | 33.6 | % | |||||||||||
Three months ended September 30, | ||||||||||||||||
2020 | 2019 | Change | % Change | |||||||||||||
Detection gross profit | $ | 4,227 | $ | 5,051 | $ | (824 | ) | (16.3 | %) | |||||||
Therapy gross profit | 798 | 1,003 | (205 | ) | (20.4 | %) | ||||||||||
Gross profit | $ | 5,025 | $ | 6,054 | $ | (1,029 | ) | (17.0 | %) | |||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2021 | 2020 | Change | % Change | |||||||||||||||||||||||||
Products | $ | 2,899 | $ | 2,134 | $ | 765 | 35.8 | % | $ | 4,592 | $ | 2,899 | $ | 1,693 | 58.4 | % | ||||||||||||||||
Service and supplies | 2,169 | 2,466 | (297 | ) | (12.0 | )% | 2,462 | 2,169 | 293 | 13.5 | % | |||||||||||||||||||||
Amortization and depreciation | 287 | 297 | (10 | ) | (3.4 | )% | 237 | 287 | (50 | ) | (17.4 | )% | ||||||||||||||||||||
Total cost of revenue | $ | 5,355 | $ | 4,897 | $ | 458 | 9.4 | % | $ | 7,291 | $ | 5,355 | $ | 1,936 | 36.2 | % | ||||||||||||||||
Gross profit | $ | 13,892 | $ | 17,062 | $ | (3,170 | ) | (18.6 | )% | $ | 18,539 | $ | 13,892 | $ | 4,647 | 33.5 | % |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | % Change | 2021 | 2020 | Change | % Change | |||||||||||||||||||||||||
Detection gross profit | $ | 11,227 | $ | 12,874 | $ | (1,647 | ) | (12.8 | %) | $ | 13,788 | $ | 11,227 | $ | 2,561 | 22.8 | % | |||||||||||||||
Therapy gross profit | 2,665 | 4,188 | (1,523 | ) | (36.4 | %) | 4,751 | 2,665 | 2,086 | 78.3 | % | |||||||||||||||||||||
Gross profit | $ | 13,892 | $ | 17,062 | $ | (3,170 | ) | (18.6 | %) | 18,539 | 13,892 | 4,647 | 33.5 | % | ||||||||||||||||||
Three months ended September 30, | ||||||||||||||||||||||||||||||||
Three months ended September 30, | 2021 | 2020 | Change | Change % | ||||||||||||||||||||||||||||
Operating expenses: | 2020 | 2019 | Change | Change % | ||||||||||||||||||||||||||||
Engineering and product development | $ | 1,849 | $ | 2,485 | $ | (636 | ) | (25.6 | )% | $ | 2,285 | $ | 1,849 | $ | 436 | 23.6 | % | |||||||||||||||
Marketing and sales | 2,979 | 3,588 | (609 | ) | (17.0 | )% | 3,886 | 2,979 | 907 | 30.4 | % | |||||||||||||||||||||
General and administrative | 1,834 | 1,872 | (38 | ) | (2.0 | )% | 2,658 | 1,834 | 824 | 44.9 | % | |||||||||||||||||||||
Amortization and depreciation | 52 | 69 | (17 | ) | (24.6 | )% | 64 | 52 | 12 | 23.1 | % | |||||||||||||||||||||
Total operating expenses | $ | 6,714 | $ | 8,014 | $ | (1,300 | ) | (16.2 | )% | $ | 8,893 | $ | 6,714 | $ | 2,179 | 32.5 | % | |||||||||||||||
Three months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Interest expense | $ | — | $ | (115 | ) | $ | 115 | (100.0 | )% | |||||||
Other income | 5 | 10 | (5 | ) | (50.0 | )% | ||||||||||
$ | 5 | $ | (105 | ) | $ | 110 | (104.8 | )% | ||||||||
Tax benefit (expense) | $ | — | $ | (3 | ) | $ | 3 | (100.0 | )% |
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Operating expenses: | ||||||||||||||||
Engineering and product development | $ | 6,745 | $ | 5,938 | $ | 807 | 13.6 | % | ||||||||
Marketing and sales | 10,739 | 9,218 | 1,521 | 16.5 | % | |||||||||||
General and administrative | 7,461 | 6,476 | 985 | 15.2 | % | |||||||||||
Amortization and depreciation | 178 | 153 | 25 | 16.3 | % | |||||||||||
Total operating expenses | $ | 25,123 | $ | 21,785 | $ | 3,338 | 15.3 | % | ||||||||
Nine months ended September 30, | ||||||||||||||||
Operating expenses: | 2020 | 2019 | Change | Change % | ||||||||||||
Engineering and product development | $ | 5,938 | $ | 6,751 | $ | (813 | ) | (12.0 | )% | |||||||
Marketing and sales | 9,218 | 9,281 | (63 | ) | (0.7 | )% | ||||||||||
General and administrative | 6,476 | 5,276 | 1,200 | 22.7 | % | |||||||||||
Amortization and depreciation | 153 | 206 | (53 | ) | (25.7 | )% | ||||||||||
Total operating expenses | $ | 21,785 | $ | 21,514 | $ | 271 | 1.3 | % | ||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | Change | Change % | 2021 | 2020 | Change | Change % | |||||||||||||||||||||||||
Interest expense | $ | (115 | ) | $ | (193 | ) | $ | 78 | (40.4 | )% | $ | (141 | ) | $ | (360 | ) | $ | 219 | (60.8 | )% | ||||||||||||
Other income | 10 | 103 | (93 | ) | (90.3 | )% | 12 | 85 | (73 | ) | (85.9 | )% | ||||||||||||||||||||
Loss on extinguishment of debt | (386 | ) | (341 | ) | (45 | ) | 13.2 | % | ||||||||||||||||||||||||
Loss on fair value of debentures | — | (900 | ) | 900 | (100.0 | )% | — | (7,464 | ) | 7,464 | (100.0 | )% | ||||||||||||||||||||
$ | (105 | ) | $ | (990 | ) | $ | 885 | (89.4 | )% | $ | (515) | $ | (8,080 | ) | $ | 7,565 | (93.6 | )% | ||||||||||||||
Tax benefit (expense) | $ | (3 | ) | $ | (6 | ) | $ | 3 | (50.0 | )% | $ | — | $ | (34 | ) | $ | 34 | (100.0 | )% |
Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | Change | Change % | |||||||||||||
Interest expense | $ | (360 | ) | $ | (604 | ) | $ | 244 | (40.4 | )% | ||||||
Other income | 85 | 226 | (141 | ) | (62.4 | )% | ||||||||||
Loss on extinguishment of debt | (341 | ) | — | (341 | ) | 0.0 | % | |||||||||
Loss on fair value of debentures | (7,464 | ) | (5,340 | ) | (2,124 | ) | 39.8 | % | ||||||||
$ | (8,080 | ) | $ | (5,718 | ) | $ | (2,362 | ) | 41.3 | % | ||||||
Tax benefit (expense) | $ | (34 | ) | $ | (33 | ) | $ | (1 | ) | 3.0 | % |
For the nine-months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net cash used for operating activities | $ | (6,083 | ) | $ | (4,772 | ) | $ | (7,861 | ) | $ | (6,083 | ) | ||||
Net cash used for investing activities | (286 | ) | (219 | ) | (450 | ) | (286 | ) | ||||||||
Net cash provided by financing activities | 13,689 | 10,233 | 16,930 | 13,689 | ||||||||||||
Increase in cash and equivalents | $ | 7,320 | $ | 5,242 | $ | 8,619 | $ | 7,320 | ||||||||
Contractual Obligations | Payments due by period | |||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | 5+ years | ||||||||||||||||
Operating Lease Obligations | $ | 2,262 | $ | 918 | $ | 1,337 | $ | 7 | $ | — | ||||||||||
Capital Lease Obligations | 1 | 1 | — | — | — | |||||||||||||||
Settlement Obligations | 463 | 463 | — | — | — | |||||||||||||||
Notes Payable - principal and interest | 7,946 | 590 | 5,682 | 1,674 | — | |||||||||||||||
Other Commitments | 4,179 | 4,179 | — | — | ||||||||||||||||
Total Contractual Obligations | $ | 14,851 | $ | 6,151 | $ | 7,019 | $ | 1,681 | $ | — | ||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item |
Risk Factors: |
Item 6. | Exhibits |
* | Filed herewith |
** | Furnished herewith |
iCAD, Inc. | ||
(Registrant) |
Date: November | ||||||
By: | /s/ Michael Klein | |||||
Name: | Michael Klein | |||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Date: November | ||||||
By: | /s/ Charles R. | |||||
Name: | Charles R. Carter | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |