| Delaware | | | 3845 | | | 26-1367393 | |
| (State or other jurisdiction of | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Number)Identification | |
Yvan-Claude Pierre, Esq. Marianne C. Sarrazin, Esq. Reed Smith LLP 599 Lexington Avenue New York, NY 10022 |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | | Smaller reporting company ☒ | |
| | ||||||||||||||||
Title of each class of securities to be registered | | | | Proposed maximum aggregate offering price(1) | | | | Amount of registration fee | | ||||||||
Common stock, par value $0.001 per share(2) | | | | | $ | 10,000,000 | | | | | | $ | 1,162 | | | ||
Placement agent’s warrants(3) | | | | | | | | | | | | | | | | ||
Shares of common stock underlying placement agent’s warrants(2)(4) | | | | | $ | 875,000 | | | | | | $ | 102 | | | ||
Total | | | | | $ | 10,875,000 | | | | | | $ | 1,264 | | | ||
|
| | | Per | share | | | Total | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Public offering price | | | | $ | | | | | $ | | | |||||||||||||||
| | | $ | | | | | $ | | | ||||||||||||||||
Proceeds to Semler Scientific, Inc., before expenses | | | | $ | | | | | $ | | |
| | | | | 1 | | | |
| | | | | 10 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 33 | | | |
| | | | | 41 | | | |
| | | | | 54 | | | |
| | | | | 62 | | | |
| | | | | 65 | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 73 | | | |
| | | | | 75 | | | |
| | | | | 75 | | | |
| | | | | 75 | | | |
| | | | | F-1 | | |
| | | For the year ended December 31, | | | For the three months ended March 31, | | ||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2015 | | | 2014 | | ||||||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||||||||||||
Revenue | | | | $ | 3,635 | | | | | $ | 2,274 | | | | | $ | 1,202 | | | | | $ | 837 | | | ||||
Operating expenses: | | | | | | ||||||||||||||||||||||||
Cost of revenue | | | | | 692 | | | | | | 469 | | | | | | 220 | | | | | | 155 | | | ||||
Engineering and product development | | | | | 1,113 | | | | | | 356 | | | | | | 309 | | | | | | 229 | | | ||||
Sales and marketing | | | | | 3,723 | | | | | | 2,256 | | | | | | 1,228 | | | | | | 746 | | | ||||
General and administrative | | | | | 2,448 | | | | | | 1,317 | | | | | | 793 | | | | | | 497 | | | ||||
Total operating expenses | | | | | 7,976 | | | | | | 4,398 | | | | | | 2,550 | | | | | | 1,627 | | | ||||
Loss from operations | | | | | (4,341) | | | | | | (2,124) | | | | | | (1,348) | | | | | | (790) | | | ||||
Other income (expense): | | | | | | ||||||||||||||||||||||||
Interest expense | | | | | (175) | | | | | | (108) | | | | | | (24) | | | | | | (26) | | | ||||
Other income (expense) | | | | | 1 | | | | | | (1) | | | | | | — | | | | | | (1) | | | ||||
Other expense | | | | | (174) | | | | | | (109) | | | | | | (24) | | | | | | (27) | | | ||||
Net loss | | | | $ | (4,515) | | | | | $ | (2,233) | | | | | $ | (1,372) | | | | | $ | (817) | | | ||||
Net loss per share, basic and diluted | | | | $ | (1.10) | | | | | $ | (2.84) | | | | | $ | (0.29) | | | | | $ | (0.36) | | | ||||
Weighted average number of shares used in computing basic and diluted loss per share | | | | | 4,105,754 | | | | | | 786,750 | | | | | | 4,763,573 | | | | | | 2,240,703 | | | ||||
|
Year Ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Revenue | $ | 2,274,000 | $ | 1,199,000 | ||||||||
Operating expenses: | ||||||||||||
Cost of revenue | 469,000 | 364,000 | ||||||||||
Engineering and product development | 356,000 | 277,000 | ||||||||||
Sales and marketing | 2,256,000 | 1,718,000 | ||||||||||
General and administrative | 1,317,000 | 1,255,000 | ||||||||||
Total | 4,398,000 | 3,614,000 | ||||||||||
Loss from operations | (2,124,000 | ) | (2,415,000 | ) | ||||||||
Other Income (expenses) | ||||||||||||
Interest expense | (108,000 | ) | (120,000 | ) | ||||||||
Other expense | (1,000 | ) | (203,000 | ) | ||||||||
Loss before income tax expense | (2,233,000 | ) | (2,738,000 | ) | ||||||||
Income tax expense | — | 3,000 | ||||||||||
Net loss | $ | (2,233,000 | ) | $ | (2,741,000 | ) | ||||||
Deemed dividend | $ | — | $ | (85,000 | ) | |||||||
Net loss attributable to common stockholders | $ | (2,233,000 | ) | $ | (2,826,000 | ) | ||||||
Net loss per share, basic and diluted | $ | (2.84 | ) | $ | (2.54 | ) | ||||||
Weighted average share outstanding | 786,750 | 1,113,622 | ||||||||||
Weighted average number of shares excluded in basic and diluted net loss per share: | ||||||||||||
Convertible preferred stock | 1,614,531 | 542,678 | ||||||||||
Preferred stock warrants | 1,361,218 | 471,161 | ||||||||||
Common stock warrants | — | 170,152 | ||||||||||
Options | 337,500 | 267,758 | ||||||||||
Total | 3,313,249 | 1,451,749 |
| | | As of March 31, 2015 | | |||||||||
| | | Actual | | | As adjusted(1)(2) | | ||||||
| | | (unaudited) | | |||||||||
Cash and cash equivalents | | | | $ | 5,161 | | | | | $ | | | |
Total assets | | | | $ | 6,403 | | | | | $ | | | |
Total liabilities | | | | | 2,595 | | | | |||||
Total stockholders’ equity | | | | $ | 6,403 | | | | | $ | | | |
As of December 31, 2013 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Actual | Pro Forma(1)(3) | Pro Forma, As Adjusted(2)(3) | |||||||||||||||
Balance Sheet Data: | |||||||||||||||||
Cash and cash equivalents | $ | 734,000 | $ | 734,000 | $ | 8,982,222 | |||||||||||
Total assets | 1,724,000 | 1,724,000 | 9,972,222 | ||||||||||||||
Total liabilities | 2,019,000 | 2,019,000 | 2,019,000 | ||||||||||||||
Total stockholders’ equity (deficit) | (295,000 | ) | (295,000 | ) | 7,953,222 |
| | | High | | | Low | | ||||||
2014 | | | | ||||||||||
First Quarter (since February 21, 2014) | | | | $ | 7.00 | | | | | $ | 4.89 | | |
Second Quarter | | | | | 5.48 | | | | | | 3.90 | | |
Third Quarter | | | | | 4.16 | | | | | | 2.94 | | |
Fourth Quarter | | | | | 2.96 | | | | | | 1.96 | | |
2015 | | | | ||||||||||
First Quarter | | | | $ | 6.00 | | | | | $ | 1.96 | | |
Second Quarter (through May 7, 2015) | | | | $ | 3.90 | | | | | $ | 3.17 | | |
| | | As of March 31, 2015 | | |||||||||||
| | | Actual | | | As adjusted(1) | | ||||||||
| | | (in thousands) (unaudited) | | |||||||||||
Stockholders’ equity: | | | | ||||||||||||
Common stock, $0.001 par value: 4,858,517 shares issued and outstanding at March 31, 2015 and shares issued and outstanding, as adjusted | | | | | 4,858,517 | | | | |||||||
Additional paid-in capital | | | | | 17,829,000 | | | | |||||||
Accumulated deficit | | | | | (15,239) | | | | | | | | | ||
Total stockholders’ equity | | | | | 2,595 | | | | | | | | | ||
Total capitalization | | | | $ | | | | | $ | | | ||||
|
Assumed initial public offering price per share | $ | 8.50 | ||||||||||
Historical net tangible book value per share at December 31, 2013 | $ | (0.37 | ) | |||||||||
Increase attributable to the conversion of outstanding convertible preferred stock and cashless exercise of warrants to acquire shares of convertible preferred stock | $ | 0.28 | ||||||||||
Pro forma net tangible book value per share at December 31, 2013 | $ | (0.09 | ) | |||||||||
Increase in net tangible book value per share attributable to new investors | $ | 1.82 | ||||||||||
Pro forma as adjusted net tangible book value per share after this offering | $ | 1.73 | ||||||||||
Dilution per share to new investors | $ | 6.77 |
| Assumed public offering price per share | | | | | | | | | | $ | | | |||
| Historical net tangible book value per share as of March 31, 2015 | | | | $ | | | | | | | | | | ||
| Increase in as-adjusted net tangible book value per share attributable to new investors | | | | $ | | | | ||||||||
| As adjusted net tangible book value per share after this offering | | | | | | | | | | $ | | | |||
| Dilution per share to investors participating in this offering | | | | | | | | | | $ | | | | ||
|
Shares Purchased | Total Consideration | Average Price Per Share | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number | Percentage | Amount | Percentage | ||||||||||||||||||||||||
Existing stockholders | 3,422,147 | 74 | % | $ | 8,982,721 | 47 | % | $ | 2.62 | ||||||||||||||||||
New investors | 1,180,000 | 26 | % | $ | 10,030,000 | 53 | % | $ | 8.50 | ||||||||||||||||||
Total | 4,602,147 | 100 | % | $ | 19,012,721 | 100 | % | $ | 4.13 |
As of December 31, 2013 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Actual | Pro Forma | Pro Forma As Adjusted | |||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Convertible Preferred Stock, $0.001 par value per share: | |||||||||||||||||
Series A Preferred Stock | $ | 6,020,000 | $ | 0 | $ | 0 | |||||||||||
Series A-1 Preferred Stock | 482,000 | 0 | 0 | ||||||||||||||
Series A-2 Preferred Stock | 208,000 | 0 | 0 | ||||||||||||||
Common Stock, $0.001 par value | 1,000 | 3,000 | 5,000 | ||||||||||||||
Additional paid-in capital | 2,346,000 | 9,054,000 | 17,300,222 | ||||||||||||||
Accumulated deficit | (9,352,000 | ) | (9,352,000 | ) | (9,352,000 | ) | |||||||||||
Total stockholders’ equity (deficit) | $ | (295,000 | ) | $ | (295,000 | ) | $ | 7,953,222 |
| | | Three months ended March 31, | | |||||||||||
| | | 2015 | | | 2014 | | ||||||||
| | | (unaudited) | | |||||||||||
Revenue | | | | $ | 1,202 | | | | | $ | 837 | | | ||
Operating expenses: | | | | ||||||||||||
Cost of revenue | | | | | 220 | | | | | | 155 | | | ||
Engineering and product development | | | | | 309 | | | | | | 229 | | | ||
Sales and marketing | | | | | 1,228 | | | | | | 746 | | | ||
General and administrative | | | | | 793 | | | | | | 497 | | | ||
Total operating expenses | | | | | 2,550 | | | | | | 1,627 | | | ||
Loss from operations | | | | | (1,348) | | | | | | (790) | | | ||
Other expense: | | | | ||||||||||||
Interest expense | | | | | (24) | | | | | | (26) | | | ||
Other income | | | | | — | | | | | | (1) | | | ||
Other expense | | | | | (24) | | | | | | (27) | | | ||
Net loss | | | | $ | (1,372) | | | | | $ | (817) | | | ||
|
| | | For the year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Revenue | | | | $ | 3,635 | | | | | $ | 2,274 | | | ||
Operating expenses: | | | | ||||||||||||
Cost of revenue | | | | | 692 | | | | | | 469 | | | ||
Engineering and product development | | | | | 1,113 | | | | | | 356 | | | ||
Sales and marketing | | | | | 3,723 | | | | | | 2,256 | | | ||
General and administrative | | | | | 2,448 | | | | | | 1,317 | | | ||
Total operating expenses | | | | | 7,976 | | | | | | 4,398 | | | ||
Loss from operations | | | | | (4,341) | | | | | | (2,124) | | | ||
Other income (expense): | | | | ||||||||||||
Interest expense | | | | | (175) | | | | | | (108) | | | ||
Other income (expense) | | | | | 1 | | | | | | (1) | | | ||
Other expense | | | | | (174) | | | | | | (109) | | | ||
Net loss | | | | $ | (4,515) | | | | | $ | (2,233) | | | ||
|
Name | | | Age | | | Position | | | Director Since | | | Term Expires | |
Herbert J. Semler, M.D. | | | 86 | | | Chairman of the Board | | | November 2007 | | | 2015 | |
Douglas Murphy-Chutorian, M.D. | | | 60 | | | Chief Executive Officer and Director | | | September 2012 | | | 2015 | |
Robert G. McRae | | | 46 | | | Chief Operating Officer | | | N/A | | | N/A | |
James M. Walker | | | 66 | | | Chief Financial Officer | | | N/A | | | N/A | |
Bruce J Barclay | | | 58 | | | Director | | | May 2014 | | | 2015 | |
Aidan M. Collins | | | 52 | | | Director | | | July 2014 | | | 2015 | |
Greg S. Garfield | | | 52 | | | Director | | | November 2013 | | | 2015 | |
Arthur “Abbie” Leibowitz, M.D., F.A.A.P. | | | 68 | | | Director | | | June 2014 | | | 2015 | |
Wayne T. Pan, M.D., Ph.D. | | | 51 | | | Director | | | May 2014 | | | 2015 | |
Shirley L. Semler | | | 79 | | | Director | | | November 2007 | | | 2015 | |
Name(1)(2) | | | Fees Earned or Paid in Cash ($) | | | Option Awards ($) | | | Total ($) | | |||||||||
Herbert J. Semler, M.D. | | | | $ | 13,145 | | | | | $ | 25,414 | | | | | $ | 38,559 | | |
Bruce J Barclay | | | | | 31,028 | | | | | | 25,414 | | | | | | 56,442 | | |
Aidan M. Collins | | | | | 21,774 | | | | | | 25,414 | | | | | | 47,188 | | |
Greg S. Garfield | | | | | 34,405 | | | | | | 25,414 | | | | | | 59,819 | | |
Arthur “Abbie” Leibowitz, M.D., F.A.A.P. | | | | | 15,667 | | | | | | 25,414 | | | | | | 41,081 | | |
Wayne T. Pan, M.D., Ph.D | | | | | 25,590 | | | | | | 25,414 | | | | | | 51,004 | | |
Shirley L. Semler | | | | | 13,145 | | | | | | 25,414 | | | | | | 38,559 | | |
Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | | ||||||||||||
| | | (a) | | | (b) | | | (c) | | ||||||||||||
Equity Compensation Plans Approved by Securityholders: 2014 Plan | | | | | 250,000 | | | | | $ | 2.10 | | | | | | 200,000 | | | |||
Equity Compensation Plans Approved by Securityholders: 2007 Plan | | | | | 399,500 | | | | | $ | 1.10 | | | | | | 0 | | | |||
Total | | | | | 649,500 | | | | | $ | 3.20 | | | | | | 200,000 | | | |||
|
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($) | | | Option Award(s) ($)(1) | | | All Other Compensation ($)(2)(3) | | | Total ($) | | ||||||||||||||||||
Douglas Murphy-Chutorian, M.D., director and chief executive officer | | | | | 2014 | | | | | $ | 192,000 | | | | | $ | 0 | | | | | $ | 117,069 | | | | | $ | 155,006 | | | | | $ | 464,075 | | |
| | | 2013 | | | | | | 32,000 | | | | | | 0 | | | | | | 0 | | | | | | 286,305 | | | | | | 318,305 | | | ||
Robert G. McRae, chief operating officer | | | | | 2014 | | | | | | 218,295 | | | | | | 68,217 | | | | | | 34,432 | | | | | | 21,471 | | | | | | 342,415 | | |
| | | 2013 | | | | | | 218,295 | | | | | | 54,300 | | | | | | 0 | | | | | | 20,916 | | | | | | 293,511 | | | ||
James M. Walker, chief financial officer(4) | | | | | 2014 | | | | | | 85,625 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 85,625 | | |
| | | 2013 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | ||
Daniel E. Conger, vice president, finance(5) | | | | | 2014 | | | | | | 121,272 | | | | | | 37,898 | | | | | | 6,886 | | | | | | 14,832 | | | | | | 180,888 | | |
| | | 2013 | | | | | | 121,272 | | | | | | 30,300 | | | | | | 0 | | | | | | 12,283 | | | | | | 163,858 | | |
Name and Principal Position | Fiscal Year | Salary | Bonus(2) | Stock Award(s) | Option Award(s)(3) | All Other Compensation(4)(5) | Total | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Douglas Murphy-Chutorian, M.D. Director and CEO(1) | 2013 | $ | 32,000 | $ | 0 | $ | 0 | $ | 0 | $ | 286,305 | $ | 318,305 | ||||||||||||||||||||||||
2012 | $ | 0 | $ | 0 | $ | 0 | $ | 6,400 | $ | 786,116 | $ | 792,516 | |||||||||||||||||||||||||
Robert G. McRae Chief Operating Officer | 2013 | $ | 218,295 | $ | 54,300 | $ | 0 | $ | 0 | $ | 20,915 | $ | 293,510 | ||||||||||||||||||||||||
2012 | $ | 207,488 | $ | 51,975 | $ | 0 | $ | 70,200 | $ | 23,182 | $ | 352,845 | |||||||||||||||||||||||||
Daniel E. Conger Vice President of Finance | 2013 | $ | 121,275 | $ | 30,300 | $ | 0 | $ | 0 | $ | 0 | $ | 151,575 | ||||||||||||||||||||||||
2012 | $ | 115,271 | $ | 28,875 | $ | 0 | $ | 23,935 | $ | 0 | $ | 168,081 |
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||
Douglas Murphy-Chutorian(1) | | | | | 20,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 11/21/2022 | | |
Douglas Murphy-Chutorian(2) | | | | | 3,084 | | | | | | 81,916 | | | | | $ | 2.10 | | | | | | 11/08/2024 | | |
Robert G. McRae(1) | | | | | 20,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 11/1/2020 | | |
Robert G. McRae(1) | | | | | 20,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 6/10/2021 | | |
Robert G. McRae(1) | | | | | 20,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 1/5/2022 | | |
Robert G. McRae(1) | | | | | 20,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 11/21/2022 | | |
Robert G. McRae(2) | | | | | 907 | | | | | | 24,093 | | | | | $ | 2.10 | | | | | | 11/08/2024 | | |
James M. Walker | | | | | 0 | | | | | | 0 | | | | | $ | 0 | | | | | | N/A | | |
Daniel E. Conger(1) | | | | | 6,500 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 11/1/2020 | | |
Daniel E. Conger(1) | | | | | 6,500 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 6/10/2021 | | |
Daniel E. Conger(1) | | | | | 6,500 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 1/5/2022 | | |
Daniel E. Conger(1) | | | | | 10,000 | | | | | | 0 | | | | | $ | 0.52 | | | | | | 11/21/2022 | | |
Daniel E. Conger(2) | | | | | 181 | | | | | | 4,819 | | | | | $ | 2.10 | | | | | | 11/08/2024 | | |
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Option Exercise Price ($) | Option Expiration Date | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dr. Douglas Murphy-Chutorian | 20,000 | $ | 0.52 | 11/21/2022 | |||||||||||||
Robert G. McRae | 20,000 | $ | 0.52 | 11/1/2020 | |||||||||||||
Robert G. McRae | 20,000 | $ | 0.52 | 6/10/2021 | |||||||||||||
Robert G. McRae | 20,000 | $ | 0.52 | 1/5/2022 | |||||||||||||
Robert G. McRae | 20,000 | $ | 0.52 | 11/21/2022 | |||||||||||||
Daniel E. Conger | 6,500 | $ | 0.52 | 11/1/2020 | |||||||||||||
Daniel E. Conger | 6,500 | $ | 0.52 | 6/10/2021 | |||||||||||||
Daniel E. Conger | 6,500 | $ | 0.52 | 1/5/2022 | |||||||||||||
Daniel E. Conger | 10,000 | $ | 0.52 | 11/21/2022 |
Name and Address of Beneficial Owner | Number of Shares of Common Stock Beneficially Owned | Percentage of Shares Beneficially Owned | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Before Offering | After Offering(a) | Before Offering | After Offering | |||||||||||||||||||
5% Stockholders | ||||||||||||||||||||||
GPG SSF Investments LLC(1) | 300,125 | 232,029 | 10.2 | % | 5.0 | % | ||||||||||||||||
Eric Semler(2) | 562,669 | 449,594 | 18.6 | % | 9.8 | % | ||||||||||||||||
Named Executive Officers and Directors: | ||||||||||||||||||||||
Dr. & Mrs. Semler(3) | 804,946 | 774,430 | 26.8 | % | 16.3 | % | ||||||||||||||||
William H.C. Chang(4) | 1,011,648 | 773,455 | 31.1 | % | 16.8 | % | ||||||||||||||||
Greg S. Garfield(5) | 12,000 | 12,000 | * | * | ||||||||||||||||||
Dinesh Gupta(6) | 157,500 | 135,882 | 5.5 | % | 3.0 | % | ||||||||||||||||
Dr. Douglas Murphy-Chutorian(7) | 256,214 | 256,214 | 8.4 | % | 5.3 | % | ||||||||||||||||
Elliot A. Sainer(8) | 31,050 | 26,788 | 1.1 | % | * | |||||||||||||||||
Robert G. McRae(9) | 80,000 | 80,000 | 2.8 | % | 1.7 | % | ||||||||||||||||
Daniel E. Conger(10) | 29,500 | 29,500 | 1.0 | % | * | |||||||||||||||||
All Directors and Officers as a group (9 persons)(11) | 2,382,858 | 2,088,269 | 61.2 | % | 40.7 | % |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | ||||||
5% Stockholders: | | | | ||||||||||
William H.C. Chang(1) | | | | | 931,973 | | | | | | 19.3% | | |
Eric Semler | | | | | 568,221 | | | | | | 11.8% | | |
Glenhill Advisors, LLC(2) | | | | | 341,459 | | | | | | 7.1% | | |
Green Park & Golf Ventures, LLC(3) | | | | | 253,686 | | | | | | 5.2% | | |
Executive Officers and Directors: | | | | ||||||||||
Dr. & Mrs. Semler(4) | | | | | 727,891 | | | | | | 14.5% | | |
Bruce J Barclay(5) | | | | | 10,000 | | | | | | *% | | |
Aidan M. Collins(6) | | | | | 10,000 | | | | | | *% | | |
Greg S. Garfield(7) | | | | | 22,000 | | | | | | *% | | |
Dr. Arthur N. Leibowitz(8) | | | | | 10,000 | | | | | | *% | | |
Dr. Douglas Murphy-Chutorian(9) | | | | | 479,785 | | | | | | 9.1% | | |
Dr. Wayne T. Pan(10) | | | | | 10,000 | | | | | | *% | | |
Robert G. McRae(11) | | | | | 105,000 | | | | | | 2.1% | | |
Daniel E. Conger(12) | | | | | 34,500 | | | | | | *% | | |
James M. Walker | | | | | 0 | | | | | | — | | |
All directors and officers as a group (11 persons) | | | | | 1,409,176 | | | | | | 25.1% | | |
| Per share | | | | $ | | | |
| Total | | | | $ | | |
| | | As of December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Assets | | | | ||||||||||||
Current Assets: | | | | ||||||||||||
Cash | | | | $ | 4,156 | | | | | $ | 734 | | | ||
Restricted cash | | | | | 2,100 | | | | | | — | | | ||
Trade accounts receivable, net of allowance for doubtful accounts of $51 and $15 respectively | | | | | 355 | | | | | | 228 | | | ||
Prepaid expenses and other current assets | | | | | 135 | | | | | | 47 | | | ||
Total current assets | | | | | 6,746 | | | | | | 1,009 | | | ||
Assets for lease, net | | | | | 673 | | | | | | 512 | | | ||
Property and equipment, net | | | | | 9 | | | | | | 1 | | | ||
Long-term deposits | | | | | 17 | | | | | | — | | | ||
Deferred financing costs | | | | | 55 | | | | | | 202 | | | ||
Total assets | | | | $ | 7,500 | | | | | $ | 1,724 | | | ||
Liabilities and Stockholders’ Equity (Deficit) | | | | ||||||||||||
Current liabilities: | | | | ||||||||||||
Accounts payable | | | | $ | 89 | | | | | $ | 255 | | | ||
Accrued expenses | | | | | 1,363 | | | | | | 1,128 | | | ||
Deferred revenue | | | | | 612 | | | | | | 366 | | | ||
Equipment lease, current portion | | | | | — | | | | | | 47 | | | ||
Loans payable, current portion | | | | | 2,000 | | | | | | 60 | | | ||
Total current liabilities | | | | | 4,064 | | | | | | 1,856 | | | ||
Long-term liabilities: | | | | ||||||||||||
Equipment lease, net of current portion | | | | | — | | | | | | 65 | | | ||
Loans payable, net of current portion | | | | | — | | | | | | 98 | | | ||
Total long-term liabilities | | | | | — | | | | | | 163 | | | ||
Stockholders’ equity (deficit): | | | | ||||||||||||
Redeemable convertible preferred stock series A, $0.001 par value; 2,800,000 shares authorized; 0, and 1,468,402 shares issued and outstanding, respectively; aggregate liquidation preference of $0, and $6,608, respectively | | | | | — | | | | | | 6,020 | | | ||
Redeemable convertible preferred stock series A-1, $0.001 par value; 800,000 shares authorized; 0, and 293,750 shares issued and outstanding, respectively; aggregate liquidation preference of $0 and $1,175, respectively | | | | | — | | | | | | 482 | | | ||
Redeemable convertible preferred stock series A-2, $0.001 par value; 400,000 shares authorized; 0, and 250,000 shares issued and outstanding, respectively; aggregate liquidation preference of $0 and $500, respectively | | | | | — | | | | | | 208 | | | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 4,741,017, and 811,750 shares issued, and 4,716,017 and 786,750 shares outstanding (treasury shares of 25,000, and 25,000, respectively) | | | | | 5 | | | | | | 1 | | | ||
Additional paid-in capital | | | | | 17,298 | | | | | | 2,346 | | | ||
Accumulated deficit | | | | | (13,867) | | | | | | (9,352) | | | ||
Total stockholders’ equity (deficit) | | | | | 3,436 | | | | | | (295) | | | ||
Total liabilities and stockholders’ equity (deficit) | | | | $ | 7,500 | | | | | $ | 1,724 | | | ||
|
December 31, 2013 | Proforma December 31, 2013 Stockholders’ Deficit | December 31, 2012 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||
Cash | $ | 734 | $ | 731 | ||||||||||||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $15 and $0, respectively | 228 | 75 | ||||||||||||||||||||
Prepaid expenses and other current assets | 47 | 21 | ||||||||||||||||||||
Total current assets | 1,009 | 827 | ||||||||||||||||||||
Assets for lease, net | 512 | 359 | ||||||||||||||||||||
Property and equipment, net | 1 | — | ||||||||||||||||||||
Deferred financing costs | 202 | 290 | ||||||||||||||||||||
Total assets | $ | 1,724 | $ | 1,476 | ||||||||||||||||||
Liabilities and Stockholders’ Deficit | ||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||
Accounts payable | $ | 255 | $ | 86 | ||||||||||||||||||
Accrued expenses | 1,128 | 895 | ||||||||||||||||||||
Warrant liability | — | 31 | ||||||||||||||||||||
Deferred revenue | 366 | 64 | ||||||||||||||||||||
Equipment on lease, current portion | 47 | 43 | ||||||||||||||||||||
Loans payable, current portion | 60 | 60 | ||||||||||||||||||||
Total current liabilities | 1,856 | 1,179 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||
Equipment on lease, net of current portion | 65 | 112 | ||||||||||||||||||||
Loans payable, net of current portion | 98 | 158 | ||||||||||||||||||||
Total long-term liabilities | 163 | 270 | ||||||||||||||||||||
Commitments and contingencies: | ||||||||||||||||||||||
Redeemable convertible preferred stock series A, $0.001 par value; 2,800,000 shares authorized; 0, 0 (proforma unaudited), and 936,292 shares issued and outstanding, respectively; aggregate liquidation preference of $0, $0, and $4,213, respectively | — | 3,602 | ||||||||||||||||||||
Stockholders’ deficit: | ||||||||||||||||||||||
Convertible preferred stock series A, $0.001 par value; 2,800,000 shares authorized; 1,468,402, 0 (proforma unaudited), and 0 shares issued and outstanding, respectively; aggregate liquidation preference of $6,608, $0, and $0, respectively | 6,020 | — | ||||||||||||||||||||
Convertible preferred stock series A-1, $0.001 par value; 800,000 shares authorized; 293,750, 0 (proforma unaudited), and 293,750 shares issued and outstanding, respectively; aggregate liquidation preference of $1,175, $0 and $1,175, respectively | 482 | 482 | ||||||||||||||||||||
Convertible preferred stock series A-2, $0.001 par value; 400,000 shares authorized; 250,000, 0 (proforma unaudited), and 250,000 shares issued and outstanding, respectively; aggregate liquidation preference of $500, $0 and $500, respectively | 208 | 208 | ||||||||||||||||||||
Common stock, $0.001 par value; 50,000,000 and 10,000,000 shares authorized; 811,750, 2,823,902 (proforma unaudited), and 811,750 shares issued, and 786,750, 2,798,902 (proforma unaudited), and 786,750 outstanding (net of treasury shares of 25,000, 25,000 (proforma unaudited) and 25,000), respectively | 1 | 3 | 1 | |||||||||||||||||||
Additional paid-in capital | 2,346 | 9,054 | 2,853 | |||||||||||||||||||
Accumulated deficit | (9,352 | ) | (9,352 | ) | (7,119 | ) | ||||||||||||||||
Total stockholders’ deficit | (295 | ) | (295 | ) | (3,575 | ) | ||||||||||||||||
Total liabilities and stockholders’ deficit | $ | 1,724 | $ | 1,476 |
| | | For the year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Revenue | | | | $ | 3,635 | | | | | $ | 2,274 | | | ||
Operating expenses: | | | | ||||||||||||
Cost of revenue | | | | | 692 | | | | | | 469 | | | ||
Engineering and product development | | | | | 1,113 | | | | | | 356 | | | ||
Sales and marketing | | | | | 3,723 | | | | | | 2,256 | | | ||
General and administrative | | | | | 2,448 | | | | | | 1,317 | | | ||
Total operating expenses | | | | | 7,976 | | | | | | 4,398 | | | ||
Loss from operations | | | | | (4,341) | | | | | | (2,124) | | | ||
Other income (expense): | | | | ||||||||||||
Interest expense | | | | | (175) | | | | | | (108) | | | ||
Other income (expense) | | | | | 1 | | | | | | (1) | | | ||
Other expense | | | | | (174) | | | | | | (109) | | | ||
Net loss | | | | $ | (4,515) | | | | | $ | (2,233) | | | ||
Net loss per share, basic and diluted | | | | $ | (1.10) | | | | | $ | (2.84) | | | ||
Weighted average number of shares used in computing basic and diluted loss per share | | | | | 4,105,754 | | | | | | 786,750 | | | ||
|
For the years ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | ||||||||||||||||
Revenue | $ | 2,274 | $ | 1,199 | |||||||||||||
Operating expenses: | |||||||||||||||||
Cost of revenue | 469 | 364 | |||||||||||||||
Engineering and product development | 356 | 277 | |||||||||||||||
Sales and marketing | 2,256 | 1,718 | |||||||||||||||
General and administrative | 1,317 | 1,255 | |||||||||||||||
Total operating expenses | 4,398 | 3,614 | |||||||||||||||
Loss from operations | (2,124 | ) | (2,415 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (108 | ) | (120 | ) | |||||||||||||
Other expense | (1 | ) | (203 | ) | |||||||||||||
Other expense | (109 | ) | (323 | ) | |||||||||||||
Loss before income tax expense | (2,233 | ) | (2,738 | ) | |||||||||||||
Income tax expense | — | 3 | |||||||||||||||
Net loss | $ | (2,233 | ) | $ | (2,741 | ) | |||||||||||
Deemed dividend | — | (85 | ) | ||||||||||||||
Net loss attributable to common stockholders | $ | (2,233 | ) | $ | (2,826 | ) | |||||||||||
Net loss per share, basic and diluted | $ | (2.84 | ) | $ | (2.54 | ) | |||||||||||
Weighted average number of shares used in computing basic and diluted loss per share | 786,750 | 1,113,622 |
| | | | Redeemable Convertible Preferred Stock (Mezzanine) | | | | Convertible Preferred Stock | | | Common Stock | | | Treasury stock | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Series A | | | Series A Amount | | | | Series A | | | Series A Amount | | | Series A-1 | | | Series A-1 Amount | | | Series A-2 | | | Series A-2 Amount | | | Shares issued | | | Common Stock Amount | | | Shares | | | Amount | | | Additional Paid-In Capital | | | Accumulated deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | | | | | | 936,292 | | | | | $ | 3,602 | | | | | | | — | | | | | | — | | | | | | 293,750 | | | | | $ | 482 | | | | | | 250,000 | | | | | $ | 208 | | | | | | 811,750 | | | | | $ | 1 | | | | | | (25,000) | | | | | $ | — | | | | | $ | 2,853 | | | | | $ | (7,119) | | | | | $ | (3,575) | | | |||||||||||||||
Elimination of redeemable right of Series A convertible preferred shares | | | | | | (936,292) | | | | | | (3,602) | | | | | | | 936,292 | | | | | | 3,602 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,602 | | | |||||||||||||||
Elimination of redeemable right of warrants to buy Series A convertible preferred shares | | | | | | — | | | | | | — | | | | | | | — | | | | | | 31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31 | | | |||||||||||||||
Issuance of convertible preferred shares series A | | | | | | — | | | | | | — | | | | | | | 532,110 | | | | | | 2,409 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,409 | | | |||||||||||||||
Offering costs | | | | | | — | | | | | | — | | | | | | | — | | | | | | (22) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (648) | | | | | | — | | | | | | (670) | | | |||||||||||||||
Stock-based compensation | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 141 | | | | | | — | | | | | | 141 | | | |||||||||||||||
Net loss for 2013 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,233) | | | | | | (2,233 | | | |||||||||||||||
Balance at December 31, 2013 | | | | | | — | | | | | $ | — | | | | | | | 1,468,402 | | | | | $ | 6,020 | | | | | | 293,750 | | | | | $ | 482 | | | | | | 250,000 | | | | | $ | 208 | | | | | | 811,750 | | | | | $ | 1 | | | | | | (25,000) | | | | | $ | — | | | | | $ | 2,346 | | | | | $ | (9,352) | | | | | $ | (295) | | | |||||||||||||||
Conversion of all Preferred classes to common stock in IPO | | | | | | — | | | | | | — | | | | | | | (1,468,402) | | | | | | (6,020) | | | | | | (293,750) | | | | | $ | (482) | | | | | | (250,000) | | | | | $ | (208) | | | | | | 2,491,267 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 6,707 | | | | | | — | | | | | | — | | | |||||||||||||||
IPO funding | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,430,000 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 10,010 | | | | | | — | | | | | | 10,011 | | | |||||||||||||||
Offering costs | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,959) | | | | | | — | | | | | | (1,959) | | | |||||||||||||||
Stock option exercise | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | | |||||||||||||||
Stock-based compensation | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 190 | | | | | | — | | | | | | 190 | | | |||||||||||||||
Net loss for 2014 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,515) | | | | | | (4,515) | | | |||||||||||||||
Balance at December 31, 2014 | | | | | | — | | | | | $ | — | | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 4,741,017 | | | | | $ | 5 | | | | | | (25,000) | | | | | $ | — | | | | | $ | 17,298 | | | | | $ | (13,867) | | | | | $ | 3,436 | | | |||||||||||||||
|
Redeemable Convertible Preferred Stock (Mezzanine) | Convertible Preferred Stock | Common Stock | Treasury stock | Additional Paid-In Capital | Accumulated deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Series A | Series A Amount | Series A | Series A Amount | Series A-1 | Series A-1 Amount | Series A-2 | Series A-2 Amount | Shares Issued | Common Stock Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | — | — | — | — | — | — | — | — | 1,456,947 | 1 | (25,000 | ) | — | 3,908 | (4,378 | ) | (469 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares | — | — | — | — | — | — | — | — | 27,778 | — | — | — | 125 | — | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock in exchange of convertible preferred stock | 129,225 | 572 | — | — | 293,750 | 482 | 250,000 | 208 | (672,975 | ) | — | — | — | (1,262 | ) | — | (572 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock warrants in exchange of preferred stock warrants | — | — | — | — | — | — | — | — | — | — | — | — | (31 | ) | — | (31 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible preferred shares series A | 807,067 | 3,631 | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued in exchange for services | — | 10 | — | — | — | — | — | — | — | — | — | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | — | (611 | ) | — | — | — | — | — | — | — | — | — | — | (16 | ) | — | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | 96 | — | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss for 2012 | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,741 | ) | (2,741 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 936,292 | $ | 3,602 | — | $ | — | 293,750 | $ | 482 | 250,000 | $ | 208 | 811,750 | $ | 1 | (25,000 | ) | $ | — | $ | 2,853 | $ | (7,119 | ) | $ | (3,575 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of redeemable right of Series A convertible preferred shares | (936,292 | ) | (3,602 | ) | 936,292 | 3,602 | — | — | — | — | — | — | — | — | — | — | 3,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of redeemable right of warrants to buy Series A convertible preferred shares | — | — | — | 31 | — | — | — | — | — | — | — | — | — | — | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible preferred shares series A | — | — | 532,110 | 2,409 | — | — | — | — | — | — | — | — | — | — | 2,409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | — | — | — | (22 | ) | — | — | — | — | — | — | — | — | (648 | ) | — | (670 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | 141 | — | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss for 2013 | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,233 | ) | (2,233 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | — | $ | — | 1,468,402 | $ | 6,020 | 293,750 | $ | 482 | 250,000 | $ | 208 | 811,750 | $ | 1 | (25,000 | ) | $ | — | $ | 2,346 | $ | (9,352 | ) | $ | (295 | ) |
| | | For the year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | ||||||||||||
Net Loss | | | | $ | (4,515) | | | | | $ | (2,233) | | | ||
Reconciliation of Net Loss to Net Cash Used in Operating Activities: | | | | ||||||||||||
Amortization of deferred financing costs | | | | | 147 | | | | | | 88 | | | ||
Depreciation | | | | | 196 | | | | | | 129 | | | ||
Loss on disposal of assets for lease | | | | | 78 | | | | | | 158 | | | ||
Allowance for doubtful accounts | | | | | 128 | | | | | | 90 | | | ||
Stock-based compensation expense | | | | | 190 | | | | | | 141 | | | ||
Changes in Operating Assets and Liabilities: | | | | ||||||||||||
Trade accounts receivable | | | | | (255) | | | | | | (243) | | | ||
Prepaid expenses and other current assets | | | | | (106) | | | | | | (26) | | | ||
Accounts payable | | | | | (167) | | | | | | 169 | | | ||
Accrued expenses | | | | | 236 | | | | | | 233 | | | ||
Deferred revenue | | | | | 246 | | | | | | 302 | | | ||
Net Cash Used in Operating Activities | | | | | (3,822) | | | | | | (1,192) | | | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | ||||||||||||
Additions to property and equipment | | | | | (9) | | | | | | (1) | | | ||
Change in restricted cash | | | | | (2,100) | | | | | | — | | | ||
Purchase of assets for lease | | | | | (432) | | | | | | (440) | | | ||
Net Cash Used in Investing Activities | | | | | (2,541) | | | | | | (441) | | | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | ||||||||||||
Issuance of common stock | | | | | 10,014 | | | | | | — | | | ||
Issuance of convertible preferred stock | | | | | — | | | | | | 2,409 | | | ||
Offering costs | | | | | (1,959) | | | | | | (670) | | | ||
Proceeds from loans payable | | | | | 2,000 | | | | | | — | | | ||
Payments of loans payable | | | | | (158) | | | | | | (60) | | | ||
Payments of equipment leases | | | | | (112) | | | | | | (43) | | | ||
Net Cash Provided by Financing Activities | | | | | 9,785 | | | | | | 1,636 | | | ||
INCREASE IN CASH | | | | | 3,422 | | | | | | 3 | | | ||
CASH, BEGINNING OF PERIOD | | | | | 734 | | | | | | 731 | | | ||
CASH, END OF PERIOD | | | | $ | 4,156 | | | | | $ | 734 | | | ||
Cash paid for income taxes | | | | $ | 1 | | | | | $ | 3 | | | ||
Cash paid for interest | | | | $ | 28 | | | | | $ | 17 | | | ||
Supplemental disclosure of noncash financing activity: | | | | ||||||||||||
Conversion of preferred stock to common stock | | | | $ | 6,707 | | | | | $ | — | | | ||
Re-class of warrant liability to equity | | | | | | | | | | | 31 | | | ||
|
For the years ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net Loss | $ | (2,233 | ) | $ | (2,741 | ) | ||||||
Reconciliation of Net Loss to Net Cash Used in Operating Activities: | ||||||||||||
Amortization of deferred financing costs | 88 | 88 | ||||||||||
Warrants issued in exchange for services | — | 43 | ||||||||||
Depreciation | 129 | 70 | ||||||||||
Loss on disposal of assets for lease | 158 | 237 | ||||||||||
Allowance for doubtful accounts | 90 | — | ||||||||||
Stock-based compensation expense | 141 | 96 | ||||||||||
Provision for non-payment of long-term notes receivable – related party | — | 191 | ||||||||||
Loss on write-off of furniture and fixtures | — | 3 | ||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||
Trade accounts receivable | (243 | ) | (54 | ) | ||||||||
Prepaid expenses and other current assets | (26 | ) | (16 | ) | ||||||||
Accounts payable | 169 | (33 | ) | |||||||||
Accrued expenses | 233 | 493 | ||||||||||
Deferred revenue | 302 | 39 | ||||||||||
Net Cash Used in Operating Activities | (1,192 | ) | (1,584 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Additions to property and equipment | (1 | ) | — | |||||||||
Purchase of assets for lease | (440 | ) | (427 | ) | ||||||||
Issuance of long-term notes receivable – related party | — | (191 | ) | |||||||||
Net Cash Used in Investing Activities | (441 | ) | (618 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Issuance of common stock | — | 125 | ||||||||||
Issuance of preferred shares | 2,409 | 3,506 | ||||||||||
Offering costs | (670 | ) | (627 | ) | ||||||||
Payments of notes payable | (60 | ) | (60 | ) | ||||||||
Payments of equipment leases | (43 | ) | (39 | ) | ||||||||
Net Cash Provided by Financing Activities | 1,636 | 2,905 | ||||||||||
INCREASE IN CASH | 3 | 703 | ||||||||||
CASH, BEGINNING OF PERIOD | 731 | 28 | ||||||||||
CASH, END OF PERIOD | $ | 734 | $ | 731 | ||||||||
Cash paid for income taxes | $ | 3 | $ | 1 | ||||||||
Cash paid for interest | $ | 17 | $ | 32 | ||||||||
Supplemental disclosure of noncash financing activity: | ||||||||||||
Deemed dividend | $ | — | $ | 85 | ||||||||
Conversion of common stock into preferred stock | $ | — | $ | 1,262 | ||||||||
Re-class of warrant liability to equity | $ | 31 | — | |||||||||
Conversion of advances payable into preferred stock | $ | — | $ | 125 |
Year ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Assets for lease | $ | 688 | $ | 452 | ||||||||
Less: Accumulated Depreciation | (176 | ) | (93 | ) | ||||||||
Assets for lease, net | $ | 512 | $ | 359 |
| | | As of December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Assets for lease | | | | $ | 956 | | | | | $ | 688 | | | ||
Less: Accumulated Depreciation | | | | | (283) | | | | | | (176) | | | ||
Assets for lease, net | | | | $ | 673 | | | | | $ | 512 | | | ||
|
Year ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Offering Costs | $ | 722 | $ | 722 | ||||||||
Compensation | 264 | 109 | ||||||||||
Miscellaneous Accruals | 142 | 64 | ||||||||||
Total Accrued Expenses | $ | 1,128 | $ | 895 |
| | | As of December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Offering Costs | | | | $ | 407 | | | | | $ | 722 | | | ||
Compensation | | | | | 721 | | | | | | 264 | | | ||
Miscellaneous Accruals | | | | | 235 | | | | | | 142 | | | ||
Total Accrued Expenses | | | | $ | 1,363 | | | | | $ | 1,128 | | | ||
|
Years | Total | ||||||
---|---|---|---|---|---|---|---|
2014 | $ | 47 | |||||
2015 | 41 | ||||||
2016 | 24 | ||||||
Total payments | 112 | ||||||
Less: current portion | 47 | ||||||
Equipment leases, net of current portion | $ | 65 | |||||
Total payments | 112 | ||||||
Less: amount representing interest | 14 | ||||||
Total | $ | 98 |
Years | Total | ||||||
---|---|---|---|---|---|---|---|
2014 | $ | 60 | |||||
2015 | 60 | ||||||
2016 | 38 | ||||||
Total payments | $ | 158 | |||||
Less: current portion | 60 | ||||||
Loans payable, net of current portion | $ | 98 |
| | | Year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Convertible preferred stock | | | | | — | | | | | | 2,012,152 | | | ||
Preferred stock warrants | | | | | — | | | | | | 1,584,080 | | | ||
Common stock warrants | | | | | 359,714 | | | | | | — | | | ||
Options | | | | | 649,500 | | | | | | 337,500 | | | ||
Total | | | | | 1,009,214 | | | | | | 3,933,732 | | | ||
|
Year ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Convertible preferred stock | 2,012,152 | 1,480,042 | ||||||||||
Preferred stock warrants | 1,584,080 | 1,285,839 | ||||||||||
Options | 337,500 | 337,500 | ||||||||||
Total | 3,933,732 | 3,103,381 |
Preferred shares authorized | Shares issued and outstanding | Liquidation Preference/ Redemption Value | Common Stock Issuable Upon Conversion | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Series A convertible | 2,800,000 | 1,468,402 | $ | 6,608 | 1,468,402 | |||||||||||||||||
Series A-1 convertible | 800,000 | 293,750 | $ | 1,175 | 293,750 | |||||||||||||||||
Series A-2 convertible | 400,000 | 250,000 | $ | 500 | 250,000 |
| | | Options Outstanding | | |||||||||||||||||||||
| | | Number of Stock Options Outstanding | | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Term (In Years) | | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Balance, January 1, 2013 | | | | | 337,500 | | | | | $ | 1.82 | | | | | | 7.20 | | | | | $ | 0 | | |
Options granted | | | | | — | | | | | | |||||||||||||||
Balance, December 31, 2013 | | | | | 337,500 | | | | | $ | 0.52 | | | | | | 6.16 | | | | | $ | 2,693 | | |
Options granted | | | | | 320,000 | | | | | | 2.48 | | | | | ||||||||||
Options exercised | | | | | (8,000) | | | | | | 0.52 | | | | | | | | | | | $ | 17 | | |
Balance, December 31, 2014 | | | | | 649,500 | | | | | $ | 1.49 | | | | | | 7.44 | | | | | $ | 474 | | |
Exercisable as of December 31, 2013 | | | | | 337,500 | | | | | $ | 0.52 | | | | | | 6.16 | | | | | $ | 2,693 | | |
Exercisable as of December 31, 2014 | | | | | 399,552 | | | | | $ | 1.10 | | | | | | 6.01 | | | | | $ | 474 | | |
Options Outstanding | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of Stock Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||
Balance, December 31, 2011 | 233,000 | $ | 1.95 | 7.09 | $ | 526 | ||||||||||||||||
Options granted | 104,500 | 1.53 | ||||||||||||||||||||
Balance, December 31, 2012 | 337,500 | $ | 1.82 | 7.20 | $ | 0 | ||||||||||||||||
Options granted | — | |||||||||||||||||||||
Balance, December 31, 2013 | 337,500 | |||||||||||||||||||||
Exercisable as of December 31, 2012 | 182,600 | $ | 0.52 | 7.06 | $ | 0 |
Options Outstanding | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of Stock Options Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||
Exercisable as of December 31, 2013 | 337,500 | $ | 0.52 | 6.16 | $ | 2,693 |
| | | Year ended December 31, | | |||||||||
| | | 2014 | | | 2013 | | ||||||
Expected term (in years) | | | | | 5 | | | | | | — | | |
Risk-free interest rate | | | | | 1.6% | | | | | | — | | |
Expected volatility | | | | | 82.2% | | | | | | — | | |
Expected dividend rate | | | | | 0% | | | | | | — | | |
| | | Year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Cost of Revenue | | | | $ | 1 | | | | | $ | — | | | ||
Engineering and Product Development | | | | | 1 | | | | | | 3 | | | ||
Sales and Marketing | | | | | 4 | | | | | | 21 | | | ||
General and Administrative | | | | | 184 | | | | | | 117 | | | ||
Total | | | | $ | 190 | | | | | $ | 141 | | | ||
|
2013 | 2012 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Engineering and Product Development | $ | 3 | $ | 4 | ||||||||
Sales and Marketing | 21 | 8 | ||||||||||
General and Administrative | 117 | 84 | ||||||||||
Total | $ | 141 | $ | 96 |
2013 | 2012 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Current provision: | ||||||||||||
Federal | $ | — | $ | — | ||||||||
State | — | 3 | ||||||||||
Deferred provision: | ||||||||||||
Federal | — | — | ||||||||||
State | — | — | ||||||||||
Total | $ | — | $ | 3 |
| | | 2014 | | | 2013 | | ||||||||
Current tax provision: | | | | ||||||||||||
Federal | | | | $ | — | | | | | $ | — | | | ||
State | | | | | 9 | | | | | | — | | | ||
Deferred tax provision: | | | | ||||||||||||
Federal | | | | | — | | | | | | — | | | ||
State | | | | | — | | | | | | — | | | ||
Total | | | | $ | 9 | | | | | $ | — | | | ||
|
2013 | 2012 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Federal statutory rate | 34.00 | % | 34.00 | % | ||||||||
State income taxes, net of federal benefit | 0.01 | % | (0.07 | )% | ||||||||
Change in valuation allowance | (34.03 | )% | (31.13 | )% | ||||||||
Other | 0.04 | % | (2.91 | )% | ||||||||
Effective income tax | 0.02 | % | (0.11 | )% |
| | | 2014 | | | 2013 | | ||||||||
Federal statutory rate | | | | | 34.00% | | | | | | 34.00% | | | ||
State income tax rate, net of federal benefit | | | | | (0.13)% | | | | | | 0.01% | | | ||
Change in valuation allowance | | | | | (33.62)% | | | | | | (34.03)% | | | ||
Other | | | | | (0.45)% | | | | | | 0.04% | | | ||
Effective income tax rate | | | | | (0.20)% | | | | | | 0.02% | | | ||
|
2013 | 2012 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Net operating loss carryforward | $ | 1,562 | $ | 963 | ||||||||
Deferred Revenue | 144 | — | ||||||||||
Depreciation & amortization | 58 | 94 | ||||||||||
Stock-based compensation | 93 | 80 | ||||||||||
Accruals and reserves | 48 | 42 | ||||||||||
Deferred tax assets | 1,905 | 1,179 | ||||||||||
Valuation allowance | (1,905 | ) | (1,179 | ) | ||||||||
Net deferred tax assets | $ | — | $ | — |
| Deferred tax assets: | | | | ||||||||||
| Net operating loss carryforwards | | | | $ | 2,966 | | | | | $ | 1,562 | | |
| Deferred Revenue | | | | | 233 | | | | | | 144 | | |
| Depreciation and amortization | | | | | 47 | | | | | | 58 | | |
| Stock-based compensation | | | | | 163 | | | | | | 93 | | |
| Accrual and reserve | | | | | 25 | | | | | | 37 | | |
| Research and Development Credits | | | | | 106 | | | | | | 11 | | |
| Total gross deferred tax assets | | | | | 3,540 | | | | | | 1,905 | | |
| Less valuation allowance | | | | | (3,540) | | | | | | (1,905) | | |
| Net deferred tax assets | | | | $ | — | | | | | $ | — | | |
| | | Year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Net loss | | | �� | $ | (4,515) | | | | | $ | (2,233) | | | ||
Weighted average shares outstanding | | | | | 4,105,754 | | | | | | 786,750 | | | ||
Basic and diluted loss per share attributable to common stockholders | | | | $ | (1.10) | | | | | $ | (2.84) | | | ||
|
For the year ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Net loss | $ | (2,233 | ) | $ | (2,741 | ) | ||||||
Deemed dividend | — | $ | (85 | ) | ||||||||
Net loss attributable to common stockholders | $ | (2,233 | ) | $ | (2,826 | ) | ||||||
Weighted average shares outstanding | 786,750 | 1,113,622 | ||||||||||
Basic and diluted loss per share attributable to common stockholders | $ | (2.84 | ) | $ | (2.54 | ) |
| | | Year ended December 31, | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Weighted average shares outstanding: | | | | ||||||||||||
Convertible preferred stock | | | | | — | | | | | | 1,614,531 | | | ||
Convertible preferred stock warrants | | | | | — | | | | | | 1,361,218 | | | ||
Common stock warrants | | | | | 304,373 | | | | | | — | | | ||
Options | | | | | 403,662 | | | | | | 337,500 | | | ||
Total | | | | | 708,035 | | | | | | 3,313,249 | | | ||
|
Year Ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2012 | |||||||||||
Weighted average shares outstanding: | ||||||||||||
Convertible preferred stock | 1,614,531 | 542,678 | ||||||||||
Convertible preferred stock warrants | 1,361,218 | 471,161 | ||||||||||
Common stock warrants | — | 170,152 | ||||||||||
Options | 337,500 | 267,758 | ||||||||||
Total | 3,313,249 | 1,451,749 |
| | | March 31, 2015 | | | December 31, 2014 | | ||||||||
| | | (Unaudited) | | | ||||||||||
Assets | | | | | | | | | | | | | | ||
Current Assets: | | | | | | | | | | | | | | ||
Cash | | | | $ | 3,061 | | | | | $ | 4,156 | | | ||
Restricted Cash | | | | | 2,100 | | | | | | 2,100 | | | ||
Trade accounts receivable, net of allowance for doubtful accounts of $54 and $28, respectively | | | | | 356 | | | | | | 355 | | | ||
Prepaid expenses and other current assets | | | | | 144 | | | | | | 135 | | | ||
Total current assets | | | | | 5,661 | | | | | | 6,746 | | | ||
Assets for lease, net | | | | | 662 | | | | | | 673 | | | ||
Property and equipment, net | | | | | 26 | | | | | | 9 | | | ||
Long-term deposits | | | | | 17 | | | | | | 17 | | | ||
Deferred financing costs | | | | | 37 | | | | | | 55 | | | ||
Total assets | | | | $ | 6,403 | | | | | $ | 7,500 | | | ||
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | ||
Current liabilities: | | | | | | | | | | | | | | ||
Accounts payable | | | | $ | 89 | | | | | $ | 89 | | | ||
Accrued expenses | | | | | 1,226 | | | | | | 1,363 | | | ||
Deferred revenue | | | | | 493 | | | | | | 612 | | | ||
Loans payable | | | | | 2,000 | | | | | | 2,000 | | | ||
Total current liabilities | | | | | 3,808 | | | | | | 4,064 | | | ||
Stockholders’ equity: | | | | | | | | | | | | | | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 4,858,517 and 4,741,017 shares issued, and 4,833,517 and 4,716,017 outstanding (net of treasury shares of 25,000 and 25,000), respectively | | | | | 5 | | | | | | 5 | | | ||
Additional paid-in capital | | | | | 17,829 | | | | | | 17,298 | | | ||
Accumulated deficit | | | | | (15,239) | | | | | | (13,867) | | | ||
Total stockholders’ equity | | | | | 2,595 | | | | | | 3,436 | | | ||
Total liabilities and stockholders’ equity | | | | $ | 6,403 | | | | | $ | 7,500 | | | ||
|
| | | Three months ended March 31, | | |||||||||||
| | | 2015 | | | 2014 | | ||||||||
| | | (Unaudited) | | |||||||||||
Revenue | | | | $ | 1,202 | | | | | $ | 837 | | | ||
Operating expenses: | | | | | | | | | | | | | | ||
Cost of revenue | | | | | 220 | | | | | | 155 | | | ||
Engineering and product development | | | | | 309 | | | | | | 229 | | | ||
Sales and marketing | | | | | 1,228 | | | | | | 746 | | | ||
General and administrative | | | | | 793 | | | | | | 497 | | | ||
Total operating expenses | | | | | 2,550 | | | | | | 1,627 | | | ||
Loss from operations | | | | | (1,348) | | | | | | (790) | | | ||
Other expense: | | | | | | | | | | | | | | ||
Interest and other expense | | | | | (24) | | | | | | (27) | | | ||
Other expense | | | | | (24) | | | | | | (27) | | | ||
Net loss | | | | $ | (1,372) | | | | | $ | (817) | | | ||
Net loss per share, basic and diluted | | | | $ | (0.29) | | | | | $ | (0.36) | | | ||
Weighted average number of shares used in computing basic and diluted loss per share | | | | | 4,763,573 | | | | | | 2,240,703 | | | ||
|
| | | Three months ended March 31, | | |||||||||||
| | | 2015 | | | 2014 | | ||||||||
| | | (Unaudited) | | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | ||
Net loss | | | | $ | (1,372) | | | | | $ | (817) | | | ||
Reconciliation of Net Loss to Net Cash Used in Operating Activities: | | | | | | | | | | | | | | ||
Amortization of deferred financing costs | | | | | 18 | | | | | | 23 | | | ||
Depreciation | | | | | 59 | | | | | | 47 | | | ||
Loss on disposal of assets for lease | | | | | 25 | | | | | | 16 | | | ||
Allowance for doubtful accounts | | | | | 51 | | | | | | 50 | | | ||
Stock-based compensation expense | | | | | 33 | | | | | | — | | | ||
Changes in Operating Assets and Liabilities: | | | | ||||||||||||
Trade accounts receivable | | | | | (52) | | | | | | 21 | | | ||
Prepaid expenses and other current assets | | | | | (9) | | | | | | (176) | | | ||
Accounts payable | | | | | — | | | | | | (116) | | | ||
Accrued expenses | | | | | (137) | | | | | | 58 | | | ||
Deferred revenue | | | | | (119) | | | | | | (132) | | | ||
Net Cash Used in Operating Activities | | | | | (1,503) | | | | | | (1,026) | | | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | ||
Additions to property and equipment | | | | | (19) | | | | | | (4) | | | ||
Purchase of assets for lease | | | | | (71) | | | | | | (116) | | | ||
Net Cash Used in Investing Activities | | | | | (90) | | | | | | (120) | | | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | ||
Issuance of common stock | | | | | 498 | | | | | | 10,010 | | | ||
Offering costs | | | | | — | | | | | | (1,959) | | | ||
Payments of loans payable | | | | | — | | | | | | (15) | | | ||
Payments of equipment leases | | | | | — | | | | | | (12) | | | ||
Net Cash Provided by Financing Activities | | | | | 498 | | | | | | 8,024 | | | ||
INCREASE (DECREASE) IN CASH | | | | | (1,095) | | | | | | 6,878 | | | ||
CASH, BEGINNING OF PERIOD | | | | | 4,156 | | | | | | 734 | | | ||
CASH, END OF PERIOD | | | | $ | 3,061 | | | | | $ | 7,612 | | | ||
Cash paid for interest | | | | $ | 8 | | | | | $ | 4 | | | ||
Supplemental disclosure of noncash financing activity: | | | | | | | | | | | | | | ||
Conversion of preferred stock into common stock | | | | $ | — | | | | | $ | 6,707 | | | ||
|
Pro forma(1) | |||||||
---|---|---|---|---|---|---|---|
Pro forma net loss per share, basic and diluted: | |||||||
Pro forma net loss | $ | (2,233 | ) | ||||
Pro forma weighted average shares outstanding: | |||||||
Common stock | 786,750 | ||||||
Convertible preferred stock | 2,012,152 | ||||||
Total Pro forma weighted average shares outstanding | 2,798,902 | ||||||
Pro forma net loss per share, basic and diluted | $ | (0.80 | ) |
| | | March 31, 2015 | | | December 31, 2014 | | ||||||||
Assets for lease | | | | $ | 988 | | | | | $ | 956 | | | ||
Less: Accumulated Depreciation | | | | | (326) | | | | | | (283) | | | ||
Assets for lease, net | | | | $ | 662 | | | | | $ | 673 | | | ||
|
| | | March 31, 2015 | | | December 31, 2014 | | ||||||||
Offering Costs | | | | $ | 317 | | | | | $ | 407 | | | ||
Compensation | | | | | 569 | | | | | | 721 | | | ||
Miscellaneous Accruals | | | | | 340 | | | | | | 235 | | | ||
Total Accrued Expenses | | | | $ | 1,226 | | | | | $ | 1,363 | | | ||
|
| | | Three Months ended March 31, | | |||||||||||
| | | 2015 | | | 2014 | | ||||||||
Weighted average shares outstanding: | | | | ||||||||||||
Convertible preferred stock | | | | | — | | | | | | 1,266,072 | | | ||
Convertible preferred stock warrants | | | | | — | | | | | | 996,724 | | | ||
Common stock warrants | | | | | 359,714 | | | | | | 133,377 | | | ||
Options | | | | | 717,548 | | | | | | 337,500 | | | ||
Total | | | | | 1,077,262 | | | | | | 2,733,673 | | | ||
|
| | | Options Outstanding | | |||||||||||||||||||||
| | | Number of Stock Options Outstanding | | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Term (In Years) | | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Balance, January 1, 2015 | | | | | 649,500 | | | | | $ | 1.49 | | | | | | 7.44 | | | | | $ | 474 | | |
Options granted | | | | | 75,000 | | | | | | 1.96 | | | | | | | | | | | | | | |
Options canceled | | | | | (18,750) | | | | | | 2.10 | | | | | | | | | | | | | | |
Balance, March 31, 2015 | | | | | 705,750 | | | | | $ | 1.52 | | | | | | 7.40 | | | | | $ | 1,421 | | |
Exercisable as of March 31, 2015 | | | | | 432,729 | | | | | $ | 1.18 | | | | | | 5.98 | | | | | $ | 1,029 | | |
| | | Quarter ended March 31, | | |||||||||
| | | 2015 | | | 2014 | | ||||||
Expected term (in years) | | | | | 5 | | | | | | — | | |
Risk-free interest rate | | | | | 1.61% | | | | | | — | | |
Expected volatility | | | | | 82.5% | | | | | | — | | |
Expected dividend rate | | | | | 0% | | | | | | — | | |
| | | Three months ended March 31, | | |||||||||||
| | | 2015 | | | 2014 | | ||||||||
Cost of Revenue | | | | $ | 1 | | | | | $ | — | | | ||
Engineering and Product Development | | | | | 2 | | | | | | — | | | ||
Sales and Marketing | | | | | 15 | | | | | | — | | | ||
General and Administrative | | | | | 15 | | | | | | — | | | ||
Total | | | | $ | 33 | | | | | $ | — | | | ||
|
Item | | | Amount to be paid | | ||||
SEC registration fee | | | | $ | 1,264 | | | |
FINRA filing fee | | | | | 2,000 | | | |
Printing and engraving expenses | | | | | * | | | |
Legal fees and expenses | | | | | * | | | |
Accounting fees and expenses | | | | | * | | | |
Blue Sky, qualification fees and expenses | | | | | * | | | |
Transfer Agent fees and expenses | | | | | * | | | |
Miscellaneous expenses | | | | | * | | | |
Total | | | | $ | * | | | |
|
SEC registration fee | 1,750 | ||||||
FINRA filing fee | 3,428 | ||||||
NASDAQ listing fee | 50,000 | ||||||
Blue sky qualification fees and expenses | 15,000 | ||||||
Legal fees and expenses | 600,000 | ||||||
Accounting fees and expenses | 580,000 | ||||||
Transfer agent and registrar’s fees and expenses | 20,000 | ||||||
Printing and engraving expenses | 70,000 | ||||||
Miscellaneous expense | 70,000 | ||||||
Total | $ | 1,410,178 |
Exhibit Number | ||||||
| Description | | ||||
3.1 | | Amended and Restated Certificate of Incorporation of Semler Scientific, Inc. (incorporated by reference to Exhibit 3.1 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the | | |||
3.2 | | Bylaws of Semler Scientific, Inc. (incorporated by reference to Exhibit 3.2 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the | | |||
4.1 | | Specimen Common Stock certificate (incorporated by reference to Exhibit 4.1 of our Form S-1/A Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on December 6, 2013). | | |||
4.2 | | Form of Investor Rights Agreement of Semler Scientific, Inc., dated June 7, 2012 (incorporated by reference to Exhibit 4.2 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | |||
5.1* | | | Opinion of Reed Smith | | ||
10.1 | | Form of | | |||
10.2 | ||||||
| 2007 Key Person Stock Option Plan (incorporated by reference to Exhibit 10.3 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | ||||
10.3 | | 2007 Key Person Stock Option Plan (incorporated by reference to Exhibit 10.3 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | |||
10.4 | | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Robert G. McRae, dated November 1, 2010 (incorporated by reference to Exhibit 10.4 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | ||
10.5 | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Daniel E. Conger, dated October 18, 2010 (incorporated by reference to Exhibit 10.5 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | |||
10.6 | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Douglas Murphy-Chutorian, M.D., dated November 11, 2013 (incorporated by reference to Exhibit 10.6 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | | |||
10.7 | | Sales Representative Agreement between Semler Scientific, Inc. and Douglas Murphy-Chutorian, M.D. effective as of January 1, | | |||
10.8 | | Service & Supply Agreement between Semler Scientific, Inc. and Phoenix DeVentures, Inc. dated as of April 28, | | |||
10.9 | | 2014 Stock Incentive Plan, dated August 26, 2014 (incorporated by reference to Exhibit 10.1 of |
Exhibit Number | | | Description | | |
| | our Form 8-K filed with the Securities and Exchange Commission on September 2, 2014). | | ||
10.10 | | | Form of Indemnification Agreement, approved and entered into between the Company and each of the Company’s directors and executive officers as of July 24, 2014 (incorporated by referenced to Exhibit 10.1 of our Form 8-K filed with the Securities and Exchange Commission on July 29, 2014). | | |
10.11 | | | Amended and Restated Consulting Agreement between Semler Scientific, Inc. and The Brenner Group, Inc., effective as of June 18, 2014 (incorporated by reference as Exhibit 10.1 of our Form 8-K filed with the Securities and Exchange Commission on June 19, 2014). | | |
10.12* | | | Placement Agency Agreement, dated , 2015 between Semler Scientific, Inc. and H.C. Wainwright & Co., LLC. | | |
10.13* | | | Form of Placement Agent’s Warrant. | | |
23.1 | | | Consent of BDO USA, LLP, independent registered public accounting firm. | | |
23.2* | | | Consent of Reed Smith LLP | | |
24.1 | | |
| | |||||||
| By: /s/ Douglas Murphy-Chutorian | |||||||
Douglas Murphy-Chutorian, M.D. | ||||||||
Chief Executive Officer | |
| Signature | | | Title | | | Date | | |||
| /s/ Douglas Murphy-Chutorian Douglas Murphy-Chutorian, M.D. | | | Chief Executive Officer and Director (Principal Executive Officer) | | | May 8, 2015 | | |||
| /s/ James M. Walker James M. Walker | | | (Principal Financial and Accounting Officer) | | | May 8, 2015 | | |||
| /s/ Herbert J. Semler Herbert J. Semler, M.D. | | | Chairman of the Board of Directors | | | | ||||
| /s/ Bruce J Barclay Bruce J Barclay | | | Director | | | | ||||
| /s/ Aidan M. Collins Aidan M. Collins | | | Director | | | May 8, 2015 | | |||
| /s/ Greg S. Garfield Greg S. Garfield | | | Director | | | | ||||
| /s/ Arthur Leibowitz Arthur Leibowitz, M.D., F.A.A.P. | | | Director | | | | ||||
| /s/ Wayne T. Pan Wayne T. Pan, M.D., Ph.D. | | | Director | | | | ||||
| /s/ Shirley L. Semler Shirley L. Semler | | | Director | | | |
Exhibit Number | | | Description | |
3.1 | | | Amended and Restated Certificate of Incorporation of Semler Scientific, Inc. (incorporated by reference to Exhibit 3.1 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
3.2 | | | Bylaws of Semler Scientific, Inc. (incorporated by reference to Exhibit 3.2 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
4.1 | | | Specimen Common Stock certificate (incorporated by reference to Exhibit 4.1 of our Form S-1/A Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on December 6, 2013). | |
4.2 | | | Form of Investor Rights Agreement of Semler Scientific, Inc., dated June 7, 2012 (incorporated by reference to Exhibit 4.2 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
5.1* | | | Opinion of Reed Smith LLP. | |
10.1 | | | Form of Common Stock Warrant (incorporated by reference to Exhibit 10.2 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.2 | | | 2007 Key Person Stock Option Plan (incorporated by reference to Exhibit 10.3 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.3 | | | 2007 Key Person Stock Option Plan (incorporated by reference to Exhibit 10.3 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.4 | | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Robert G. McRae, dated November 1, 2010 (incorporated by reference to Exhibit 10.4 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.5 | | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Daniel E. Conger, dated October 18, 2010 (incorporated by reference to Exhibit 10.5 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.6 | | | At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between Semler Scientific, Inc. and Douglas Murphy-Chutorian, M.D., dated November 11, 2013 (incorporated by reference to Exhibit 10.6 of our Form S-1 Registration Statement, as amended (File No. 333-192362), filed with the Securities and Exchange Commission on November 15, 2013). | |
10.7 | | | Sales Representative Agreement between Semler Scientific, Inc. and Douglas Murphy-Chutorian, M.D. effective as of January 1, 2013(incorporated by reference to Exhibit 10.7 to Amendment No. 1 of our Form S-1 Registration Statement filed with the Securities and Exchange Commission on December 6, 2013). | |
10.8 | | | Service & Supply Agreement between Semler Scientific, Inc. and Phoenix DeVentures, Inc. dated as of April 28, 2011(incorporated by reference to Exhibit 10.8 to Amendment No. 1 of our Form S-1 Registration Statement filed with the Securities and Exchange Commission on December 6, 2013). | |
Exhibit Number | | Description | | ||
10.9 | | | 2014 Stock Incentive Plan, dated August 26, 2014 (incorporated by reference to Exhibit 10.1 of our Form 8-K filed with the Securities and Exchange Commission on September 2, 2014). | ||
10.10 | | | Form of Indemnification Agreement, approved and entered into between the Company and each of the Company’s directors and executive officers as of July 24, 2014 (incorporated by referenced to Exhibit 10.1 of our Form 8-K filed with the Securities and Exchange Commission on July 29, 2014). | | |
10.11 | | | Amended and Restated Consulting Agreement between Semler Scientific, Inc. and The Brenner Group, Inc., effective as of June 18, 2014 (incorporated by reference as Exhibit 10.1 of our Form 8-K filed with the Securities and Exchange Commission on June 19, 2014). | | |
10.12* | | | Placement Agency Agreement, dated , 2015 between Semler Scientific, Inc. and H.C. Wainwright & Co., LLC. | | |
10.13* | | | Form of Placement Agent’s Warrant. | | |
23.1 | | | Consent of BDO USA, LLP, independent registered public accounting firm. | | |
23.2* | | | Consent of Reed Smith LLP (included in Exhibit 5.1). | | |
24.1 | | | Powers of Attorney (incorporated by reference to the signature page hereto). | |