Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AutoWeb, Inc. | |
Entity Central Index Key | 0001023364 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,146,831 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE | |
Entity File Number | 1-34761 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,210 | $ 892 |
Restricted cash | 3,300 | 5,054 |
Accounts receivable, net of allowances for bad debts and customer credits of $638 and $740 at June 30, 2020 and December 31, 2019, respectively | 14,679 | 24,051 |
Prepaid expenses and other current assets | 1,939 | 1,265 |
Total current assets | 25,128 | 31,262 |
Property and equipment, net | 3,026 | 3,349 |
Right-of-use assets | 3,246 | 2,528 |
Intangible assets, net | 5,537 | 7,104 |
Other assets | 745 | 661 |
Total assets | 37,682 | 44,904 |
Current liabilities: | ||
Accounts payable | 5,899 | 14,080 |
Borrowings under revolving credit facility | 7,181 | 3,745 |
Current portion of the PPP Loan | 615 | 0 |
Accrued employee-related benefits | 1,928 | 1,004 |
Other accrued expenses and other current liabilities | 1,257 | 2,315 |
Current portion of lease liabilities | 820 | 1,167 |
Total current liabilities | 17,700 | 22,311 |
PPP Loan | 769 | 0 |
Lease liabilities, net of current portion | 2,524 | 1,497 |
Total liabilities | 20,993 | 23,808 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 55,000,000 shares authorized, and 13,146,831 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 13 | 13 |
Additional paid-in capital | 365,056 | 364,028 |
Accumulated deficit | (348,380) | (342,945) |
Total stockholders' equity | 16,689 | 21,096 |
Total liabilities and stockholders' equity | 37,682 | 44,904 |
Preferred Class A | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 11,445,187 shares authorized Series A Preferred stock, none issued and outstanding at June 30, 2020, and December 31, 2019, respectively | $ 0 | $ 0 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Accounts receivable, allowances for bad debts and customer credits | $ 638 | $ 740 |
Stockholders' equity: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 55,000,000 | 55,000,000 |
Common stock, issued | 13,146,831 | 13,146,831 |
Common stock, outstanding | 13,146,831 | 13,146,831 |
Preferred Class A | ||
Stockholders' equity: | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 11,445,187 | 11,445,187 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Lead generation | $ 14,263 | $ 21,691 | $ 32,723 | $ 47,389 |
Digital advertising | 2,756 | 5,432 | 8,768 | 11,310 |
Other revenues | 14 | 19 | 14 | 47 |
Total revenues | 17,033 | 27,142 | 41,505 | 58,746 |
Cost of revenues | 10,993 | 21,758 | 30,108 | 47,605 |
Gross profit (loss) | 6,040 | 5,384 | 11,397 | 11,141 |
Operating expenses: | ||||
Sales and marketing | 2,026 | 2,956 | 4,158 | 5,834 |
Technology support | 1,786 | 2,182 | 3,643 | 4,962 |
General and administrative | 2,901 | 4,026 | 6,844 | 8,316 |
Depreciation and amortization | 559 | 1,201 | 1,281 | 2,440 |
Total operating expenses | 7,272 | 10,365 | 15,926 | 21,552 |
Operating (loss) | (1,232) | (4,981) | (4,529) | (10,411) |
Interest and other income (expense), net | ||||
Interest income (expense) | (204) | (36) | (1,036) | (35) |
Other income (expense) | 62 | 69 | 130 | 138 |
Loss before income tax provision | (1,374) | (4,948) | (5,435) | (10,308) |
Income tax provision | 0 | 5 | 0 | 5 |
Net loss | $ (1,374) | $ (4,953) | $ (5,435) | $ (10,313) |
Basic loss per common share | $ (0.10) | $ (0.38) | $ (0.41) | $ (0.79) |
Diluted loss per common share | $ (0.10) | $ (0.38) | $ (0.41) | $ (0.79) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance (shares) at Dec. 31, 2018 | 12,960,450 | 0 | |||
Beginning balance, amount at Dec. 31, 2018 | $ 13 | $ 0 | $ 361,218 | $ (327,716) | $ 33,515 |
Share-based compensation | 1,111 | $ 1,111 | |||
Issuance of common stock upon exercise of stock options (shares) | 213,048 | 213,048 | |||
Issuance of common stock upon exercise of stock options, amount | 408 | $ 408 | |||
Cancellation of restricted stock (shares) | (26,667) | ||||
Net loss | (10,313) | (10,313) | |||
Ending balance (shares) at Jun. 30, 2019 | 13,146,831 | 0 | |||
Ending balance, amount at Jun. 30, 2019 | $ 13 | $ 0 | 362,737 | (338,029) | 24,721 |
Beginning balance (shares) at Mar. 31, 2019 | 13,116,462 | 0 | |||
Beginning balance, amount at Mar. 31, 2019 | $ 13 | $ 0 | 362,076 | (333,076) | 29,013 |
Share-based compensation | 560 | $ 560 | |||
Issuance of common stock upon exercise of stock options (shares) | 57,036 | 57,036 | |||
Issuance of common stock upon exercise of stock options, amount | 101 | $ 101 | |||
Cancellation of restricted stock (shares) | (26,667) | ||||
Net loss | (4,953) | (4,953) | |||
Ending balance (shares) at Jun. 30, 2019 | 13,146,831 | 0 | |||
Ending balance, amount at Jun. 30, 2019 | $ 13 | $ 0 | 362,737 | (338,029) | 24,721 |
Beginning balance (shares) at Dec. 31, 2019 | 13,146,831 | 0 | |||
Beginning balance, amount at Dec. 31, 2019 | $ 13 | $ 0 | 364,028 | (342,945) | 21,096 |
Share-based compensation | 1,028 | $ 1,028 | |||
Issuance of common stock upon exercise of stock options (shares) | 0 | ||||
Net loss | (5,435) | $ (5,435) | |||
Ending balance (shares) at Jun. 30, 2020 | 13,146,831 | 0 | |||
Ending balance, amount at Jun. 30, 2020 | $ 13 | $ 0 | 365,056 | (348,380) | 16,689 |
Beginning balance (shares) at Mar. 31, 2020 | 13,146,831 | 0 | |||
Beginning balance, amount at Mar. 31, 2020 | $ 13 | $ 0 | 364,537 | (347,006) | 17,544 |
Share-based compensation | 519 | $ 519 | |||
Issuance of common stock upon exercise of stock options (shares) | 0 | ||||
Net loss | (1,374) | $ (1,374) | |||
Ending balance (shares) at Jun. 30, 2020 | 13,146,831 | 0 | |||
Ending balance, amount at Jun. 30, 2020 | $ 13 | $ 0 | $ 365,056 | $ (348,380) | $ 16,689 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (5,435) | $ (10,313) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,278 | 3,509 |
Provision for bad debts | 94 | 122 |
Provision for customer credits | 33 | 120 |
Share-based compensation | 1,028 | 1,111 |
Right-of-use assets | 767 | 924 |
Lease liabilities | (805) | (924) |
Changes in assets and liabilities: | ||
Accounts receivable | 9,245 | 3,325 |
Prepaid expenses and other current assets | (674) | (410) |
Other assets | (84) | (303) |
Accounts payable | (8,181) | (1,945) |
Accrued expenses and other current liabilities | (135) | (787) |
Net cash used in operating activities | (1,869) | (5,571) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (388) | (990) |
Net cash used in investing activities | (388) | (990) |
Cash flows from financing activities: | ||
Borrowings under PNC credit facility | 28,564 | 16,940 |
Principal payments on PNC credit facility | (32,308) | (16,940) |
Borrowings under CNC credit facility | 33,201 | 0 |
Principal payments on CNC credit facility | (26,020) | 0 |
Borrowings under PPP Note | 1,384 | 0 |
Payment on convertible note | 0 | (1,000) |
Proceeds from exercise of stock options | 0 | 408 |
Net cash provided by (used in) financing activities | 4,821 | (592) |
Net increase in cash and cash equivalents and restricted cash | 2,564 | (7,153) |
Cash and cash equivalents and restricted cash, beginning of period | 5,946 | 13,600 |
Cash and cash equivalents and restricted cash, end of period | 8,510 | 6,447 |
Cash and cash equivalents, beginning of period | ||
Cash and cash equivalents at beginning of period | 892 | 13,600 |
Restricted cash at beginning of period | 5,054 | 0 |
Cash and cash equivalents and restricted cash, beginning of period | 5,946 | 13,600 |
Cash and cash equivalents at end of period | 5,210 | 1,431 |
Restricted cash at end of period | 3,300 | 5,016 |
Cash and cash equivalents and restricted cash, end of period | 8,510 | 6,447 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 0 | 1 |
Cash refunds for income taxes | 381 | 124 |
Cash paid for interest | 449 | 40 |
Right-of-use-assets obtained in exchange for operating lease liabilities | $ 1,485 | $ 0 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | AutoWeb, Inc. (“ AutoWeb Company Dealers Manufacturers The Company’s consumer-facing websites (“ Company Websites Leads The Company was incorporated in Delaware on May 17, 1996. The Company’s common stock is listed on The Nasdaq Capital Market under the symbol AUTO. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements are presented on the same basis as the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“ 2019 Form 10-K SEC GAAP References to amounts in the consolidated financial statement sections are in thousands, except share and per share data, unless otherwise specified. As of December 31, 2019, restricted cash primarily consisted of pledged cash pursuant to the PNC Credit Agreement. As of June 30, 2020, restricted cash primarily consisted of cash pledged pursuant to the CNC Credit Agreement. In early 2020 and continuing as of the date of this Quarterly Report on Form 10-Q, the coronavirus pandemic has led to quarantines and stay-at-home/work-from-home orders in a number of countries, states, cities and regions and the closure or limited access to public and private offices and facilities, worldwide, causing widespread disruptions to travel, economic activity and financial markets. Management is unable to predict the extent and duration of these disruptions, which could result in a national or global recession. The pandemic has led the Company’s Manufacturer and Dealer customers to experience disruptions in the (i) supply of vehicle and parts inventories, (ii) ability and willingness of consumers to visit automotive dealerships to purchase or lease vehicles and (iii) overall health and availability of their labor force. Manufacturers also shutdown assembly plants. Volatility in the financial markets, concerns about exposure to the novel coronavirus and governmental quarantines, stay-at-home/work-from-home orders, business closures, and employment furloughs and layoffs have also impacted consumer confidence and willingness to visit dealerships and to purchase or lease vehicles. High unemployment and lower consumer confidence may continue after the stay-at-home/work-from-home orders have ended. These disruptions have impacted the willingness or desire of the Company’s customers to acquire vehicle Leads or other digital marketing services from the Company. Vehicle sales have declined, and the Company has experienced direct disruptions in its operations due to the overall health of, and concerns for, its labor force and as a result of governmental “social distancing” programs, quarantines, travel restrictions and stay-at-home/work-from-home orders, leading to office closures, operating from employee homes and restrictions on its employees traveling to its various offices. The Company continues to experience cancellations or suspensions of purchases of Leads and other digital marketing services by its customers, which materially and adversely affects its business, results of operations, financial condition, earnings per share, cash flow and the trading price of its common stock. In April 2020, the Company implemented a series of cost actions in response to coronavirus pandemic, including reduced executive and board compensation during the three-months ended June 30, 2020, reduced recruitment, travel, consulting and business-to-business marketing expenses, consolidation of various technology tools and products, and limited employee furloughs and staff reductions. The Company also started reducing its overall lead and click generation efforts and corresponding costs to better align its volumes with industry demand and consumer intent to purchase a vehicle. Management will continue to evaluate other cost reduction measures and explore all options available to it in order to minimize the impact of the coronavirus pandemic. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a material impact to its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue is recognized upon transfer of control of promised goods or services to the Company’s customers, or when the Company satisfies any performance obligations under contract. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for respective goods or services provided. Further, under Accounting Standards Codification 606, “ Revenue from Contracts with Customers, ASC 606” The Company has two main revenue sources – Lead generation and Digital advertising. Accordingly, the Company recognizes revenue for each source as described below: ● Lead generation – paid by Dealers and Manufacturers participating in the Company’s Lead programs and are comprised of Lead transaction and/or monthly subscription fees. Lead fees are recognized in the period when service is provided. ● Digital advertising – fees paid by Dealers, Manufacturers and third-party wholesale suppliers for (i) the Company’s click traffic program, (ii) display advertising on the Company’s websites, and (iii) email and other direct marketing. Revenue is recognized in the period advertisements are displayed on the Company’s websites or the period in which clicks have been delivered, as applicable. The Company recognizes revenue from the delivery of action-based advertisement (including email and other direct marketing) in the period in which a user takes the action for which the marketer contracted with the Company. For advertising revenue arrangements where the Company is not the principal, the Company recognizes revenue on a net basis. Variable Consideration Leads are generally sold with a right-of-return for services that do not meet customer requirements as specified by the relevant contract. Rights-of-return are estimable, and provisions for estimated returns are recorded as a reduction in revenue by the Company in the period revenue is recognized, and thereby accounted for as variable consideration. As of December 31, 2019, the Company included the allowance for customer credits in its net accounts receivable balances on the Company’s balance sheet at period end. Allowance for customer credits were approximately $106,000 and $194,000 as of June 30, 2020 and December 31, 2019, respectively. Contract Assets and Contract Liabilities Unbilled Revenue Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records a receivable when revenue is recognized prior to invoicing. From time to time, the Company may have balances on its balance sheet representing revenue that has been recognized by the Company upon satisfaction of performance obligations and earning a right to receive payment. These not-yet invoiced receivable balances are driven by the timing of administrative transaction processing, and are not indicative of partially complete performance obligations, or unbilled revenue. Deferred Revenue The Company defers the recognition of revenue when cash payments are received or due in advance of satisfying the Company’s performance obligations, including amounts which are refundable. Such activity is not typical for the Company. The Company had zero deferred revenue included in its consolidated balance sheets as of June 30, 2020 and December 31, 2019. Payment terms and conditions can vary by contract type. Generally, payment terms within the Company’s customer contracts include a requirement of payment within 30 to 60 days from date of invoice. Typically, customers make payments after receipt of invoice for billed services, and less typically, in advance of rendered services. The Company has not made any significant changes in applying ASC 606 during the six months ended June 30, 2020. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by revenue source and has determined that disaggregating revenue into these categories sufficiently depicts the differences in the nature, amount, timing and uncertainty of revenue streams. The following table summarizes revenue from contracts with customers, disaggregated by revenue source, for the three and six months ended June 30, 2020 and 2019. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lead generation $ 14,263 $ 21,691 $ 32,723 $ 47,389 Digital advertising Clicks 2,321 4,456 7,670 9,515 Display and other advertising 435 976 1,098 1,795 Total digital advertising 2,756 5,432 8,768 11,310 Other revenues 14 19 14 47 Total revenues $ 17,033 $ 27,142 $ 41,505 $ 58,746 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock. Diluted net loss per share is computed using the weighted average number of common shares, and if dilutive, potential common shares outstanding, as determined under the treasury stock and if-converted methods, during the period. Potential common shares consist of unvested restricted stock and common shares issuable upon the exercise of stock options and warrants. The following are the share amounts utilized to compute the basic and diluted net loss per share for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic Shares: Weighted average common shares outstanding 13,146,831 13,147,741 13,146,831 13,066,617 Weighted average unvested restricted stock (13,333 ) (36,850 ) (13,333 ) (48,362 ) Basic Shares 13,133,498 13,110,891 13,133,498 13,018,255 Diluted Shares: Basic shares 13,133,498 13,110,891 13,133,498 13,018,255 Weighted average dilutive securities — — — — Diluted Shares 13,133,498 13,110,891 13,133,498 13,018,255 For the three and six months ended June 30, 2020 and 2019, the Company’s basic and diluted net loss per share are the same because the Company generated a net loss for the period and potentially dilutive securities are excluded from diluted net loss per share because they have an anti-dilutive impact. For the three and six months ended June 30, 2020, the Company had 4.0 million of potentially anti-dilutive securities related to common stock that have been excluded from the calculation of diluted net earnings per share. For the three and six months ended June 30, 2019, the Company had 4.2 million and 4.1 million of potentially anti-dilutive securities related to common stock that have been excluded from the calculation of diluted net earnings per share, respectively. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-based compensation expense is included in costs as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2019 2018 Share-based compensation expense: Sales and marketing $ 29 $ 66 $ 61 $ 138 Technology support 28 52 55 93 General and administrative 462 442 912 880 Share-based compensation costs 519 560 1,028 1,111 Amount capitalized to internal use software — — — — Total share-based compensation costs $ 519 $ 560 $ 1,028 $ 1,111 Service-Based Options. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Number of service-based options granted 55,000 140,000 515,000 1,182,883 Weighted average grant date fair value $ 0.67 $ 1.84 $ 1.05 $ 1.82 Weighted average exercise price $ 1.08 $ 3.45 $ 1.90 $ 3.42 These options are valued using a Black-Scholes option pricing model. Options issued to employees generally vest one-third on the first anniversary of the grant date and ratably over twenty-four months thereafter. The vesting of these awards is contingent upon the employee’s continued employment with the Company during the vesting period and vesting may be accelerated under certain conditions, including upon a change in control of the Company and, in the case of certain officers of the Company, termination of employment by the Company without cause and voluntary termination of employment by such officer with good reason. Options issued to non-employee directors generally vest monthly over a 12-month period and vesting may be accelerated under certain conditions, including upon a change in control of the Company and upon the termination of service as a director of the Company in the event such termination of service is due to resignation, failure to be re-elected, failure to be nominated for re-election, or without removal for cause. The grant date fair value of stock options granted during these periods was estimated using the Black-Scholes option pricing model using the following weighted average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividend yield — — — — Volatility 81 % 66 % 70 % 65 % Risk-free interest rate 0.3 % 2.2 % 1.1 % 2.5 % Expected life (years) 4.6 4.4 4.6 4.4 Stock option exercises Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Number of stock options exercised — 57,036 — 213,048 Weighted average exercise price $ — $ 1.77 $ — $ 1.92 |
Selected Balance Sheet Accounts
Selected Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Accounts | Property and Equipment June 30, 2020 December 31, 2019 Computer software and hardware $ 11,679 $ 12,804 Capitalized internal use software 7,391 5,878 Furniture and equipment 1,743 1,743 Leasehold improvements 1,613 1,613 22,426 22,038 Less—Accumulated depreciation and amortization (19,400 ) (18,689 ) Property and equipment, net $ 3,026 $ 3,349 Concentration of Credit Risk and Risks Due to Significant Customers. Accounts receivable are primarily derived from fees billed to Dealers and Manufacturers. The Company generally requires no collateral to support its accounts receivables and maintains an allowance for bad debts for potential credit losses. The Company has a concentration of credit risk with its accounts receivable balances. Approximately 60%, or $8.9 million, of gross accounts receivable at June 30, 2020, and approximately 45% of total revenues for the six months ended June 30, 2020, are related to Urban Science Applications (which represents Acura, Honda, Subaru, and Volvo), Carat Detroit (General Motors), Ford Direct and Autodata Solutions. For 2019, 34%, or $8.0 million, of gross accounts receivable at June 30, 2019, and approximately 27% of total revenues for the six months ended June 30, 2019, are related to Urban Science Applications (which represents Acura, Honda, Nissan, Infiniti, Subaru, Toyota and Volvo) and Carat Detroit (General Motors). Intangible Assets. The Company’s intangible assets are amortized over the following estimated useful lives: June 30, 2020 December 31, 2019 Definite-lived Intangible Asset Estimated Useful Life Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks/ trade names/ licenses/ domains 3 - 7 years $ 16,589 $ (15,701 ) $ 888 $ 16,589 $ (15,442 ) $ 1,147 Customer relationships 2 - 5 years 19,563 (19,563 ) — 19,563 (18,800 ) 763 Developed technology 5 - 7 years 8,955 (6,506 ) 2,449 8,955 (5,961 ) 2,994 $ 45,107 $ (41,770 ) $ 3,337 $ 45,107 $ (40.203 ) $ 4,904 June 30, 2020 December 31, 2019 Definite-lived Intangible Asset Estimated Useful Life Gross Accumulated Amortization Net Gross Accumulated Amortization Net Domain Indefinite $ 2,200 $ — $ 2,200 $ 2,200 $ — $ 2,200 Amortization expense is included in “Cost of revenues” and “Depreciation and amortization” in the Unaudited Consolidated Condensed Statements of Operations. Total amortization expense was $0.7 million and $1.6 million for the three and six months ended June 30, 2020, respectively. Amortization expense was $1.3 million and $2.7 million for the three and six months ended June 30, 2019, respectively. Amortization expense for the remainder of the year and for future years is as follows: Year Amortization Expense 2020 $ 804 2021 1,499 2022 902 2023 86 2024 46 $ 3,337 Accrued Expenses and Other Current Liabilities June 30, 2020 December 31, 2019 Accrued employee-related benefits $ 1,928 $ 1,004 Other accrued expenses and other current liabilities: Other accrued expenses 617 1,264 Amounts due to customers 338 355 Other current liabilities 302 696 Total other accrued expenses and other current liabilities 1,257 2,315 Total accrued expenses and other current liabilities $ 3,185 $ 3,319 Convertible Notes Payable AutoUSA Note |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | The Company determines if an arrangement is a lease at inception of the arrangement. The Company leases its facilities and certain office equipment under operating leases that expire on various dates through 2025. Right-of-use assets (“ ROU Lease Liabilities Current portion of lease liabilities $ 820 Long term lease liabilities, net of current portion 2,524 Total lease liabilities $ 3,344 The Company’s aggregate lease maturities as of June 30, 2020 are as follows: Year 2020 (remaining 6 months) $ 499 2021 997 2022 791 2023 786 2024 528 Thereafter 197 Total minimum lease payments 3,798 Less imputed interest (454 ) Total lease liabilities $ 3,344 On March 11, 2020, the Company entered into a Lease Agreement (“ New Irvine Lease Rent expense included in operating expenses and cost of revenue was $0.9 million for the six months ended June 30, 2020. The Company had a weighted average remaining lease term of 1.9 years and a weighted average discount rate of 5.5% for leases prior to December 31, 2019. For leases starting January 1, 2020, the weighted average discount rate is 6.25%. Rent expense included in operating expenses and cost of revenue was $1.0 million for the six months ended June 30, 2019. The Company had a weighted average remaining lease term of 2.1 years and a weighted average discount rate of 5.5% as of June 30, 2019. In June 2017, the Company subleased one of its offices to a third party for the remainder of the lease term which expired in February 2019. Rent expense for the six months ended June 30, 2019 is net of sublease income of $26,000. |
Credit Facility
Credit Facility | 6 Months Ended |
Jun. 30, 2020 | |
Line of Credit Facility [Abstract] | |
Credit Facility | On April 30, 2019, the Company entered into a $25.0 million Revolving Credit and Security Agreement (“ PNC Credit Agreement PNC Company U.S. Subsidiaries The interest rates per annum applicable to borrowings under the PNC Credit Agreement were, at the Company’s option (subject to certain conditions), equal to either a domestic rate (“ Domestic Rate Loans LIBOR Rate Loans On October 29, 2019, the Company, the Company’s U.S. Subsidiaries, and PNC entered into a First Amendment to the PNC Credit Agreement (“ PNC Credit Agreement First Amendment Cure Right On January 16, 2020, the Company received a notice of event of default and reservation of rights (“ Default Notice On March 26, 2020, the Company fully paid the PNC Credit Agreement, at which time it was terminated, and in conjunction with the termination of the PNC Credit Agreement, on March 26, 2020, the Company entered into a $20.0 million Loan, Security and Guarantee Agreement (“ CNC Credit Agreement As of June 30, 2020, the Company had $7.2 million outstanding under the CNC Credit Agreement and approximately $2.5 million of net availability. To increase the borrowing base sufficient enough to meet the minimum borrowing usage requirement, on June 29, 2020, the Company placed $3.0 million into a restricted cash account that provided for greater availability under the CNC Credit Agreement. The Company can borrow up to 97.5% of the total restricted cash amount. The restricted cash accrues interest at a variable rate currently averaging 0.30% per annum. On July 2nd, 2020, the Company drew an additional $3.0 million to satisfy the increased minimum borrowing requirement. Financing costs related to the CNC Credit Agreement, net of accumulated amortization, of approximately $0.5 million, have been deferred over the initial term of the loan and are included in other assets as of June 30, 2020. The interest rate per annum applicable to borrowings under the CNC Credit Agreement will be the LIBO plus 5.5%. The LIBO Rate will be equal to the greater of (i) 1.75%, and (ii) the rate determined by the Agent to be equal to the quotient obtained by dividing (1) the LIBO Base Rate (i.e., the rate per annum determined by Agent to be the offered rate that appears on the applicable Bloomberg page) for the applicable LIBOR Loan for the applicable interest period by (2) one minus the Eurodollar Reserve Percentage (i.e., the reserve percentage in effect under regulations issued from time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement with respect to Eurocurrency funding for the applicable LIBOR Loan for the applicable interest period). The CNC Credit Agreement expires on March 26, 2023. On April 16, 2020, the Company received a loan in the amount of approximately $1.38 million from PNC pursuant to the Paycheck Protection Program (“ PPP SBA PPP Loan PPP Note On June 5, 2020 the Paycheck Protection Program Flexibility Act (“ PPPFA The PPP Note matures on April 16, 2022 and bears interest at a rate of 1.00% per annum. Principal and accrued interest are payable monthly in equal installments commencing November 15, 2020, unless the PPP Loan is forgiven as described below. The PPP Note may be prepaid at any time prior to maturity with no prepayment penalties. The PPP Note contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. The proceeds from the PPP Loan may only be used to retain workers and maintain payroll or make mortgage interest, lease and utility payments. For purposes of the CARES Act, payroll costs exclude compensation of an individual employee in excess of $100,000, prorated annually. Not more than 40% of the forgiven amount may be for non-payroll costs. Forgiveness of the PPP Loan is reduced if full-time headcount declines, or if salaries and wages for employees with salaries of $100,000 or less annually are reduced by more than 25%. The outstanding principal will be reduced in the event the Loan, or any portion thereof, is forgiven pursuant to the PPP. The Company intends to apply for forgiveness after the covered period. Furthermore, the Company expects to meet the terms of forgiveness as described above. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Employment Agreements The Company has employment agreements and severance benefits agreements with certain key employees. A number of these agreements require severance payments and continuation of certain insurance benefits in the event of a termination of the employee’s employment by the Company without cause or by the employee for good reason (as defined is these agreements). Stock option agreements and restricted stock award agreements with some key employees provide for acceleration of vesting of stock options and lapsing of forfeiture restrictions on restricted stock in the event of a change in control of the Company, upon termination of employment by the Company without cause or by the employee for good reason, or upon the employee’s death or disability. Litigation From time to time, the Company may be involved in litigation matters arising from the normal course of its business operations. Such litigation, even if not meritorious, could result in substantial costs and diversion of resources and management attention, and an adverse outcome in litigation could materially and adversely affect the Company’s business, results of operations, financial condition and cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | On an interim basis, the Company estimates what its anticipated annual effective tax rate will be and records a quarterly income tax provision in accordance with the estimated annual rate, adjusted accordingly by the tax effect of certain discrete items that arise during the quarter. This process can result in significant changes to the Company’s estimated effective tax rate. When such activity occurs, the income tax provision is adjusted during the quarter in which the estimates are refined and adjusted. As such, the Company’s year-to-date tax provision reflects the estimated annual effective tax rate. Therefore, these changes along with the adjustments to the Company’s deferred taxes and related valuation allowance, may create fluctuations in the overall effective tax rate from period to period. Due to overall cumulative losses incurred in recent years, the Company maintained a valuation allowance against its deferred tax assets as of June 30, 2020 and December 31, 2019. The Company’s effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate primarily due to operating losses that receive no tax benefit as a result of a valuation allowance recorded against the Company’s existing tax assets. The total amount of unrecognized tax benefits, excluding associated interest and penalties, was $0.5 million as of June 30, 2020, all of which, if subsequently recognized, would have affected the Company’s tax rate. As of June 30, 2020, and December 31, 2019, there were no accrued interest and penalties related to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense, and the accrued interest and penalties are included in deferred and other long-term liabilities in the Company’s unaudited condensed consolidated balance sheets. There were no material interest or penalties included in income tax expense for six months ended June 30, 2020 and 2019. The Company is subject to taxation in the U.S. and in various foreign and state jurisdictions. Due to expired statutes of limitation, the Company’s federal income tax returns for years prior to calendar year 2016 are not subject to examination by the U.S. Internal Revenue Service. In response to the coronavirus pandemic, the Coronavirus Aid, Relief and Economic Security Act (“ CARES Act 2017 Tax Act NOL’s Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the 2017 Tax Act) for tax years beginning January 1, 2019 and 2020. The CARES Act allows taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period of years, as originally enacted by the 2017 Tax Act. The enactment of the CARES Act did not result in any material adjustments to the Company’s income tax provision for the six months ended June 30, 2020, or to its net deferred tax assets as of June 30, 2020. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a material impact to its consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue from contracts | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lead generation $ 14,263 $ 21,691 $ 32,723 $ 47,389 Digital advertising Clicks 2,321 4,456 7,670 9,515 Display and other advertising 435 976 1,098 1,795 Total digital advertising 2,756 5,432 8,768 11,310 Other revenues 14 19 14 47 Total revenues $ 17,033 $ 27,142 $ 41,505 $ 58,746 |
Net Loss Per Share and Stockhol
Net Loss Per Share and Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net earnings (loss) per share | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic Shares: Weighted average common shares outstanding 13,146,831 13,147,741 13,146,831 13,066,617 Weighted average unvested restricted stock (13,333 ) (36,850 ) (13,333 ) (48,362 ) Basic Shares 13,133,498 13,110,891 13,133,498 13,018,255 Diluted Shares: Basic shares 13,133,498 13,110,891 13,133,498 13,018,255 Weighted average dilutive securities — — — — Diluted Shares 13,133,498 13,110,891 13,133,498 13,018,255 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation expense included in costs and expenses | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2019 2018 Share-based compensation expense: Sales and marketing $ 29 $ 66 $ 61 $ 138 Technology support 28 52 55 93 General and administrative 462 442 912 880 Share-based compensation costs 519 560 1,028 1,111 Amount capitalized to internal use software — — — — Total share-based compensation costs $ 519 $ 560 $ 1,028 $ 1,111 |
Service based options granted during period | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Number of service-based options granted 55,000 140,000 515,000 1,182,883 Weighted average grant date fair value $ 0.67 $ 1.84 $ 1.05 $ 1.82 Weighted average exercise price $ 1.08 $ 3.45 $ 1.90 $ 3.42 |
Fair value of stock options granted using the following weighted average assumptions | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividend yield — — — — Volatility 81 % 66 % 70 % 65 % Risk-free interest rate 0.3 % 2.2 % 1.1 % 2.5 % Expected life (years) 4.6 4.4 4.6 4.4 |
Stock option exercises | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Number of stock options exercised — 57,036 — 213,048 Weighted average exercise price $ — $ 1.77 $ — $ 1.92 |
Selected Balance Sheet Accoun_2
Selected Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Property and equipment | June 30, 2020 December 31, 2019 Computer software and hardware $ 11,679 $ 12,804 Capitalized internal use software 7,391 5,878 Furniture and equipment 1,743 1,743 Leasehold improvements 1,613 1,613 22,426 22,038 Less—Accumulated depreciation and amortization (19,400 ) (18,689 ) Property and equipment, net $ 3,026 $ 3,349 |
Intangible assets amortized over the estimated useful lives | June 30, 2020 December 31, 2019 Definite-lived Intangible Asset Estimated Useful Life Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks/ trade names/ licenses/ domains 3 - 7 years $ 16,589 $ (15,701 ) $ 888 $ 16,589 $ (15,442 ) $ 1,147 Customer relationships 2 - 5 years 19,563 (19,563 ) — 19,563 (18,800 ) 763 Developed technology 5 - 7 years 8,955 (6,506 ) 2,449 8,955 (5,961 ) 2,994 $ 45,107 $ (41,770 ) $ 3,337 $ 45,107 $ (40.203 ) $ 4,904 June 30, 2020 December 31, 2019 Definite-lived Intangible Asset Estimated Useful Life Gross Accumulated Amortization Net Gross Accumulated Amortization Net Domain Indefinite $ 2,200 $ — $ 2,200 $ 2,200 $ — $ 2,200 |
Future amortization expense | Year Amortization Expense 2020 $ 804 2021 1,499 2022 902 2023 86 2024 46 $ 3,337 |
Accrued expenses and other current liabilities | June 30, 2020 December 31, 2019 Accrued employee-related benefits $ 1,928 $ 1,004 Other accrued expenses and other current liabilities: Other accrued expenses 617 1,264 Amounts due to customers 338 355 Other current liabilities 302 696 Total other accrued expenses and other current liabilities 1,257 2,315 Total accrued expenses and other current liabilities $ 3,185 $ 3,319 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease liabilities | Current portion of lease liabilities $ 820 Long term lease liabilities, net of current portion 2,524 Total lease liabilities $ 3,344 |
Aggregate lease maturities | Year 2020 (remaining 6 months) $ 499 2021 997 2022 791 2023 786 2024 528 Thereafter 197 Total minimum lease payments 3,798 Less imputed interest (454 ) Total lease liabilities $ 3,344 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from contracts with customers | $ 17,033 | $ 27,142 | $ 41,505 | $ 58,746 |
Lead Fees | ||||
Revenue from contracts with customers | 14,263 | 21,691 | 32,723 | 47,389 |
Click Advertising | ||||
Revenue from contracts with customers | 2,321 | 4,456 | 7,670 | 9,515 |
Display and Other Advertising | ||||
Revenue from contracts with customers | 435 | 976 | 1,098 | 1,795 |
Advertising | ||||
Revenue from contracts with customers | 2,756 | 5,432 | 8,768 | 11,310 |
Other Revenues | ||||
Revenue from contracts with customers | $ 14 | $ 19 | $ 14 | $ 47 |
Net Loss Per Share and Stockh_2
Net Loss Per Share and Stockholders' Equity (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic Shares: | ||||
Weighted average common shares outstanding | 13,146,831 | 13,147,741 | 13,146,831 | 13,066,617 |
Weighted average unvested restricted stock | (13,333) | (36,850) | (13,333) | (48,362) |
Basic shares | 13,133,498 | 13,110,891 | 13,133,498 | 13,018,255 |
Diluted Shares: | ||||
Basic shares | 13,133,498 | 13,110,891 | 13,133,498 | 13,018,255 |
Weighted average dilutive securities | 0 | 0 | 0 | 0 |
Diluted Shares | 13,133,498 | 13,110,891 | 13,133,498 | 13,018,255 |
Net Loss Per Share and Stockh_3
Net Loss Per Share and Stockholders' Equity (Details Narrative) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive potential shares of common stock | 4,000 | 4,200 | 4,000 | 4,100 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based compensation expense: | ||||
Share-based compensation costs | $ 519 | $ 560 | $ 1,028 | $ 1,111 |
Amount capitalized to internal use software | 0 | 0 | 0 | 0 |
Total share-based compensation costs | 519 | 560 | 1,028 | 1,111 |
Sales and marketing | ||||
Share-based compensation expense: | ||||
Share-based compensation costs | 29 | 66 | 61 | 138 |
Technology support | ||||
Share-based compensation expense: | ||||
Share-based compensation costs | 28 | 52 | 55 | 93 |
General and administrative | ||||
Share-based compensation expense: | ||||
Share-based compensation costs | $ 462 | $ 442 | $ 912 | $ 880 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details 1) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Issued or Granted During Period, Share-based Compensation | ||||
Number of service-based options granted | 55,000 | 140,000 | 515,000 | 1,182,883 |
Weighted average grant date fair value | $ 0.67 | $ 1.84 | $ 1.05 | $ 1.82 |
Weighted average exercise price | $ 1.08 | $ 3.45 | $ 1.9 | $ 3.42 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details 2) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair value of stock options granted using the following weighted average assumptions | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Volatility | 81.00% | 66.00% | 70.00% | 65.00% |
Risk-free interest rate | 0.30% | 2.20% | 1.10% | 2.50% |
Expected life | 4 years 7 months 6 days | 4 years 4 months 24 days | 4 years 7 months 6 days | 4 years 4 months 24 days |
Share-Based Compensation (Det_4
Share-Based Compensation (Details 3) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Number of stock options exercised | 0 | 57,036 | 0 | 213,048 |
Weighted average exercise price | $ 0 | $ 1.77 | $ 0 | $ 1.92 |
Selected Balance Sheet Accoun_3
Selected Balance Sheet Accounts (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property and Equipment | ||
Computer software and hardware | $ 11,679 | $ 12,804 |
Capitalized internal use software | 7,391 | 5,878 |
Furniture and equipment | 1,743 | 1,743 |
Leasehold improvements | 1,613 | 1,613 |
Property and equipment, gross | 22,426 | 22,038 |
Less - Accumulated depreciation and amortization | (19,400) | (18,689) |
Property and equipment, net | $ 3,026 | $ 3,349 |
Selected Balance Sheet Accoun_4
Selected Balance Sheet Accounts (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Intangible Assets | |||
Gross | $ 45,107 | $ 45,107 | |
Accumulated amortization | (41,770) | (40,203) | |
Net | 5,537 | 7,104 | |
Trademarks and Trade Names | |||
Intangible Assets | |||
Gross | 16,589 | 16,589 | |
Accumulated amortization | (15,701) | (15,442) | |
Net | $ 888 | $ 1,147 | |
Trademarks and Trade Names | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 3 years | 3 years | |
Trademarks and Trade Names | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 7 years | 7 years | |
Customer Relationships | |||
Intangible Assets | |||
Gross | $ 19,563 | $ 19,563 | |
Accumulated amortization | (19,563) | (18,800) | |
Net | $ 0 | $ 763 | |
Customer Relationships | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 2 years | 2 years | |
Customer Relationships | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 5 years | 5 years | |
Developed Technology Rights | |||
Intangible Assets | |||
Gross | $ 8,955 | $ 8,955 | |
Accumulated amortization | (6,506) | (5,961) | |
Net | $ 2,449 | 2,994 | |
Developed Technology Rights | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 5 years | 5 years | |
Developed Technology Rights | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life | 7 years | 7 years | |
Domain | |||
Intangible Assets | |||
Gross | $ 2,200 | 2,200 | |
Accumulated amortization | 0 | 0 | |
Net | $ 2,200 | $ 2,200 |
Selected Balance Sheet Accoun_5
Selected Balance Sheet Accounts (Details 2) $ in Thousands | Jun. 30, 2020USD ($) |
Amortization expense for the remainder of the year and for the next five years | |
2020 | $ 804 |
2021 | 1,499 |
2022 | 902 |
2023 | 86 |
2024 | 46 |
Total | $ 3,337 |
Selected Balance Sheet Accoun_6
Selected Balance Sheet Accounts (Details 3) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued expenses and other current liabilities | ||
Accrued employee-related benefits | $ 1,928 | $ 1,004 |
Other accrued expenses | 617 | 1,264 |
Amounts due to customers | 338 | 355 |
Other current liabilities | 302 | 696 |
Total other accrued expenses and other current liabilities | 1,257 | 2,315 |
Total accrued expenses and other current liabilities | $ 3,185 | $ 3,319 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Current portion of lease liabilities | $ 820 | $ 1,167 |
Long term lease liabilities, net of current portion | 2,524 | $ 1,497 |
Total lease liabilities | $ 3,344 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 (remaining 6 months) | $ 499 |
2021 | 997 |
2022 | 791 |
2023 | 786 |
2024 | 528 |
Thereafter | 197 |
Total minimum lease payments | 3,798 |
Less imputed interest | (454) |
Total lease liabilities | $ 3,344 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Rent expense | $ 900 | $ 100 |
Weighted average remaining lease term | 1 year 10 months 24 days | 2 years 1 month 6 days |
Weighted average discount rate | 6.25% | 5.50% |
Sublease income | $ 26 |
Credit Facility (Details Narrat
Credit Facility (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Abstract] | ||
Outstanding under CNC Credit Agreement | $ 7,181 | $ 3,745 |