Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | IRADIMED CORP | |
Entity Central Index Key | 1,325,618 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 11,069,400 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 15,529,235 | $ 9,454,150 |
Investments | 7,890,617 | 7,913,793 |
Accounts receivable, net of allowance for doubtful accounts of $43,847 as of September 30, 2015 and $28,119 as of December 31, 2014 | 3,428,216 | 1,960,214 |
Inventory, net | 2,259,290 | 2,125,838 |
Prepaid expenses and other current assets | 361,304 | 276,540 |
Prepaid income taxes | 215,721 | 320,941 |
Deferred income taxes | 174,403 | 116,339 |
Total current assets | 29,858,786 | 22,167,815 |
Property and equipment, net | 851,671 | 794,835 |
Intangible assets, net | 181,336 | 250,836 |
Deferred income taxes | 121,184 | 76,557 |
Other assets | 37,683 | 19,676 |
Total assets | 31,050,660 | 23,309,719 |
Current liabilities: | ||
Accounts payable | 916,882 | 629,167 |
Accrued payroll and benefits | 1,134,964 | 1,244,898 |
Other accrued taxes | 23,295 | 65,790 |
Warranty reserve | 63,080 | 27,925 |
Deferred revenue | 532,945 | 308,341 |
Total current liabilities | 2,671,166 | 2,276,121 |
Deferred revenue | 265,740 | 142,902 |
Total liabilities | 2,936,906 | 2,419,023 |
Stockholders' equity: | ||
Common stock; $0.0001 par value; 90,000,000 shares authorized; 11,069,400 shares issued and outstanding as of September 30, 2015 and 10,814,650 shares issued and outstanding as of December 31, 2014 | 1,107 | 1,082 |
Additional paid-in capital | 17,898,000 | 15,785,838 |
Retained earnings | 10,250,463 | 5,125,249 |
Accumulated other comprehensive loss | (35,816) | (21,473) |
Total stockholders' equity | 28,113,754 | 20,890,696 |
Total liabilities and stockholders' equity | $ 31,050,660 | $ 23,309,719 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CONDENSED BALANCE SHEETS | ||
Accounts receivable, allowance for doubtful accounts | $ 43,847 | $ 28,119 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 11,069,400 | 10,814,650 |
Common stock, shares outstanding | 11,069,400 | 10,814,650 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||
Revenue | $ 8,193,616 | $ 3,811,947 | $ 22,794,464 | $ 12,069,553 |
Cost of revenue | 1,590,222 | 959,593 | 4,340,429 | 2,485,704 |
Gross profit | 6,603,394 | 2,852,354 | 18,454,035 | 9,583,849 |
Operating expenses: | ||||
General and administrative | 1,675,784 | 1,261,872 | 5,629,071 | 3,485,051 |
Sales and marketing | 1,206,203 | 880,711 | 3,399,581 | 2,505,019 |
Research and development | 518,562 | 303,463 | 1,264,310 | 753,267 |
Total operating expenses | 3,400,549 | 2,446,046 | 10,292,962 | 6,743,337 |
Income from operations | 3,202,845 | 406,308 | 8,161,073 | 2,840,512 |
Other income (expense), net | 64,709 | (8,808) | 157,660 | 6,275 |
Income before provision for income taxes | 3,267,554 | 397,500 | 8,318,733 | 2,846,787 |
Provision for income taxes | 1,400,406 | 160,143 | 3,193,519 | 1,067,242 |
Net income | 1,867,148 | 237,357 | 5,125,214 | 1,779,545 |
Other comprehensive (loss) income: | ||||
Change in fair value of available-for-sale securities, net of tax (benefit) expense of $(6,369) and $70 for the three months ended September 30, 2015 and 2014, respectively, and $(8,833) and $(2,681) for nine months ended September 30, 2015 and 2014, respectively | (10,341) | 130 | (14,343) | 3,832 |
Realized gain on available-for-sale securities reclassified to net income, net of tax of $70 and $2,560 for the three and nine months ended September 30, 2014, respectively | (130) | (4,756) | ||
Comprehensive income | $ 1,856,807 | $ 237,357 | $ 5,110,871 | $ 1,778,621 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.47 | $ 0.22 |
Diluted (in dollars per share) | $ 0.15 | $ 0.02 | $ 0.42 | $ 0.18 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 11,028,551 | 10,112,139 | 10,970,189 | 8,048,779 |
Diluted (in shares) | 12,382,531 | 11,269,358 | 12,294,307 | 9,688,602 |
CONDENSED STATEMENTS OF OPERAT5
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||
Change in fair value of available for sale securities, tax (benefit) expense | $ (6,369) | $ 70 | $ (8,833) | $ (2,681) |
Reclassification to net income, tax expense | $ 70 | $ 2,560 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net income | $ 5,125,214 | $ 1,779,545 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Bad debt expense | 15,728 | 37,368 |
Provision for excess and obsolete inventory | 103,471 | 36,709 |
Depreciation and amortization | 163,709 | 99,638 |
Stock-based compensation | 913,234 | 503,881 |
Impairment of intangible assets | 55,433 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,483,730) | 770,612 |
Inventory | (236,923) | (336,355) |
Prepaid expenses and other current assets | (80,182) | (126,434) |
Other assets | (22,589) | (17,498) |
Deferred income taxes | (93,858) | (189,235) |
Accounts payable | 287,715 | 212,761 |
Accrued payroll and benefits | (109,934) | 263,682 |
Other accrued taxes | (42,495) | (40,403) |
Warranty reserve | 35,155 | 3,669 |
Deferred revenue | 347,442 | 238,367 |
Accrued income taxes, net of prepaid income taxes | 105,220 | 249,343 |
Other | 1,461 | |
Net cash provided by operating activities | 5,082,610 | 3,487,111 |
Investing activities: | ||
Purchases of investments | (3,011) | |
Proceeds from sale of investments | 255,109 | |
Purchases of property and equipment | (193,368) | (504,502) |
Capitalized intangible assets | (13,110) | (21,726) |
Net cash used in investing activities | (206,478) | (274,130) |
Financing activities: | ||
Proceeds from stock option exercises | 320,807 | |
Income tax benefits credited to equity | 878,146 | |
Proceeds from the issuance of common stock pursuant to initial public offering | 14,490,000 | |
Payment of initial public offering costs | (2,044,348) | |
Repayment of officer note payable | (6,333) | |
Net cash provided by financing activities | 1,198,953 | 12,439,319 |
Net increase in cash and cash equivalents | 6,075,085 | 15,652,300 |
Cash and cash equivalents, beginning of period | 9,454,150 | 2,461,559 |
Cash and cash equivalents, end of period | 15,529,235 | 18,113,859 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 2,402,000 | $ 1,004,574 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation | |
Basis of Presentation | 1 — Basis of Presentation The accompanying interim condensed financial statements of IRADIMED CORPORATION (“ IRADIMED ”, the “Company”, “we”, “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These accompanying interim condensed financial statements should be read with the financial statements and related footnotes to financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. The accounting policies followed in the preparation of these interim condensed financial statements are consistent in all material respects with those described in Note 1 of our 10-K. Certain prior year amounts have been reclassified to conform to current year presentation. FDA Warning Letter On September 2, 2014 we announced we received a Warning Letter from the U.S. Food and Drug Administration (“FDA”) relating to an inspection of our facility that took place in April 2014. At the conclusion of the April inspection, FDA issued a Form 483 that identified eight observations. The majority of the observations related to procedures and documentation associated with the design, development and validation testing of software used in certain of our products. Other observations were related to the design validation of pump labeling, design analysis of tube stretching, procedures for post-market design review, and procedures and processing related to handling certain reported complaints. We submitted responses to the Form 483 in May 2014 and June 2014 in which we described our proposed corrective and preventative actions to address each of the FDA’s concerns. FDA’s Warning Letter stated that the FDA accepted as adequate several of our responses to Form 483 observations, identified two responses whose accuracy will be determined in the next scheduled inspection of our facility and identified issues for which our response was determined to be inadequate. The issues identified as inadequate concern our procedures for validating device design, primarily related to software quality assurance. Also, the Warning Letter raised a new issue. The Warning Letter stated that modifications made to software on our previously cleared infusion pumps, the MRidium 3860 and MRidium 3850, were “significant” and required submission of new premarket notifications under Section 510(k) (a “510(k) submission”) of the Food, Drug and Cosmetic Act (the “FDC Act”). These modifications were made over time. We believe they were insignificant and did not require premarket notification submissions. However, the FDA indicated that the modifications of the software for the MRidium 3860 and the software for the MRidium 3850 were “significant” modifications because they could significantly affect the safety or effectiveness of these devices. As a result, the Warning Letter states that the products being sold by us are “adulterated” and “misbranded” under the FDC Act. The Warning Letter also indicates that the MRidium 3860+ infusion pump requires separate FDA clearance from the MRidium 3860 and MRidium 3850. The Warning Letter requested that we immediately cease activities that result in the misbranding or adulteration of the MRidium 3860 MRI infusion pump, MRidium 3850 MRI infusion pump, and the MRidium 3860+ MRI infusion pump, including the commercial distribution of the devices. We immediately complied with the Warning Letter and ceased sale and distribution of the identified products in the United States. On September 4, 2014, we submitted to the FDA our initial response to the Warning Letter and on September 17, 2014 we sent an additional response that included supplemental information related to the Form 483 inspection observations for which the FDA considered our initial responses inadequate. On November 25, 2014, we announced that we filed the 510(k) submission related to our MRidium 3860+ MRI IV infusion pumps and on December 12, 2014 we were notified that our 510(k) submission had been formally accepted for review by the FDA. On December 22, 2014, under FDA enforcement discretion, we announced that we resumed domestic distribution of our MRI compatible MRidium 3860+ MRI IV infusion pump systems, without the Dose Error Reduction System (“DERS”) option. On January 28, 2015, under FDA enforcement discretion, we announced that we resumed domestic distribution of our DERS option. We continue to work with the FDA to fully resolve the Warning Letter and complete the review of the 510(k) submission. See the Legal matters portion of Note 12. Certain Significant Risks and Uncertainties We market our products to end users in the United States and to distributors internationally. Sales to end users in the United States are generally made on open credit terms. Management maintains an allowance for potential credit losses. As of December 31, 2014, two international customers accounted for approximately 35% of gross accounts receivable. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue Contracts with Customers (Topic 606). This update provides guidance on the recognition of revenue based upon the entity’s contracts with customers to transfer goods or services at an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB deferred the effective date to annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods, which will require us to adopt this update in the first quarter of 2018. Early adoption is permitted to the original effective date of December 15, 2016, including interim reporting periods within those periods. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulating effect recognized as of the date of initial application. We are in the process of determining the method of adoption and assessing the potential impacts of adopting this guidance on our financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330). Under this ASU, inventory will be measured at the lower of cost or net realizable value and options that currently exist for market value have been eliminated. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. No other changes were made to the current guidance on inventory measurement. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted and should be applied prospectively. We are in the process of evaluating the provisions on this statement, including which period to adopt, and have not determined what impact the adoption of this amendment will have on our financial position, results of operations and cash flows. |
Basic and Diluted Net Income pe
Basic and Diluted Net Income per Share | 9 Months Ended |
Sep. 30, 2015 | |
Basic and Diluted Net Income per Share | |
Basic and Diluted Net Income per Share | 2 — Basic and Diluted Net Income per Share Basic net income per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. As discussed further in Note 13, the effect of our 1.75:1 stock split and recapitalization is reflected in the number of outstanding shares and per share information in the table below. The underwriters’ warrants, preferred stock and stock options granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding. The following table presents the computation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Net income $ $ $ $ Weighted-average shares outstanding — Basic Effect of dilutive securities: Underwriters’ warrants — Preferred stock — — Stock options Weighted-average shares outstanding — Diluted Basic net income per share $ $ $ $ Diluted net income per share $ $ $ $ Warrants and stock options to purchase shares of our common stock excluded from the calculation of diluted net income per share because the effect would have been anti-dilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Anti-dilutive stock options |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Inventory | 3 — Inventory Inventory consists of: September 30, 2015 December 31, 2014 (unaudited) Raw materials $ $ Work in process Finished goods Total $ $ The Company reviews its inventory on a periodic basis for excess, obsolete or impaired inventory and records a reserve for items identified. As of September 30, 2015 and December 31, 2014, the Company maintained an allowance for excess and obsolete inventory of $165,540 and $62,069, respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment | |
Property and Equipment | 4 — Property and Equipment Property and equipment consist of: September 30, 2015 December 31, 2014 (unaudited) Computer software and hardware $ $ Furniture and fixtures Leasehold improvements Machinery and equipment Tooling in-process Accumulated depreciation ) ) Total $ $ Depreciation and amortization expense of property and equipment was $48,615 and $35,316 for the three months ended September 30, 2015 and 2014, respectively, and $136,532 and $70,361 for the nine months ended September 30, 2015 and 2014, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets | |
Intangible Assets | 5 — Intangible Assets The following table summarizes the components of intangible asset balances: September 30, 2015 December 31, 2014 (unaudited) Patents — in use $ $ Patents — in process Internally developed software Accumulated amortization ) ) Total $ $ Amortization expense of intangible assets was $8,830 and $9,861 for the three months ended September 30, 2015 and 2014, respectively, and $27,177 and $29,277 for the nine months ended September 30, 2015 and 2014. During the nine months ended September 30, 2015, we recorded an impairment charge of $55,433 on patents related to certain of our IV sets. This charge is included as general and administrative expense in our Condensed Statements of Operations and Comprehensive Income. Expected annual amortization expense for the next five years related to intangible assets is as follows: Three months ending December 31, 2015 $ 2016 2017 2018 2019 2020 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation | |
Stock Based Compensation | 6 — Stock-Based Compensation Stock-based compensation was recognized as follows in the Condensed Statements of Operations and Comprehensive Income: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Cost of revenue $ $ $ $ General and administrative Sales and marketing Research and development Total $ $ $ $ As of September 30, 2015 we had $2,873,019 of total unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 2.8 years. The following table presents a summary of our stock option activity as of and for the nine months ended September 30, 2015: Options Outstanding beginning of period Options granted Options exercised ) Options canceled ) Outstanding end of period |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments | |
Investments | 7 — Investments Our investments consisted of corporate bonds that we have classified as available-for-sale and are summarized in the following tables: September 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds: U.S. corporations $ $ $ $ International corporations — Total $ $ $ $ December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds: U.S. corporations $ $ — $ $ International corporations — Total $ $ — $ $ Unrealized losses from the above investments for all periods presented are attributable to changes in interest rates. We do not believe any of these unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of September 30, 2015. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | 8 — Fair Value Measurements The fair value of our assets and liabilities subject to recurring fair value measurements are as follows: Fair Value at September 30, 2015 Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Corporate bonds: U.S. corporations $ $ — $ $ — International corporations — — Total $ $ — $ $ — Fair Value at December 31, 2014 Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Corporate bonds: U.S. corporations $ $ — $ $ — International corporations — — Total $ $ — $ $ — Our corporate bonds are valued by a third-party custodian at closing prices from national exchanges or pricing vendors on the valuation date. There were no transfers into or out of any Levels during the nine months ended September 30, 2015 or the year ended December 31, 2014. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) lncome | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income. | |
Accumulated Other Comprehensive (Loss) Income | 9 — Accumulated Other Comprehensive (Loss) Income The only component of accumulated other comprehensive (loss) income, net of tax, for the three months ended September 30, 2015 and 2014 is as follows: Unrealized (Losses) Gains on Available-For-Sale Securities Balances at June 30, 2015 $ ) Losses, net ) Balances at September 30, 2015 $ ) Balances at June 30, 2014 $ Gains, net Realized gain on available-for-sale securities reclassified to net income ) Balances at September 30, 2014 $ — The only component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2015 and 2014 is as follows: Unrealized (Losses) Gains on Available-For-Sale Securities Balances at December 31, 2014 $ ) Losses, net ) Balances at September 30, 2015 $ ) Balances at December 31, 2013 $ Gains, net Realized gain on available-for-sale securities reclassified to net income ) Balances at September 30, 2014 $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes | |
Income Taxes | 10 — Income Taxes We recorded provisions for income taxes of $1,400,406 and $3,193,519 for the three and nine months ended September 30, 2015, respectively. Our effective tax rate was 42.9% and 38.4% for the three and nine months ended September 30, 2015, respectively. Our effective tax rates for the three and nine months ended September 30, 2015 differed from the U.S. Federal statutory rate primarily due to the write-off of deferred taxes associated with certain of our stock options, higher U.S. state income tax expense and higher incentive stock option expense, partially offset by a higher deduction for our domestic production activities and discrete items. We recorded provisions for income taxes of $160,143 and $1,067,242 for the three and nine months ended September 30, 2014, respectively. Our effective tax rate was 40.3% and 37.5% for the three and nine months ended September 30, 2014, respectively. Our effective tax rates for the three and nine months ended September 30, 2014 differed from the U.S. Federal statutory rate primarily due to higher U.S. state tax expense, partially offset by the domestic production activities deduction. As of September 30, 2015 and December 31, 2014, we have not identified or accrued for any uncertain tax positions. We are currently unaware of any uncertain tax positions that could result in significant payments, accruals or other material deviations in this estimate over the next 12 months. We file tax returns in the United States Federal jurisdiction and many state jurisdictions. Our returns are not currently under examination by the Internal Revenue Service or other taxing authorities. The Company is subject to income tax examinations for our United States Federal and State income taxes for 2009 and subsequent years. |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment, Customer and Geographic Information | |
Segment, Customer and Geographic Information | 11 — Segment, Customer and Geographic Information We operate in one reportable segment which is the development, manufacture and sale of MRI compatible IV infusion pump systems and products for use by hospitals and acute care facilities during MRI procedures. In the U.S., we sell our products through our direct sales force and outside of the U.S. we sell our products through distributors who resell our products to end users. Revenue information by geographic region is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) United States $ $ $ $ International $ $ $ $ Revenue information by type is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Devices $ $ $ $ Disposable IV Sets and Services $ $ $ $ Property and equipment, net, information by geographic region is as follows: September 30, 2015 December 31, 2014 (unaudited) United States $ $ International $ $ Long-lived assets held outside of the United States consist principally of tooling, which is a component of property and equipment, net. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12 — Commitments and Contingencies Leases. In January 2014, we entered into a non-cancelable operating lease, commencing July 1, 2014, for a new manufacturing and headquarters facility in Winter Springs, Florida owned by Susi, LLC, an entity controlled by our president, CEO and controlling stockholder, Roger Susi. Pursuant to the terms of our lease for this property, the monthly base rent is $32,616, adjusted annually for changes in the consumer price index. Under the terms of the lease, we are responsible for property taxes, insurance and maintenance expenses. The term of the lease expires on May 31, 2019. Unless advance written notice of termination is timely provided, the lease will automatically renew for two successive terms of five years each beginning in 2019 and again in 2024, and thereafter, will be renewed for successive terms of one year each. A summary of our non-cancelable operating lease commitments of September 30, 2015 is as follows: Three months ending December 31, 2015 $ 2016 2017 2018 2019 Total non-cancelable operating lease commitments $ Rent expense under our operating leases was $100,037 and $108,047 for the three months ended September 30, 2015 and 2014, respectively, and $300,670 and $170,968 for the nine months ended September 30, 2015 and 2014, respectively. Leasehold improvements are amortized over the shorter of the initial lease term or the estimated useful life. Purchase commitments. We had various purchase orders for goods or services totaling approximately $3,241,793 at September 30, 2015 and $1,993,801 at December 31, 2014. No amounts related to these purchase orders have been recognized in our balance sheet. Legal matters. On September 10, 2014, a Civil Action was filed in the U.S. District Court for the Southern District of Florida (“Lam Civil Action”). The Lam Civil Action was a putative class action lawsuit brought against the Company and certain individuals who are officers and / or directors of the Company. The plaintiff was an alleged shareholder of the Company, and in the operative complaint sought relief on behalf of a class of persons who purchased the Company’s common stock during the period from July 15, 2014 through September 17, 2014. The complaint alleged that the defendants failed to disclose material information concerning the Company’s compliance with FDA regulations in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that the putative class members suffered damages as a result. The complaint additionally alleged “control person” liability against the individual defendants under Section 20(a) of the Securities Exchange Act of 1934. The Company disputed the plaintiff’s allegations and theories of liability. On May 26, 2015, the court granted the defendants’ motions to dismiss the complaint in its entirety. On June 22, 2015, the plaintiff filed a notice of appeal in the U.S. Court of Appeals for the Eleventh Circuit. The appeal was dismissed with prejudice by the Court of Appeals on October 28, 2015 on joint motion of the parties. In addition to the foregoing, we may from time to time become party to various legal proceedings or claims that arise in the ordinary course of business. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2015 | |
Capital Stock | |
Capital Stock | 13 — Capital Stock Reincorporation Effective April 14, 2014, we reincorporated as a Delaware corporation. As part of this reincorporation, we converted all previously outstanding shares of our Class A Common Stock and Class B Common Stock into a single class of common stock on a 1.75:1 conversion ratio and all previously outstanding shares of our Series A Preferred Stock were split on a 1.75:1 conversion ratio into new Series A Preferred Stock. This recapitalization was accounted for as a stock split as the intent was to provide for wider distribution of our common stock. In accordance with our Certificate of Incorporation, upon the sale of shares pursuant to an initial public offering, which was completed in July 2014, all of our Series A Preferred Stock was automatically converted into common stock on a 1:1 conversion ratio. The table below summarizes the effect of the stock split and conversion on our capital stock that was previously outstanding prior to our initial public offering: Series A Preferred Stock outstanding — Pre recapitalization Stock split ratio 1.75:1 Series A Preferred Stock outstanding — Post recapitalization Common stock outstanding — Pre recapitalization Class A Common Stock Class B Common Stock Total Stock split ratio 1.75:1 Common stock outstanding — Post recapitalization The effect of this stock split has been retroactively applied to per-share computations, share and option amounts for all periods presented within these condensed financial statements and accompanying notes. As of the effective date of the reincorporation, we were authorized to issue 90,000,000 shares of Common Stock with a par value of $0.0001 per share and 10,000,000 shares of Preferred Stock with a par value of $0.0001. Effective October 30, 2015, after receiving approval by our Board of Directors and a majority of the voting power of our outstanding common stock, we amended our Certificate of Incorporation to decrease the number of authorized shares of our common stock from 90,000,000 to 31,500,000 shares and to decrease the number of authorized shares of preferred stock from 10,000,000 to 3,500,000 shares, of which 800,000 shares will remain designated as Series A Preferred Stock. The purpose of the decrease in authorized shares was to reduce our annual franchise tax costs. |
Basic and Diluted Net Income 20
Basic and Diluted Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Basic and Diluted Net Income per Share | |
Schedule of computation of basic and diluted net income per share | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Net income $ $ $ $ Weighted-average shares outstanding — Basic Effect of dilutive securities: Underwriters’ warrants — Preferred stock — — Stock options Weighted-average shares outstanding — Diluted Basic net income per share $ $ $ $ Diluted net income per share $ $ $ $ |
Schedule of warrants and stock options to purchase shares of common stock excluded from the calculation of diluted net income per share | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Anti-dilutive stock options |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Schedule of inventory | September 30, 2015 December 31, 2014 (unaudited) Raw materials $ $ Work in process Finished goods Total $ $ |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment | |
Schedule of property and equipment | September 30, 2015 December 31, 2014 (unaudited) Computer software and hardware $ $ Furniture and fixtures Leasehold improvements Machinery and equipment Tooling in-process Accumulated depreciation ) ) Total $ $ |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets | |
Summary of the components of intangible asset balances | September 30, 2015 December 31, 2014 (unaudited) Patents — in use $ $ Patents — in process Internally developed software Accumulated amortization ) ) Total $ $ |
Schedule of expected annual amortization expense related to intangible assets | Three months ending December 31, 2015 $ 2016 2017 2018 2019 2020 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation | |
Schedule of stock-based compensation | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Cost of revenue $ $ $ $ General and administrative Sales and marketing Research and development Total $ $ $ $ |
Summary of stock option activity | Options Outstanding beginning of period Options granted Options exercised ) Options canceled ) Outstanding end of period |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments | |
Summary of available for sale securities | September 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds: U.S. corporations $ $ $ $ International corporations — Total $ $ $ $ December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds: U.S. corporations $ $ — $ $ International corporations — Total $ $ — $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Schedule of the fair value of assets and liabilities subject to recurring fair value measurements | Fair Value at September 30, 2015 Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Corporate bonds: U.S. corporations $ $ — $ $ — International corporations — — Total $ $ — $ $ — Fair Value at December 31, 2014 Fair Value Quoted Prices in Active Market for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Corporate bonds: U.S. corporations $ $ — $ $ — International corporations — — Total $ $ — $ $ — |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive (Loss) lncome (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income. | |
Schedule of component of accumulated other comprehensive (loss) income, net of tax | The only component of accumulated other comprehensive (loss) income, net of tax, for the three months ended September 30, 2015 and 2014 is as follows: Unrealized (Losses) Gains on Available-For-Sale Securities Balances at June 30, 2015 $ ) Losses, net ) Balances at September 30, 2015 $ ) Balances at June 30, 2014 $ Gains, net Realized gain on available-for-sale securities reclassified to net income ) Balances at September 30, 2014 $ — The only component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2015 and 2014 is as follows: Unrealized (Losses) Gains on Available-For-Sale Securities Balances at December 31, 2014 $ ) Losses, net ) Balances at September 30, 2015 $ ) Balances at December 31, 2013 $ Gains, net Realized gain on available-for-sale securities reclassified to net income ) Balances at September 30, 2014 $ — |
Segment, Customer and Geograp28
Segment, Customer and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment, Customer and Geographic Information | |
Schedule of revenue information by geographic region | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) United States $ $ $ $ International $ $ $ $ |
Schedule of revenue information by external customers by product | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Devices $ $ $ $ Disposable IV Sets and Services $ $ $ $ |
Schedule of property and equipment, net information by geographic region | September 30, 2015 December 31, 2014 (unaudited) United States $ $ International $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Minimum lease payments | Three months ending December 31, 2015 $ 2016 2017 2018 2019 Total non-cancelable operating lease commitments $ |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Capital Stock | |
Summarizes the effect of the stock split and conversion of capital stock previously outstanding | Series A Preferred Stock outstanding — Pre recapitalization Stock split ratio 1.75:1 Series A Preferred Stock outstanding — Post recapitalization Common stock outstanding — Pre recapitalization Class A Common Stock Class B Common Stock Total Stock split ratio 1.75:1 Common stock outstanding — Post recapitalization |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | |
Dec. 31, 2014customer | Sep. 02, 2014item | |
FDA Warning Letter | ||
Number of observations | 8 | |
Number of identified responses whose accuracy will be determined | 2 | |
Gross accounts receivable | Credit concentration risk | International customer | ||
Certain Significant Risks and Uncertainties | ||
Number of customers | customer | 2 | |
Concentration risk (as a percent) | 35.00% |
Basic and Diluted Net Income 32
Basic and Diluted Net Income per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |
Basic and Diluted Net Income per Share | ||||
Stock split ratio | 1.75 | |||
Net income | $ | $ 1,867,148 | $ 237,357 | $ 5,125,214 | $ 1,779,545 |
Weighted-average shares outstanding - Basic (in shares) | 11,028,551 | 10,112,139 | 10,970,189 | 8,048,779 |
Effect of dilutive securities: | ||||
Underwriters' warrants | 133,093 | 847 | 115,598 | |
Preferred stock | 228,261 | 1,005,128 | ||
Stock options | 1,220,887 | 928,111 | 1,208,520 | 634,695 |
Weighted-average shares outstanding - Diluted (in shares) | 12,382,531 | 11,269,358 | 12,294,307 | 9,688,602 |
Basic net income per share (in dollars per share) | $ / shares | $ 0.17 | $ 0.02 | $ 0.47 | $ 0.22 |
Diluted net income per share (in dollars per share) | $ / shares | $ 0.15 | $ 0.02 | $ 0.42 | $ 0.18 |
Anti-dilutive warrants and stock options (in shares) | 5,804 | 17,625 | 25,341 | 660,159 |
Inventory (Details)
Inventory (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory | ||
Raw materials | $ 1,839,073 | $ 1,541,688 |
Work in process | 127,460 | 126,188 |
Finished goods | 292,757 | 457,962 |
Total | 2,259,290 | 2,125,838 |
Allowance for excess and obsolete inventory | $ 165,540 | $ 62,069 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property and equipment | |||||
Property and equipment, gross | $ 1,768,969 | $ 1,768,969 | $ 1,575,601 | ||
Accumulated depreciation | (917,298) | (917,298) | (780,766) | ||
Total | 851,671 | 851,671 | 794,835 | ||
Depreciation and amortization expense of property and equipment | 48,615 | $ 35,316 | 136,532 | $ 70,361 | |
Computer software and hardware | |||||
Property and equipment | |||||
Property and equipment, gross | 373,105 | 373,105 | 303,076 | ||
Furniture and fixtures | |||||
Property and equipment | |||||
Property and equipment, gross | 237,707 | 237,707 | 198,253 | ||
Leasehold improvements | |||||
Property and equipment | |||||
Property and equipment, gross | 191,139 | 191,139 | 182,105 | ||
Machinery and equipment | |||||
Property and equipment | |||||
Property and equipment, gross | 939,305 | 939,305 | 849,852 | ||
Tooling in-process | |||||
Property and equipment | |||||
Property and equipment, gross | $ 27,713 | $ 27,713 | $ 42,315 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Intangible assets | |||||
Intangible Assets, gross | $ 361,819 | $ 361,819 | $ 418,873 | ||
Accumulated amortization | (180,483) | (180,483) | (168,037) | ||
Total | 181,336 | 181,336 | 250,836 | ||
Amortization expense of intangible assets | 8,830 | $ 9,861 | 27,177 | $ 29,277 | |
Impairment of intangible assets | 55,433 | ||||
Expected annual amortization expense | |||||
Three months ending December 31, 2015 | 8,830 | 8,830 | |||
2,016 | 18,016 | 18,016 | |||
2,017 | 10,538 | 10,538 | |||
2,018 | 10,538 | 10,538 | |||
2,019 | 10,538 | 10,538 | |||
2,020 | 10,538 | 10,538 | |||
Patents - in use | |||||
Intangible assets | |||||
Intangible Assets, gross | 168,383 | 168,383 | 238,548 | ||
Patents - in use | General and administrative | |||||
Intangible assets | |||||
Impairment of intangible assets | 55,433 | ||||
Patents - in process | |||||
Intangible assets | |||||
Intangible Assets, gross | 44,469 | 44,469 | 31,358 | ||
Internally developed software | |||||
Intangible assets | |||||
Intangible Assets, gross | $ 148,967 | $ 148,967 | $ 148,967 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Based Compensation | ||||
Stock based compensation | $ 331,148 | $ 171,599 | $ 913,234 | $ 503,881 |
Total unrecognized stock based compensation expense | 2,873,019 | $ 2,873,019 | ||
Weighted average period expected to be recognized | 2 years 9 months 18 days | |||
Cost of revenue. | ||||
Stock Based Compensation | ||||
Stock based compensation | 23,138 | 905 | $ 57,938 | 2,834 |
General and administrative | ||||
Stock Based Compensation | ||||
Stock based compensation | 152,213 | 60,235 | 402,097 | 174,737 |
Sales and marketing | ||||
Stock Based Compensation | ||||
Stock based compensation | 148,598 | 102,606 | 417,248 | 299,594 |
Research and development | ||||
Stock Based Compensation | ||||
Stock based compensation | $ 7,199 | $ 7,853 | $ 35,951 | $ 26,716 |
Stock-Based Compensation (Det37
Stock-Based Compensation (Details 2) - Options | 9 Months Ended |
Sep. 30, 2015shares | |
Options | |
Outstanding beginning of period (in shares) | 1,945,192 |
Options granted (in shares) | 35,000 |
Options exercised (in shares) | (254,749) |
Options cancelled (in shares) | (500) |
Outstanding end of period (in shares) | 1,724,943 |
Investments (Details)
Investments (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Cost | $ 7,948,486 | $ 7,948,486 |
Gross Unrealized Gains | 1,905 | |
Gross Unrealized Losses | 59,774 | 34,693 |
Fair Value | 7,890,617 | 7,913,793 |
U.S. corporations | ||
Cost | 6,433,286 | 6,433,286 |
Gross Unrealized Gains | 1,905 | |
Gross Unrealized Losses | 46,986 | 27,067 |
Fair Value | 6,388,205 | 6,406,219 |
International corporations | ||
Cost | 1,515,200 | 1,515,200 |
Gross Unrealized Losses | 12,788 | 7,626 |
Fair Value | $ 1,502,412 | $ 1,507,574 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Measurements | ||
Fair value assets, amount transferred between measurement levels | $ 0 | $ 0 |
Recurring | Fair Value | ||
Fair Value Measurements | ||
Total | 7,890,617 | 7,913,793 |
Recurring | U.S. corporations | Fair Value | ||
Fair Value Measurements | ||
Total | 6,388,205 | 6,406,219 |
Recurring | International corporations | Fair Value | ||
Fair Value Measurements | ||
Total | 1,502,412 | 1,507,574 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value Measurements | ||
Total | 7,890,617 | 7,913,793 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. corporations | ||
Fair Value Measurements | ||
Total | 6,388,205 | 6,406,219 |
Recurring | Significant Other Observable Inputs (Level 2) | International corporations | ||
Fair Value Measurements | ||
Total | $ 1,502,412 | $ 1,507,574 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive (Loss) lncome (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized (Losses) Gains on Available-For-Sale Securities | ||||
Balance at the beginning | $ (25,475) | $ 4,625 | $ (21,473) | $ 924 |
Gains (losses), net | (10,341) | 130 | (14,343) | 3,832 |
Realized gain on available-for-sale securities reclassified to net income | $ (4,755) | $ (4,756) | ||
Balance at the end | $ (35,816) | $ (35,816) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes | ||||
Provisions for income taxes | $ 1,400,406 | $ 160,143 | $ 3,193,519 | $ 1,067,242 |
Effective tax rate (as a percent) | 42.90% | 40.30% | 38.40% | 37.50% |
Segment, Customer and Geograp42
Segment, Customer and Geographic Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($)item | Dec. 31, 2014USD ($) | |
Segment, Customer and Geographic Information | |||||
Number of reportable segment | item | 1 | 1 | |||
Segment, Customer and Geographic Information | |||||
Revenue | $ 8,193,616 | $ 3,811,947 | $ 22,794,464 | $ 12,069,553 | |
Property and equipment, net | 851,671 | 851,671 | $ 794,835 | ||
Devices | |||||
Segment, Customer and Geographic Information | |||||
Revenue | 6,850,726 | 3,125,189 | 19,104,989 | 10,174,816 | |
Disposable IV sets and services | |||||
Segment, Customer and Geographic Information | |||||
Revenue | 1,342,890 | 686,758 | 3,689,475 | 1,894,737 | |
United States | |||||
Segment, Customer and Geographic Information | |||||
Revenue | 7,739,714 | 3,529,024 | 21,237,264 | 10,195,841 | |
Property and equipment, net | 779,631 | 779,631 | 728,556 | ||
International | |||||
Segment, Customer and Geographic Information | |||||
Revenue | 453,902 | $ 282,923 | 1,557,200 | $ 1,873,712 | |
Property and equipment, net | $ 72,040 | $ 72,040 | $ 66,279 |
Commitments and Contingencies43
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 30, 2014USD ($)item | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Purchase commitments | ||||||
Purchase commitments | $ 3,241,793 | $ 3,241,793 | $ 1,993,801 | |||
Susi, LLC | Winter Springs, Florida Facility | ||||||
Leases | ||||||
Monthly base rent | $ 32,616 | |||||
Number of successive renewal terms of lease | item | 2 | |||||
Renewal term of lease beginning in 2019 | 5 years | |||||
Renewal term of lease beginning in 2024 | 5 years | |||||
Renewal term lease thereafter | 1 year | |||||
Non-cancelable operating lease commitments | ||||||
Three months ending December 31, 2015 | 97,848 | 97,848 | ||||
2,016 | 391,391 | 391,391 | ||||
2,017 | 391,391 | 391,391 | ||||
2,018 | 391,391 | 391,391 | ||||
2,019 | 163,080 | 163,080 | ||||
Total non-cancelable operating lease commitments | 1,435,101 | 1,435,101 | ||||
Rent expense | $ 100,037 | $ 108,047 | $ 300,670 | $ 170,968 |
Capital Stock (Details)
Capital Stock (Details) | Jul. 31, 2014 | Apr. 14, 2014$ / sharesshares | Sep. 30, 2015$ / sharesshares | Dec. 31, 2013shares | Oct. 30, 2015shares | Dec. 31, 2014$ / sharesshares |
Capital Stock | ||||||
Conversion ratio | 1.75 | |||||
Common stock shares outstanding - Post recapitalization | 11,069,400 | 10,814,650 | ||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock | ||||||
Capital Stock | ||||||
Conversion ratio | 1.75 | 1.75 | ||||
Common stock shares outstanding - Pre recapitalization | 4,000,000 | |||||
Common stock shares outstanding - Post recapitalization | 7,000,000 | |||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock | IPO | ||||||
Capital Stock | ||||||
Conversion ratio | 1 | |||||
Common Stock | Subsequent event | ||||||
Capital Stock | ||||||
Common stock, shares authorized | 31,500,000 | |||||
Class A Common Stock | ||||||
Capital Stock | ||||||
Common stock shares outstanding - Pre recapitalization | 400,000 | |||||
Class B Common Stock | ||||||
Capital Stock | ||||||
Common stock shares outstanding - Pre recapitalization | 3,600,000 | |||||
Preferred Stock | ||||||
Capital Stock | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Preferred Stock | Subsequent event | ||||||
Capital Stock | ||||||
Preferred stock, shares authorized | 3,500,000 | |||||
Series A Preferred Stock | ||||||
Capital Stock | ||||||
Conversion ratio | 1.75 | 1.75 | ||||
Preferred stock outstanding - Pre recapitalization | 800,000 | |||||
Preferred stock outstanding - Post recapitalization | 1,400,000 | |||||
Series A Preferred Stock | Subsequent event | ||||||
Capital Stock | ||||||
Preferred stock, shares authorized | 800,000 |