Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Imprimis Pharmaceuticals, Inc. | |
Entity Central Index Key | 1,360,214 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,065,415 | |
Trading Symbol | IMMY | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 7,396 | $ 8,853 |
Restricted cash and short-term investments | 200 | 200 |
Accounts receivable, net | 3,036 | 2,921 |
Inventories | 2,044 | 1,841 |
Prepaid expenses and other current assets | 925 | 938 |
Total current assets | 13,601 | 14,753 |
Property, plant and equipment, net | 7,103 | 7,295 |
Intangible assets, net | 2,948 | 2,972 |
Goodwill | 2,227 | 2,227 |
TOTAL ASSETS | 25,879 | 27,247 |
Current liabilities | ||
Accounts payable and accrued expenses | 3,920 | 3,538 |
Accrued payroll and related liabilities | 980 | 1,638 |
Deferred revenue and customer deposits | 8 | 91 |
Current portion of deferred acquisition obligation and accrued interest | 209 | 207 |
Current portion of note payable, net of unamortized debt discount | 6,187 | 3,973 |
Current portion of capital lease obligations, net of unamortized discount | 491 | 458 |
Total current liabilities | 11,795 | 9,905 |
Capital lease obligations, net of current portion and unamortized discount | 1,182 | 1,318 |
Deferred acquisition obligation, net of current portion | 52 | |
Accrued expenses, net of current portion | 667 | 667 |
Deferred tax liability | 908 | 936 |
Note payable and paid-in-kind interest, net of unamortized debt discount and current portion | 6,010 | 7,937 |
TOTAL LIABILITIES | 20,562 | 20,815 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.001 par value, 90,000,000 shares authorized, 19,965,415 and 18,627,915 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 20 | 19 |
Additional paid-in capital | 87,154 | 83,264 |
Accumulated deficit | (81,857) | (76,851) |
TOTAL STOCKHOLDERS' EQUITY | 5,317 | 6,432 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 25,879 | $ 27,247 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 19,965,415 | 18,627,915 |
Common stock, shares outstanding | 19,965,415 | 18,627,915 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Sales, net | $ 6,089 | $ 4,381 |
License revenues | 8 | |
Total revenues | 6,097 | 4,381 |
Cost of sales | (3,357) | (2,249) |
Gross profit | 2,740 | 2,132 |
Operating expenses: | ||
Selling and marketing | 2,440 | 1,900 |
General and administrative | 4,371 | 3,940 |
Research and development | 160 | 46 |
Total operating expenses | 6,971 | 5,886 |
Loss from operations | (4,231) | (3,754) |
Other income (expense): | ||
Interest expense, net | (788) | (629) |
Change in fair value of derivative liabilities | (113) | |
Loss on sale of Imprimis TX assets | (15) | |
Total other expense, net | (803) | (742) |
Loss before income taxes | (5,034) | (4,496) |
Income tax benefit, net | 28 | |
Net loss | $ (5,006) | $ (4,496) |
Basic and diluted net loss per share of common stock | $ (0.26) | $ (0.43) |
Weighted average number of shares of common stock outstanding, basic and diluted | 18,927,194 | 10,407,430 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,006) | $ (4,496) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of furniture and equipment | 345 | 83 |
Amortization of intangible assets | 90 | 91 |
Deferred income taxes | (28) | |
Amortization of debt issuance costs and discount | 336 | 262 |
Paid-in-kind interest added to principal of note payable | 51 | |
Loss on sale of Imprimis TX assets | 15 | |
Change in fair value of derivative liabilities | 113 | |
Stock-based compensation | 950 | 1,064 |
Changes in assets and liabilities: | ||
Accounts receivable | (115) | (103) |
Inventories | (203) | 179 |
Prepaid expenses and other current assets | 13 | 7 |
Accounts payable and accrued expenses | 364 | 996 |
Accrued payroll and related liabilities | (658) | (533) |
Deferred revenue and customer deposits | (83) | (15) |
NET CASH USED IN OPERATING ACTIVITIES | (3,980) | (2,301) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in patent and trademark assets | (66) | (56) |
Purchases of property, plant and equipment | (150) | (2,367) |
NET CASH USED IN INVESTING ACTIVITIES | (216) | (2,423) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on capital lease obligations | (152) | (7) |
Net proceeds from public equity offering | 2,941 | 11,088 |
Payments on Park deferred acquisition obligation | (50) | (48) |
Proceeds from convertible note payable, net of issuance costs | 2,772 | |
Net proceeds from exercise of warrants and stock options, net of taxes remitted for RSU’s | 55 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 2,739 | 13,860 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,457) | 9,136 |
CASH AND CASH EQUIVALENTS, beginning of period | 8,853 | 2,685 |
CASH AND CASH EQUIVALENTS, end of period | 7,396 | 11,821 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 9 | |
Cash paid for interest | 428 | 291 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Fair value of embedded conversion feature recorded as debt discount and derivative liability | 2,322 | |
Reclassification of the fair value of the embedded conversion feature derivative liability to additional paid-in capital upon closing of the public equity offering | 2,646 | |
Reclassification of the fair value of the LSAF warrant from additional paid-in capital to derivative liability | 675 | |
Reclassification of the fair value of the LSAF warrant derivative liability to additional paid-in capital upon closing of the public equity offering | 464 | |
Issuance of stock options for consulting services included in accounts payable and accrued expenses | 23 | |
Purchase of property, plant and equipment included in accounts payable and accrued expenses | $ 18 | $ 1,148 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Company and Background Imprimis Pharmaceuticals, Inc. (together with its subsidiaries, unless the context indicates or otherwise requires, the “Company” or “Imprimis”) is a pharmaceutical company dedicated to producing and dispensing high quality innovative medications in all 50 states. The Company’s unique business model increases patient access and affordability to many critical medicines. Headquartered in San Diego, California, Imprimis owns and operates production and dispensing facilities located in California, New Jersey and Pennsylvania. Basis of Presentation Imprimis has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or for any other period. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following represents an update for the three months ended March 31, 2017 to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Liquidity The Company has incurred significant operating losses and negative cash flows from operations since its inception. The Company incurred net losses of $5,006 and $4,496 for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of $81,857 and $76,851 as of March 31, 2017 and December 31, 2016, respectively. In addition, the Company used cash in operating activities of $3,980 and $2,301 for the three months ended March 31, 2017 and 2016, respectively. While there is no assurance, the Company believes its existing cash resources and restricted cash of approximately $7,596 at March 31, 2017, will be sufficient to sustain the Company’s planned level of operations for at least the next twelve months. However, estimates of operating expenses and working capital requirements could be incorrect, and the Company could use its cash resources faster than anticipated. Further, some or all of the ongoing or planned activities may not be successful and could result in further losses. The Company may seek to increase liquidity and capital resources by one or more measures, to the extent necessary. These measures may include, but are not limited to, the following: obtaining financing through the issuance of equity, debt, or convertible securities; and working to increase revenue growth through pharmacy sales. There is no guarantee that the Company will be able to obtain capital when needed on terms it deems as acceptable, or at all. Revenue Recognition and Deferred Revenue The Company recognizes revenues when all of the following criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company’s revenues consist of sales of certain of the Company’s proprietary compounded drug formulations and non-proprietary formulations and products. Product Revenues Determination of criteria (3) and (4) is based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Estimated returns and allowances and other adjustments are provided for in the same period during which the related sales are recorded. The Company will defer any revenues received for a product that has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered and no refund will be required. License Revenues License arrangements may consist of non-refundable upfront license fees, data transfer fees, research reimbursement payments, exclusive license rights to patented or patent pending compounds, technology access fees, and various performance or sales milestones. These arrangements can be multiple element arrangements. Non-refundable fees that are not contingent on any future performance by the Company and require no consequential continuing involvement on the part of the Company are recognized as revenue when the license term commences and the licensed data, technology, compounded drug preparation and/or other deliverable is delivered. Such deliverables may include physical quantities of compounded drug preparations, design of the compounded drug preparations and structure-activity relationships, the conceptual framework and mechanism of action, and rights to the patents or patent applications for such compounded drug preparations. The Company defers recognition of non-refundable fees if it has continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee and that are separate and independent of the Company’s performance under the other elements of the arrangement. In addition, if the Company’s continued involvement is required, through research and development services that are related to its proprietary know-how and expertise of the delivered technology or can only be performed by the Company, then such non-refundable fees are deferred and recognized over the period of continuing involvement. Guaranteed minimum annual royalties are recognized on a straight-line basis over the applicable term. Basic and Diluted Net Loss per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as stock options and warrants, outstanding during the period. Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Common stock equivalents (using the treasury stock or “if converted” method) from deferred acquisition obligations, convertible note payable, stock options, unvested restricted stock units (“RSUs”) and warrants were 9,372,707 and 4,134,146 at March 31, 2017 and 2016, respectively, and are excluded from the calculation of diluted net loss per share for all periods presented because the effect is anti-dilutive. Included in the basic and diluted net loss per share calculation were RSUs awarded to directors that had vested, but the issuance and delivery of the shares are deferred until the director resigns. The number of shares underlying these vested RSUs at March 31, 2017 and 2016 was 92,933 and 59,197, respectively. The following table shows the computation of basic and diluted net loss per share of common stock for the three months ended March 31, 2017 and 2016: For the For the Three Months Ended Three Months Ended March 31, 2017 March 30, 2016 Numerator – net loss $ (5,006 ) $ (4,496 ) Denominator – weighted average number of shares outstanding, basic and diluted 18,927,194 10,407,430 Net loss per share, basic and diluted $ (0.26 ) $ (0.43 ) Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU 2016-02, Leases In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | NOTE 3. RESTRICTED CASH The restricted cash at March 31, 2017 and December 31, 2016 consisted of funds held in a money market account. At March 31, 2017 and December 31, 2016, the restricted cash was recorded at amortized cost, which approximates fair value. At March 31, 2017 and December 31, 2016, the funds held in a money market account of $200 were classified as a current asset. The money market account funds are required as collateral as additional security for the Company’s New Jersey facility lease. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4. INVENTORIES Inventories are comprised of finished compounded formulations, over-the-counter and prescription retail pharmacy products, commercial pharmaceutical products, related laboratory supplies and active pharmaceutical ingredients. The composition of inventories as of March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 Raw materials $ 765 $ 669 Finished goods 1,279 1,172 Total inventories $ 2,044 $ 1,841 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | NOTE 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: March 31, 2017 December 31, 2016 Prepaid insurance $ 182 $ 315 Other prepaid expenses 637 517 Deposits and other current assets 106 106 Total prepaid expenses and other current assets $ 925 $ 938 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | NOTE 6. INTANGIBLE ASSETS AND GOODWILL The Company’s intangible assets at March 31, 2017 consisted of the following: Amortization periods Accumulated Net (in years) Cost amortization Impairment Carrying value Patents 17-19 years $ 259 $ (8 ) $ - $ 251 Trademarks Indefinite 244 - - 244 Customer relationships 3-15 years 2,998 (619 ) (15 ) 2,364 Trade name 5 years 16 (7 ) (1 ) 8 Non-competition clause 3-4 years 294 (207 ) (20 ) 67 State pharmacy licenses 25 years 45 (3 ) (28 ) 14 $ 3,856 $ (844 ) $ (64 ) $ 2,948 Amortization expense for intangible assets for the three months ended March 31 was as follows: For the For the Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Patents $ 1 $ - Customer relationships 65 66 Trade name 1 1 Non-competition clause 22 23 State pharmacy licenses 1 1 $ 90 $ 91 Estimated future amortization expense for the Company’s intangible assets at March 31, 2017 is as follows: Remainder of 2017 $ 271 2018 221 2019 217 2020 215 2021 215 Thereafter 1,809 $ 2,948 There have been no changes in the carrying value of the Company’s goodwill during the three months ended March 31, 2017. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | NOTE 7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: March 31, 2017 December 31, 2016 Accounts payable $ 3,382 $ 2,999 Deferred rent 396 412 Accrued interest (see Note 8) 142 116 Accrued exit fee for note payable (see Note 8) 667 667 Building lease liability - 11 Total accounts payable and accrued expenses 4,587 4,205 Less: Current portion (3,920 ) (3,538 ) Non-current total accrued expenses $ 667 $ 667 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 8. DEBT At March 31, 2017, future minimum payments under the Company’s notes payable were as follows: Amount Remainder of 2017 $ 6,074 2018 8,905 Total minimum payments, including interest 14,979 Less: amount representing interest payments (1,647 ) Notes payable, gross 13,332 Less: unamortized discount (1,135 ) 12,197 Less: current portion, net of unamortized discount (6,187 ) Note payable, net of current portion and unamortized debt discount $ 6,010 |
Capital Lease Obligation
Capital Lease Obligation | 3 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Capital Lease Obligation | NOTE 9. CAPITAL LEASE OBLIGATION At March 31, 2017, future payments under the Company’s capital leases were as follows: Amount Remainder of 2017 $ 580 2018 773 2019 751 Total minimum lease payments, including interest 2,104 Less: amount representing interest payments (202 ) Present value of future minimum lease payments 1,902 Less: unamortized discount (229 ) 1,673 Less: current portion, net of unamortized discount (491 ) Capital lease obligation net of current portion and unamortized discount $ 1,182 |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity and Stock-based Compensation | NOTE 10. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Common Stock In March, 2017, we entered into securities purchase agreements with two accredited investors, which provided for the sale by the Company of 1,312,500 shares of its common stock, at a price of $2.40 per share (the “Registered Offering”). We received net proceeds of $2,941 after deducting the underwriter discount of 6% of the gross proceeds from the Registered Offering and other related expenses. In November 2015, the Company entered into a Controlled Equity Offering SM In March 2017, the Company issued 25,000 shares of its restricted common stock, with a fair value of $60, as payment for investor relations related services. During the three months ended March 31, 2017, 12,688 shares of the Company’s common stock underlying RSUs issued to directors vested, but the issuance and delivery of these shares are deferred until the director resigns. Stock Option Plan On September 17, 2007, the Company’s Board of Directors and stockholders adopted the Company’s 2007 Incentive Stock and Awards Plan, which was subsequently amended on November 5, 2008, February 26, 2012, July 18, 2012, May 2, 2013 and September 27, 2013 (as amended, the “Plan”). As of March 31, 2017, the Plan provides for the issuance of a maximum of 5,000,000 shares of the Company’s common stock. The purpose of the Plan is to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons in the Company’s development and financial success. Under the Plan, the Company is authorized to issue incentive stock options intended to qualify under Section 422 of the Internal Revenue Code, non-qualified stock options, restricted stock units and restricted stock. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. Stock Options A summary of stock option activity under the Plan for the three months ended March 31, 2017 is as follows: Number of shares Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life Aggregate Intrinsic Value Options outstanding - January 1, 2017 2,013,313 $ 6.20 Options granted 319,000 $ 2.25 Options exercised - $ - Options cancelled/forfeit (101,803 ) $ 4.97 Options outstanding - March 31, 2017 2,230,510 $ 5.69 6.68 $ 981,270 Options exercisable 766,870 $ 6.29 6.39 $ 243,357 Options vested and expected to vest 2,086,377 $ 5.71 6.66 $ 907,479 The aggregate intrinsic value in the table above represents the total pre-tax amount of the proceeds, net of exercise price, which would have been received by option holders if all option holders had exercised and immediately sold all options with an exercise price lower than the market price on March 31, 2017, based on the closing price of the Company’s common stock of $4.17 on that date. During the three months ended March 31, 2017, the Company granted stock options to certain employees. The stock options were granted with an exercise price equal to the current market price of the Company’s common stock, as reported by the securities exchange on which the common stock was then listed, at the grant date and have contractual terms of 10 years. Vesting terms for options granted to employees and consultants during the three months ended March 31, 2017 typically included one of the following vesting schedules: 25% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over three years; or 100% vesting associated with the provision or completion of services provided under contracts with consultants. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the Plan) and in the event of certain modifications to the option award agreement. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The expected volatility is based on the historical volatilities of the common stock of the Company and comparable publicly traded companies based on the Company’s belief that it currently has limited relevant historical data regarding the volatility of its stock price on which to base a meaningful estimate of expected volatility. The expected term of options granted to employees and directors was determined in accordance with the “simplified approach,” as the Company has limited, relevant, historical data on employee exercises and post-vesting employment termination behavior. The expected risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The financial statement effect of forfeitures is estimated at the time of grant and revised, if necessary, if the actual effect differs from those estimates. For option grants to employees and directors, the Company assigns a forfeiture factor of 10%. These factors could change in the future, which would affect the determination of stock-based compensation expense in future periods. Utilizing these assumptions, the fair value is determined at the date of grant. The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees: 2017 Weighted-average fair value of options granted $ 1.96 Expected terms (in years) 5.81 - 6.11 Expected volatility 117 % Risk-free interest rate 1.90 - 1.92 % Dividend yield - The following table summarizes information about stock options outstanding and exercisable at March 31, 2017: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Life in Years Price Exercisable Price $2.23 - $2.60 464,000 8.49 $ 2.31 125,000 $ 2.40 $3.74 - $4.50 608,623 8.48 $ 3.99 170,257 $ 4.07 $5.49 - $6.36 110,100 6.43 $ 5.97 101,346 $ 5.97 $6.64 - $8.99 1,042,757 4.86 $ 7.98 365,237 $ 8.23 $42.80 5,030 3.87 $ 42.80 5,030 $ 42.80 $2.23 - $42.80 2,230,510 6.68 $ 5.69 766,870 $ 6.29 As of March 31, 2017, there was approximately $3,460 of total unrecognized compensation expense related to unvested stock options granted under the Plan. That expense is expected to be recognized over the weighted-average remaining vesting period of 3.0 years. The stock-based compensation expense for all stock options was $449 during the three months ended March 31, 2017, respectively. Restricted Stock Units RSU awards are granted subject to certain vesting requirements and other restrictions, including performance and market-based vesting criteria. The grant date fair value of the RSUs, which has been determined based upon the market value of the Company’s common stock on the grant date, is expensed over the vesting period of the RSUs. Unvested portions of RSUs issued to consultants are remeasured on an interim basis until vesting criteria is met. A summary of the Company’s RSU activity and related information for the three months ended March 31, 2017 is as follows: Number of RSUs Weighted Average Grant Date Fair Value RSUs unvested - January 1, 2017 1,292,876 $ 2.43 RSUs granted - RSUs vested (12,688 ) $ 3.94 RSUs cancelled/forfeit - RSUs unvested at March 31, 2017 1,280,188 $ 2.42 As of March 31, 2017, the total unrecognized compensation expense related to unvested RSUs was approximately $1,898, which is expected to be recognized over a weighted-average period of 1.6 years, based on estimated and actual vesting schedules of the applicable RSUs. The stock-based compensation for RSUs during the three months ended March 31, 2017 was $441. Warrants From time to time, the Company issues warrants to purchase shares of the Company’s common stock to investors, lenders, underwriters, settlement agreements and other non-employees for services rendered or to be rendered in the future. A summary of warrant activity for the three months ended March 31, 2017 is as follows: Number of Shares Subject to Warrants Outstanding Weighted Avg. Exercise Price Warrants outstanding - January 1, 2017 5,748,829 $ 1.91 Granted - Exercised - Expired - Warrants outstanding and exercisable - March 31, 2017 5,748,829 $ 1.91 Weighted average remaining contractual life of the outstanding warrants in years - March 31, 2017 2.84 A list of the warrants outstanding as of March 31, 2017 is included in the following table: Warrants Outstanding Warrants Exercisable Warrants Exercise Warrants Expiration Warrant Series Issue Date Outstanding Price Exercisable Date Lender warrants 5/11/2015 125,000 $ 1.79 125,000 5/11/2025 Underwriter warrants 2/7/2013 55,688 $ 5.25 55,688 2/7/2018 Settlement warrants 8/16/2016 40,000 $ 3.75 40,000 8/16/2021 Warrants issued to investor relations consultant 7/19/2013 60,000 $ 8.50 60,000 7/19/2018 Placement Agent Warrants 12/27/2016 210,313 $ 1.79 - 12/27/2019 PIPE Investor Warrants 12/27/2016 5,257,828 $ 1.79 - 12/27/2019 5,748,829 $ 1.91 280,688 The Company recorded stock-based compensation related to equity instruments granted to employees, directors and consultants as follows: For the For the Three Months Ended Three Months Ended March 31, 2017 March 30, 2016 Employees - selling and marketing $ 135 $ 120 Employees - general and administrative 700 885 Directors - general and administrative 55 59 Consultants - selling and marketing 60 - Total $ 950 $ 1,064 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11. COMMITMENTS AND CONTINGENCIES Legal General and Other In the ordinary course of business, the Company may face various claims brought by third parties and the Company may, from time to time, make claims or take legal actions to assert the Company’s rights, including intellectual property disputes, contractual disputes and other commercial disputes. Any of these claims could subject the Company to litigation. Management believes the outcomes of currently pending claims are not likely to have a material effect on the Company’s consolidated financial position and results of operations. Indemnities In addition to the indemnification provisions contained in the Company’s charter documents, the Company generally enters into separate indemnification agreements with each of the Company’s directors and officers. These agreements require the Company, among other things, to indemnify the director or officer against specified expenses and liabilities, such as attorneys’ fees, judgments, fines and settlements, paid by the individual in connection with any action, suit or proceeding arising out of the individual’s status or service as the Company’s director or officer, other than liabilities arising from willful misconduct or conduct that is knowingly fraudulent or deliberately dishonest, and to advance expenses incurred by the individual in connection with any proceeding against the individual with respect to which the individual may be entitled to indemnification by the Company. The Company also indemnifies its lessors in connection with its facility leases for certain claims arising from the use of the facilities. These indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities in the accompanying condensed consolidated balance sheets. Asset Purchase, License and Commission Agreements The Company has acquired intellectual property rights related to certain proprietary innovations from certain inventors (the “Inventors”) through multiple asset purchase, license and commission agreements. In consideration for the acquisition of the intellectual property rights, the Company is obligated to make certain milestone payments related to patent and regulatory filings to the Inventors and also make payments, in one instance a minimum annual amount, based on certain percentages of revenues and net sales amounts, as defined within the respective agreements. During the three months ended March 31, 2017 and 2016, the Company recognized $21 and $361, respectively, in expense amounts related to these agreements. Such amounts are included in cost of sales and sales and marketing expenses in the accompanying condensed consolidated statements of operations. Imprimis TX Lease During the three months ended March 31, 2017, the Company entered into a stock purchase agreement (the “SPA”) with Livernois& London, LLC (“Livernois”). Pursuant to the terms of the SPA, the Company sold to Livernois one hundred percent (100%) of the issued and outstanding shares of common stock of its Texas based subsidiary, ImprimisRx TX, Inc dba ImprimisRx (“Imprimis TX”). The Company had previously ceased operations of Imprimis TX in 2016 and the SPA did not transfer to Livernois any of the Company’s rights to intellectual property, products, clients, nor any of its existing business operations. As consideration for the purchase of Imprimis TX, Livernois paid the Company $10 and the Company assigned, and Livernois assumed, the remaining lease obligation totaling $113 for the its Texas based facility. The Company recorded a $15 loss from the sale of Imprimis TX, which is included in the accompanying condensed consolidated statements of operations. |
Segment Information and Concent
Segment Information and Concentrations | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information and Concentrations | NOTE 12. SEGMENT INFORMATION AND CONCENTRATIONS The Company operates its business on the basis of a single reportable segment, which is the business of developing proprietary drug therapies and providing such therapies through sterile and non-sterile pharmaceutical compounding services. The Company’s chief operating decision-maker is the Chief Executive Officer, who evaluates the Company as a single operating segment. The Company categorizes revenues by geographic area based on selling location. All operations are currently located in the U.S.; therefore, total revenues for 2017 and 2016 are attributed to the U.S. All long-lived assets at March 31, 2017 and December 31, 2016 are located in the U.S. The Company sells its compounded formulations to a large number of customers. Less than 10% of the Company’s total pharmacy sales were derived from a single customer for the three months ended March 31, 2017 and 2016. The Company receives its active pharmaceutical ingredients from three main suppliers. These suppliers collectively accounted for 93% and 63%, respectively, of active pharmaceutical ingredient purchases during the three months ended March 31, 2017 and 2016. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13. SUBSEQUENT EVENTS The Company has performed an evaluation of events occurring subsequent to March 31, 2017 through the filing date of this Quarterly Report. Based on its evaluation, nothing other than the events described below needs to be disclosed. In April 2017, the Company issued 100,000 shares of common stock as a result of warrant exercises. The Company received cash proceeds of $179 upon the exercise of warrants to purchase the same number of shares of common stock with an exercise price of $1.79. Klarity License Agreement – Related Party In April 2017, the Company entered into a license agreement (the “Klarity License Agreement”) with Richard L. Lindstrom, M.D., a member of its Board of Directors. Pursuant to the terms of the Klarity License Agreement, the Company licensed certain intellectual property and related rights from Dr. Lindstrom to develop, formulate, make, sell, and sub-license the topical ophthalmic solution Klarity used to protect and rehabilitate the ocular surface (the “Klarity Product”). Under the terms of the Klarity License Agreement, the Company is required to make royalty payments to Dr. Lindstrom ranging from three percent (3%) to six percent (6%) of net sales, dependent upon the final formulation of the Klarity Product sold. In addition, the Company is required to make certain milestone payments to Dr. Lindstrom including: (i) an initial payment of $50 upon execution of the Klarity License Agreement, (ii) a second payment of $50 following the first $50 in net sales of the Klarity Product; and (iii) a final payment of $50 following the first $100 in net sales of the Klarity Product. All of the above referenced milestone payments are payable at the Company’s election in cash or shares of the Company’s restricted common stock. Dr. Lindstrom is a member of the Company’s Board of Directors, chairman of its Compensation Committee and a member of its Nomination and Corporate Governance Committee. Sales and Marketing Agreement – Precision Lens In April 2017, the Company entered into a Strategic Sales & Marketing Agreement (the “Plens Agreement”) with Cameron Ehlen Group, Inc. dba Precision Lens (“Precision Lens”). Pursuant to the terms of the Plens Agreement, Precision Lens will provide exclusive sales and marketing representation services to Imprimis in select geographies in the U.S. Midwest, in connection with the our ophthalmic compounded formulation portfolio including our Dropless Therapy®, LessDrops® combination eye drops, Simple Drops™ preservative-free glaucoma drops, MKO Melt™ conscious sedation and other ocular-related formulations typically used for dilation, general inflammation and infection (the “Products”). Under the terms of the Plens Agreement, the Company is required to make commission payments to Precision Lens equal to ten percent (10%) of each calendar year’s annual net sales for Products above and beyond the Company’s initial $1,500 in annual net sales for Products for each calendar year. In addition, the Company is required to make certain periodic milestone payments to Precision Lens in shares of the Company’s restricted common stock including: (i) 10,000 shares if net sales for Products reach $5,000 prior to December 31, 2017; (ii) 15,000 shares if net sales for Products reach $5,000; (iii) 15,000 shares if net sales for Products reach $10,000; (iv) 15,000 shares if net sales for Products reach $15,000; and (v) 15,000 shares if net sales for Products reach $20,000. Sales and Marketing Agreement – SightLife In April 2017, the Company entered into a Strategic Sales & Marketing Agreement (the “SightLife Agreement”) with SightLife Surgical, Inc. (“SightLife”). Pursuant to the terms of the SightLife Agreement, SightLife will provide exclusive United States sales and marketing representation services to the Company in connection with the Company’s Serum Tears™ autologous serum tears formulation (the “ASED Products”) for dry eye disease. Under the terms of the SightLife Agreement, the Company is required to make commission payments to SightLife equal to ten percent (10%) of each calendar year’s annual net sales for ASED Products. In addition, the Company is required to make certain periodic milestone payments to SightLife in shares of the Company’s restricted common stock including: (i) 5,000 shares if net sales for ASED Products reach $2,000 prior to December 31, 2017; (ii) 7,500 shares if net sales for Products reach $2,500; (iii) 7,500 shares if net sales for Products reach $5,000; (iv) 7,500 shares if net sales for Products reach $7,500; and (v) 7,500 shares if net sales for Products reach $10,000. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity The Company has incurred significant operating losses and negative cash flows from operations since its inception. The Company incurred net losses of $5,006 and $4,496 for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of $81,857 and $76,851 as of March 31, 2017 and December 31, 2016, respectively. In addition, the Company used cash in operating activities of $3,980 and $2,301 for the three months ended March 31, 2017 and 2016, respectively. While there is no assurance, the Company believes its existing cash resources and restricted cash of approximately $7,596 at March 31, 2017, will be sufficient to sustain the Company’s planned level of operations for at least the next twelve months. However, estimates of operating expenses and working capital requirements could be incorrect, and the Company could use its cash resources faster than anticipated. Further, some or all of the ongoing or planned activities may not be successful and could result in further losses. The Company may seek to increase liquidity and capital resources by one or more measures, to the extent necessary. These measures may include, but are not limited to, the following: obtaining financing through the issuance of equity, debt, or convertible securities; and working to increase revenue growth through pharmacy sales. There is no guarantee that the Company will be able to obtain capital when needed on terms it deems as acceptable, or at all. |
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue The Company recognizes revenues when all of the following criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company’s revenues consist of sales of certain of the Company’s proprietary compounded drug formulations and non-proprietary formulations and products. Product Revenues Determination of criteria (3) and (4) is based on management’s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Estimated returns and allowances and other adjustments are provided for in the same period during which the related sales are recorded. The Company will defer any revenues received for a product that has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered and no refund will be required. License Revenues License arrangements may consist of non-refundable upfront license fees, data transfer fees, research reimbursement payments, exclusive license rights to patented or patent pending compounds, technology access fees, and various performance or sales milestones. These arrangements can be multiple element arrangements. Non-refundable fees that are not contingent on any future performance by the Company and require no consequential continuing involvement on the part of the Company are recognized as revenue when the license term commences and the licensed data, technology, compounded drug preparation and/or other deliverable is delivered. Such deliverables may include physical quantities of compounded drug preparations, design of the compounded drug preparations and structure-activity relationships, the conceptual framework and mechanism of action, and rights to the patents or patent applications for such compounded drug preparations. The Company defers recognition of non-refundable fees if it has continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee and that are separate and independent of the Company’s performance under the other elements of the arrangement. In addition, if the Company’s continued involvement is required, through research and development services that are related to its proprietary know-how and expertise of the delivered technology or can only be performed by the Company, then such non-refundable fees are deferred and recognized over the period of continuing involvement. Guaranteed minimum annual royalties are recognized on a straight-line basis over the applicable term. |
Basic and Diluted Net Loss per Common Share | Basic and Diluted Net Loss per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as stock options and warrants, outstanding during the period. Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Common stock equivalents (using the treasury stock or “if converted” method) from deferred acquisition obligations, convertible note payable, stock options, unvested restricted stock units (“RSUs”) and warrants were 9,372,707 and 4,134,146 at March 31, 2017 and 2016, respectively, and are excluded from the calculation of diluted net loss per share for all periods presented because the effect is anti-dilutive. Included in the basic and diluted net loss per share calculation were RSUs awarded to directors that had vested, but the issuance and delivery of the shares are deferred until the director resigns. The number of shares underlying these vested RSUs at March 31, 2017 and 2016 was 92,933 and 59,197, respectively. The following table shows the computation of basic and diluted net loss per share of common stock for the three months ended March 31, 2017 and 2016: For the For the Three Months Ended Three Months Ended March 31, 2017 March 30, 2016 Numerator – net loss $ (5,006 ) $ (4,496 ) Denominator – weighted average number of shares outstanding, basic and diluted 18,927,194 10,407,430 Net loss per share, basic and diluted $ (0.26 ) $ (0.43 ) |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU 2016-02, Leases In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | The following table shows the computation of basic and diluted net loss per share of common stock for the three months ended March 31, 2017 and 2016: For the For the Three Months Ended Three Months Ended March 31, 2017 March 30, 2016 Numerator – net loss $ (5,006 ) $ (4,496 ) Denominator – weighted average number of shares outstanding, basic and diluted 18,927,194 10,407,430 Net loss per share, basic and diluted $ (0.26 ) $ (0.43 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The composition of inventories as of March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 Raw materials $ 765 $ 669 Finished goods 1,279 1,172 Total inventories $ 2,044 $ 1,841 |
Prepaid Expenses and Other Cu22
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: March 31, 2017 December 31, 2016 Prepaid insurance $ 182 $ 315 Other prepaid expenses 637 517 Deposits and other current assets 106 106 Total prepaid expenses and other current assets $ 925 $ 938 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The Company’s intangible assets at March 31, 2017 consisted of the following: Amortization periods Accumulated Net (in years) Cost amortization Impairment Carrying value Patents 17-19 years $ 259 $ (8 ) $ - $ 251 Trademarks Indefinite 244 - - 244 Customer relationships 3-15 years 2,998 (619 ) (15 ) 2,364 Trade name 5 years 16 (7 ) (1 ) 8 Non-competition clause 3-4 years 294 (207 ) (20 ) 67 State pharmacy licenses 25 years 45 (3 ) (28 ) 14 $ 3,856 $ (844 ) $ (64 ) $ 2,948 |
Schedule of Amortization Expenses for Intangible Assets | Amortization expense for intangible assets for the three months ended March 31 was as follows: For the For the Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Patents $ 1 $ - Customer relationships 65 66 Trade name 1 1 Non-competition clause 22 23 State pharmacy licenses 1 1 $ 90 $ 91 |
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense for the Company’s intangible assets at March 31, 2017 is as follows: Remainder of 2017 $ 271 2018 221 2019 217 2020 215 2021 215 Thereafter 1,809 $ 2,948 |
Accounts Payable and Accrued 24
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following: March 31, 2017 December 31, 2016 Accounts payable $ 3,382 $ 2,999 Deferred rent 396 412 Accrued interest (see Note 8) 142 116 Accrued exit fee for note payable (see Note 8) 667 667 Building lease liability - 11 Total accounts payable and accrued expenses 4,587 4,205 Less: Current portion (3,920 ) (3,538 ) Non-current total accrued expenses $ 667 $ 667 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Future Minimum Payments | At March 31, 2017, future minimum payments under the Company’s notes payable were as follows: Amount Remainder of 2017 $ 6,074 2018 8,905 Total minimum payments, including interest 14,979 Less: amount representing interest payments (1,647 ) Notes payable, gross 13,332 Less: unamortized discount (1,135 ) 12,197 Less: current portion, net of unamortized discount (6,187 ) Note payable, net of current portion and unamortized debt discount $ 6,010 |
Capital Lease Obligation (Table
Capital Lease Obligation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Payment Under Capital Lease | At March 31, 2017, future payments under the Company’s capital leases were as follows: Amount Remainder of 2017 $ 580 2018 773 2019 751 Total minimum lease payments, including interest 2,104 Less: amount representing interest payments (202 ) Present value of future minimum lease payments 1,902 Less: unamortized discount (229 ) 1,673 Less: current portion, net of unamortized discount (491 ) Capital lease obligation net of current portion and unamortized discount $ 1,182 |
Stockholders' Equity and Stoc27
Stockholders' Equity and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Stock Option Plan Activity | A summary of stock option activity under the Plan for the three months ended March 31, 2017 is as follows: Number of shares Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life Aggregate Intrinsic Value Options outstanding - January 1, 2017 2,013,313 $ 6.20 Options granted 319,000 $ 2.25 Options exercised - $ - Options cancelled/forfeit (101,803 ) $ 4.97 Options outstanding - March 31, 2017 2,230,510 $ 5.69 6.68 $ 981,270 Options exercisable 766,870 $ 6.29 6.39 $ 243,357 Options vested and expected to vest 2,086,377 $ 5.71 6.66 $ 907,479 |
Schedule of Fair Value Assumption | The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees: 2017 Weighted-average fair value of options granted $ 1.96 Expected terms (in years) 5.81 - 6.11 Expected volatility 117 % Risk-free interest rate 1.90 - 1.92 % Dividend yield - |
Schedule of Shares Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at March 31, 2017: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Life in Years Price Exercisable Price $2.23 - $2.60 464,000 8.49 $ 2.31 125,000 $ 2.40 $3.74 - $4.50 608,623 8.48 $ 3.99 170,257 $ 4.07 $5.49 - $6.36 110,100 6.43 $ 5.97 101,346 $ 5.97 $6.64 - $8.99 1,042,757 4.86 $ 7.98 365,237 $ 8.23 $42.80 5,030 3.87 $ 42.80 5,030 $ 42.80 $2.23 - $42.80 2,230,510 6.68 $ 5.69 766,870 $ 6.29 |
Schedule of Restricted Stock Units Activity | A summary of the Company’s RSU activity and related information for the three months ended March 31, 2017 is as follows: Number of RSUs Weighted Average Grant Date Fair Value RSUs unvested - January 1, 2017 1,292,876 $ 2.43 RSUs granted - RSUs vested (12,688 ) $ 3.94 RSUs cancelled/forfeit - RSUs unvested at March 31, 2017 1,280,188 $ 2.42 |
Schedule of Warrants Activity | A summary of warrant activity for the three months ended March 31, 2017 is as follows: Number of Shares Subject to Warrants Outstanding Weighted Avg. Exercise Price Warrants outstanding - January 1, 2017 5,748,829 $ 1.91 Granted - Exercised - Expired - Warrants outstanding and exercisable - March 31, 2017 5,748,829 $ 1.91 Weighted average remaining contractual life of the outstanding warrants in years - March 31, 2017 2.84 |
Schedule of Warrants Outstanding and Warrants Exercisable | A list of the warrants outstanding as of March 31, 2017 is included in the following table: Warrants Outstanding Warrants Exercisable Warrants Exercise Warrants Expiration Warrant Series Issue Date Outstanding Price Exercisable Date Lender warrants 5/11/2015 125,000 $ 1.79 125,000 5/11/2025 Underwriter warrants 2/7/2013 55,688 $ 5.25 55,688 2/7/2018 Settlement warrants 8/16/2016 40,000 $ 3.75 40,000 8/16/2021 Warrants issued to investor relations consultant 7/19/2013 60,000 $ 8.50 60,000 7/19/2018 Placement Agent Warrants 12/27/2016 210,313 $ 1.79 - 12/27/2019 PIPE Investor Warrants 12/27/2016 5,257,828 $ 1.79 - 12/27/2019 5,748,829 $ 1.91 280,688 |
Schedule of Stock Based Compensation Granted to Employees Directors Consultants | The Company recorded stock-based compensation related to equity instruments granted to employees, directors and consultants as follows: For the For the Three Months Ended Three Months Ended March 31, 2017 March 30, 2016 Employees - selling and marketing $ 135 $ 120 Employees - general and administrative 700 885 Directors - general and administrative 55 59 Consultants - selling and marketing 60 - Total $ 950 $ 1,064 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Net loss | $ 5,006 | $ 4,496 | |
Accumulated deficit | 81,857 | $ 76,851 | |
Net cash used in operating activities | 3,980 | $ 2,301 | |
Cash resources and restricted investments | $ 7,596 | ||
Restricted Stock Units [Member] | |||
Number of shares vested during the period | 92,933 | 59,197 | |
Deferred Acquisition Obligations, Stock Options, Unvested RSUs and Warrants [Member] | |||
Anti dilutive securities | 9,372,707 | 4,134,146 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||
Numerator - net loss | $ (5,006) | $ (4,496) |
Denominator - weighted average number of shares outstanding, basic and diluted | 18,927,194 | 10,407,430 |
Net loss per share, basic and diluted | $ (0.26) | $ (0.43) |
Restricted Cash and Short-Term
Restricted Cash and Short-Term Investments (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Money market account | $ 200 | $ 200 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 765 | $ 669 |
Finished goods | 1,279 | 1,172 |
Total inventories | $ 2,044 | $ 1,841 |
Prepaid Expenses and Other Cu32
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 182 | $ 315 |
Other prepaid expenses | 637 | 517 |
Deposits and other current assets | 106 | 106 |
Total prepaid expenses and other current assets | $ 925 | $ 938 |
Intangible Assets and Goodwil33
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Cost | $ 3,856 |
Accumulated amortization | (844) |
Impairment | (64) |
Net Carrying value | 2,948 |
Patents [Member] | |
Cost | 259 |
Accumulated amortization | (8) |
Impairment | |
Net Carrying value | $ 251 |
Patents [Member] | Minimum [Member] | |
Amortization periods (in years) | 17 years |
Patents [Member] | Maximum [Member] | |
Amortization periods (in years) | 19 years |
Trademarks [Member] | |
Amortization periods description | Indefinite |
Cost | $ 224 |
Accumulated amortization | |
Impairment | |
Net Carrying value | 224 |
Customer Relationships [Member] | |
Cost | 2,998 |
Accumulated amortization | (619) |
Impairment | (15) |
Net Carrying value | $ 2,364 |
Customer Relationships [Member] | Minimum [Member] | |
Amortization periods (in years) | 3 years |
Customer Relationships [Member] | Maximum [Member] | |
Amortization periods (in years) | 15 years |
Trade Name [Member] | |
Amortization periods (in years) | 5 years |
Cost | $ 16 |
Accumulated amortization | (7) |
Impairment | (1) |
Net Carrying value | 8 |
Non-Competition Clause [Member] | |
Cost | 294 |
Accumulated amortization | (207) |
Impairment | (20) |
Net Carrying value | $ 67 |
Non-Competition Clause [Member] | Minimum [Member] | |
Amortization periods (in years) | 3 years |
Non-Competition Clause [Member] | Maximum [Member] | |
Amortization periods (in years) | 4 years |
State Pharmacy Licenses [Member] | |
Amortization periods (in years) | 25 years |
Cost | $ 45 |
Accumulated amortization | (3) |
Impairment | (28) |
Net Carrying value | $ 14 |
Intangible Assets and Goodwil34
Intangible Assets and Goodwill - Schedule of Amortization Expenses for Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of intangible assets | $ 90 | $ 91 |
Patents [Member] | ||
Amortization of intangible assets | 1 | |
Customer Relationships [Member] | ||
Amortization of intangible assets | 65 | 66 |
Trade Name [Member] | ||
Amortization of intangible assets | 1 | 1 |
Non-Competition Clause [Member] | ||
Amortization of intangible assets | 22 | 23 |
State Pharmacy Licenses [Member] | ||
Amortization of intangible assets | $ 1 | $ 1 |
Intangible Assets and Goodwil35
Intangible Assets and Goodwill - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2017 | $ 271 | |
2,018 | 221 | |
2,019 | 217 | |
2,020 | 215 | |
2,021 | 215 | |
Thereafter | 1,809 | |
Intangible assets | $ 2,948 | $ 2,972 |
Accounts Payable and Accrued 36
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 3,382 | $ 2,999 |
Deferred rent | 396 | 412 |
Accrued interest (see Note 8) | 142 | 116 |
Accrued exit fee for note payable (see Note 8) | 667 | 667 |
Building lease liability | 11 | |
Total accounts payable and accrued expenses | 4,587 | 4,205 |
Less: Current portion | (3,920) | (3,538) |
Non-current total accrued expenses | $ 667 | $ 667 |
Debt - Summary of Future Minimu
Debt - Summary of Future Minimum Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Notes payable, gross | $ 6,187 | $ 3,973 |
Less: unamortized discount | (229) | |
Notes Payable [Member] | ||
Remainder of 2017 | 6,074 | |
2,018 | 8,905 | |
Total minimum payments, including interest | 14,979 | |
Less: amount representing interest payments | (1,647) | |
Notes payable, gross | 13,332 | |
Less: unamortized discount | (1,135) | |
Notes payable, net | 12,197 | |
Less: current portion, net of unamortized discount | (6,187) | |
Note payable, net of current portion and unamortized debt discount | $ 6,010 |
Capital Lease Obligation - Sche
Capital Lease Obligation - Schedule of Future Payment Under Capital Lease (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Leases [Abstract] | ||
Remainder of 2017 | $ 580 | |
2,018 | 773 | |
2,019 | 751 | |
Total minimum lease payments, including interest | 2,104 | |
Less: amount representing interest payments | (202) | |
Present value of future minimum lease payments | 1,902 | |
Less: unamortized discount | (229) | |
Present value of future net minimum lease payments | 1,673 | |
Less: current portion, net of unamortized discount | (491) | $ (458) |
Capital lease obligation, net of current portion and unamortized discount | $ 1,182 | $ 1,318 |
Stockholders' Equity and Stoc39
Stockholders' Equity and Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | |
Stock-based compensation | $ 950 | $ 1,064 | |
2007 Incentive Stock and Awards Plan [Member] | Minimum [Member] | |||
Stock issued during period, shares, new issues | 5,000,000 | ||
Stock options granted with exercise price contractual terms | 10 years | ||
Stock Option Plan [Member] | |||
Closing price of common stock price per share | $ 4.17 | ||
Stock options granted with exercise price contractual terms | 6 years 4 months 21 days | ||
Stock options granted vesting terms | Vesting terms for options granted to employees and consultants during the three months ended March 31, 2017 typically included one of the following vesting schedules: 25% of the shares subject to the option vest and become exercisable on the first anniversary of the grant date and the remaining 75% of the shares subject to the option vest and become exercisable quarterly in equal installments thereafter over three years; or 100% vesting associated with the provision or completion of services provided under contracts with consultants. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the Plan) and in the event of certain modifications to the option award agreement. | ||
Unrecognized compensation expense related to unvested stock options granted under the plan | $ 3,460 | ||
Stock-based compensation | $ 449 | ||
Expense expected to recognize over the weighted-average remaining vesting period | 3 years | ||
Forfeiture factor, percentage | 10.00% | ||
Unvested RSUs [Member] | |||
Unrecognized compensation expense related to unvested stock options granted under the plan | $ 1,898 | ||
Stock-based compensation | $ 441 | ||
Expense expected to recognize over the weighted-average remaining vesting period | 1 year 7 months 6 days | ||
Directors [Member] | |||
Issuance of restricted common stock, shares | 12,688 | ||
Securities Purchase Agreements [Member] | Two Accredited Investors [Member] | |||
Stock issued during period, shares, new issues | 1,312,500 | ||
Price per share | $ 2.40 | ||
Net proceeds of registered offering | $ 2,941 | ||
Gross proceeds, percentage | 6.00% | ||
Sales Agreement [Member] | Cantor Fitzgerald & Co [Member] | |||
Cash commission, percentage | 3.00% | ||
Stock Purchase Agreement [Member] | Livernois & London, LLC [Member] | |||
Number of shares issued investor relations related services | 25,000 | ||
Number of shares issued investor relations related services, value | $ 60 |
Stockholders' Equity and Stoc40
Stockholders' Equity and Stock-Based Compensation - Schedule of Stock Option Plan Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Weighted Avg. Exercise Price, Exercisable Ending Balance | $ 5.69 |
Stock Option Plan [Member] | |
Number of shares, Outstanding, Beginning balance | shares | 2,013,313 |
Number of shares, Options granted | shares | 319,000 |
Number of shares, Options exercised | shares | |
Number of shares, Options cancelled/forfeit | shares | (101,803) |
Number of shares, Outstanding, Ending balance | shares | 2,230,510 |
Number of shares, Options exercisable | shares | 766,870 |
Number of shares, Options vested and expected to vest | shares | 2,086,377 |
Weighted Avg. Exercise Price, Outstanding, Beginning balance | $ 6.20 |
Weighted Avg. Exercise Price, Options granted | 2.25 |
Weighted Avg. Exercise Price, Options exercised | |
Weighted Avg. Exercise Price, Options cancelled/forfeit | 4.97 |
Weighted Avg. Exercise Price, Outstanding, Ending balance | 5.69 |
Weighted Avg. Exercise Price, Exercisable Ending Balance | 6.29 |
Weighted Avg. Exercise Price, Vested and expected to vest | $ 5.71 |
Weighted Avg. Remaining Contractual Life, Options outstanding | 6 years 8 months 5 days |
Weighted Avg. Remaining Contractual Life, Options exercisable | 6 years 4 months 21 days |
Weighted Avg. Remaining Contractual Life, Options vested and expected to vest | 6 years 7 months 28 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 981,270 |
Aggregate Intrinsic Value, Options exercisable | $ | 243,357 |
Aggregate Intrinsic Value, Options vested and expected to vest | $ | $ 907,479 |
Stockholders' Equity and Stoc41
Stockholders' Equity and Stock-Based Compensation - Schedule of Fair Value Assumption (Details) - Options Granted to Employees [Member] | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Weighted-average fair value of granted | $ 1.96 |
Expected volatility | 117.00% |
Risk-free interest rate, minimum | 1.90% |
Risk-free interest rate, maximum | 1.92% |
Dividend yield | |
Minimum [Member] | |
Expected terms (in years) | 5 years 9 months 22 days |
Maximum [Member] | |
Expected terms (in years) | 6 years 1 month 10 days |
Stockholders' Equity and Stoc42
Stockholders' Equity and Stock-Based Compensation - Schedule of Shares Outstanding and Exercisable (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Range of Exercise Prices, minimum | $ 2.23 |
Range of Exercise Prices, maximum | $ 42.80 |
Number of Options Outstanding | shares | 2,230,510 |
Weighted Average Remaining Contractual Life in Years | 6 years 8 months 5 days |
Weighted Average Exercise Price | $ 5.69 |
Number Exercisable | shares | 766,870 |
Weighted Average Exercisable Exercise Price | $ 6.29 |
Range One [Member] | |
Range of Exercise Prices, minimum | 2.23 |
Range of Exercise Prices, maximum | $ 2.60 |
Number of Options Outstanding | shares | 464,000 |
Weighted Average Remaining Contractual Life in Years | 8 years 5 months 27 days |
Weighted Average Exercise Price | $ 2.31 |
Number Exercisable | shares | 125,000 |
Weighted Average Exercisable Exercise Price | $ 2.40 |
Range Two [Member] | |
Range of Exercise Prices, minimum | 3.74 |
Range of Exercise Prices, maximum | $ 4.50 |
Number of Options Outstanding | shares | 608,623 |
Weighted Average Remaining Contractual Life in Years | 8 years 5 months 23 days |
Weighted Average Exercise Price | $ 3.99 |
Number Exercisable | shares | 170,257 |
Weighted Average Exercisable Exercise Price | $ 4.07 |
Range Three [Member] | |
Range of Exercise Prices, minimum | 5.49 |
Range of Exercise Prices, maximum | $ 6.36 |
Number of Options Outstanding | shares | 110,100 |
Weighted Average Remaining Contractual Life in Years | 6 years 5 months 5 days |
Weighted Average Exercise Price | $ 5.97 |
Number Exercisable | shares | 101,346 |
Weighted Average Exercisable Exercise Price | $ 5.97 |
Range Four [Member] | |
Range of Exercise Prices, minimum | 6.64 |
Range of Exercise Prices, maximum | $ 8.99 |
Number of Options Outstanding | shares | 1,042,757 |
Weighted Average Remaining Contractual Life in Years | 4 years 10 months 10 days |
Weighted Average Exercise Price | $ 7.98 |
Number Exercisable | shares | 365,237 |
Weighted Average Exercisable Exercise Price | $ 8.23 |
Range Five [Member] | |
Range of Exercise Prices, minimum | $ 42.80 |
Number of Options Outstanding | shares | 5,030 |
Weighted Average Remaining Contractual Life in Years | 3 years 10 months 13 days |
Weighted Average Exercise Price | $ 42.80 |
Number Exercisable | shares | 5,030 |
Weighted Average Exercisable Exercise Price | $ 42.80 |
Stockholders' Equity and Stoc43
Stockholders' Equity and Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of RSUs unvested, Outstanding, Beginning balance | shares | 1,292,876 |
Number of RSUs granted | shares | |
Number of RSUs vested | shares | (12,688) |
Number RSUs cancelled/forfeit | shares | |
Number of RSUs unvested, Outstanding, Ending balance | shares | 1,280,188 |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 2.43 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 3.94 |
Weighted Average Grant Date Fair Value, RSUs cancelled/forfeit | $ / shares | |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 2.42 |
Stockholders' Equity and Stoc44
Stockholders' Equity and Stock-Based Compensation - Schedule of Warrants Activity (Details) - Warrant [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of shares, outstanding, beginning balance | shares | 5,748,829 |
Number of shares subject to warrants outstanding, granted | shares | |
Number of shares subject to warrants outstanding, exercised | shares | |
Number of shares subject to warrants outstanding, expired | shares | |
Number of shares, outstanding and exercisable , ending balance | shares | 5,748,829 |
Weighted average remaining contractual life of the outstanding warrants in years | 2 years 10 months 2 days |
Weighted avg. Exercise price, outstanding, beginning balance | $ / shares | $ 1.91 |
Weighted avg. Exercise price, granted | $ / shares | |
Weighted avg. Exercise price, exercised | $ / shares | |
Weighted avg. Exercise price, expired/forfeited | $ / shares | |
Weighted avg. Exercise price, outstanding and exercisable, ending balance | $ / shares | $ 1.91 |
Stockholders' Equity and Stoc45
Stockholders' Equity and Stock-Based Compensation - Schedule of Warrants Outstanding and Warrants Exercisable (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Warrant [Member] | |
Warrants Outstanding | 5,748,829 |
Exercise Price | $ / shares | $ 1.91 |
Warrants Exercisable | 280,688 |
Lender Warrants [Member] | |
Issue Date | May 11, 2015 |
Warrants Outstanding | 125,000 |
Exercise Price | $ / shares | $ 1.79 |
Warrants Exercisable | 125,000 |
Expiration Date | May 11, 2025 |
Underwriter Warrants [Member] | |
Issue Date | Feb. 7, 2013 |
Warrants Outstanding | 55,688 |
Exercise Price | $ / shares | $ 5.25 |
Warrants Exercisable | 55,688 |
Expiration Date | Feb. 7, 2018 |
Settlement Warrants [Member] | |
Issue Date | Aug. 16, 2016 |
Warrants Outstanding | 40,000 |
Exercise Price | $ / shares | $ 3.75 |
Warrants Exercisable | 40,000 |
Expiration Date | Aug. 16, 2021 |
Warrants Issued to Investor Relations Consultant [Member] | |
Issue Date | Jul. 19, 2013 |
Warrants Outstanding | 60,000 |
Exercise Price | $ / shares | $ 8.50 |
Warrants Exercisable | 60,000 |
Expiration Date | Jul. 19, 2018 |
Placement Agent Warrants [Member] | |
Issue Date | Dec. 27, 2016 |
Warrants Outstanding | 210,313 |
Exercise Price | $ / shares | $ 1.79 |
Warrants Exercisable | |
Expiration Date | Dec. 27, 2019 |
PIPE Investor Warrants [Member] | |
Issue Date | Dec. 27, 2016 |
Warrants Outstanding | 5,257,828 |
Exercise Price | $ / shares | $ 1.79 |
Warrants Exercisable | |
Expiration Date | Dec. 27, 2019 |
Stockholders' Equity and Stoc46
Stockholders' Equity and Stock-Based Compensation - Schedule of Stock Based Compensation Granted to Employees Directors Consultants (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock based compensation related to equity instruments granted to related parties | $ 950 | $ 1,064 |
Employees [Member] | Selling and Marketing [Member] | ||
Stock based compensation related to equity instruments granted to related parties | 135 | 120 |
Employees [Member] | General and Administrative [Member] | ||
Stock based compensation related to equity instruments granted to related parties | 700 | 885 |
Directors [Member] | General and Administrative [Member] | ||
Stock based compensation related to equity instruments granted to related parties | 55 | 59 |
Consultants [Member] | Selling and Marketing [Member] | ||
Stock based compensation related to equity instruments granted to related parties | $ 60 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Asset purchase, license and commission expense | $ 21 | $ 361 |
Loss on sale of imprimis tx assets | $ (15) | |
Stock Purchase Agreement [Member] | Livernois & London, LLC [Member] | ||
Sale of stock, percentage | 100.00% | |
Consideration received | $ 10 | |
Remaining lease obligation | 113 | |
Loss on sale of imprimis tx assets | $ 15 |
Segment Information and Conce48
Segment Information and Concentrations (Details Narrative) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting [Abstract] | ||
Maximum percentage of sales derived from single customer | 10.00% | 10.00% |
Percentage of drug and chemical purchases from three main suppliers | 93.00% | 63.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from exercise of warrants | $ 55 | ||
Subsequent Event [Member] | |||
Number of common stock issued as warrants exercises | 100,000 | ||
Proceeds from exercise of warrants | $ 179 | ||
Warrants exercise price per share | $ 1.79 | ||
Subsequent Event [Member] | Klarity License Agreement [Member] | Richard L. Lindstrom, M.D [Member] | |||
Royalty payment description | the Company is required to make royalty payments to Dr. Lindstrom ranging from three percent (3%) to six percent (6%) of net sales, dependent upon the final formulation of the Klarity Product sold. | ||
Subsequent Event [Member] | Plens Agreement [Member] | |||
Commission payments, percentage | 10.00% | ||
Subsequent Event [Member] | SightLife Agreement [Member] | |||
Commission payments, percentage | 10.00% | ||
Subsequent Event [Member] | Initial Payment [Member] | License Agreement [Member] | Richard L. Lindstrom, M.D [Member] | |||
Royalty payments | $ 50 | ||
Subsequent Event [Member] | Initial Payment [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | 1,500 | ||
Subsequent Event [Member] | Second Payment [Member] | License Agreement [Member] | Richard L. Lindstrom, M.D [Member] | |||
Royalty payments | 50 | ||
Net sales | 50 | ||
Subsequent Event [Member] | Final Payment [Member] | License Agreement [Member] | Richard L. Lindstrom, M.D [Member] | |||
Royalty payments | 50 | ||
Net sales | 100 | ||
Subsequent Event [Member] | Periodic Milestone Payments One [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | $ 5,000 | ||
Number of shares issued during the period | 10,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments One [Member] | SightLife Agreement [Member] | ASED Products [Member] | |||
Net sales | $ 2,000 | ||
Number of shares issued during the period | 5,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments Two [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | $ 5,000 | ||
Number of shares issued during the period | 15,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments Two [Member] | SightLife Agreement [Member] | ASED Products [Member] | |||
Net sales | $ 2,500 | ||
Number of shares issued during the period | 7,500 | ||
Subsequent Event [Member] | Periodic Milestone Payments Three [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | $ 10,000 | ||
Number of shares issued during the period | 15,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments Three [Member] | SightLife Agreement [Member] | ASED Products [Member] | |||
Net sales | $ 5,000 | ||
Number of shares issued during the period | 7,500 | ||
Subsequent Event [Member] | Periodic Milestone Payments Four [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | $ 15,000 | ||
Number of shares issued during the period | 15,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments Four [Member] | SightLife Agreement [Member] | ASED Products [Member] | |||
Net sales | $ 7,500 | ||
Number of shares issued during the period | 7,500 | ||
Subsequent Event [Member] | Periodic Milestone Payments Five [Member] | Plens Agreement [Member] | Precision Lens [Member] | |||
Net sales | $ 20,000 | ||
Number of shares issued during the period | 15,000 | ||
Subsequent Event [Member] | Periodic Milestone Payments Five [Member] | SightLife Agreement [Member] | ASED Products [Member] | |||
Net sales | $ 10,000 | ||
Number of shares issued during the period | 7,500 |