Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Sep. 06, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | AquaMed Technologies, Inc. | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Central Index Key | 0001468929 | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,005,211 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 186 | $ 0 |
Accounts receivable, net | 72 | 34 |
Inventory, net | 140 | 101 |
Prepaid expenses and other current assets | 101 | 226 |
Total current assets | 499 | 361 |
Improvements and equipment, net | 155 | 200 |
Operating lease - right of use asset | 976 | 0 |
Other assets | 178 | 178 |
Total assets | 1,808 | 739 |
Current Liabilities: | ||
Accounts payable | 496 | 157 |
Accrued expenses and other current liabilities | 395 | 250 |
Operating lease liability - right of use | 207 | 0 |
Total current liabilities | 1,098 | 407 |
Operating lease liability - right of use | 769 | 0 |
Other long-term liabilities | 0 | 51 |
Total liabilities | 1,867 | 458 |
Commitments and Contingencies | ||
Parent's net investment | 0 | 281 |
Preferred Stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common Stock, par value $0.001 per share, 100,000,000 shares authorized; 5,005,211 shares issued and outstanding as of June 30, 2019 | 5 | 0 |
Additional paid-in capital | (64) | 0 |
Accumulated deficit | 0 | 0 |
Total stockholders' (deficit) equity | (59) | 281 |
Total liabilities and stockholders' (deficit) equity | $ 1,808 | $ 739 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
CONDENSED BALANCE SHEETS | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,005,211 | 5,005,211 |
Common Stock, Shares, Outstanding | 5,005,211 | 5,005,211 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED STATEMENTS OF OPERATIONS | ||||
Revenue, net of returns, allowances and discounts | $ 125 | $ 864 | $ 254 | $ 1,404 |
Cost of revenues | 191 | 579 | 428 | 993 |
Gross (loss)/profit | (66) | 285 | (174) | 411 |
Operating expenses | ||||
Selling, general and administrative | 1,007 | 572 | 1,511 | 1,068 |
Total operating expenses | 1,007 | 572 | 1,511 | 1,068 |
Loss from operations | (1,073) | (287) | (1,685) | (657) |
Other (expense) income | ||||
Net loss | $ (1,073) | $ (287) | $ (1,685) | $ (657) |
Net loss per common share - basic and diluted | $ (0.21) | $ 0 | $ (0.34) | $ 0 |
Weighted average shares used in computing net loss per common share - basic and diluted | 5,005,211 | 0 | 5,005,211 | 0 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-in Capital | Net Parent Investment | Accumulated Deficit | Total |
Balance at Dec. 31, 2017 | $ 0 | $ 0 | $ 625,000 | $ 0 | $ 625,000 |
Balance (in Shares) at Dec. 31, 2017 | 0 | ||||
Net loss | $ 0 | 0 | (369,000) | 0 | (369,000) |
Transfers from parent | 0 | 0 | 563,000 | 0 | 563,000 |
Balance at Mar. 31, 2018 | $ 0 | 0 | 819,000 | 0 | 819,000 |
Balance (in Shares) at Mar. 31, 2018 | 0 | ||||
Balance at Dec. 31, 2017 | $ 0 | 0 | 625,000 | 0 | 625,000 |
Balance (in Shares) at Dec. 31, 2017 | 0 | ||||
Net loss | (657,000) | ||||
Balance at Jun. 30, 2018 | $ 0 | 0 | 720,000 | 0 | 720,000 |
Balance (in Shares) at Jun. 30, 2018 | 0 | ||||
Balance at Mar. 31, 2018 | $ 0 | 0 | 819,000 | 0 | 819,000 |
Balance (in Shares) at Mar. 31, 2018 | 0 | ||||
Net loss | $ 0 | 0 | (287,000) | 0 | (287,000) |
Transfers from parent | 0 | 0 | 188,000 | 0 | 188,000 |
Balance at Jun. 30, 2018 | $ 0 | 0 | 720,000 | 0 | 720,000 |
Balance (in Shares) at Jun. 30, 2018 | 0 | ||||
Balance at Dec. 31, 2018 | $ 0 | 0 | 281,000 | 0 | 281,000 |
Balance (in Shares) at Dec. 31, 2018 | 0 | ||||
Net loss | $ 0 | 0 | (612,000) | 0 | (612,000) |
Transfers from parent | 0 | 0 | 556,000 | 0 | 556,000 |
Balance at Mar. 31, 2019 | $ 0 | 0 | 225,000 | 0 | 225,000 |
Balance (in Shares) at Mar. 31, 2019 | 0 | ||||
Balance at Dec. 31, 2018 | $ 0 | 0 | 281,000 | 0 | 281,000 |
Balance (in Shares) at Dec. 31, 2018 | 0 | ||||
Net loss | (1,685,000) | ||||
Balance at Jun. 30, 2019 | $ 5,000 | (64,000) | 0 | 0 | (59,000) |
Balance (in Shares) at Jun. 30, 2019 | 5,005,211 | ||||
Balance at Mar. 31, 2019 | $ 0 | 0 | 225,000 | 0 | 225,000 |
Balance (in Shares) at Mar. 31, 2019 | 0 | ||||
Net loss | $ 0 | 0 | (1,073,000) | 0 | (1,073,000) |
Transfers from parent | 0 | 0 | 789,000 | 0 | 789,000 |
Reclassification of net parent investment in connection with spin-off, June 21, 2019 | 0 | (59,000) | (59,000) | 0 | 0 |
Common stock distributed in connection with spinoff, June 21, 2019 | $ 5,000 | (5,000) | 0 | 0 | 0 |
Common stock distributed in connection with spinoff (in Shares) | 5,005,211 | ||||
Balance at Jun. 30, 2019 | $ 5,000 | $ (64,000) | $ 0 | $ 0 | $ (59,000) |
Balance (in Shares) at Jun. 30, 2019 | 5,005,211 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net loss | $ (1,685) | $ (657) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 45 | 155 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (38) | (343) |
Inventory | (39) | (45) |
Prepaid expenses and other assets | 125 | (5) |
Accounts payable | 339 | 66 |
Accrued expenses and other liabilities | 94 | 78 |
Net Cash Used in Operating Activities | (751) | |
Financing Activities | ||
Net Distributions from Former Parent | 1,345 | 751 |
Net Cash Provided by Financing Activities | 1,345 | 751 |
Net Increase (Decrease) in Cash and Cash Equivalents | 186 | 0 |
Cash and Cash Equivalents - Beginning of period | 0 | 0 |
Cash and Cash Equivalents - End of period | 186 | 0 |
Cash paid during the year for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
Description of Business, the Sp
Description of Business, the Spin-off and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Description of Business, the Spin-off and Basis of Presentation | |
Description of Business, the Spin-off and Basis of Presentation | 1. Description of Business, the Spin-off and Basis of Presentation AquaMed Technologies, Inc. (the “Company" or "AquaMed”) manufactures high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. The Company specializes in custom gels by capitalizing on proprietary manufacturing technologies. The Company has, historically, served as a contract manufacturer, supplying its gels to third parties who incorporate them into their own products. Recent Developments - The Spin-Off On June 21, 2019, the Company became an independent company through the pro rata distribution ("Spin-Off") by Adynxx, Inc. (“Parent”), which was known as Alliqua BioMedical, Inc. and subsequently changed its name to Adynxx, Inc. on May 3, 2019, in connection with the closing of a reverse merger between private Adynxx, Inc. and Alliqua BioMedical, Inc., of the Company’s common stock for common stock of Parent. Each record holder of Parent stock as of April 22, 2019, received one share of AquaMed common stock in book-entry form. Shares distributed were 5,005,211. Following the distribution ("Capitalization") all existing operations were distributed to AquaMed with the exception of a corporate lease for property in Yardley, Pennsylvania which was retained by Adynxx. The Company's condensed unaudited financial statements prior to the Spin-Off were prepared on a carve out basis and were derived from the Parents' unaudited condensed consolidated financial statements and accounting records. The condensed financial statements for the three and six months ended June 30, 2019 included herein reflect the AquaMed's financial position, results of operations, and cash flows as the AquaMed's business was operated as part of the Parent's prior to the Capitalization. Following the Capitalization, the condensed financial statements for the three and six months ended June 30, 2019 include the accounts of AquaMed only. Basis of Presentation In the opinion of management, the condensed financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2019 and results of operations and cash flows for the three and six months ended June 30, 2019 and 2018.These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto in the Company’s year-end financial statements for the years ended December 31, 2018 and 2017, as a segment of the Parent, which are included in the Company’s Form 10 filed with SEC on June 14, 2019. Significant Accounting Policies and Estimates The Company’s significant accounting policies are disclosed in Note 1 — Description of Business and Basis of Presentation – Significant Accounting Policies and Estimates in the Company’s financial statements for the years ended December 31, 2018 and 2017, as a segment of the Parent, which are included in the Company’s Form 10 filed with SEC on June 14, 2019. There have been no material changes to the Company’s significant accounting policies, except those noted below. The preparation of the condensed financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. These estimates and assumptions include allowance for doubtful accounts, inventory reserves, deferred taxes and related valuation allowances and fair value of long-lived assets. Actual results could differ from the estimates. Recent Accounting Principles In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of operating lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company is also required to recognize and measure new leases at the adoption date and recognize a cumulative-effect adjustment in the period of adoption using a modified retrospective approach, with certain practical expedients available. The Company adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“ASC 842”) effective January 1, 2019 and elected to apply the available practical expedients and implemented internal controls and key system functionality to enable the preparation of financial information on adoption. ASC 842 requires the Company to make significant judgments and estimates. As a result, the Company implemented changes to our internal controls related to lease evaluation for the six months ended June 30, 2019. These changes include updated accounting policies affected by ASC 842 as well as redesigned internal controls over financial reporting related to ASC 842 implementation. Additionally, the Company has expanded data gathering procedures to comply with the additional disclosure requirements and ongoing contract review requirements. The standard had an impact on the Company’s condensed balance sheets but did not have an impact on the Company’s condensed statements of operations or condensed statements of cash flows upon adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have a material impact in the current year and prior year comparative periods and as a result, a cumulative-effect adjustment was not required. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Going Concern | |
Going Concern | 2. Going Concern The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of June 30, 2019, the Company had a cash balance of $186,000. For the six months ended June 30, 2019, and 2018, the Company incurred a net loss of $1,685,000 and $657,000, respectively. For the six months ended June 30, 2019, net cash used in operating activities was $1.2 million. These factors raise substantial doubt as to the Company’s ability to continue as a going concern beyond one year from the date these financial statements are issued. The Company expects to continue incurring losses for the foreseeable future and will need to raise additional capital to support ongoing operations. Management is evaluating various options to raise funds to fund the Company’s working capital requirements through equity offerings. There can be no assurances, however, that management will be able to obtain sufficient additional funds when needed, or that such funds, if available, will be obtained on terms satisfactory to the Company. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital and achieve profitable operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should the Company be unable to continue as a going concern. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition | |
Revenue Recognition | 3. Revenue Recognition Disaggregation of Revenue The Company recognizes revenue predominately from contract manufacturing. Revenue contract manufacturing is recognized at the point where the customer obtains control of the goods and the Company satisfies its performance obligation, which generally is at the time it ships the product to the customer. As of June 30, 2019, and December 31, 2018, the Company did not have any contract assets or contract liabilities from contracts with customers. During the six months ended June 30, 2019 and 2018, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. As of June 30, 2019, there were no remaining performance obligations that the Company had not satisfied. |
Net Loss Per Common Share
Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Net Loss Per Common Share | |
Net Loss Per Common Share | 4. Net Loss Per Common Share Basic loss per share data for each period presented is computed using the weighted-average number of shares of common stock outstanding during each such period. Diluted loss per share data is computed using the weighted-average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of: (a) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method; and (b) shares of non-vested restricted stock. There are no shares that are excluded from the calculation of weighted average dilutive common shares. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Leases | 5. Leases The Company leases one commercial manufacturing facility through an operating lease agreement for this facility located in Langhorne, Pennsylvania, through 2026. Tenant improvements are also included in leasehold improvements on the balance sheet. Future minimum lease payments, excluding expense reimbursements, under noncancelable operating leases at June 30, 2019 are as follows (in thousands) 2019 $ 104 2020 207 2021 207 2022 207 2023 207 Thereafter 433 Total future minimum lease payments $ 1,365 Lease: imputed interest (389) Total $ 976 As of June 30, 2019, $976,016 represents the commercial manufacturing facility located in Langhorne, Pennsylvania. Total operating lease expenses for the six months ended June 30, 2019 was $103,703 and is recorded in cost of goods sold and other operating expenses on the condensed statements of operations. Total rent expense for the six months ended June 30, 2018 was $115,207 and is recorded in other operating expenses on the condensed statements of operations. As of June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced. Supplemental cash flows information related to leases was as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 103,703 Right-of-use assets obtained in exchange for lease obligations: Operating lease 976,016 Weighted Average Remaining Lease Term Operating leases 6.6 years Weighted Average Discount Rate Operating leases 11.00 % |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory | |
Inventory | 6. Inventory Inventory consists of the following (in thousands): June 30, December 31, 2019 2018 Raw materials $ 140 $ 101 Less: Inventory reserve for excess and slow moving inventory — — Total $ 140 $ 101 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2019 2018 Salaries, benefits and incentive compensation $ 19 $ 108 Professional fees 363 95 Other 13 47 Total accrued expenses and other current liabilities $ 395 $ 250 |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jun. 30, 2019 | |
Concentration of Risk | |
Concentration of Risk | 8. Concentration of Risk Revenue for the six months ended June 30, 2019 and 2018, and accounts receivable as of June 30, 2019 from the Company’s largest customer, was as follows: Accounts % of Total Revenue Receivable Customer 2019 2018 June 30, 2019 A 53 % 56 % 60 % B 15 % 8 % % |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events | |
Subsequent Events | 9. Subsequent Events Effective August 28, 2019, the Company adopted the AquaMed Technologies, Inc. 2019 Long-Term Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the granting of incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights (“SARs”), restricted stock units, performance awards, dividend equivalent rights and other awards, which may be granted singly, in combination, or in tandem, and which may be paid in cash, shares of common stock of the Company or a combination of cash and shares of common stock of the Company. The Company has reserved a total of 2,000,000 shares of the Company’s common stock for awards under the 2019 Plan, all of which may be delivered pursuant to incentive stock options. Subject to adjustments pursuant to the 2019 Plan, the maximum number of shares of common stock with respect to which stock options or SARs may be granted to an executive officer during any calendar year is 500,000 shares of common stock. On August 28, 2019, pursuant to the terms of the 2019 Plan, the Company awarded options to purchase an aggregate of 1,000,000 shares of common stock to three of its employees. Pursuant to the terms of the option agreements, 50% of such options vested on the date of grant, and the remaining 50% of such options will vest on the first anniversary of the date of grant. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Schedule of Summary of future minimum lease payments, excluding expense reimbursements, under noncancelable operating leases | Future minimum lease payments, excluding expense reimbursements, under noncancelable operating leases at June 30, 2019 are as follows (in thousands) 2019 $ 104 2020 207 2021 207 2022 207 2023 207 Thereafter 433 Total future minimum lease payments $ 1,365 Lease: imputed interest (389) Total $ 976 |
Schedule of Summary of supplemental cash flows information related to leases | Supplemental cash flows information related to leases was as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 103,703 Right-of-use assets obtained in exchange for lease obligations: Operating lease 976,016 Weighted Average Remaining Lease Term Operating leases 6.6 years Weighted Average Discount Rate Operating leases 11.00 % |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory | |
Schedule of inventories | Inventory consists of the following (in thousands): June 30, December 31, 2019 2018 Raw materials $ 140 $ 101 Less: Inventory reserve for excess and slow moving inventory — — Total $ 140 $ 101 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of Summary of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2019 2018 Salaries, benefits and incentive compensation $ 19 $ 108 Professional fees 363 95 Other 13 47 Total accrued expenses and other current liabilities $ 395 $ 250 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Concentration of Risk | |
Schedule of customers as percentage of accounts receivable and total sales | Accounts % of Total Revenue Receivable Customer 2019 2018 June 30, 2019 A 53 % 56 % 60 % B 15 % 8 % % |
Description of Business, the _2
Description of Business, the Spin-off and Basis of Presentation (Details) | 1 Months Ended |
Apr. 22, 2019shares | |
Description of Business, the Spin-off and Basis of Presentation | |
Number of shares received by holder of each common stock | 1 |
Shares distributed | 5,005,211 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Going Concern | ||||||
Cash | $ 186,000 | $ 186,000 | ||||
Net Income (Loss) Attributable to Parent | $ (1,073,000) | $ (612,000) | $ (287,000) | $ (369,000) | $ (1,685,000) | $ (657,000) |
Net Cash Used in Operating Activities | $ (751,000) |
Leases - Future minimum lease p
Leases - Future minimum lease payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Future minimum lease payments, excluding expense reimbursements, under noncancelable operating leases | |
2019 | $ 104 |
2020 | 207 |
2021 | 207 |
2022 | 207 |
2023 | 207 |
Thereafter | 433 |
Total future minimum lease payments | 1,365 |
Lease: imputed interest | (389) |
Total | $ 976 |
Leases - Supplemental cash flow
Leases - Supplemental cash flows information (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases | |
Operating cash flows from operating leases | $ 103,703 |
Operating lease | $ 976,016 |
Operating leases, weighted average remaining lease Term | 6 years 7 months 6 days |
Operating leases, weighted average discount rate | 11.00% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Leases | ||
Operating Lease, Liability | $ 976,000 | |
Operating Lease, Cost | $ 103,703 | |
Lease, Cost | $ 115,207 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventories | ||
Raw materials | $ 140 | $ 101 |
Less: Inventory reserve for excess and slow moving inventory | 0 | 0 |
Total | $ 140 | $ 101 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses and Other Current Liabilities | ||
Salaries, benefits and incentive compensation | $ 19 | $ 108 |
Professional fees | 363 | 95 |
Other | 13 | 47 |
Total accrued expenses and other current liabilities | $ 395 | $ 250 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Customer A | Total Revenue | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable and total sales | 53.00% | 56.00% |
Customer A | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable and total sales | 60.00% | |
Customer B | Total Revenue | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable and total sales | 15.00% | 8.00% |
Customer B | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable and total sales | 0.00% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events - 2019 Plan | Aug. 28, 2019itemshares |
Subsequent Events | |
Number of shares reserved for future issuance | 2,000,000 |
Number of shares granted | 1,000,000 |
Number of employees | item | 3 |
SARs | |
Subsequent Events | |
Number of shares granted | 500,000 |
Tranche One | |
Subsequent Events | |
Vesting percentage | 50.00% |
Tranche Two | |
Subsequent Events | |
Vesting percentage | 50.00% |