Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38389 | |
Entity Registrant Name | Motus GI Holdings, Inc. | |
Entity Central Index Key | 0001686850 | |
Entity Tax Identification Number | 81-4042793 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1301 East Broward Boulevard | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | Ft. Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33301 | |
City Area Code | (954) | |
Local Phone Number | 541 8000 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | MOTS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,655,596 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,294 | $ 22,563 |
Accounts receivable | 161 | 109 |
Inventory | 1,014 | 496 |
Prepaid expenses and other current assets | 1,018 | 793 |
Total current assets | 15,487 | 23,961 |
Fixed assets, net | 1,395 | 1,428 |
Right-of-use assets | 471 | 687 |
Other non-current assets | 13 | 13 |
Total assets | 17,366 | 26,089 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,696 | 2,584 |
Operating lease liabilities - current | 248 | 307 |
Other current liabilities | 70 | 10 |
Current portion of long-term debt, net of unamortized debt discount of $260 and $271, respectively | 2,453 | 431 |
Total current liabilities | 5,467 | 3,332 |
Contingent royalty obligation | 1,789 | 1,760 |
Operating lease liabilities - non-current | 220 | 385 |
Convertible note, net of unamortized debt discount of $123 and $166, respectively | 3,877 | 3,834 |
Long-term debt, net of unamortized debt discount of $176 and $317, respectively | 5,251 | 7,121 |
Total liabilities | 16,604 | 16,432 |
Commitments and contingent liabilities (Note 9) | ||
Shareholders’ equity | ||
Common stock $0.0001 par value; 115,000,000 shares authorized; 3,025,502 and 2,416,021 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | ||
Additional paid-in capital | 138,431 | 132,411 |
Accumulated deficit | (137,669) | (122,754) |
Total shareholders’ equity | 762 | 9,657 |
Total liabilities and shareholders’ equity | $ 17,366 | $ 26,089 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Debt instrument, unamortized discount | $ 260 | $ 271 |
Convertible note, unamortized discount, noncurrent | 123 | 166 |
Debt instrument, unamortized discount, non-current | $ 176 | $ 317 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 115,000,000 | 115,000,000 |
Common stock, shares issued | 3,025,502 | 2,416,021 |
Common stock, shares outstanding | 3,025,502 | 2,416,021 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 278 | $ 141 | $ 483 | $ 292 |
Operating expenses: | ||||
Cost of revenue - sales | 83 | 65 | 166 | 135 |
Cost of revenue - impairment of inventory | 186 | 159 | 186 | |
Research and development | 1,573 | 1,187 | 4,261 | 4,040 |
Sales and marketing | 1,349 | 725 | 3,554 | 2,196 |
General and administrative | 1,978 | 2,315 | 6,167 | 7,104 |
Total costs and expenses | 4,983 | 4,478 | 14,307 | 13,661 |
Operating loss | (4,705) | (4,337) | (13,824) | (13,369) |
Gain (loss) on change in estimated fair value of contingent royalty obligation | 34 | (35) | (29) | (152) |
Loss on extinguishment of debt | (237) | (237) | ||
Finance expense, net | (310) | (216) | (1,001) | (450) |
Other income | 5 | 5 | ||
Foreign currency gain (loss) | 17 | (4) | (61) | (12) |
Net loss | (4,964) | (4,824) | (14,915) | (14,215) |
Deemed dividends from warrant issuance | (6,145) | |||
Net loss attributable to common shareholders | $ (4,964) | $ (4,824) | $ (14,915) | $ (20,360) |
Basic and diluted loss per common share: | ||||
Net loss attributable to common shareholders | $ (1.69) | $ (2) | $ (5.40) | $ (8.77) |
Weighted average number of common shares outstanding, basic and diluted | 2,937,530 | 2,412,059 | 2,763,164 | 2,320,982 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 115,011 | $ (103,721) | $ 11,290 | |
Beginning balance, shares at Dec. 31, 2020 | 1,613,591 | |||
Issuance of common shares upon vesting of restricted stock units | ||||
Issuance of common shares upon vesting of restricted stock units, shares | 3,295 | |||
Issuance of common stock for board of directors’ compensation | 272 | 272 | ||
Issuance of common stock for board of directors' compensation, shares | 8,677 | |||
Share based compensation | 919 | 919 | ||
Net loss | (4,649) | (4,649) | ||
Issuance of common shares upon exercise of warrants, net of financing costs of $366 | 11,593 | 11,593 | ||
Issuance of common shares upon exercise of warrant, shares | 713,362 | |||
Ending balance, value at Mar. 31, 2021 | 127,795 | (108,370) | 19,425 | |
Ending balance, shares at Mar. 31, 2021 | 2,338,925 | |||
Beginning balance, value at Dec. 31, 2020 | 115,011 | (103,721) | 11,290 | |
Beginning balance, shares at Dec. 31, 2020 | 1,613,591 | |||
Net loss | (14,215) | |||
Ending balance, value at Sep. 30, 2021 | 131,716 | (117,936) | 13,780 | |
Ending balance, shares at Sep. 30, 2021 | 2,412,032 | |||
Beginning balance, value at Mar. 31, 2021 | 127,795 | (108,370) | 19,425 | |
Beginning balance, shares at Mar. 31, 2021 | 2,338,925 | |||
Issuance of common shares, net of issuance costs of $74 | 1,826 | 1,826 | ||
Issuance of common shares pursuant to at-the-market registered offering, net of issuance costs, shares | 67,043 | |||
Issuance of common shares upon vesting of restricted stock units | ||||
Issuance of common shares upon vesting of restricted stock units, shares | 2,654 | |||
Issuance of common stock for board of directors’ compensation | 19 | 19 | ||
Issuance of common stock for board of directors' compensation, shares | 910 | |||
Share based compensation | 1,010 | 1,010 | ||
Net loss | (4,742) | (4,742) | ||
Issuance of common stock to consultants | 53 | 53 | ||
Issuance of common stock to consultants, shares | 2,500 | |||
Ending balance, value at Jun. 30, 2021 | 130,703 | (113,112) | 17,591 | |
Ending balance, shares at Jun. 30, 2021 | 2,412,032 | |||
Share based compensation | 848 | 848 | ||
Net loss | (4,824) | (4,824) | ||
Issuance of warrants associated with convertible note and long-term debt | 165 | 165 | ||
Ending balance, value at Sep. 30, 2021 | 131,716 | (117,936) | 13,780 | |
Ending balance, shares at Sep. 30, 2021 | 2,412,032 | |||
Beginning balance, value at Dec. 31, 2021 | 132,411 | (122,754) | 9,657 | |
Beginning balance, shares at Dec. 31, 2021 | 2,416,021 | |||
Issuance of common shares, net of issuance costs of $74 | 3,004 | 3,004 | ||
Issuance of common shares pursuant to at-the-market registered offering, net of issuance costs, shares | 298,761 | |||
Issuance of common shares upon vesting of restricted stock units | ||||
Issuance of common shares upon vesting of restricted stock units, shares | 13,721 | |||
Issuance of common stock for board of directors’ compensation | 235 | 235 | ||
Issuance of common stock for board of directors' compensation, shares | 24,458 | |||
Share based compensation | 521 | 521 | ||
Net loss | (4,811) | (4,811) | ||
Ending balance, value at Mar. 31, 2022 | 136,171 | (127,565) | 8,606 | |
Ending balance, shares at Mar. 31, 2022 | 2,752,961 | |||
Beginning balance, value at Dec. 31, 2021 | 132,411 | (122,754) | 9,657 | |
Beginning balance, shares at Dec. 31, 2021 | 2,416,021 | |||
Net loss | (14,915) | |||
Ending balance, value at Sep. 30, 2022 | 138,431 | (137,669) | 762 | |
Ending balance, shares at Sep. 30, 2022 | 3,025,502 | |||
Beginning balance, value at Mar. 31, 2022 | 136,171 | (127,565) | 8,606 | |
Beginning balance, shares at Mar. 31, 2022 | 2,752,961 | |||
Issuance of common shares, net of issuance costs of $74 | 45 | 45 | ||
Issuance of common shares pursuant to at-the-market registered offering, net of issuance costs, shares | 8,124 | |||
Issuance of common shares upon vesting of restricted stock units | ||||
Issuance of common shares upon vesting of restricted stock units, shares | 4,174 | |||
Share based compensation | 461 | 461 | ||
Net loss | (5,140) | (5,140) | ||
Ending balance, value at Jun. 30, 2022 | 136,677 | (132,705) | 3,972 | |
Ending balance, shares at Jun. 30, 2022 | 2,765,259 | |||
Issuance of common shares, net of issuance costs of $74 | 1,324 | 1,324 | ||
Issuance of common shares pursuant to at-the-market registered offering, net of issuance costs, shares | 258,127 | |||
Issuance of common shares upon vesting of restricted stock units | ||||
Issuance of common shares upon vesting of restricted stock units, shares | 4,162 | |||
Share based compensation | 441 | 441 | ||
Net loss | (4,964) | (4,964) | ||
Fractional shares settled in cash pursuant to reverse stock split | (11) | (11) | ||
Fractional shares settled in cash pursuant to reverse stock split, shares | (2,046) | |||
Ending balance, value at Sep. 30, 2022 | $ 138,431 | $ (137,669) | $ 762 | |
Ending balance, shares at Sep. 30, 2022 | 3,025,502 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Payments of financing costs | $ 74 | $ 366 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (14,915) | $ (14,215) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 381 | 318 |
Amortization of debt issuance costs | 195 | 32 |
Loss on change in estimated fair value of contingent royalty obligation | 29 | 152 |
Share based compensation | 1,423 | 2,777 |
Issuance of common stock for board of directors’ compensation | 177 | 174 |
Issuance of common stock for consultants | 53 | |
Loss on extinguishment of debt | 237 | |
Impairment of inventory | 159 | 186 |
Impairment of fixed assets | 46 | |
Amortization on operating lease right-of-use asset | 253 | 152 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (52) | (146) |
Inventory | (843) | 48 |
Prepaid expenses and other current assets | (167) | (97) |
Accounts payable and accrued expenses | 79 | 38 |
Operating lease liabilities - current and non-current | (255) | (163) |
Other current liabilities | 61 | (51) |
Net cash used in operating activities | (13,429) | (10,505) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (215) | (425) |
Net cash used in investing activities | (215) | (425) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common shares | 4,544 | 1,900 |
Fractional shares paid in cash pursuant to reverse stock split | (11) | |
Proceeds from exercise and purchase of warrants | 11,959 | |
Borrowings under convertible note and long-term debt | 9,000 | |
Repayment of term debt | (8,220) | |
Payment of debt issuance costs | (437) | |
Equity financing fees | (158) | (439) |
Net cash provided by financing activities | 4,375 | 13,763 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (9,269) | 2,833 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 22,563 | 20,819 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 13,294 | 23,652 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest | 779 | 443 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued to settle accrued expenses for board of directors’ compensation | 56 | |
Common stock issued for prepaid board of directors’ compensation | 58 | 61 |
Reclassification of inventory to fixed assets | 163 | 56 |
Reclassification of prepaid expenses to fixed assets | 4 | 75 |
Purchase of fixed assets in accounts payable and accrued expenses | 12 | 22 |
Financing costs included in accounts payable and accrued expenses | 13 | |
Warrants issued related to convertible note and long-term debt recorded as debt discount | 165 | |
Accrued end of loan payment recorded as debt discount | 88 | |
Operating lease liabilities arising from obtaining right-of-use assets | $ 3 | $ 135 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 – Description of Business Motus GI Holdings, Inc. (the “Company”) was incorporated in Delaware, U.S.A. in September 2016. The Company and its subsidiaries, Motus GI Technologies, Ltd. and Motus GI, LLC, are collectively referred to as “Motus GI” or the “Company”. The Company has developed the Pure-Vu System, a medical device that has been cleared by the U.S. Food and Drug Administration (the “FDA”) to help facilitate the cleansing of a poorly prepared gastrointestinal tract during colonoscopy and to help facilitate upper gastrointestinal (“GI”) endoscopy procedures. The Pure-Vu System has received a CE Mark in the EU for use in colonoscopy. The Pure-Vu System integrates with standard and slim colonoscopes, as well as gastroscopes, to improve visualization during colonoscopy and upper GI procedures while preserving established procedural workflow and techniques. Through irrigation and evacuation of debris, the Pure-Vu System is designed to provide better-quality exams. The Company received 510(k) clearance in February 2022 from the FDA for its Pure-Vu EVS System and recently commenced commercialization of this product. |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Going Concern | Note 2 – Basis of Presentation and Going Concern The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 10-K filed with the SEC on March 29, 2022. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions for Form 10-Q and the rules and regulations of the SEC. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements, but reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results that may be expected for any future periods. The December 31, 2021 balance sheet information was derived from the audited financial statements as of that date. To date, the Company has generated minimal revenues, experienced negative operating cash flows and has incurred substantial operating losses from its activities. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources, future product sales, and through the issuance of debt or equity. Rising inflation and financial market volatility may adversely impact the Company’s ability to enter into, modify, and negotiate favorable terms and conditions relative to equity and debt financing initiatives. The uncertain financial markets, potential disruptions in supply chains, and changing priorities could also affect the Company’s ability to enter into key agreements. COVID-19 and government measures taken in response have also had an impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as certain medical services and supplies, have spiked, while demand for other goods and services have fallen. The future progression of the outbreak and its longer-term effects on the Company’s business and operations continue to evolve and are still uncertain. The Company and its third-party contract manufacturers, contract research organizations, and clinical sites may also face disruptions in procuring items that are essential to the Company’s research and development activities, including, for example, medical and laboratory supplies, in each case, that are sourced from abroad or for which there are shortages because of ongoing efforts related to the outbreak in certain parts of the world. These disruptions may negatively impact the Company’s sales, its results of operations, financial condition, and liquidity in 2022 and into 2023. The Company has financed its operations primarily through sales of equity-related securities. In March 2021, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Oppenheimer & Co. Inc. (“Oppenheimer”), under which we may offer and sell from time to time common shares having an aggregate offering price of up to $ 25.0 565 4.4 0.2 1.6 5.5 0.2 Net cash used in operating activities for the nine months ended September 30, 2022 was $ 13,429 14,915 13,294 Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the nine months ended September 30, 2022 are consistent with those discussed in Note 3 to the consolidated financial statements in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2022. Reverse Stock Split On July 25, 2022, the Company effected a reverse stock split of its issued and outstanding common stock, par value $0.0001 per share, at a ratio of 1-for-20. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Motus Ltd., an Israel corporation, which has operations in Tirat Carmel, Israel, and Motus Inc., a Delaware corporation, which has operations in the U.S. All inter-company accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic and diluted net loss per share Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year, plus the number of common shares that would have been outstanding if all potentially dilutive ordinary shares had been issued, using the treasury stock method, in accordance with ASC 260-10 “Earnings per Share”. Potentially dilutive common shares were excluded from the calculation of diluted loss per share for all periods presented due to their anti-dilutive effect due to losses in each period. Net loss attributable to common stockholders consists of net income or loss, as adjusted for actual and deemed preferred stock dividends declared, amortized or accumulated. The Company recorded a deemed dividend for the issuance of warrants during the three and nine months ended September 30, 2021 of $ 0 6,145 Income taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, the Company had a full valuation allowance against its deferred tax assets. For the three and nine months ended September 30, 2022 and 2021, the Company recorded zero income tax expense. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2022 and 2021, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses. New Accounting Pronouncements- Recently Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50) Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchanges of Freestanding Equity-Classified Written Call Options Accounting Pronouncements- Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. In April 2019 and May 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” and ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief” which provided additional implementation guidance on the previously issued ASU. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date for the Company to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will continue to evaluate the effect of adopting ASU 2016-13 on the Company’s financial statements and disclosures. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 – Fair Value Measurements Liabilities measured and recorded at fair value on a recurring basis consisted of the following at September 30, 2022 and December 31, 2021: Schedule of Fair Value of Financial Assets and Liabilities September 30, 2022 Level 1 Level 2 Level 3 Fair Value Liabilities Contingent royalty obligation $ - $ - $ 1,789 $ 1,789 December 31, 2021 Level 1 Level 2 Level 3 Fair Value Liabilities Contingent royalty obligation $ - $ - $ 1,760 $ 1,760 Financial instruments with carrying values approximating fair value include cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, and certain other current liabilities, due to their short-term nature. In estimating the fair value of the Company’s contingent royalty obligation (see Note 9), the Company used the discounted cash flow method as of September 30, 2022 and December 31, 2021. Based on the fair value hierarchy, the Company classified contingent royalty obligation within Level 3 because valuation inputs are based on projected revenues discounted to a present value. Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of a contingent royalty obligation, during the nine months ended September 30, 2022 was as follows: Schedule of Estimated Fair Value of Level 3 Contingent Royalty Obligation Fair Value Measurements of Contingent Royalty Obligation (Level 3) Balance at December 31, 2021 $ 1,760 Change in estimated fair value of contingent royalty obligation 29 Balance at September 30, 2022 $ 1,789 The contingent royalty obligation is re-measured at each balance sheet date using several assumptions, including the following: 1) estimated sales growth, 2) length of product cycle, 3) patent life, 4) discount rate ( 23 21 3 In accordance with ASC-820-10-50-2(g), the Company performed a sensitivity analysis of the liability, which was classified as a Level 3 financial instrument. The Company recalculated the fair value of the liability by applying a +/- 2% change to the input variable in the discounted cash flow model; the discount rate. A 2% decrease in the discount rate would increase the liability by $130 and a 2% increase in the discount rate would decrease the liability by $119 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5 – Inventory Inventory is stated at lower of cost or net realizable value using the weighted average cost method and is evaluated at least annually for impairment. Write-downs for potentially obsolete or excess inventory are made based on management’s analysis of inventory levels, historical obsolescence and future sales forecasts. For the three and nine months ended, September 30, 2022, an inventory impairment of $ 0 159 186 Inventory at September 30, 2022 and December 31, 2021 consisted of the following: Schedule of Inventory September 30, 2022 December 31, 2021 Raw materials $ 194 $ 569 Work-in-process 120 - Finished goods 745 292 Inventory reserve (45 ) (365 ) Inventory, net $ 1,014 $ 496 |
Fixed assets, net
Fixed assets, net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed assets, net | Note 6 – Fixed assets, net Fixed assets, summarized by major category, consist of the following for the years ended: Schedule of Fixed Assets Net September 30, 2022 December 31, 2021 Office equipment $ 171 $ 171 Computers and software 319 305 Machinery 1,035 807 Lab and medical equipment 1,439 1,342 Leasehold improvements 195 193 Total 3,159 2,818 Less: accumulated depreciation and amortization (1,764 ) (1,390 ) Fixed assets, net $ 1,395 $ 1,428 Depreciation and amortization expense for the three and nine months ended September 30, 2022 was $ 128 381 10 46 118 318 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Leases | Note 7 – Leases The Company leases an office in Fort Lauderdale, Florida under an operating lease. The term expires November 2024. The annual base rent is subject to annual increases of 2.75% The Company leases an office in Israel under an operating lease. The term expires on December 31, 2022 The Company leases vehicles under operating leases that expire at various dates through 2024. Many of these leases provide for payment by the Company, as the lessee, of taxes, insurance premiums, costs of maintenance and other costs which are expenses as incurred. Certain operating leases include escalation clauses and some of which may include options to extend the leases for up to 3 years The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows: Schedule of Lease Cost and Supplemental Balance Sheet Information 2022 2021 2022 2021 Three Months ended September 30, Nine Months ended September 30, 2022 2021 2022 2021 Lease Cost Operating lease cost, net of related party license fee $ 16 $ 36 $ 78 $ 100 Variable lease cost 30 30 90 90 Total lease cost $ 46 $ 66 $ 168 $ 190 As of September 30, As of December 31, 2022 2021 Assets Operating lease, right-of-use-asset $ 471 $ 687 Liabilities Current Operating lease liabilities $ 248 $ 307 Non-current Operating lease liabilities, net of current portion 220 385 Total lease liabilities $ 468 $ 692 Other information: Weighted average remaining lease term - operating leases 1.90 2.49 Weighted-average discount rate - operating leases 7.46 % 7.66 % The Company records operating lease payments to lease expense using the straight-line method. The Company’s lease expense was $ 46 168 66 173 66 190 47 141 |
Convertible Note and Long-Term
Convertible Note and Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Note and Long-Term Debt | Note 8 – Convertible Note and Long-Term Debt On July 16, 2021 (the “Effective Date”), the Company entered into a loan facility (the “Kreos Loan Agreement”) with Kreos Capital VI (Expert Fund) LP (the “Lender”). Under the Kreos Loan Agreement, the Lender will provide the Company with access to term loans in an aggregate principal amount of up to $ 12,000 4,000 5,000 3,000 The Convertible Note and Tranche B were funded on the Effective Date. As of December 31, 2021 , the Company drew down the full $ 3,000 The Convertible Note requires forty-eight monthly interest only payments at 7.75 28 7.75 In connection with the Kreos Loan Agreement, the Company also issued to the Lender a warrant (“Warrant”), dated July 16, 2021, to purchase up to 9,547 20.948 The Company treated Tranche A, Tranche B and Tranche C, and the Warrant as three separate freestanding financial instruments with the proceeds received in connection with the transaction allocated amongst the instruments based on relative fair value. The proceeds received in connection with the transaction allocated amongst the instruments based on relative fair value resulted in $ 165 845 165 540 274 There is also an end of loan payment of $ 140 845 For the nine months ended September 30 , 2022, interest expense for the Loan was as follows: Schedule of Interest Expense for Loan Contractual interest expense $ 803 Amortization of debt issuance costs 195 Total interest expense $ 998 For the three months ended September 30 , 2022, interest expense for the Loan was as follows: Contractual interest expense $ 268 Amortization of debt issuance costs 70 Total interest expense $ 338 Future principal payments under the Convertible Note as of September 30, 2022 are as follows: Schedule of Future Principal Payments Years Ending December 31, Amount 2022 $ - 2023 - 2024 - 2025 4,000 Total future principal payments 4,000 Less unamortized debt issuance costs (123 ) Total balance $ 3,877 Future principal payments under the Long-term Debt as of September 30, 2022 are as follows: Years Ending December 31, Amount 2022 $ 702 2023 2,714 2024 2,983 2025 1,601 Total future principal payments 8,000 End of loan payments 140 Less unamortized debt issuance costs (436 ) Total term-debt balance $ 7,704 Less current portion of long-term debt (2,453 ) Total long-term debt $ 5,251 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Royalties to the IIA The Company has received grants from the Government of the State of Israel through the Israeli National Authority for Technical Innovation (the “IIA”) for the financing of a portion of its research and development expenditures. The total amount that was received and recorded between the periods ending December 31, 2011 through 2016 was $ 1,332 No 1,426 1,419 4% Repayment of the grants is contingent upon the successful completion of the Company’s R&D programs and generating sales. The Company has no obligation to repay these grants if the R&D program fails, is unsuccessful, or aborted, or if no sales are generated. The Company has recorded an immaterial expense for the three and nine months ended September 30, 2022 and 2021, and an immaterial liability as of September 30, 2022 and December 31, 2021. Royalty Payment Rights on Royalty Payment Rights Certificates The Company filed a Certificate of Designation of Preferences, Rights and Limitations (the “Certificate of Designation”), establishing the rights and preferences of the holders of the Series A Convertible Preferred Stock, including certain directors and officers of the Company (the “Royalty Payment Rights”). As set forth in the Certificate of Designation, the Royalty Payment Rights initially entitled the holders in aggregate, to a royalty in an amount of ● 3% ● 5% In addition, in connection with completion of the 2017 Private Placement, the Company issued the placement agent royalty payment rights certificates (the “Placement Agent Royalty Payment Rights Certificates”) which grants the placement agent, and its designees, the right to receive, in the aggregate, 10% The Royalty Payment Rights Certificate obligation and Placement Agent Royalty Payment Rights Certificate obligation (the “Contingent Royalty Obligation”) was recorded as a liability at fair value as “Contingent royalty obligation” in the consolidated balance sheets as of September 30, 2022 and December 31, 2021 (see Contingent Royalty Obligation below). The fair value at inception was allocated to the royalty rights and the residual value was allocated to the preferred shares and recorded as equity. The Company amended its Certificate of Designation to modify the Royalty Payment Rights when the Company consummated its Initial Public Offering (“IPO”) on February 16, 2018, at which time the Company converted the Series A Convertible Preferred Stock into shares of the Company’s common stock and issued the Royalty Payment Rights Certificates. Pursuant to the terms of the Royalty Payment Rights Certificates, if and when the Company generates sales of the current and potential future versions of the Pure-Vu System, including disposables, parts, and services, or if the Company receives any proceeds from the licensing of the current and potential future versions of the Pure-Vu System, then the Company will pay to the holders of the Royalty Payment Rights Certificates a royalty (the “Royalty Amount”) equal to, in the aggregate, in royalty payments in any calendar year for all products: ● 3% ● 5% * Notwithstanding the foregoing, with respect to Net Sales based Royalty Amounts, (a) no Net Sales based Royalty Amount shall begin to accrue or become payable until the Company has first generated, in the aggregate, since its inception, Net Sales equal to $ 20,000 30,000 ** Notwithstanding the foregoing, with respect to Licensing Proceeds based Royalty Amounts, (a) no Licensing Proceeds based Royalty Amount shall begin to accrue or become payable until the Company has first generated, in the aggregate, since its inception, Licensing Proceeds equal to $ 3,500 30,000 The Royalty Amount will be payable up to the later of (i) the latest expiration date of the Company’s patents issued as of December 22, 2016, or (ii) the latest expiration date of any pending patents as of December 22, 2016 that have since been issued or may be issued in the future (which is currently March 2037). Following the expiration of all such patents, the holders of the Royalty Payment Rights Certificates and the holders of the Placement Agent Royalty Payment Rights Certificates will no longer be entitled to any further royalties for any period following the latest to occur of such patent expiration. On February 16, 2018, the date of the closing of the IPO, (1) the amendment to the Certificate of Designation became effective, (2) all outstanding shares of Series A Convertible Preferred Stock were converted into shares of the Company’s common stock pursuant to a mandatory conversion, and (3) the Royalty Payment Rights Certificates were issued to the former holders of the Series A Convertible Preferred Stock. Contingent Royalty Obligation The Contingent Royalty Obligation was recorded as a non-current liability at fair value in the condensed consolidated balance sheets at September 30, 2022 and December 31, 2021 in the amount of $ 1,789 1,760 34 29 35 152 Manufacturing Component Purchase Obligations The Company utilizes two outsourcing partners to manufacture its workstation and disposable portions of the Pure-Vu System, and to perform final assembly and testing of finished products. These outsourcing partners acquire components and build product based on demand information supplied by the Company. As of September 30, 2022, the Company expects to pay $ 211 Other Commitments and Contingencies The Company has a severance contingency for severance payments to its CEO, COO, and CFO in the aggregate of $ 1,428 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions Shared Space Agreement In January 2020, the Company entered into a license agreement (the “Shared Space Agreement”) with Orchestra BioMed, Inc. (OBIO), formerly a greater than 5% 212 270 66 173 47 141 |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Note 11 – Share-based compensation The following table sets forth total non-cash share-based compensation for the issuance of common stock, options to purchase common stock, warrants to purchase common stock, and restricted stock unit awards by operating statement classification for the three and nine months ended September 30, 2022 and 2021: Schedule of Stock-based Compensation 2022 2021 2022 2021 Three Months ended September 30, Nine Months ended September 30, 2022 2021 2022 2021 Research and development $ 96 $ 145 $ 292 $ 448 Sales and marketing 60 71 184 293 General and administrative 285 632 947 2,036 Total $ 441 $ 848 $ 1,423 $ 2,777 For the nine and three months ended September 30, 2022, the Company recorded $ 283 868 536 1,886 As of September 30, 2022, unamortized share- based compensation for stock options was $ 1,244 0.93 For the three and nine months ended September 30, 2022, the Company recorded $ 0 57 89 246 For the three and nine months ended September 30, 2022, the Company recorded $ 158 498 223 645 As of September 30, 2022, unamortized stock compensation for restricted stock units was $ 417 0.85 Stock option and warrant activity A summary of the Company’s stock option and warrant activity is as follows: Schedule of Stock option and Warrants Shares Underlying Options Weighted Average Exercise Price Shares Underlying Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 307,592 $ 54.10 420,247 $ 54.76 Granted 101,497 $ 8.83 6,000 $ 10.00 Expired (6,348 ) $ 66.36 (26,670 ) $ 101.62 Cancelled - $ - (6,000 ) $ 56.60 Forfeited (3,104 ) $ 11.74 - $ - Outstanding at September 30, 2022 399,637 $ 42.76 393,577 $ 50.86 Exercisable at September 30, 2022 280,061 $ 54.25 393,577 $ 50.86 Restricted Stock Units A summary of the Company’s restricted stock unit awards activity is as follows: Schedule of Restricted Stock Unit Awards Activity Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 25,120 $ 44.77 Granted 18,250 9.08 Vested (18,919 ) 39.87 Nonvested at September 30, 2022 24,451 $ 21.93 As of December 31, 2021, there were 3,138 Issuance of Common Stock On January 5, 2022, non-employee members of the Board of Directors were granted an aggregate of 24,458 9.60 235 58 177 58 Issuance of Warrants to Purchase Common Stock In February 2020, the Company entered into a services agreement whereby it agreed to issue warrants to purchase 6,000 56.60 6,000 10 0 26 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Reverse Stock Split | Reverse Stock Split On July 25, 2022, the Company effected a reverse stock split of its issued and outstanding common stock, par value $0.0001 per share, at a ratio of 1-for-20. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Motus Ltd., an Israel corporation, which has operations in Tirat Carmel, Israel, and Motus Inc., a Delaware corporation, which has operations in the U.S. All inter-company accounts and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Basic and diluted net loss per share | Basic and diluted net loss per share Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year, plus the number of common shares that would have been outstanding if all potentially dilutive ordinary shares had been issued, using the treasury stock method, in accordance with ASC 260-10 “Earnings per Share”. Potentially dilutive common shares were excluded from the calculation of diluted loss per share for all periods presented due to their anti-dilutive effect due to losses in each period. Net loss attributable to common stockholders consists of net income or loss, as adjusted for actual and deemed preferred stock dividends declared, amortized or accumulated. The Company recorded a deemed dividend for the issuance of warrants during the three and nine months ended September 30, 2021 of $ 0 6,145 |
Income taxes | Income taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, the Company had a full valuation allowance against its deferred tax assets. For the three and nine months ended September 30, 2022 and 2021, the Company recorded zero income tax expense. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2022 and 2021, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses. |
New Accounting Pronouncements- Recently Adopted | New Accounting Pronouncements- Recently Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50) Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchanges of Freestanding Equity-Classified Written Call Options |
Accounting Pronouncements- Not Yet Adopted | Accounting Pronouncements- Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. In April 2019 and May 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” and ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief” which provided additional implementation guidance on the previously issued ASU. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date for the Company to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will continue to evaluate the effect of adopting ASU 2016-13 on the Company’s financial statements and disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | Liabilities measured and recorded at fair value on a recurring basis consisted of the following at September 30, 2022 and December 31, 2021: Schedule of Fair Value of Financial Assets and Liabilities September 30, 2022 Level 1 Level 2 Level 3 Fair Value Liabilities Contingent royalty obligation $ - $ - $ 1,789 $ 1,789 December 31, 2021 Level 1 Level 2 Level 3 Fair Value Liabilities Contingent royalty obligation $ - $ - $ 1,760 $ 1,760 |
Schedule of Estimated Fair Value of Level 3 Contingent Royalty Obligation | Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of a contingent royalty obligation, during the nine months ended September 30, 2022 was as follows: Schedule of Estimated Fair Value of Level 3 Contingent Royalty Obligation Fair Value Measurements of Contingent Royalty Obligation (Level 3) Balance at December 31, 2021 $ 1,760 Change in estimated fair value of contingent royalty obligation 29 Balance at September 30, 2022 $ 1,789 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory at September 30, 2022 and December 31, 2021 consisted of the following: Schedule of Inventory September 30, 2022 December 31, 2021 Raw materials $ 194 $ 569 Work-in-process 120 - Finished goods 745 292 Inventory reserve (45 ) (365 ) Inventory, net $ 1,014 $ 496 |
Fixed assets, net (Tables)
Fixed assets, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets Net | Fixed assets, summarized by major category, consist of the following for the years ended: Schedule of Fixed Assets Net September 30, 2022 December 31, 2021 Office equipment $ 171 $ 171 Computers and software 319 305 Machinery 1,035 807 Lab and medical equipment 1,439 1,342 Leasehold improvements 195 193 Total 3,159 2,818 Less: accumulated depreciation and amortization (1,764 ) (1,390 ) Fixed assets, net $ 1,395 $ 1,428 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Schedule of Lease Cost and Supplemental Balance Sheet Information | The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows: Schedule of Lease Cost and Supplemental Balance Sheet Information 2022 2021 2022 2021 Three Months ended September 30, Nine Months ended September 30, 2022 2021 2022 2021 Lease Cost Operating lease cost, net of related party license fee $ 16 $ 36 $ 78 $ 100 Variable lease cost 30 30 90 90 Total lease cost $ 46 $ 66 $ 168 $ 190 As of September 30, As of December 31, 2022 2021 Assets Operating lease, right-of-use-asset $ 471 $ 687 Liabilities Current Operating lease liabilities $ 248 $ 307 Non-current Operating lease liabilities, net of current portion 220 385 Total lease liabilities $ 468 $ 692 Other information: Weighted average remaining lease term - operating leases 1.90 2.49 Weighted-average discount rate - operating leases 7.46 % 7.66 % |
Convertible Note and Long-Ter_2
Convertible Note and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Interest Expense for Loan | For the nine months ended September 30 , 2022, interest expense for the Loan was as follows: Schedule of Interest Expense for Loan Contractual interest expense $ 803 Amortization of debt issuance costs 195 Total interest expense $ 998 For the three months ended September 30 , 2022, interest expense for the Loan was as follows: Contractual interest expense $ 268 Amortization of debt issuance costs 70 Total interest expense $ 338 |
Schedule of Future Principal Payments | Future principal payments under the Convertible Note as of September 30, 2022 are as follows: Schedule of Future Principal Payments Years Ending December 31, Amount 2022 $ - 2023 - 2024 - 2025 4,000 Total future principal payments 4,000 Less unamortized debt issuance costs (123 ) Total balance $ 3,877 Future principal payments under the Long-term Debt as of September 30, 2022 are as follows: Years Ending December 31, Amount 2022 $ 702 2023 2,714 2024 2,983 2025 1,601 Total future principal payments 8,000 End of loan payments 140 Less unamortized debt issuance costs (436 ) Total term-debt balance $ 7,704 Less current portion of long-term debt (2,453 ) Total long-term debt $ 5,251 |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation | The following table sets forth total non-cash share-based compensation for the issuance of common stock, options to purchase common stock, warrants to purchase common stock, and restricted stock unit awards by operating statement classification for the three and nine months ended September 30, 2022 and 2021: Schedule of Stock-based Compensation 2022 2021 2022 2021 Three Months ended September 30, Nine Months ended September 30, 2022 2021 2022 2021 Research and development $ 96 $ 145 $ 292 $ 448 Sales and marketing 60 71 184 293 General and administrative 285 632 947 2,036 Total $ 441 $ 848 $ 1,423 $ 2,777 |
Schedule of Stock option and Warrants | A summary of the Company’s stock option and warrant activity is as follows: Schedule of Stock option and Warrants Shares Underlying Options Weighted Average Exercise Price Shares Underlying Warrants Weighted Average Exercise Price Outstanding at December 31, 2021 307,592 $ 54.10 420,247 $ 54.76 Granted 101,497 $ 8.83 6,000 $ 10.00 Expired (6,348 ) $ 66.36 (26,670 ) $ 101.62 Cancelled - $ - (6,000 ) $ 56.60 Forfeited (3,104 ) $ 11.74 - $ - Outstanding at September 30, 2022 399,637 $ 42.76 393,577 $ 50.86 Exercisable at September 30, 2022 280,061 $ 54.25 393,577 $ 50.86 |
Schedule of Restricted Stock Unit Awards Activity | A summary of the Company’s restricted stock unit awards activity is as follows: Schedule of Restricted Stock Unit Awards Activity Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 25,120 $ 44.77 Granted 18,250 9.08 Vested (18,919 ) 39.87 Nonvested at September 30, 2022 24,451 $ 21.93 |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern (Details Narrative) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Nov. 14, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ 4,544 | $ 1,900 | ||||||||
Payments for stock issuance cost | $ 55 | $ 5 | $ 111 | |||||||
Net cash provided by (used in) operating activities | 13,429 | 10,505 | ||||||||
Net income (loss) attributable to parent | 4,964 | $ 5,140 | $ 4,811 | $ 4,824 | $ 4,742 | $ 4,649 | 14,915 | $ 14,215 | ||
Cash and cash equivalents | $ 13,294 | $ 13,294 | $ 22,563 | |||||||
Equity Distribution Agreement [Member] | Oppenheimer & Co. Inc [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Proceeds from offering | $ 25,000 | |||||||||
Equity Distribution Agreement [Member] | Oppenheimer & Co. Inc [Member] | Common Stock [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares issued, shares | 565 | |||||||||
Proceeds from issuance of common stock | $ 4,400 | |||||||||
Payments for stock issuance cost | $ 200 | |||||||||
Equity Distribution Agreement [Member] | Oppenheimer & Co. Inc [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares issued, shares | 1,600 | |||||||||
Proceeds from issuance of common stock | $ 5,500 | |||||||||
Payments for stock issuance cost | $ 200 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||
Warrants deemed dividend | $ 0 | $ 6,145 |
Schedule of Fair Value of Finan
Schedule of Fair Value of Financial Assets and Liabilities (Details) - Contigent Royalty Obligation [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent royalty obligation | $ 1,789 | $ 1,760 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent royalty obligation | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent royalty obligation | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent royalty obligation | $ 1,789 | $ 1,760 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Level 3 Contingent Royalty Obligation (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance at December 31, 2021 | $ 1,760 |
Change in estimated fair value of contingent royalty obligation | 29 |
Balance at September 30, 2022 | $ 1,789 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing Liability at Fair Value, Description of Other Changes in Fair Value | The Company recalculated the fair value of the liability by applying a +/- 2% change to the input variable in the discounted cash flow model; the discount rate. A 2% decrease in the discount rate would increase the liability by $130 and a 2% increase in the discount rate would decrease the liability by $119 | |
Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Increase decrease in discount rate | 23% | 21% |
Percentage relating to royalty payment | 3% | 3% |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 194 | $ 569 |
Work-in-process | 120 | |
Finished goods | 745 | 292 |
Inventory reserve | (45) | (365) |
Inventory, net | $ 1,014 | $ 496 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | ||||
Inventory Write-down | $ 0 | $ 186 | $ 159 | $ 186 |
Schedule of Fixed Assets Net (D
Schedule of Fixed Assets Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,159 | $ 2,818 |
Less: accumulated depreciation and amortization | (1,764) | (1,390) |
Fixed assets, net | 1,395 | 1,428 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 171 | 171 |
Computers And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 319 | 305 |
Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,035 | 807 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,439 | 1,342 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 195 | $ 193 |
Fixed assets, net (Details Narr
Fixed assets, net (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 128 | $ 118 | $ 381 | $ 318 |
Impairment of fixed assets | $ 10 | $ 46 |
Schedule of Lease Cost and Supp
Schedule of Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Leases | |||||
Operating lease cost, net of related party license fee | $ 16 | $ 36 | $ 78 | $ 100 | |
Variable lease cost | 30 | 30 | 90 | 90 | |
Total lease cost | 46 | $ 66 | 168 | $ 190 | |
Operating lease, right-of-use- asset | 471 | 471 | $ 687 | ||
Operating lease liabilities, current | 248 | 248 | 307 | ||
Operating lease liabilities, net of current portion | 220 | 220 | 385 | ||
Total lease liabilities | $ 468 | $ 468 | $ 692 | ||
Weighted average remaining lease term - operating leases | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 5 months 26 days | ||
Weighted-average discount rate - operating leases | 7.46% | 7.46% | 7.66% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Description of lease term option to extend | Certain operating leases include escalation clauses and some of which may include options to extend the leases for up to 3 years | |||
Operating lease, expense | $ 46 | $ 66 | $ 168 | $ 190 |
License fees | $ 66 | $ 47 | $ 173 | $ 141 |
Office [Member] | Fort lauderdale [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating lease, description | The term expires November 2024. The annual base rent is subject to annual increases of 2.75% | |||
Office [Member] | ISRAEL | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating lease, description | The term expires on December 31, 2022. The annual base rent is subject to increases of 4% | |||
Operating lease expiration date | Dec. 31, 2022 |
Schedule of Interest Expense fo
Schedule of Interest Expense for Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Debt Disclosure [Abstract] | ||
Contractual interest expense | $ 268 | $ 803 |
Amortization of debt issuance costs | 70 | 195 |
Total interest expense | $ 338 | $ 998 |
Schedule of Future Principal Pa
Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less current portion of long-term debt | $ (2,453) | $ (431) |
Total long-term debt | 5,251 | $ 7,121 |
Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 702 | |
2023 | 2,714 | |
2024 | 2,983 | |
2025 | 1,601 | |
Total future principal payments | 8,000 | |
Less unamortized debt issuance costs | (436) | |
Total term-debt balance | 7,704 | |
End of loan payments | 140 | |
Less current portion of long-term debt | (2,453) | |
Total long-term debt | 5,251 | |
Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
2022 | ||
2023 | ||
2024 | ||
2025 | 4,000 | |
Total future principal payments | 4,000 | |
Less unamortized debt issuance costs | (123) | |
Total term-debt balance | $ 3,877 |
Convertible Note and Long-Ter_3
Convertible Note and Long-Term Debt (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jul. 16, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Payments of Debt Issuance Costs | $ 437,000 | |||
Long term debt | $ 2,453,000 | $ 431,000 | ||
Kreos Loan Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument, periodic payment, principal | $ 12,000 | |||
Debt instrument, interest rate | 7.75% | |||
Debt instrument, convertible, conversion price | $ 28 | |||
Warrant issued to purchase common shares | 9,547 | |||
Exercise price | $ 20.948 | |||
Fair Value Adjustment of Warrants | $ 165,000 | |||
Debt instrument, unamortized discount | 845,000 | 845,000 | ||
Payments of Debt Issuance Costs | 540,000 | |||
Advance payments for debt discount | 274 | |||
Long term debt | 140 | |||
Kreos Loan Agreement [Member] | Warrant [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument, unamortized discount | $ 165,000 | |||
Kreos Loan Agreement [Member] | Tranche A [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument, periodic payment, principal | $ 4,000 | |||
Kreos Loan Agreement [Member] | Tranche B [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument, periodic payment, principal | 5,000 | |||
Kreos Loan Agreement [Member] | Tranche C [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument, periodic payment, principal | $ 3,000 | $ 3,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2011 | Dec. 31, 2021 | |
Product Liability Contingency [Line Items] | ||||||
Royalty received | $ 30,000 | $ 1,332 | ||||
LIBOR interest rate | $ 1,426 | $ 1,426 | $ 1,419 | |||
Royalties on revenues, percentage | 4% | |||||
Net sales percentage | 3% | |||||
Licensing percentage | 5% | |||||
Contingent royalty obligation | 1,789 | $ 1,789 | $ 1,760 | |||
Gain loss on change in fair value of contingent royalty obligation | $ 34 | $ 35 | $ 152 | |||
Gain loss on change in fair value of contingent royalty obligation | 29 | 152 | ||||
Manufacturing Costs | 211 | |||||
Severance Costs | 1,428 | |||||
Royalty [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Royalties income | 20,000 | |||||
License [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Royalty received | $ 3,500 | |||||
Series A Preferred Stock [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Percentage of payment amount | 10% | |||||
Private Placement [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Net sales percentage | 3% | |||||
Licensing percentage | 5% | |||||
Royalty Payment Rights Certificates [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Description of royalty payment | the Royalty Payment Rights initially entitled the holders in aggregate, to a royalty in an amount of | |||||
Israeli National Authority for Technical Innovation [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Royalty received | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 31, 2021 | |
License fee | $ 66 | $ 47 | $ 173 | $ 141 | |
Minimum [Member] | |||||
License fee | 212 | ||||
Maximum [Member] | |||||
License fee | $ 270 | ||||
Shared Space Agreements [Member] | Orchestra BioMed Inc [Member] | |||||
Ownership percentage | 5% |
Schedule of Stock-based Compens
Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 441 | $ 848 | $ 1,423 | $ 2,777 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | 96 | 145 | 292 | 448 |
Selling, General and Administrative Expenses [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | 60 | 71 | 184 | 293 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 285 | $ 632 | $ 947 | $ 2,036 |
Schedule of Stock option and Wa
Schedule of Stock option and Warrants (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Offsetting Assets [Line Items] | |
Shares underlying options, forfeited | (26) |
Warrant [Member] | |
Offsetting Assets [Line Items] | |
Shares Underlying Warrants, Outstanding beginning | 420,247 |
Weighted Average Exercise Price, Outstanding beginning | $ / shares | $ 54.76 |
Shares Underlying Warrants, Granted | 6,000 |
Weighted average exercise price, granted | $ / shares | $ 10 |
Shares underlying options, expired | (26,670) |
Weighted average exercise price, expired | $ / shares | $ 101.62 |
Shares Underlying Warrants, Cancelled | (6,000) |
Weighted average exercise price, cancelled | $ / shares | $ 56.60 |
Shares underlying warrants, forfeited | |
Weighted average exercise price, forfeited | $ / shares | |
Shares Underlying Warrants, Outstanding ending | 393,577 |
Weighted average exercise price, outstanding ending | $ / shares | $ 50.86 |
Shares underlying warrant exercisable | 393,577 |
Weighted average exercise price, exercisable | $ / shares | $ 50.86 |
Equity Option [Member] | |
Offsetting Assets [Line Items] | |
Shares underlying options, outstanding beginning | 307,592 |
Weighted average exercise price, outstanding beginning | $ / shares | $ 54.10 |
Shares underlying options, granted | 101,497 |
Weighted average exercise price, granted | $ / shares | $ 8.83 |
Shares underlying options, expired | (6,348) |
Weighted average exercise price, expired | $ / shares | $ 66.36 |
Shares Underlying Warrants, Cancelled | |
Weighted average exercise price, cancelled | $ / shares | |
Shares underlying options, forfeited | (3,104) |
Weighted average exercise price, forfeited | $ / shares | $ 11.74 |
Shares underlying options, outstanding ending | 399,637 |
Weighted average exercise price, outstanding ending | $ / shares | $ 42.76 |
Shares underlying warrant exercisable | 280,061 |
Weighted average exercise price, exercisable | $ / shares | $ 54.25 |
Schedule of Restricted Stock Un
Schedule of Restricted Stock Unit Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, nonvested beginning | shares | 25,120 |
Aggregate weighted average grant date fair value, nonvested beginning | $ / shares | $ 44.77 |
Number of Shares, nonvested granted | shares | 18,250 |
Aggregate weighted average grant date fair value, nonvested granted | $ / shares | $ 9.08 |
Number of Shares, nonvested vested | shares | (18,919) |
Aggregate weighted average grant date fair value, nonvested vested | $ / shares | $ 39.87 |
Number of Shares, nonvested ending | shares | 24,451 |
Aggregate weighted average grant date fair value, nonvested ending | $ / shares | $ 21.93 |
Share-based compensation (Detai
Share-based compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jan. 05, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Feb. 29, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compnesation | $ 0 | ||||||||||
Stock based compensation for stock options | 441 | $ 848 | $ 1,423 | $ 2,777 | |||||||
Unamortization stock compensation | |||||||||||
Share based compnesation plan modification, incremental cost | 26 | ||||||||||
Services Agreement [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Warrants exercise price | $ 10 | ||||||||||
Services Agreement [Member] | Warrants [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Warrants to purchase of common stock | 6,000 | ||||||||||
Warrants exercise price | $ 56.60 | ||||||||||
Services Agreement [Member] | Replacement Warrants [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Warrants to purchase of common stock | 6,000 | ||||||||||
NonEmployee [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compensation options, grants | 24,458 | ||||||||||
Fair value of common stock | $ 9.60 | ||||||||||
Cash compensation | $ 235 | ||||||||||
Director [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Officers compensation | 58 | $ 177 | |||||||||
Prepaid expense | 58 | 58 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compnesation | 158 | 223 | 498 | 645 | |||||||
Unamortization stock compensation | $ 417 | ||||||||||
Share based payment award equity instruments other than options outstanding weighted average remaining contractual terms | 10 months 6 days | ||||||||||
Vested and unissued restricted stock units | 3,138 | ||||||||||
Warrant [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compnesation | 0 | 89 | $ 57 | 246 | |||||||
Equity Option [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share based compnesation | $ 283 | $ 536 | 868 | $ 1,886 | |||||||
Stock based compensation for stock options | $ 1,244 | ||||||||||
Stock option weighted average | 11 months 4 days | ||||||||||
Share based compensation options, grants | 101,497 | ||||||||||
Share based compnesation plan modification, incremental cost | 3,104 |