Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | iSign Solutions Inc. | |
Entity Central Index Key | 0000727634 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,761,980 | |
Entity File Number | 000-19301 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation state Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 278 | $ 335 |
Accounts receivable, net of allowance of $0 at June 30, 2019 and $1 at December 31, 2018, respectively | 47 | 84 |
Prepaid expenses and other current assets | 33 | 46 |
Total current assets | 358 | 465 |
Property and equipment, net | 3 | 2 |
Other assets | 5 | 5 |
Total assets | 366 | 472 |
Current liabilities: | ||
Accounts payable | 1,267 | 1,280 |
Short-term debt | 2,230 | 2,210 |
Accrued compensation | 75 | 81 |
Other accrued liabilities | 665 | 524 |
Deferred revenue | 426 | 281 |
Total current liabilities | 4,663 | 4,376 |
Deferred revenue long-term | 36 | |
Other long-term liabilities | 741 | 665 |
Total liabilities | 5,404 | 5,077 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Common stock, $0.01 par value; 2,000,000 shares authorized; 5,760 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 58 | 58 |
Treasury shares, 5 at June 30, 2019 and December 31, 2018, respectively | (325) | (325) |
Additional paid-in capital | 129,358 | 129,251 |
Accumulated deficit | (134,129) | (133,589) |
Total stockholders' deficit | (5,038) | (4,605) |
Total liabilities and stockholders' deficit | $ 366 | $ 472 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 0 | $ 1 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 5,760 | 5,760 |
Common stock, shares outstanding | 5,760 | 5,760 |
Treasury shares | 5 | 5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Product | $ 41 | $ 34 | $ 81 | $ 73 |
Maintenance | 186 | 192 | 344 | 367 |
Total revenue | 227 | 226 | 425 | 440 |
Cost of sales: | ||||
Product | 1 | 2 | 2 | 5 |
Maintenance | 17 | 11 | 33 | 19 |
Research and development | 181 | 238 | 352 | 466 |
Sales and marketing | 27 | 42 | 53 | 61 |
General and administrative | 190 | 153 | 395 | 328 |
Total operating costs and expenses | 416 | 446 | 835 | 879 |
Loss from operations | (189) | (220) | (410) | (439) |
Other income (expense), net | 15 | (44) | 14 | (44) |
Interest expense: | ||||
Related party | (14) | (8) | (27) | (16) |
Other | (49) | (34) | (96) | (64) |
Amortization of debt discount: | ||||
Related party | (3) | (8) | (6) | (14) |
Other | (7) | (20) | (14) | (38) |
Loss before income tax expense | (247) | (334) | (539) | (615) |
Income tax expense | (1) | (1) | (2) | |
Net loss | $ (248) | $ (334) | $ (540) | $ (617) |
Basic and diluted net loss per common share | $ (0.04) | $ (0.06) | $ (0.09) | $ (0.11) |
Weighted average common shares outstanding, basic and diluted | 5,762 | 5,762 | 5,762 | 5,762 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulative Deficit | Total |
Balance at Dec. 31, 2017 | $ 58 | $ (325) | $ 129,027 | $ (132,562) | $ (3,802) |
Balance, shares at Dec. 31, 2017 | 5,760 | 5 | |||
Stock based compensation | 75 | 75 | |||
Net loss | (617) | (617) | |||
Balance at Jun. 30, 2018 | $ 58 | $ (325) | 129,102 | (133,179) | (4,344) |
Balance, shares at Jun. 30, 2018 | 5,760 | 5 | |||
Balance at Dec. 31, 2018 | $ 58 | $ (325) | 129,251 | (133,589) | (4,605) |
Balance, shares at Dec. 31, 2018 | 5,760 | 5 | |||
Stock based compensation | 107 | 107 | |||
Net loss | (540) | (540) | |||
Balance at Jun. 30, 2019 | $ 58 | $ (325) | $ 129,358 | $ (134,129) | $ (5,038) |
Balance, shares at Jun. 30, 2019 | 5,760 | 5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (540) | $ (617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2 | 4 |
Debt discount amortization | 20 | 52 |
Loss on disposal of fixed assets | 7 | |
Stock-based compensation | 107 | 75 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 37 | (17) |
Prepaid expenses and other assets | 13 | 22 |
Accounts payable | (13) | 11 |
Accrued compensation | (6) | (53) |
Other accrued and long-term liabilities | 217 | 220 |
Deferred revenue | 109 | 46 |
Net cash used in operating activities | (54) | (250) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (3) | |
Net cash used in investing activities | (3) | |
Cash flows from financing activities: | ||
Proceeds from the issuance of short-term debt | 115 | |
Payments on short-term debt | (40) | |
Net cash provided by financing activities | 75 | |
Net decrease in cash and cash equivalents | (57) | (175) |
Cash and cash equivalents at beginning of period | 335 | 285 |
Cash and cash equivalents at end of period | 278 | 110 |
Supplementary disclosure of cash flow information | ||
Interest paid | 2 | |
Income taxes paid | 1 | 2 |
Non-cash financing and investing transactions: | ||
Original issue discount on secured convertible promissory notes | $ 8 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. Nature of Business and Summary of Significant Accounting Policies Nature of Business iSign Solutions Inc. and its subsidiary is a leading supplier of digital transaction management (DTM) software enabling the paperless, secure and cost-effective management and authentication of document-based transactions. iSign’s solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. iSign’s platform can be deployed both on premise and as a cloud-based (“SaaS”) service, with the ability to easily transition between deployment models. The Company is headquartered in San Jose, California. The Company’s products include SignatureOne® Ceremony® Server, the iSign® suite of products and services, including iSign® Enterprise, iSign® Console™, and Sign-it® programs. Basis of Presentation The financial information contained herein should be read in conjunction with the Company’s consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company’s results of operations and cash flows for the periods presented. The Company’s interim results are not necessarily indicative of the results to be expected for the entire year. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at June 30, 2019, the Company’s accumulated deficit was $134,129. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of June 30, 2019, the Company’s cash balance was $278. These factors raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company’s business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accounting Standards Update No. 2019-01, Leases (Topic 842), Codification Improvements. The amendments in this Update include the following items: (1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; (2) presentation on the statement of cash flows—sales-type and direct financing leases; and (3) transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The amendments in ASU 2019-01 for Issue 1 affect all lessors that are not manufacturers or dealers (generally financial institutions and captive finance companies); for Issue 2, all lessors that are depository and lending entities within the scope of Topic 942; for Issue 3, all entities that are lessees or lessors. The effective date of the amendments in ASU 2019-01 are for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2019-01 effective January 1, 2019. The adoption of ASU 2019-01 had no impact on the Company’s financial statements. Other Accounting Standards Updates issued in 2019 are not currently applicable to the Company, therefore implementation would not be expected to have a material impact on the Company’s financial position, results of operations and cash flows. |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 2. Concentrations The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue Total Revenue 2019 2018 2019 2018 2019 2018 Customer #1 70 % 77 % 17 % 11 % 16 % 11 % Customer #2 − − 10 % 10 % 11 % 12 % Customer #3 − − 33 % 25 % 29 % 23 % Customer #4 − − 15 % 16 % 16 % 16 % Customer #5 21 % 15 % − − − − Customer #6 − − − − − 10 % Total concentration 91 % 92 % 75 % 62 % 72 % 72 % |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share The Company calculates basic net loss per share based on the weighted average number of shares outstanding, and when applicable, diluted net income per share, which is based on the weighted average number of shares and potential dilutive shares outstanding. The following table lists shares and warrants that were excluded from the calculation of diluted earnings per share as the inclusion of shares from the assumed exercise of such options and warrants would be anti-dilutive For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, Stock options 1,077 726 1,077 726 Warrants 2,812 1,839 2,812 1,839 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 5. Stockholders’ Equity (Deficit) Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model. Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated average forfeiture rate for the three months ended June 30, 2019 and 2018, was approximately 13.4% and 5.91%, respectively, based on historical data. Valuation and Expense Information: The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized using the accrual method over the vesting period of the options. There were 40 stock options granted, and no stock options exercised during the three and six months ended June 30, 2019. The following table summarizes the allocation of stock-based compensation expense related to stock option grants for the three and six months ended June 30: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 8 $ 23 $ 17 $ 54 General and administrative $ 32 $ 1 $ 73 $ 14 Director and consultant options $ 8 $ 2 $ 17 $ 7 Total stock-based compensation expense $ 48 $ 26 $ 107 $ 75 A summary of option activity under the Company’s plans for the six months ended June 30, 2019 and 2018 is as follows: 2019 2018 Options Shares Weighted Weighted Aggregate Shares Weighted Weighted Aggregate Outstanding at January 1, 1,037 $ 1.65 − $ − 736 $ 3.65 $ − Granted 40 $ 0.50 − $ − − $ − $ − Forfeited or expired − $ − − $ − (10 ) $ 79.80 $ − Outstanding at June 30 1,077 $ 1.61 5.50 $ − 726 $ 2.56 5.94 $ − Vested and expected to vest at June 30 1,070 $ 1.61 5.50 $ − 696 $ 2.69 5.93 $ − Exercisable at June 30 489 $ 2.77 5.16 $ − 213 $ 7.50 5.32 $ − The following table summarizes significant ranges of outstanding and exercisable options as of June 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Weighted Number Weighted $0.01 – $0.50 655 5.27 $ 0.50 361 $ 0.50 $0.51 – $625.00 422 5.85 $ 3.33 128 $ 9.20 Total 1,077 5.50 $ 1.61 489 $ 2.77 A summary of the status of the Company’s non-vested shares as of June 30, 2019 is as follows: Non-vested Shares Shares Weighted Average Non-vested at January 1, 2019 718 $ 0.54 Granted 40 $ 0.50 Vested (170 ) $ 0.63 Non-vested at June 30, 2019 588 $ 0.64 As of June 30, 2019, there was a total of $149 of unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the plans. The unrecognized compensation expense is expected to be realized over a weighted average period of 2.12 years. Warrants A summary of the warrant activity for the six months ended June 30 is as follows: 2019 2018 Shares Weighted Shares Weighted Outstanding at beginning of period 1,828 $ 2.08 1,878 $ 2.46 Issued 985 $ 0.50 − $ − Expired − $ − (39 ) $ 15.63 Outstanding at end of period 2,813 $ 1.53 1,839 $ 1.58 Exercisable at end of period 2,813 $ 1.53 1,839 $ 1.58 A summary of the status of the warrants outstanding and exercisable as of June 30, 2019 is as follows: Number of Warrants Weighted Weighted 1,550 1.91 $ 2.18 278 0.26 $ 1.63 985 2.64 $ 0.50 2,813 2.00 $ 1.53 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 6. Stockholders' Equity (Deficit) Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model. Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated average forfeiture rate for the three months ended June 30, 2019 and 2018, was approximately 13.4% and 5.91%, respectively, based on historical data. Valuation and Expense Information: The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized using the accrual method over the vesting period of the options. There were no stock options granted, and no stock options exercised during the three and six months ended June 30, 2019. The following table summarizes the allocation of stock-based compensation expense related to stock option grants for the three and six months ended June 30: Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 8 $ 23 $ 17 $ 54 General and administrative $ 32 $ 1 $ 73 $ 13 Director and consultant options $ 8 $ 2 $ 17 $ 7 Total stock-based compensation expense $ 48 $ 26 $ 107 $ 74 A summary of option activity under the Company's plans for the six months ended June 30, 2019 and 2018 is as follows: 2019 2018 Options Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 1,037 $ 1.65 – $ 736 $ 3.65 $ – Granted 40 $ 0.50 – $ – $ – $ – Forfeited or expired – $ – – $ (10 ) $ 79.80 $ – Outstanding at June 30 1,077 $ 1.61 5.50 $ 726 $ 2.56 5.94 $ – Vested and expected to vest at June 30 1,070 $ 1.61 5.50 $ – 696 $ 2.69 5.93 $ – Exercisable at June 30 489 $ 2.77 5.16 $ – 213 $ 7.50 5.32 $ – The following table summarizes significant ranges of outstanding and exercisable options as of June 30, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Term Weighted Average Exercise Price per share Number Outstanding Weighted Average Exercise Price per Share $0.01 – $0.50 655 5.27 $ 0.50 361 $ 0.50 $0.511 –$625.00 422 5.85 $ 3.33 128 $ 9.20 Total 1,077 5.50 $ 1.61 489 $ 2.77 A summary of the status of the Company's non-vested shares as of June 30, 2019 is as follows: Non-vested Shares Shares Weighted Average Grant-Date Fair Value per share Non-vested at January 1, 2019 718 $ 0.64 Granted 40 $ 0.50 Vested (169 ) $ 0.63 Non-vested at June 30, 2019 589 $ 0.64 As of June 30, 2019, there was a total of $149 of unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the plans. The unrecognized compensation expense is expected to be realized over a weighted average period of 2.12 years. Warrants A summary of the warrant activity for the six months ended June 30 is as follows: 2019 2018 Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Outstanding at beginning of period 1,827 $ 2.09 1,878 $ 2.46 Issued 985 $ 0.50 – $ – Expired – $ – (39 ) $ 15.63 Outstanding at end of period 2,812 $ 1.53 1,839 $ 1.58 Exercisable at end of period 2,812 $ 1.53 1,839 $ 1.58 A summary of the status of the warrants outstanding and exercisable as of June 30, 2019 is as follows: Number of Warrants Weighted Average Weighted Average 1,550 1.91 $ 2.18 277 0.26 $ 1.63 985 2.64 $ 0.50 2,812 2.00 $ 1.53 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business iSign Solutions Inc. and its subsidiary is a leading supplier of digital transaction management (DTM) software enabling the paperless, secure and cost-effective management and authentication of document-based transactions. iSign's solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. iSign's platform can be deployed both on premise and as a cloud-based ("SaaS") service, with the ability to easily transition between deployment models. The Company is headquartered in San Jose, California. The Company's products include SignatureOne® Ceremony® Server, the iSign® suite of products and services, including iSign® Enterprise, iSign® Console™, and Sign-it® programs. |
Basis of Presentation | Basis of Presentation The financial information contained herein should be read in conjunction with the Company’s consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company’s results of operations and cash flows for the periods presented. The Company’s interim results are not necessarily indicative of the results to be expected for the entire year. |
Going Concern | Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at June 30, 2019, the Company's accumulated deficit was $134,129. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of June 30, 2019, the Company's cash balance was $278. These factors raise substantial doubt about the Company's ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company's business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements (continued) Accounting Standards Update No. 2019-01, Leases (Topic 842), Codification Improvements. The amendments in this Update include the following items: (1) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; (2) presentation on the statement of cash flows—sales-type and direct financing leases; and (3) transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The amendments in ASU 2019-01 for Issue 1 affect all lessors that are not manufacturers or dealers (generally financial institutions and captive finance companies); for Issue 2, all lessors that are depository and lending entities within the scope of Topic 942; for Issue 3, all entities that are lessees or lessors. The effective date of the amendments in ASU 2019-01 are for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2019-01 effective January 1, 2019. The adoption of ASU 2019-01 had no impact on the Company's financial statements. Other Accounting Standards Updates issued in 2019 are not currently applicable to the Company, therefore implementation would not be expected to have a material impact on the Company's financial position, results of operations and cash flows. |
Concentrations (Tables)
Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Summary of accounts receivable and revenue concentrations | Accounts Receivable Total Revenue Total Revenue 2019 2018 2019 2018 2019 2018 Customer #1 70 % 77 % 17 % 11 % 16 % 11 % Customer #2 – – 10 % 10 % 11 % 12 % Customer #3 – – 33 % 25 % 29 % 23 % Customer #4 – – 15 % 16 % 16 % 16 % Customer #5 21 % 15 % – – – – Customer #6 – – – – – 10 % Total concentration 91 % 92 % 75 % 62 % 72 % 72 % |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive excluded from calculation of earnings per share | For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, Stock options 1,077 726 1,077 726 Warrants 2,812 1,839 2,812 1,839 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of allocation of stock-based compensation expense | Three Months Ended Six Months Ended 2019 2018 2019 2018 Research and development $ 8 $ 23 $ 17 $ 54 General and administrative $ 32 $ 1 $ 73 $ 14 Director and consultant options $ 8 $ 2 $ 17 $ 7 Total stock-based compensation expense $ 48 $ 26 $ 107 $ 75 |
Schedule of option activity under the Company's plans | 2019 2018 Options Shares Weighted Weighted Aggregate Shares Weighted Weighted Aggregate Outstanding at January 1, 1,037 $ 1.65 − $ − 736 $ 3.65 $ − Granted 40 $ 0.50 − $ − − $ − $ − Forfeited or expired − $ − − $ − (10 ) $ 79.80 $ − Outstanding at June 30 1,077 $ 1.61 5.50 $ − 726 $ 2.56 5.94 $ − Vested and expected to vest at June 30 1,070 $ 1.61 5.50 $ − 696 $ 2.69 5.93 $ − Exercisable at June 30 489 $ 2.77 5.16 $ − 213 $ 7.50 5.32 $ − |
Schedule of significant ranges of outstanding and exercisable options | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Weighted Number Weighted $0.01 – $0.50 655 5.27 $ 0.50 361 $ 0.50 $0.51 – $625.00 422 5.85 $ 3.33 128 $ 9.20 Total 1,077 5.50 $ 1.61 489 $ 2.77 |
Schedule of the company's non-vested shares | Non-vested Shares Shares Weighted Average Non-vested at January 1, 2019 718 $ 0.54 Granted 40 $ 0.50 Vested (170 ) $ 0.63 Non-vested at June 30, 2019 588 $ 0.64 |
Schedule of warrant activity | 2019 2018 Shares Weighted Shares Weighted Outstanding at beginning of period 1,828 $ 2.08 1,878 $ 2.46 Issued 985 $ 0.50 − $ − Expired − $ − (39 ) $ 15.63 Outstanding at end of period 2,813 $ 1.53 1,839 $ 1.58 Exercisable at end of period 2,813 $ 1.53 1,839 $ 1.58 |
Schedule of warrants outstanding and exercisable | Number of Warrants Weighted Weighted 1,550 1.91 $ 2.18 278 0.26 $ 1.63 985 2.64 $ 0.50 2,813 2.00 $ 1.53 |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Nature of Business and Summary of Significant Accounting Policies (Textual) | ||||
Accumulated deficit | $ (134,129) | $ (133,589) | ||
Cash balance | $ 278 | $ 335 | $ 110 | $ 285 |
Concentrations (Details)
Concentrations (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 91.00% | 92.00% | ||
Accounts Receivable [Member] | Customer #1 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 70.00% | 77.00% | ||
Accounts Receivable [Member] | Customer #2 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | ||||
Accounts Receivable [Member] | Customer #3 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | ||||
Accounts Receivable [Member] | Customer #4 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | ||||
Accounts Receivable [Member] | Customer #5 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 21.00% | 15.00% | ||
Accounts Receivable [Member] | Customer #6 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | ||||
Total Revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 75.00% | 62.00% | 72.00% | 72.00% |
Total Revenue [Member] | Customer #1 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 17.00% | 11.00% | 16.00% | 11.00% |
Total Revenue [Member] | Customer #2 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 10.00% | 10.00% | 11.00% | 12.00% |
Total Revenue [Member] | Customer #3 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 33.00% | 25.00% | 29.00% | 23.00% |
Total Revenue [Member] | Customer #4 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 15.00% | 16.00% | 16.00% | 16.00% |
Total Revenue [Member] | Customer #5 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | ||||
Total Revenue [Member] | Customer #6 [Member] | ||||
Concentration Risk [Line Items] | ||||
Total concentration | 10.00% |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock options [Member] | ||||
Net Loss Per Share (Textual) | ||||
Anti-diluted earnings per share of stock options and warrants shares | 1,077 | 726 | 1,077 | 726 |
Warrants [Member] | ||||
Net Loss Per Share (Textual) | ||||
Anti-diluted earnings per share of stock options and warrants shares | 2,812 | 1,839 | 2,812 | 1,839 |
Debt (Details)
Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2018 | Aug. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||
Aggregating amount of debt | $ 115 | $ 115 | $ 115 | ||||||
Debt instrument, description | Upon collection of an invoice, the Company would repay the advance to the lenders on a pro rata basis together with a 5% advance fee. The receivables were collected and $40 of the advances were repaid in May 2018, along with $2 in advance fees per the agreement. The advance fees were recorded as interest expense in the quarter ended June 30, 2018. The remaining $75 advances were converted into secured convertible notes in August 2018. | ||||||||
Secured notes due date | Dec. 31, 2019 | ||||||||
Accrued interest expense | $ 63 | $ 42 | $ 123 | $ 80 | |||||
Accrued interest associated with the notes | 54 | 34 | 107 | 66 | |||||
Accrued interest to related parties | 14 | 8 | 27 | 16 | |||||
Accrued Interest to other investors | 49 | 34 | 96 | 64 | |||||
Amortization of debt discount | 10 | $ 28 | 20 | $ 52 | |||||
Unsecured notes | 400 | 400 | |||||||
Accrued interest | $ 72 | $ 72 | |||||||
Interest rate | 10.00% | 10.00% | |||||||
Secured Convertible Promissory Notes [Member] | |||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||
Aggregating amount of debt | $ 346 | $ 205 | |||||||
Debt instrument, description | The maturity date an additional 30% of the note's principal amount shall become due and payable. | ||||||||
Issued secured convertible promissory notes | $ 341 | ||||||||
Conversion rate per shares | $ 0.50 | $ 0.50 | |||||||
Aggregate proceeds of new financing | $ 1,000 | $ 1,000 | |||||||
Secured notes bear interest rate | 10.00% | 10.00% | |||||||
Secured notes due date | Dec. 31, 2019 | Dec. 31, 2019 | |||||||
Original issue discounts | $ 61 | ||||||||
Amount exchanged for advances | $ 75 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 48 | $ 26 | $ 107 | $ 75 |
Research and development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 8 | 23 | 17 | 54 |
General and administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 32 | 1 | 73 | 14 |
Director and consultant options [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 8 | $ 2 | $ 17 | $ 7 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) (Details 1) - Option [Member] - USD ($) shares in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Shares | ||
Outstanding, Beginning balance | 1,037 | 736 |
Granted | 40 | |
Forfeited or expired | (10) | |
Outstanding, Ending Balance | 1,077 | 726 |
Vested and expected to vest, Ending balance | 1,070 | 696 |
Exercisable, Ending balance | 489 | 213 |
Weighted Average Exercise Price Per share | ||
Outstanding, Beginning balance | $ 1.65 | $ 3.65 |
Granted | 0.50 | |
Forfeited/ Cancelled | 79.80 | |
Outstanding, Ending balance | 1.61 | 2.56 |
Vested and expected to vest, Ending balance | 1.61 | 2.69 |
Exercisable, Ending balance | $ 2.77 | $ 7.50 |
Weighted Average Remaining Contractual Life (Years) | ||
Outstanding, Ending balance | 5 years 6 months | 5 years 11 months 8 days |
Vested and expected to vest, Ending balance | 5 years 6 months | 5 years 11 months 4 days |
Exercisable, Ending balance | 5 years 1 month 27 days | 5 years 3 months 26 days |
Aggregate Intrinsic Value | ||
Outstanding, Beginning balance | ||
Granted | ||
Forfeited/ Cancelled | ||
Outstanding, Ending balance | ||
Vested and expected to vest, Ending balance | ||
Exercisable, Ending balance |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) (Details 2) shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 1,077 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $ 1.61 |
Options Exercisable, Number Outstanding | shares | 489 |
Options Exercisable, Weighted Average Exercise Price | $ 2.77 |
$0.01 - $0.50 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range Limit | 0.01 |
Range of Exercise Prices, Upper Range Limit | $ 0.50 |
Options Outstanding, Number Outstanding | shares | 655 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 3 months 8 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.50 |
Options Exercisable, Number Outstanding | shares | 361 |
Options Exercisable, Weighted Average Exercise Price | $ 0.50 |
$0.51 - $625.00 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range Limit | 0.511 |
Range of Exercise Prices, Upper Range Limit | $ 625 |
Options Outstanding, Number Outstanding | shares | 422 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 10 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.33 |
Options Exercisable, Number Outstanding | shares | 128 |
Options Exercisable, Weighted Average Exercise Price | $ 9.20 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) (Details 3) shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Shares | |
Non-vested, Beginning balance | shares | 718 |
Granted | shares | 40 |
Vested | shares | (170) |
Non-vested, Ending balance | shares | 588 |
Weighted Average Grant-Date Fair Value per share | |
Non-vested, Beginning balance | $ / shares | $ 0.54 |
Granted | $ / shares | 0.50 |
Vested | $ / shares | 0.63 |
Non-vested, Ending balance | $ / shares | $ 0.64 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) (Details 4) - Warrant [Member] - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares, Outstanding at beginning of period | 1,828 | 1,878 |
Shares, Issued | 985 | |
Shares, Expired | (39) | |
Shares, Outstanding at end of period | 2,813 | 1,839 |
Shares, Exercisable at end of period | 2,813 | 1,839 |
Weighted Average Exercise Price Per Share, Outstanding at beginning of period | $ 2.08 | $ 2.46 |
Weighted Average Exercise Price Per Share, Issued | 0.50 | |
Weighted Average Exercise Price Per Share, Expired | 15.63 | |
Weighted Average Exercise Price Per Share, Outstanding at end of period | 1.53 | 1.58 |
Weighted Average Exercise Price Per Share, Exercisable at end of period | $ 1.53 | $ 1.58 |
Stockholders' Equity (Deficit_7
Stockholders' Equity (Deficit) (Details 5) shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | shares | 2,813 |
Weighted Average Remaining Life (years) | 2 years |
Weighted Average Exercise Price per share | $ / shares | $ 1.53 |
Warrants Group One [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | shares | 1,550 |
Weighted Average Remaining Life (years) | 1 year 10 months 28 days |
Weighted Average Exercise Price per share | $ / shares | $ 2.18 |
Warrants Group Two [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | shares | 278 |
Weighted Average Remaining Life (years) | 3 months 4 days |
Weighted Average Exercise Price per share | $ / shares | $ 1.63 |
Warrants Group Three [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | shares | 985 |
Weighted Average Remaining Life (years) | 2 years 7 months 21 days |
Weighted Average Exercise Price per share | $ / shares | $ 0.50 |
Stockholders' Equity (Deficit_8
Stockholders' Equity (Deficit) (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders' Equity (Deficit) (Textual) | ||
Total unrecognized compensation cost | $ 149 | |
Weighted average period | 2 years 1 month 13 days | |
Estimated average forfeiture rate | 13.40% | 5.91% |