Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 25, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35376 | ||
Entity Registrant Name | OBLONG, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0312442 | ||
Entity Address, Address Line One | 25587 Conifer Road | ||
Entity Address, Address Line Two | Suite 105-231 | ||
Entity Address, City or Town | Conifer | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80433 | ||
City Area Code | 303 | ||
Local Phone Number | 640-3838 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Trading Symbol | OBLG | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,482,725 | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,618,048 | ||
Entity Central Index Key | 0000746210 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 5,058 | $ 4,602 |
Current portion of restricted cash | 158 | 0 |
Accounts receivable, net | 3,166 | 2,543 |
Inventory | 920 | 1,816 |
Prepaid expenses and other current assets | 691 | 965 |
Total current assets | 9,993 | 9,926 |
Property and equipment, net | 573 | 1,316 |
Goodwill | 7,367 | 7,908 |
Intangibles, net | 10,140 | 12,572 |
Operating lease, right-of-use assets | 903 | 3,117 |
Other assets | 167 | 70 |
Total assets | 29,143 | 34,909 |
Current liabilities: | ||
Current portion of long-term debt, net of debt discount | 2,014 | 2,664 |
Accounts payable | 313 | 647 |
Current portion deferred revenue | 1,217 | 1,901 |
Operating lease liabilities, current | 830 | 1,294 |
Accrued expenses and other liabilities | 1,201 | 1,752 |
Total current liabilities | 5,575 | 8,258 |
Long-term liabilities: | ||
Long-term debt, net of current portion and net of debt discount | 403 | 2,843 |
Operating lease liabilities, net of current portion | 602 | 2,020 |
Deferred revenue, net of current portion | 506 | 0 |
Other long-term liabilities | 0 | 3 |
Total long-term liabilities | 1,511 | 4,866 |
Total liabilities | 7,086 | 13,124 |
Commitments and contingencies (see Note 16) | ||
Stockholders’ equity: | ||
Common stock, $.0001 par value; 150,000,000 shares authorized; 7,861,912 shares issued and 7,748,629 outstanding at December 31, 2020 and 5,266,800 shares issued and 5,161,500 outstanding at December 31, 2019 | 1 | 1 |
Treasury stock, 113,300 and 105,300 shares at December 31, 2020 and 2019, respectively | (181) | (165) |
Additional paid-in capital | 215,092 | 207,383 |
Accumulated deficit | (192,855) | (185,434) |
Total stockholders’ equity | 22,057 | 21,785 |
Total liabilities and stockholders’ equity | 29,143 | 34,909 |
Series A-2 Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Series C Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Series D Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Series E Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 1,938,250 | |
Preferred stock, shares issued (in shares) | 1,829,582 | |
Preferred stock, shares outstanding (in shares) | 1,829,582 | |
Common Stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common Stock, shares issued (in shares) | 7,861,912 | 5,266,800 |
Common Stock, shares outstanding (in shares) | 7,748,629 | 5,161,500 |
Treasury stock (in shares) | 113,300 | 105,300 |
Series A-2 Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 7,500 | $ 7,500 |
Preferred stock, shares authorized (in shares) | 7,500 | 7,500 |
Preferred stock, shares issued (in shares) | 45 | 32 |
Preferred stock, shares outstanding (in shares) | 45 | 32 |
Preferred stock, liquidation value | $ 338,000 | $ 237,000 |
Series C Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 1,750 | 1,750 |
Preferred stock, shares issued (in shares) | 0 | 475 |
Preferred stock, shares outstanding (in shares) | 0 | 475 |
Preferred stock, liquidation value | $ 0 | $ 475,000 |
Series D Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 28.50 | $ 28.50 |
Preferred stock, shares authorized (in shares) | 1,750,000 | 1,750,000 |
Preferred stock, shares issued (in shares) | 1,697,958 | 1,734,901 |
Preferred stock, shares outstanding (in shares) | 1,697,958 | 1,734,901 |
Preferred stock, liquidation value | $ 48,392,000 | $ 49,445,000 |
Series E Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 28.50 | $ 28.50 |
Preferred stock, shares authorized (in shares) | 175,000 | 175,000 |
Preferred stock, shares issued (in shares) | 131,579 | 131,579 |
Preferred stock, shares outstanding (in shares) | 131,579 | 131,579 |
Preferred stock, liquidation value | $ 3,750,000 | $ 3,750,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 15,333 | $ 12,827 |
Cost of revenues (exclusive of depreciation and amortization) | 7,280 | 7,427 |
Gross profit | 8,053 | 5,400 |
Operating expenses: | ||
Research and development | 3,711 | 2,023 |
Sales and marketing | 3,392 | 1,936 |
General and administrative | 6,724 | 5,377 |
Impairment charges | 1,150 | 2,317 |
Depreciation and amortization | 3,140 | 1,321 |
Total operating expenses | 18,117 | 12,974 |
Loss from operations | (10,064) | (7,574) |
Interest and other (income) expense: | ||
Interest expense and other, net | 352 | 187 |
Gain on extinguishment of debt | (3,117) | 0 |
Foreign exchange loss | 19 | 0 |
Interest and other (income) expense, net | (2,746) | 187 |
Loss before income taxes | (7,318) | (7,761) |
Income tax expense | 103 | 0 |
Net loss | (7,421) | (7,761) |
Preferred stock dividends | 17 | 27 |
Undeclared dividends | 788 | 0 |
Net loss attributable to common stockholders | $ (8,226) | $ (7,788) |
Net loss attributable to common stockholders per share: | ||
Basic and diluted net loss per share (in dollars per share) | $ (1.48) | $ (1.52) |
Weighted-average number of common shares: | ||
Basic and diluted (in shares) | 5,547 | 5,108 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series A-2 Preferred Stock | Series D Preferred Stock | Preferred StockSeries A-2 Preferred Stock | Preferred StockSeries B Preferred Stock | Preferred StockSeries C Preferred Stock | Preferred StockSeries D Preferred Stock | Preferred StockSeries E Preferred Stock | Common Stock | Common StockSeries C Preferred Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning Balance (in shares) at Dec. 31, 2018 | 32 | 75 | 525 | 0 | 0 | 5,114,000 | 133,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 6,830 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (496) | $ 184,998 | $ (177,673) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (7,761) | (7,761) | |||||||||||
Stock-based compensation | 110 | $ (51) | 110 | ||||||||||
Issuance of preferred stock in merger (in shares) | 1,736,626 | ||||||||||||
Issuance of preferred stock in merger | $ 18,862 | 18,862 | |||||||||||
Forfeiture of preferred stock (in shares) | (10,063) | (1,725) | |||||||||||
Preferred stock conversion (in shares) | 75 | 50 | 43,919 | 16,667 | |||||||||
Preferred stock dividends | $ 27 | 27 | |||||||||||
Issuance of stock on vested restricted stock units (in shares) | 109,000 | (76,000) | |||||||||||
Issuance of stock on vested restricted stock units | 0 | $ 382 | (382) | ||||||||||
Proceeds from Series E equity offering (in shares) | 131,579 | ||||||||||||
Proceeds from Series E equity offering | 3,750 | 3,750 | |||||||||||
Series D exchanged for taxes (in shares) | (48,000) | ||||||||||||
Preferred stock dividends | (27) | (27) | |||||||||||
Forfeiture of restricted stock agreement (in shares) | 0 | ||||||||||||
Repurchase of treasury stock (in shares) | 48,000 | ||||||||||||
Repurchase of treasury stock | (51) | $ (51) | |||||||||||
Issuance of warrants to purchase common stock in connection with long term debt | 72 | 72 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 32 | 0 | 475 | 1,734,901 | 131,579 | 5,267,000 | 105,000 | ||||||
Ending Balance at Dec. 31, 2019 | 21,785 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (165) | 207,383 | (185,434) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (7,421) | (7,421) | |||||||||||
Stock-based compensation (in shares) | 8,000 | ||||||||||||
Stock-based compensation | 198 | $ (16) | 198 | ||||||||||
Issuance of preferred stock for accrued dividends (in shares) | 13 | ||||||||||||
Issuance of preferred stock for accrued dividends | 99 | 99 | |||||||||||
Forfeiture of preferred stock (in shares) | (28,618) | ||||||||||||
Preferred stock conversion (in shares) | 13 | 1,686,659 | 475 | 158,333 | 158,333 | ||||||||
Preferred stock dividends | 17 | 17 | |||||||||||
Issuance of stock on vested restricted stock units (in shares) | 23,000 | 8,000 | |||||||||||
Issuance of stock on vested restricted stock units | (16) | $ (16) | |||||||||||
Series D exchanged for taxes (in shares) | (8,325) | (8,000) | |||||||||||
Preferred stock dividends | (17) | (17) | |||||||||||
Forfeiture of restricted stock agreement (in shares) | (9,321) | ||||||||||||
Issuance of common shares from financing, net of offering costs (in shares) | 2,293,000 | ||||||||||||
Issuance of common shares from financing, net of offering costs | 7,371 | 7,371 | |||||||||||
Issuance of common shares from warrant exercise (in shares) | 72,000 | ||||||||||||
Issuance of warrants to purchase common stock in connection with long term debt | 72 | ||||||||||||
Issuance of shares for professional service fees (in shares) | 50,000 | ||||||||||||
Issuance of shares for professional service fees | 58 | 58 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 45 | 0 | 0 | 1,697,958 | 131,579 | 7,862,000 | 113,000 | ||||||
Ending Balance at Dec. 31, 2020 | $ 22,057 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (181) | $ 215,092 | $ (192,855) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from Operating Activities (Net of business combinations): | ||
Net loss | $ (7,421) | $ (7,761) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,140 | 1,321 |
Bad debt expense | 168 | 11 |
Amortization of debt discount | 56 | 90 |
Amortization of right-of-use assets | 1,001 | 0 |
Fees paid with common stock | 58 | 0 |
Gain on extinguishment of debt | (3,117) | 0 |
Stock-based compensation | 198 | 110 |
Impairment charges on property and equipment | 144 | 63 |
Impairment charges on right-of use assets | 465 | 0 |
Impairment charges on goodwill | 541 | 2,254 |
Changes in assets and liabilities: | ||
Accounts receivable | (792) | 780 |
Prepaid expenses and other current assets | 273 | 301 |
Inventory | 820 | 19 |
Other assets | (35) | 495 |
Accounts payable | (335) | 129 |
Accrued expenses and other liabilities | (415) | (692) |
Deferred revenue | (178) | (373) |
Operating lease liability | (1,134) | 0 |
Other long-term liabilities | (3) | 0 |
Net cash used in operating activities | (6,566) | (3,253) |
Cash flows from Investing Activities: | ||
Proceeds on sale of equipment | 7 | 0 |
Cash acquired through Oblong Industries merger | 0 | 2,194 |
Purchases of property and equipment | (38) | (45) |
Net cash (used in) provided by investing activities | (31) | 2,149 |
Cash flows from Financing Activities: | ||
Principal payments under borrowing arrangement | (2,500) | 0 |
Advances on borrowing arrangements | 0 | 0 |
Proceeds from new loan agreement | 2,417 | 0 |
Proceeds from issuance of common stock, net of offering costs of $602 | 7,371 | 0 |
Tax obligations relating to the vesting of shares | (16) | 0 |
Proceeds from Series E preferred stock | 0 | 3,750 |
Purchase of treasury stock | 0 | (51) |
Net cash provided by financing activities | 7,272 | 3,699 |
Net increase in cash and restricted cash | 675 | 2,595 |
Cash at beginning of year | 4,602 | 2,007 |
Cash and restricted cash at end of year | 5,277 | 4,602 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 213 | 105 |
Reconciliation of cash and restricted cash | ||
Total cash and restricted cash | 5,277 | 2,007 |
Non-cash investing and financing activities: | ||
Issuance of preferred stock in exchange for accrued dividends | 99 | 0 |
Transfer of assets from inventory to property and equipment | 78 | 0 |
Issuance of common stock warrant | 0 | 72 |
Issuance of Series D stock for acquisition of Oblong Industries | 0 | 18,862 |
Accrued preferred stock dividends | 17 | 27 |
Issuance of common stock for vested restricted stock units | $ 0 | $ 382 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement of Cash Flows [Abstract] | |
Payments of stock issuance costs | $ 602 |
Business Description and Signif
Business Description and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Significant Accounting Policies | Business Description and Significant Accounting Policies Business Description Oblong, Inc. (“Oblong” or “we” or “us” or the “Company”) was formed as a Delaware corporation in May 2000 and is a provider of patented multi-stream collaboration technologies and managed services for video collaboration and network applications. Prior to March 6, 2020, Oblong, Inc. was named Glowpoint, Inc. (“Glowpoint”). On March 6, 2020, Glowpoint changed its name to Oblong, Inc. On October 1, 2019, the Company closed an acquisition of all of the outstanding equity interest of Oblong Industries, Inc., a privately held Delaware corporation founded in 2006 (“Oblong Industries”); see further discussion in Note 3 - Oblong Industries Acquisition . Principles of Consolidation The consolidated financial statements include the accounts of Oblong and our 100%-owned subsidiaries (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, (ii) Oblong Industries, Inc., and (iii) the following subsidiaries of Oblong Industries: Oblong Industries Europe, S.L. and Oblong Europe Limited. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries. Segments Prior to the acquisition of Oblong Industries on October 1, 2019, the Company operated in one segment. Effective October 1, 2019, the former businesses of Glowpoint, Inc. (now Oblong, Inc.) and Oblong Industries were managed separately and involve different products and services. Accordingly, the Company currently operates in two segments: 1) the Oblong, Inc. (formerly Glowpoint) business which mainly consists of managed services for video collaboration and network and 2) the Oblong Industries business which consists of products and services for visual collaboration technologies. See Note 15 - Segment Reporting for further discussion. Use of Estimates Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability of property and equipment, and intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with our impairment tests, the inputs used in the fair value of equity based awards as well as the values ascribed to assets acquired and liabilities assumed in the business combination. Restricted Cash As of December 31, 2020, our total cash balance was $5,277,000, consisting of available cash of $5,058,000, current restricted cash of $158,000, and $61,000 in long-term restricted cash. The long-term restricted cash is included in our other assets on our consolidated balance sheet. The restricted cash pertains to two letters of credit that serve as the security deposit for our leased office space in Munich, Germany and our leased office space in Los Altos, California (as discussed in Note 16 - Commitments and Contingencies ), and is secured by an equal amount of cash pledged as collateral, and such cash is held in a restricted bank account. As of February 28, 2021, the lease and the letter of credit ($158,000) for the Los Altos office space expired. Allowance for Doubtful Accounts We perform ongoing credit evaluations of our customers. We record an allowance for doubtful accounts based on specifically identified amounts that are believed to be uncollectible. We also record additional allowances based on our aged receivables, which are determined based on historical experience and an assessment of the general financial conditions affecting our customer base. If our actual collections experience changes, revisions to our allowance may be required. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. We do not obtain collateral from our customers to secure accounts receivable. The allowance for doubtful accounts was $182,000 and $19,000 at December 31, 2020 and 2019, respectively. Inventory Inventory consists of finished goods and was determined using average costs and was stated at the lower of cost or net realizable value. The Company periodically performs analyses to identify obsolete or slow-moving inventory, and as of December 31, 2020, the Company has recorded an reserve for obsolescence of $193,000. There was no corresponding reserve for 2019. Fair Value of Financial Instruments The Company considers its cash, accounts receivable, accounts payable and debt obligations to meet the definition of financial instruments. The carrying amount of cash, accounts receivable and accounts payable approximated their fair value due to the short maturities of these instruments. The carrying amounts of our debt obligations (see Note 10 - Debt ) approximate their fair values, which are based on borrowing rates that are available to the Company for loans with similar terms, collateral, and maturity. The Company measures fair value as required by Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework and gives guidance regarding the methods used for measuring fair value, and expands disclosures about fair value measurements. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there exists a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2 - inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 - unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606. The Company recognizes revenue using the five-step model as prescribed by Topic 606: • Identification of the contract, or contracts, with a customer; • Identification of the distinct performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when or as the Company satisfies a performance obligation. Oblong’s (formerly Glowpoint) managed videoconferencing services are offered to our customers on either a usage basis or on a subscription. Our network services are offered to our customers on a subscription basis. Revenue for these services is generally recognized on a monthly basis as services are performed. Revenue related to professional services is recognized at the time the services are performed. The costs associated with obtaining a customer contract were previously expensed in the period they were incurred. Under Topic 606, these payments are deferred on our consolidated balance sheet and amortized over the expected life of the customer contract. Deferred revenue as of December 31, 2020 totaled $27,000 as certain performance obligations were not satisfied as of this date. During the year ended December 31, 2020, the Company recorded $21,000 of revenue that was included in deferred revenue as of December 31, 2019. During the year ended December 31, 2019, the Company recorded $32,000 of revenue that was included in deferred revenue as of December 31, 2018. Oblong Industries’ visual collaboration products are composed of hardware and embedded software sold as a complete package, and generally include installation and maintenance services. Revenue for hardware and software is recognized upon shipment to the customer. Installation revenue is recognized upon completion of installation, which also triggers the beginning of recognition of revenue for maintenance services which range from one to three years. Revenue is recognized over time for maintenance services. Professional services are contracts with specific customers for software development, visual design, interaction design, engineering, and project support. These contracts vary in length, and revenue is recognized over time as services are rendered. Licensing agreements are for the Company’s core technology platform, g-speak, and are generally one year in length. Revenue for these services is recognized ratably over the service period. Upon adoption of Topic 606, Oblong Industries was not required to adjust its revenue recognition methodology, as recognition was deemed to be in-line with the five-step model. Deferred revenue as of December 31, 2020 totaled $1,696,000 as certain performance obligations were not satisfied as of this date. During the year ended December 31, 2020, the Company recorded $978,000 of revenue that was included in deferred revenue as of December 31, 2019. During the three months ended December 31, 2019, the Company recorded $352,000 of revenue that was included in deferred revenue as of the date of the merger. The Company disaggregates its revenue by geographic region. See Note 15 - Segment Reporting for more information. Taxes Billed to Customers and Remitted to Taxing Authorities We recognize taxes billed to customers in revenue and taxes remitted to taxing authorities in our cost of revenue. For the years ended December 31, 2020 and 2019, we included taxes of $313,000 and $390,000, respectively, in revenue and we included taxes of $328,000 and $390,000, respectively, in cost of revenue. Impairment of Long-Lived Assets, Goodwill and Intangible Assets The Company assesses the impairment of long-lived assets used in operations, primarily fixed assets and purchased intangible assets subject to amortization when events and circumstances indicate that the carrying value of the assets might not be recoverable. For purposes of evaluating the recoverability of fixed assets and amortizing intangible assets, the undiscounted cash flows estimated to be generated by those assets are compared to the carrying amounts of those assets. If and when the carrying values of the assets exceed the undiscounted cash flow, then the related assets will be written down to fair value. For the years ended December 31, 2020 and 2019, the Company recorded asset impairment charges on property and equipment of $144,000 and $63,000, which pertained primarily to assets no longer used in the business. During the year ended December 31, 2020, the Company disposed of fixed assets of $3,438,000, and the corresponding accumulated depreciation of $3,287,000, which resulted in a loss on disposal of $151,000. There were no impairments to purchased intangible assets for the years ended December 31, 2020 and 2019. For the year ended December 31, 2020, the Company recorded aggregate impairment charges of $465,000 on two right-of-use assets. See Note 16 - Commitments and Contingencies for further discussion. There were no impairments to right-of-use assets for the year ended December 31, 2019. Goodwill is not amortized but is subject to periodic testing for impairment in accordance with ASC Topic 350 “ Intangibles - Goodwill and Other - Testing Indefinite-Lived Intangible Assets for Impairment” (“ASC Topic 350”). During the years ended December 31, 2020 and 2019, the Company recorded impairment charges on goodwill of $541,000 and $2,254,000, respectively. See Note 7 - Goodwill and Note 8 - Intangible Assets ) for further discussion. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, and trade accounts receivable. We place our cash primarily in commercial checking accounts. Commercial bank balances may from time to time exceed federal insurance limits. Property and Equipment Property and equipment are stated at cost and are depreciated over the estimated useful lives of the related assets, which range from three Income Taxes We use the asset and liability method to determine our income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to be recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. Stock-based Compensation Stock-based awards have been accounted for as required by ASC Topic 718 “Compensation – Stock Compensation” (“ASC Topic 718”). Under ASC Topic 718 stock-based awards are valued at fair value on the date of grant, and that fair value is recognized over the requisite service period. The Company accounts for forfeitures when they occur. Research and Development Research and development expenses include internal and external costs related to developing new service offerings and features and enhancements to our existing services. Treasury Stock Purchases and sales of treasury stock are accounted for using the cost method. Under this method, shares acquired are recorded at the acquisition price directly to the treasury stock account. Upon sale, the treasury stock account is reduced by the original acquisition price of the shares and any difference is recorded in additional paid in capital, on a first-in first-out basis. The Company does not recognize a gain or loss to income from the purchase and sale of treasury stock. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Credit Losses In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which was subsequently amended in February 2020 by ASU 2020-02, “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” The amendments introduce an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the new guidance will have on its consolidated financial statements. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern As of December 31, 2020, we had $5,277,000 of cash and $2,417,000 of total obligations under the MidFirst Bank Loan (the “PPP Loan”) under the Paycheck Protection Program (PPP) contained within the Coronavirus Aid, Relief, and Economic Security (CARES) Act (see Note 10 - Debt ). Our capital requirements in the future will continue to depend on numerous factors, including the timing and amount of revenue for the combined organization, customer renewal rates and the timing of collection of outstanding accounts receivable, in each case particularly as it relates to the combined organization’s major customers, the expense to deliver services, expense for sales and marketing, expense for research and development, capital expenditures, the cost involved in protecting intellectual property rights, the amount of forgiveness of the PPP Loan, if any, and the debt service obligations under the PPP Loan. While our acquisition of Oblong Industries provides additional revenues to the Company, the cost to further develop and commercialize Oblong Industries’ product offerings is expected to exceed its revenues for the foreseeable future. We expect to continue to invest in product development and sales and marketing expenses with the goal of growing the Company’s revenue in the future. The Company believes that, based on the combined organization’s current projection of revenue, expenses, capital expenditures, debt service obligations, and cash flows, it will not have sufficient resources to fund its operations for the next twelve months following the filing of this Report. We believe additional capital will be required to fund operations and provide growth capital including investments in technology, product development and sales and marketing. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company. The factors discussed above raise substantial doubt as to our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from these uncertainties. |
Oblong Industries Acquisition
Oblong Industries Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Oblong Industries Acquisition | Oblong Industries Acquisition On October 1, 2019, the Company closed its acquisition of Oblong Industries, Inc., a Delaware corporation (“Oblong Industries” and, such transaction, the “Acquisition”). The Acquisition was consummated through the merger of Glowpoint Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (the “Merger Sub”), with and into Oblong Industries on the Closing Date, with Oblong Industries continuing as the surviving corporation and as a wholly-owned subsidiary of the Company. On the Closing Date, (i) the shares of common and preferred stock of Oblong Industries issued and outstanding immediately prior to the effective time of the Acquisition were converted into an aggregate of 1,686,659 shares of the Company’s 6.0% Series D Convertible Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”); (ii) all options to purchase shares of Oblong’s common stock held by previously terminated employees of Oblong Industries were assumed by the Company and deemed, in the aggregate, to constitute options to acquire a total of 107,845 shares of the Company’s common stock, par value $0.0001 per share (“common stock”), at a volume weighted average exercise price of $4.92 per share and a remaining exercise period of one year; and (iii) all options to purchase shares of Oblong Industries’ common stock held by existing employees of Oblong were canceled and exchanged for an aggregate of 49,967 restricted shares of Series D Preferred Stock (“Restricted Series D Preferred Stock”), which are subject to vesting over a two-year period following the Closing Date. Each share of Series D Preferred Stock is automatically convertible into a number of shares of Common Stock equal to the accrued value of the share (initially $28.50), plus any accrued dividends thereon, divided by the Conversion Price (initially $2.85 per share, subject to specified adjustments) upon the completion of both i) approval of such conversion by the Company’s stockholders (which occurred on December 19, 2019) and (ii) the receipt of all required authorizations and approval of a new listing application for the combined organization from the NYSE American. Upon such conversion, the Series D Preferred Stock (including shares of Restricted Series D Preferred Stock) will convert into an aggregate of 17,349,010 shares of common stock. Following their conversion to common stock, shares of Restricted Series D Preferred Stock will remain subject to their vesting conditions. Subsequent to the date of this Annual Report on Form 10-K, the company transferred the listing of its common stock from the NYSE American to the Nasdaq Capital Market. Upon this transfer, all of the Series D Preferred Stock, including the Restricted Series D Stock, was converted into shares of the Company’s common stock. Please refer to Note 20 - Subsequent Events for further discussion of the transfer and the conversion. The Acquisition was accounted for in accordance with FASB Accounting Standards Codification Topic 805 “Business Combinations” (“ASC 805”) as a business combination, which requires an allocation of the purchase price of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price and the fair value of the assets acquired and liabilities assumed were based on management estimates and values with assistance from an outside appraisal. Pursuant to ASC 805, the purchase price of $18,862,000 was measured as the fair value of the consideration exchanged in the Acquisition as follows: Series D Preferred Stock (1,686,659 shares at $11.15 per share) $ 18,811,000 Value of common stock options issued (107,845 at $0.47 per option) $ 51,000 Total purchase price $ 18,862,000 The value per share of the Series D Preferred Stock was determined using an equity allocation method using the Company’s publicly traded common stock as the basis, with use of an option pricing model for determination of the value per share of the Series D Preferred Stock in the event conversion to common stock does not occur. On October 1, 2019, the closing sale price of our common stock was $1.00 per share as reported on the NYSE American. The value of the 107,845 common stock options was determined using the Black-Scholes method, with the following weighted-average assumptions: (i) exercise price of $4.92, (ii) risk-free interest rate of 1.5%, (iii) expected volatility of 217% and (iv) expected term of one year. The value of the Restricted Series D Preferred Stock was not included in the purchase price given the vesting requirements post combination. Therefore, the Company recorded stock-based compensation expense in the post combination period over the vesting period of these awards. Based on the purchase price allocation, the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands): Cash $ 2,194 Accounts receivable 1,962 Prepaid expenses and other current assets 719 Inventory 1,835 Property and equipment 1,221 Operating lease, right-of-use assets 3,376 Trade names 2,410 Distributor relationships 310 Developed technology 10,060 Other assets 194 Total assets acquired at fair value $ 24,281 Accounts payable $ (296) Operating lease liabilities (3,578) Deferred revenue (2,231) Debt (5,509) Other liabilities (1,171) Total liabilities assumed $ (12,785) Net assets acquired $ 11,496 The purchase price exceeded the fair value of the net assets acquired by 7,367,000, which was recorded as goodwill. The accompanying consolidated financial statements do not include any revenues or expenses related to the Oblong Industries business on or prior to October 1, 2019 (the Closing Date of the Acquisition). A total of $468,000 of acquisition costs were expensed and included in General and Administrative expenses in the accompanying Statement of Operations for the year ended December 31, 2019. The preliminary allocation of the purchase price was based upon a valuation for which the estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The final allocation price could differ materially from the preliminary allocation. Any subsequent changes to the purchase price allocation that result in material changes to the Company’s consolidated financial results will be adjusted accordingly. The consolidated statement of operations for the year ended December 31, 2019 includes $3,167,000 of revenue and net loss of $3,360,000 related to Oblong Industries for the period from October 1, 2019 through December 31, 2019. The Company's unaudited pro forma results for the year ended December 31, 2019 is summarized in the table below, assuming the Acquisition had occurred on January 1, 2019 (in thousands). These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have actually resulted had the acquisition occurred on January 1, 2019, nor to be indicative of future results of operations. These pro forma results include pro forma adjustments of $1,393,000 for the year ended December 31, 2019 related to the incremental amortization of Oblong Industries’ intangible assets recorded in connection with the Acquisition. Pro forma and unaudited (as if the acquisition of Oblong Industries had occurred on January 1, 2019) Year Ended December 31, 2019 Revenue Oblong (formerly Glowpoint) $ 9,660 Oblong Industries 15,926 Total revenue $ 25,586 Net loss Oblong $ 4,401 Oblong Industries 15,795 Pro forma net loss $ 20,196 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory was $920,000 and $1,816,000 as of December 31, 2020 and 2019, respectively, and consisted primarily of equipment related to our Mezzanine™ product offerings , including cameras, tracking hardware, computer equipment, display equipment and amounts related to the Oblong Industries business. Inventory consists of finished goods and was determined using average costs and was stated at the lower of cost or net realizable value. The Company periodically performs analyses to identify obsolete or slow-moving inventory. As of December 31, 2020, we had a reserve for obsolete or slow moving inventory of $193,000. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Other prepaid expenses $ 663 $ 548 Other current assets 28 209 Prepaid software licenses — 208 Prepaid expenses and other current assets $ 691 $ 965 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2020 2019 Network equipment and software $ 4,957 $ 6,251 Computer equipment and software 5,686 $ 7,232 Leasehold improvements 164 $ 953 Office furniture and equipment 752 $ 369 11,559 14,805 Accumulated depreciation and amortization (10,986) (13,489) Property and equipment, net $ 573 $ 1,316 Estimated Useful Life Network equipment and software 3 to 5 Years Computer equipment and software 3 to 5 Years Leasehold improvements (*) Office furniture and equipment 3 to 10 Years (*) – Amortized over the shorter period of the estimated useful life (five years) or the lease term. Related depreciation and amortization expense for the consolidated entities was $708,000 and $614,000 for the years ended December 31, 2020 and December 31, 2019, respectively. For the years ended December 31, 2020 and December 31, 2019, the Company recorded asset impairment charges on property and equipment of $144,000 and $63,000, which pertained primarily to assets no longer used in the business. During the year ended December 31, 2020, the Company transferred trade show assets valued at $78,000 (net of $38,000 depreciation) from inventory to fixed assets; disposed of fixed assets of $3,438,000, and the corresponding accumulated depreciation of $3,287,000, for proceeds of $7,000 resulting in a loss on disposal of $144,000. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill As of December 31, 2020 and 2019, goodwill was $7,367,000 and $7,908,000, respectively. As of December 31, 2020, goodwill was comprised of $7,367,000 recorded in connection with the October 1, 2019 acquisition of Oblong Industries. We test goodwill for impairment on an annual basis on September 30 of each year, or more frequently if events occur or circumstances change indicating that the fair value of the goodwill may be below its carrying amount. Following the Acquisition of Oblong Industries, the Company operated two reporting units, Oblong (formerly Glowpoint) and Oblong Industries. During the year ended December 31, 2020, we considered the novel Coronavirus (COVID-19) pandemic and resulting declines in certain of the Company’s revenue to be a triggering event for an interim goodwill impairment test for both reporting units as of March 31, 2020. To determine the fair value of each reporting unit for the goodwill impairment tests, we used a weighted average of the discounted cash flow method and a market-based method (comparing the Company’s equity and analyzing multiples of revenue for comparable companies). For the Oblong Industries reporting unit, the fair value of the reporting unit exceeded its carrying amount, as of both testing dates, therefore no impairment charge was required for the year ended December 31, 2020. For the Oblong (formerly Glowpoint) reporting unit, we recorded an impairment charge on goodwill of $541,000 at March 31, 2020, as the carrying amount of the reporting unit exceeded its fair value on the test date. This charge is recognized as “Impairment Charges” on our consolidated Statements of Operations, and reduced goodwill for the Oblong. reporting unit to zero. The activity in goodwill during the years ended December 31, 2020 and 2019 is shown in the following table ($ in thousands): Goodwill Oblong Oblong Industries Total Balance January 1, 2019 $ 2,795 $ — $ 2,795 Acquisition — 7,367 7,367 Impairment (2,254) — (2,254) Balance December 31, 2019 541 7,367 7,908 Impairment (541) — (541) Balance December 31, 2020 $ — $ 7,367 $ 7,367 In the event we experience future declines in our revenue, cash flows and/or stock price, this may give rise to a triggering event that may require the Company to record additional impairment charges on goodwill in the future. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table presents the components of net intangible assets (in thousands): As of December 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Oblong Affiliate network $ 994 $ (735) $ 259 $ 994 $ (666) $ 328 Trademarks 548 (548) — 548 (504) 44 Subtotal 1,542 (1,283) 259 1,542 (1,170) 372 Oblong Industries Developed technology 10,060 (2,520) 7,540 10,060 (504) 9,556 Trade names 2,410 (302) 2,108 2,410 (60) 2,350 Distributor relationships 310 (77) 233 310 (16) 294 Subtotal 12,780 (2,899) 9,881 12,780 (580) 12,200 Total $ 14,322 $ (4,182) $ 10,140 $ 14,322 $ (1,750) $ 12,572 At each reporting period, we determine if there was a triggering event that may result in an impairment of our intangible assets. During the three months ended March 31, 2020, we considered the novel Coronavirus (COVID-19) pandemic and resulting declines in certain of the Company’s revenue to be a triggering event for an interim impairment test of intangible assets for both reporting units. During the year ended December 31, 2020, no impairment charges were required. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from five years to twelve years in accordance with ASC Topic 350. The weighted average lives for the components of intangible assets are as follows: Oblong (formerly Glowpoint) Life Affiliate network 12 years Trademarks 8 years Oblong Industries Life Developed technology 5 years Trade names 10 years Distributor relationships 5 years Related amortization expense was $2,432,000 and $707,000 for the years ended December 31, 2020 and 2019, respectively. Amortization expense for each of the next five succeeding years will be as follows (in thousands): 2021 $ 2,386 2022 2,386 2023 2,386 2024 1,850 2025 241 Thereafter 891 Total $ 10,140 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued compensation costs $ 411 $ 810 Other accrued expenses and liabilities 786 843 Accrued dividends on Series A-2 Preferred Stock 4 99 Accrued expenses and other liabilities $ 1,201 $ 1,752 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following (in thousands): December 31, 2020 2019 SVB Loan Principal $ — $ 5,609 PPP Loan Principal 2,417 — Total Loan Principal 2,417 5,609 Less: Unamortized SVB debt discount — (102) Net carrying value 2,417 5,507 Less: SVB current maturities, net of debt discount — 2,664 Less: PPP current maturities 2,014 — Total current maturities, net of debt discount 2,014 2,664 Long-term SVB obligations, net of current maturities and debt discount — 2,843 Long-term PPP obligations, net of current maturities 403 — Total long-term obligations, net of current maturities and debt discount $ 403 $ 2,843 Silicon Valley Bank Loan Agreement and Warrant On October 1, 2019, in connection with the Acquisition of Oblong Industries, the Company and Oblong Industries, as borrowers, and SVB, as lender, executed an amendment to the SVB Loan Agreement. The SVB Loan Agreement provided for a term loan facility of approximately $5,247,000, and a discount of $362,000, for a total liability of $5,609,000 (the “SVB Loan”), all of which was outstanding at December 31, 2019. The Loan had a maturity date of March 1, 2022 with monthly payments of $291,500 (plus accrued and unpaid interest) to begin on October 1, 2020. The SVB Loan accrued interest at a rate equal to the Prime Rate plus 425 basis points (for a total of 7.50% as of September 30, 2020). In connection with its execution of the amended SVB Loan Agreement on October 1, 2019, the Company issued a warrant to SVB that entitles SVB to purchase 72,394 shares of the Company’s common stock at an exercise price of $0.01 per share (the “SVB Warrant”). The SVB Warrant has a ten (10) year term. The fair value of the SVB Warrant was recorded to additional paid-in capital and was determined to be $72,000 using the Black-Scholes model. The debt discount associated with the SVB Loan was being amortized to interest expense using the effective interest method over the term of the debt. During the year ended December 31, 2020, the Company amortized $83,000 of the debt discount, which is recorded in “Interest and other expense, Net” on our Consolidated Statements of Operations, and $47,000 of the discount was forgiven in the Satisfaction Agreement discussed below. On October 22, 2020, the Company entered into an agreement (the “ S atisfaction Agreement”) with certain of its subsidiaries, Oblong Industries, Inc. and GP Communications, LLC (the “Guarantors”), and SVB as lender, pursuant to which SVB agreed to accept a one-time cash payment of $2,500,000 (the “Satisfaction Payment”) in satisfaction of the Company’s outstanding payment obligations under the SVB Loan Agreement, effective immediately, subject to certain terms and conditions. SVB also agreed to release the security interests and other liens previously granted to or held by SVB as security for the Company’s obligations under the SVB Loan Agreement, as well as the Guarantors’ guarantees thereof. The Company made the Satisfaction Payment on October 22, 2020. The remaining balance of $3,063,000, net of discount, as well as $54,000 of accrued interest was forgiven and recorded as a “Gain on Extinguishment of Debt” on our Consolidated Statements of Operations. As of December 31, 2020, the Company has no outstanding obligations under the SVB Loan Agreement. Paycheck Protection Program Loan On April 10, 2020 (the “Origination Date”), the Company received $2,417,000 in aggregate loan proceeds (the “PPP Loan”) from MidFirst Bank (the “Lender”) pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a Promissory Note (the “Note”), dated April 10, 2020, by and between the Company and the Lender. Subject to the terms of the Note, the PPP Loan bears interest at a fixed rate of one percent (1.0%) per annum. Under the terms of the Note, payments of principal and interest are deferred for six months from the origination date. Following the deferral period, the Company will be required to make payments of principal plus interest accrued under the PPP Loan to the Lender in 18 monthly installments based upon an amortization schedule to be determined by the Lender based on the principal balance of the Note outstanding following the deferral period and taking into consideration any portion of the PPP Loan that is forgiven prior to that time. The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration. The Paycheck Protection Program provides for forgiveness of up to the full amount borrowed as long as the Company uses the loan proceeds during the 24-week period following disbursement for eligible purposes as described in the CARES Act and related guidance. Under the CARES Act, loan forgiveness is generally available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during the 24-week period. The Company used the majority of the proceeds from the PPP Loan to pay expenses during the applicable period that the Company believes were for eligible purposes; certain reductions in Company payroll costs during this period may reduce the amount of the Note eligible for forgiveness. The Company expects to submit an application to the Lender for forgiveness of the PPP Loan in the second quarter of 2021. There is no guarantee that the Company will receive forgiveness for any fixed amount of any PPP Loan principal received by the Company. Under the revised rules for the PPP Loan program, the Company will not have to begin principal and interest payments before the date on which the SBA remits the loan forgiveness amount to the Lender (or notifies the Lender that no loan forgiveness is allowed). Following the decision on forgiveness, the Company will be required to pay the Lender equal monthly payments of principal and interest based on the principal amount outstanding on the PPP Loan, plus interest outstanding at the end of the deferment period, and taking into account any reductions in the principal amount due to forgiveness, if any. Interest accrued during the deferment period will be capitalized as principal. The Company has accounted for the PPP Loan in the same manner as it has for its other loan agreements. Payments that are due within 12 months of balance sheet dates are shown as current liabilities and payments due thereafter are shown as non-current liabilities. We expect our forgiveness application to be processed, and any applicable payments to begin in May 2021. If the Company’s application for forgiveness is approved, the Company will recognize a gain on extinguishment of debt at the time of forgiveness. As of December 31, 2020 the remaining principal balance on the Note is $2,417,000 and $18,000 of interest has been accrued. Future minimum principal payments are as follows (in thousands): Future Minimum Principal Payments PPP Loan 1 2021 $ 2,014 2022 $ 403 $ 2,417 1 Future minimum payments is based on the repayment beginning in May 2021. The Note provides for customary events of default including, among other things, failure to make any payment when due, cross-defaults under any loan documents with the Lender, certain cross-defaults under agreements with third parties, inaccuracy of representations and warranties, events of dissolution or insolvency, certain change of control events, and material adverse changes in the Company’s financial condition. If an event of default occurs, the Lender will have the right to accelerate indebtedness under the PPP Loan and/or pursue other remedies available to the Lender at law or in equity. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Common Stock Our common stock has historically traded on the NYSE American under the symbol “GLOW.” On March 9, 2020, in connection with our name change to Oblong, Inc., we changed our ticker symbol to “OBLG.” On February 11, 2021, the Company effected a voluntary transfer from the NYSE American to the Nasdaq Capital Market. As of December 31, 2020 we had 150,000,000 shares of our $0.0001 par value Common Stock authorized, with 7,861,912 and 7,748,629 shares of issued and outstanding, respectively. The following table provides a summary of Common Stock activity for the years ended December 31, 2020 and 2019 (in thousands): Issued Shares as of December 31, 2018 5,114 Issuances from Preferred Stock Conversions 44 Issuances related to Stock Compensation 109 Issued Shares as of December 31, 2019 5,267 Less Treasury Shares: 105 Outstanding Shares as of December 31, 2019 5,162 Issuances from Private Placements 2,293 Issuances from Preferred Stock Conversions 158 Issuances related to Warrants 72 Issuances related to Stock Compensation 31 Forfeitures of Restricted Stock Awards (9) Issuance of shares for fees 50 Issued Shares as of December 31, 2020 7,862 Less Treasury Shares: 113 Outstanding Shares as of December 31, 2020 7,749 October 2020 Private Equity Placement On October 21, 2020, the Company, entered into a Securities Purchase Agreement with certain accredited investors, providing for the offer and sale of (i) 1,043,000 shares of the Company’s Common Stock, at a price of $2.85 per share in cash, and (ii) warrants to purchase up to 521,500 shares of Common Stock (the “Warrants”) for gross proceeds of $2,973,000. Net proceeds were $2,717,000, after deducting issuance costs of $256,000. The Private Placement closed on October 22, 2020. The Warrants have a term of 2 years, are initially exercisable at $4.08 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital and was determined to be $1,334,000 using the Black-Scholes model. Warrant Issuance On October 20, 2020, the Company issued 72,238 shares of its Common Stock to fulfill the exercise of a warrant by Silicon Valley Bank. Refer to Note 10 - Debt , for further discussion of the Silicon Valley Bank Warrant. December 2020 Private Equity Placement On December 6, 2020, the Company, entered into a Securities Purchase Agreement with certain accredited investors, providing for the offer and sale of (i) 1,250,000 shares Company’s Common Stock, at a price of $4.00 per share in cash, and (ii) warrants to purchase up to 625,000 shares of Common Stock (the “Warrants”) for gross proceeds of $5,000,000. Net proceeds were $4,654,000 after deducting issuance costs of $346,000. The Private Placement closed on December 7, 2020. The Warrants have a term of 2 years, are initially exercisable at $5.49 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital and was determined to be $2,635,000 using the Black-Scholes model. Warrants As discussed above, during the year ended December 31, 2020, the Company granted and fulfilled an exercise of common stock warrants. Warrant activity for the years ended December 31, 2020 and 2019 is presented below: Outstanding Number of Warrants Weighted Average Exercise Price Warrants outstanding and exercisable, December 31, 2018 — $ — Granted 72,238 0.01 Warrants outstanding and exercisable, December 31, 2019 72,238 0.01 Granted 1,146,500 4.85 Exercised (72,238) 0.01 Warrants outstanding and exercisable, December 31, 2020 1,146,500 $ 4.85 Issuance for Professional Service Fees On December 10, 2020, the Company issued 50,000 shares of Common Stock as payment for services, equal to $348,000, related to a financial advisory agreement entered into on December 1, 2020. The term of the agreement is 6 months and the Company will record the expense ratably over that term as the service is provided. The Company recorded $58,000 as professional service fees included as a component of general and administrative expenses in the accompanying consolidated statement of operations. During the years ended December 31, 2020 and 2019, 158,333 and 43,919 shares of the Company’s Common stock were issued in relation to preferred stock conversions. Refer to Note 12 - Preferred Stock , for further discussion of Preferred Stock. Issuances for Stock Compensation During the years ended December 31, 2020 and 2019, we issued 30,834 and 109,183 shares of common stock, respectively, relating to the vesting of restricted stock units under our equity incentive plans. Refer to Note 13 - Stock Based Compensation , for further discussion of our equity incentive plans. In addition, during 2020, unvested restricted stock awards of 9,321 were forfeited. There were no related forfeitures during 2019. Treasury Shares The Company maintains Treasury Stock for the Common Stock shares bought back by the Company when withholding shares to cover taxes on Stock Compensation transactions, or when purchasing shares related to the Stock Repurchase Program discussed below. The following table shows the activity for Treasury Stock during the years ended December 31, 2020 and 2019 (in thousands): Shares Value Treasury Shares as of December 31, 2018 133 $ (496) Issuances out of Treasury Stock (76) 382 Purchases to cover stock compensation taxes 48 (51) Treasury Shares as of December 31, 2019 105 $ (165) Purchases to cover stock compensation taxes 8 (16) Treasury Shares as of December 31, 2020 113 $ (181) During the years ended December 31, 2020 and 2019, the Company repurchased 7,998 and 47,918 shares of the Company’s Common Stock (and recorded such shares in treasury stock) from employees, respectively, to satisfy $16,000 and $51,000 of minimum statutory tax withholding requirements relating to the vesting of stock awards, respectively. During 2019, approximately 76,000 shares were issued out of our Treasury Shares to fulfill RSU vestings. The value of the issued Treasury Shares was based on the original value of Treasury Shares, on a first-in-first-out basis, with the offset to Additional Paid in Capital. Stock Repurchase Program On July 21, 2018 the Company’s Board of Directors authorized a stock repurchase program (the “ Stock Repurchase Program ”) granting the Company authority to repurchase up to $750,000 of the Company’s Common Stock. Under the Company’s Stock Repurchase Program, repurchases of Common Stock may be funded using the Company’s existing cash balance and/or future cash flows through repurchases made in the open market, in privately negotiated transactions, or pursuant to other means determined by the Company, in each case as permitted by securities laws and other legal requirements. The number of shares purchased under the Stock Repurchase Program and the timing of any purchases may be based on many factors, including the level of the Company’s available cash, general business conditions, and the pricing of the Common Stock. The Stock Repurchase Program does not obligate the Company to acquire a specific number of shares and may be suspended, modified, or terminated at any time. During the year ended December 31, 2020, the Company did not repurchase any shares of Common Stock. All shares of Common Stock repurchased under the Stock Repurchase Program are recorded as treasury stock. The Stock Repurchase Program does not have an expiration date. As of December 31, 2020, the Company had $673,000 remaining under the Stock Repurchase Program. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock | Preferred Stock Our Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. The following table shows our authorized, issued, and outstanding preferred stock as of December 31, 2020: Authorized Issued and Outstanding 5% Series A-2 Preferred 7,500 45 0% Series C Preferred 1,750 — 0% Series D Preferred 4,000 — 6% Series D Preferred 1,750,000 1,697,958 6% Series E Preferred 175,000 131,579 1,938,250 1,829,582 Series A-2 Preferred Stock Each share of Series A-2 Preferred Stock has a stated value of $7,500 per share (the “A-2 Stated Value”), a liquidation preference equal to the Series A-2 Stated Value, and is convertible at the holder’s election into common stock at a conversion price per share of $16.11 as of December 31, 2020. Therefore, each share of Series A-2 Preferred Stock is convertible into 466 shares of common stock, for an aggregate of 20,950 shares of common stock, as of December 31, 2020. The conversion price is subject to adjustment upon the occurrence of certain events set forth in our Certificate of Incorporation. The Series A-2 Preferred Stock is senior to all outstanding classes of the Company’s equity, has weighted average anti-dilution protection and, effective January 1, 2013, entitled to cumulative dividends at a rate of 5.0% per annum, payable quarterly, based on the Series A-2 Stated Value and payable at the option of the holder in cash or through the issuance of a number of additional shares of Series A-2 Preferred Stock with an aggregate liquidation preference equal to the dividend amount payable on the applicable dividend payment date. As of December 31, 2020 and 2019, the Company has recorded $4,000 and $99,000, respectively, in accrued dividends on the accompanying Consolidated Balance Sheets related to the Series A-2 Preferred Stock outstanding. During the year ended December 31, 2020, $17,000 in dividends were accrued, $13,000 in accrued dividends were paid, and $99,000 in accrued and unpaid dividends were exchanged for 13 additional shares of Series A-2 Preferred Stock. The Company, at its option, may redeem all or a portion of the Series A-2 Preferred Stock in cash at a price per share of $8,250 (equal to $7,500 per share multiplied by 110%) plus all accrued and unpaid dividends. In accordance with ASC Topic 815, we evaluated whether our convertible preferred stock contains provisions that protect holders from declines in our stock price or otherwise could result in modification of the exercise price and/or shares to be issued under the respective preferred stock agreements based on a variable that is not an input to the fair value of a “fixed-for-fixed” option and require a derivative liability. The Company determined no derivative liability is required under ASC Topic 815 with respect to our convertible preferred stock. A contingent beneficial conversion amount is required to be calculated and recognized when and if the adjusted $16.11 conversion price of the Series A-2 Preferred Stock is adjusted to reflect a down round stock issuance that reduces the conversion price below the $11.16 fair value of the common stock on the issuance date of the Series A-2 Preferred Stock. On January 28, 2021, all outstanding shares of the series A-2 Preferred Stock, and accrued dividends, were converted into shares of common stock. Refer to Note 20 - Subsequent Events, for further discussion of the conversion. Series C Preferred Stock On January 25, 2018, the Company closed a registered direct offering of 1,750 shares of its Series C Preferred Stock for total gross proceeds to the Company of $1,750,000. The shares of Series C Preferred Stock were sold at a price equal to their stated value of $1,000 per share and were convertible into shares of the Company’s common stock at a conversion price of $3.00 per share. During the years ended December 31, 2020 and 2019, 475 and 50 shares of Series C Preferred Stock were converted to 158,333 and 16,667 shares of the Company’s common stock, respectively. As of December 31, 2020, no shares of Series C Preferred Stock remain issued and outstanding. Series D Preferred Stock In connection with the Acquisition (see Note 3 - Oblong Industries Acquisition ), the Company issued an aggregate of 1,686,659 shares of Series D Preferred Stock and an aggregate of 49,967 restricted shares of Series D Preferred Stock (“Restricted Series D Preferred Stock”), the latter of which are subject to vesting over a two-year period following the Closing Date of the Acquisition. Each share of Series D Preferred Stock is automatically convertible into a number of shares of the Company’s common stock equal to the accrued value of the share (initially $28.50), plus any accrued dividends thereon, divided by the Conversion Price (initially $2.85 per share, subject to specified adjustments) upon the completion of both (i) approval of such conversion by the Company’s stockholders (which occurred on December 19, 2019); and (ii) the receipt of all required authorizations and approval of a new listing application for the combined organization from the NYSE American or any such other exchange upon which the Company’s securities are then listed for trading. Pursuant to the terms of the Series D Certificate of Designations, each share of Series D Preferred Stock is entitled to receive an annual dividend equal to 6% of its then-existing Accrued Value per annum, commencing on the first anniversary of the issuance of the Series D Preferred Stock (or October 1, 2020). Prior to the first anniversary of the issuance of the Series D Preferred Stock no dividends will accrue on such stock. Dividends are cumulative and accrue daily in arrears. If the Company’s Board of Directors does not declare any applicable dividend payment in cash, the Accrued Value of the Series D Preferred Stock will be increased by the amount of such dividend payment. The undeclared dividends for the Series D Preferred Stock, as of December 31, 2020, were $732,000, and increased the value of the Series D Preferred Stock by such amount. During the years ended December 31, 2020 and 2019, 28,618 and 1,725 of Restricted Series D Preferred Stock were forfeited, respectively, and, in 2020, $8,325 shares of Series D Preferred Stock were surrendered to cover the taxes on vesting shares. As of December 31, 2020, there are 1,647,991 shares of Series D Preferred Stock, and 49,967 shares of Restricted Series D Preferred Stock outstanding. Series E Preferred Stock On October 1, 2019, Oblong entered into a Series E Preferred Stock Purchase Agreement (the “Purchase Agreement”) with the investors party thereto, who, prior to the closing of the Acquisition, were stockholders of Oblong Industries (the “Purchasers”), relating to the offer and sale by the Company in a private placement (the “Offering”) of up to 131,579 shares of its Series E Preferred Stock at a price of $28.50 per share. At an initial closing on October 1, 2019 and a subsequent closing on December 18, 2019, the Company sold a total of 131,579 shares of Series E Preferred Stock for net proceeds of approximately $3,750,000. The 131,579 shares of Series E Preferred Stock issued by the Company in the Series E Financing have an aggregate Accrued Value of $3,750,000 and upon their conversion will convert at a conversion price of $2.85 per share into 1,315,790 common shares. Like the Series D Preferred Stock, each share of Series E Preferred Stock is automatically convertible into common stock upon the receipt of all required authorizations and approval of a new listing application for the combined organization from the NYSE American or any such other exchange upon which the Company’s securities are then listed for trading. Pursuant to the terms of the Series E Certificate of Designations, each share of Series E Preferred Stock is entitled to receive an annual dividend equal to 6.0% of its then-existing Accrued Value per annum, commencing on the first anniversary of the issuance of the Series E Preferred Stock (or October 1, 2020 or December 18, 2020, as applicable). Prior to the first anniversary of the issuance of the Series E Preferred Stock no dividends will accrue on such stock. Dividends are cumulative and accrue daily in arrears. If the Company’s Board of Directors does not declare any applicable dividend payment in cash, the Accrued Value of the Series E Preferred Stock will be increased by the amount of such dividend payment. The undeclared dividends for the Series E Preferred Stock, as of December 31, 2020, were $56,000, and increased the value of the Series E Preferred Stock by such amount. During the years ended December 31, 2020 and 2019 no shares of Series E Preferred Stock were forfeited and 131,579 shares remain outstanding as of December 31, 2020. Subsequent Conversion If the outstanding shares of Series D and Series E Preferred Stock had been converted to common stock as of December 31, 2020, 17,020,100 and 1,315,790 shares of common stock would have been issued for the Series D and Series E Preferred Stock, respectively, which would have increased our outstanding shares of common stock from 7,748,629 to 26,084,519. In 2021 all outstanding shares of the Series D and Series E Preferred Stock, plus the value of the 6.0% dividend, were converted into shares of common stock. Refer to Note 20 - Subsequent Events, |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Stock Based Compensation | Stock Based Compensation 2019 Equity Incentive Plan On December 19, 2019, the Oblong, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) was approved by the Company’s stockholders at the Company’s 2019 Annual Meeting of Stockholders. The 2019 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and cash incentive awards to certain key service providers of the Company and its subsidiaries. The 2019 Plan replaces the Glowpoint, Inc. 2014 Equity Incentive Plan (the “Prior Plan”), which was adopted by the Company’s Board of Directors on April 22, 2014, and subsequently approved by the Company’s stockholders. Following approval of the 2019 Plan, the Company terminated the Prior Plan and may no longer make grants under the Prior Plan; however, any outstanding equity awards granted under the Prior Plan will continue to be governed by the terms of the Prior Plan. The maximum number of shares of the Company’s Common Stock initially reserved and available for issuance under the 2019 Plan was equal to the sum of (i) 2,600,000 shares the Company’s Common Stock and (ii) 421,000 shares of the Company’s Common Stock remaining available for issuance under the Prior Plan at the time of its termination. As of December 31, 2020, 28,904 restricted stock units were outstanding under the Prior Plan. As of December 31, 2020, the share pool available for new grants under the 2019 Plan is 3,013,500. During the year ended December 31, 2020, the Company issued 7,500 shares from the 2019 Plan to a former Board member and recorded stock-based compensation expense of $35,000 in general and administrative expenses (based on the stock price on the date of issuance). No equity awards were granted under the 2019 Plan during the year ended December 31, 2019. 2007 Stock Incentive Plan In May 2014, the Board terminated the Company’s 2007 Stock Incentive Plan (the “2007 Plan”). Notwithstanding the termination of the 2007 Plan, outstanding awards under the 2007 Plan will remain in effect accordance with their terms. As of December 31, 2020, options to purchase a total of 107,500 shares of common stock and 627 shares of restricted stock were outstanding under the 2007 Plan. No shares are available for issuance under the 2007 Plan. Stock Options For the years ended December 31, 2020 and 2019, other than the options granted to certain former holders of options to purchase shares of Oblong’s common stock, for which no stock-based compensation was recorded as discussed below, no stock options were granted. A summary of stock options expired and forfeited under our plans and options outstanding as of, and changes made during, the years ended December 31, 2020 and 2019 is presented below: Outstanding Exercisable Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Options outstanding, December 31, 2018 118,003 $ 19.90 118,003 $ 19.90 Exchanged for Oblong Industries stock options 107,845 4.92 Expired (440) 16.48 Forfeited (10,063) 23.20 Options outstanding and exercisable, December 31, 2019 215,345 12.27 215,345 12.27 Expired (107,845) 4.92 Options outstanding and exercisable, December 31, 2020 107,500 $ 19.64 107,500 $ 19.64 Additional information as of December 31, 2020 is as follows: Outstanding and Exercisable Range of price Number Weighted Weighted $0.00 – $10.00 2,500 2.45 $ 9.00 $10.01 – $20.00 97,500 2.06 19.32 $20.01 – $30.00 2,500 1.43 21.80 $30.01 – $40.00 5,000 1.19 30.20 107,500 2.01 $ 19.64 In connection with the Acquisition, all options to purchase shares of Oblong’s common stock held by previously terminated employees of Oblong Industries were assumed by the Company and deemed, in the aggregate, to constitute options to acquire a total of 107,845 shares of the Company’s common stock, at a volume weighted average exercise price of $4.92 per share and a remaining exercise period of one year. No stock-based compensation expense was recorded in the years ended December 31, 2020 and 2019 for these stock options, as the value for these options was recorded as part of the consideration of the Acquisition given that these options were issued to terminated employees. As of December 31, 2020, all 107,845 options had expired. The intrinsic value of vested options, unvested options and exercised options were not significant for all periods presented. There was no remaining unrecognized stock-based compensation expense for options at December 31, 2020 as all options were vested. Restricted Stock Awards A summary of restricted stock granted, vested and unvested outstanding as of, and changes made during, the years ended December 31, 2020 and 2019, is presented below: Restricted Shares Weighted Average Unvested restricted stock outstanding, December 31, 2018 11,320 $ 14.88 Vested (1,372) 15.72 Forfeited (9,321) 14.70 Unvested restricted stock outstanding, December 31, 2019 627 15.80 Unvested restricted stock outstanding, December 31, 2020 627 $ 15.80 Stock-based compensation expense relating to restricted stock awards is allocated as follows (in thousands): Year Ended December 31, 2020 2019 General and administrative — 3 $ — $ 3 The stock compensation for the unvested restricted stock awards was amortized over an average service life of five years, but the vesting term was the lesser of i) ten years from the date of issuance (May 28, 2024) or ii) the departure date of the director. The unvested restricted stock awards have been fully expensed and there is no unrecognized stock-based compensation expense for restricted stock awards at December 31, 2020. Restricted Stock Units A summary of restricted stock units (“RSUs”) granted, vested, forfeited and unvested outstanding as of, and changes made during, the years ended December 31, 2020 and 2019, is presented below: Restricted Stock Units Weighted Average Unvested RSUs outstanding, December 31, 2018 503,518 $ 1.94 Granted 55,479 1.30 Vested (114,505) 3.05 Forfeited (421,158) 1.54 Unvested RSUs outstanding, December 31, 2019 23,334 2.20 Vested (23,334) 2.20 Unvested RSUs outstanding, December 31, 2020 — $ — As of December 31, 2020 and 2019, 28,904 vested RSUs remain outstanding, as shares of common stock have not yet been delivered for these units in accordance with the terms of the RSUs. The number of RSUs vested during the year ended December 31, 2020 includes 7,998 shares of common stock withheld and repurchased by the Company on behalf of employees to satisfy $16,000 of tax obligations relating to the vesting of such shares. Stock-based compensation expense relating to restricted stock units is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Cost of revenue $ — $ 10 Research and development — 12 General and administrative 6 52 $ 6 $ 74 There was no remaining unrecognized stock-based compensation expense for restricted stock units at December 31, 2020. There was no tax benefit recognized for stock-based compensation expense for the years ended December 31, 2020 and 2019. No compensation costs were capitalized as part of the cost of an asset during the periods presented. Restricted Series D Preferred Stock In connection with the Acquisition, all options to purchase shares of Oblong Industries’ common stock held by existing employees of Oblong Industries were canceled and exchanged for an aggregate of 49,967 restricted shares of Series D Preferred Stock (“Restricted Series D Preferred Stock”), which are subject to vesting over a two-year period following the Closing Date. Stock-based compensation expense relating to Restricted Series D Preferred Stock is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Research and development $ 47 $ 17 Sales, general and administrative $ 111 $ 16 $ 158 $ 33 During the years ended December 31, 2020 and 2019, 29,694 and 1,725 shares of Restricted Series D Preferred Stock were forfeited, respectively and 18,548 shares were outstanding as of December 31, 2020. The remaining unrecognized stock-based compensation expense for Restricted Series D Preferred Stock at December 31, 2020 was $38,000, which was expensed in February 2021 upon the conversion of the shares into common. Refer to Note 20 - Subsequent Events, for further discussion of the conversion. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding at December 31, 2020 and December 31, 2019, are considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested shares of our restricted stock do not contain non-forfeitable rights to dividends and dividend equivalents. Vested RSUs (for which shares of common stock have not yet been delivered) are included in the calculations of basic net loss per share. Unvested RSUs are not included in calculations of basic net loss per share, as they are not considered issued and outstanding at time of grant. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, preferred stock, RSUs, and unvested restricted stock awards, to the extent they are dilutive. For the year ended December 31, 2020, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net losses). The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data): Year Ended December 31, Numerator: 2020 2019 Net loss $ (7,421) $ (7,761) Less: preferred stock dividends 17 27 Less: undeclared dividends $ 788 $ — Net loss attributable to common stockholders $ (8,226) $ (7,788) Denominator: Weighted-average number of shares of common stock for basic net loss per share 5,547 5,108 Basic and diluted net loss per share $ (1.48) $ (1.52) The weighted-average number of shares for the years ended December 31, 2020 and 2019 includes 28,904 and 28,904 shares, respectively, of vested RSUs, as discussed in Note 13 - Stock Based Compensation . The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Year Ended December 31, 2020 2019 Unvested restricted stock units — 23,334 Outstanding stock options 107,500 215,345 Unvested restricted stock awards 627 627 Shares of common stock issuable upon conversion of Series A-2 preferred stock 18,161 10,978 Shares of common stock issuable upon conversion of Series C preferred stock — 158,333 Shares of common stock issuable upon conversion of Series D preferred stock 17,020,100 17,349,010 Shares of common stock issuable upon conversion of Series E preferred stock 1,315,790 1,315,790 Warrants 1,146,500 72,394 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Prior to the acquisition of Oblong Industries on October 1, 2019, the Company operated in one segment. The businesses of Oblong (formerly Glowpoint) and Oblong Industries were managed separately during the fourth quarter of 2019 and the year ended December 31, 2020, and involve different products and services. Accordingly, the Company currently operates in two segments: (1) the Oblong business which mainly consists of managed services for video collaboration and network applications; and (2) the Oblong Industries business which consists of products and services for visual collaboration technologies. Because the closing of the acquisition of Oblong Industries occurred on October 1, 2019, the Company’s consolidated financial statements as of and for the year ended December 31, 2019 included in this Report only reflect Oblong Industries’ financial results for the fourth quarter of 2019, as compared to full year results for the year ended December 31, 2020. Certain information concerning the Company’s segments for the years ended December 31, 2020 and 2019 is presented in the following tables (in thousands): For the Year Ended December 31, 2020 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 6,227 $ 9,106 $ — $ 15,333 Cost of revenues 3,789 3,491 — 7,280 Gross profit $ 2,438 $ 5,615 $ — $ 8,053 Gross profit % 39.2 % 61.7 % — % 52.5 % Allocated operating expenses $ 1,479 $ 9,913 $ — $ 11,392 Unallocated operating expenses — — 6,725 6,725 Total operating expenses $ 1,479 $ 9,913 $ 6,725 $ 18,117 Income (loss) from operations $ 959 $ (4,298) $ (6,725) $ (10,064) Interest and other income (expense), net (19) 2,765 — 2,746 Income (loss) before income taxes. $ 940 $ (1,533) $ (6,725) $ (7,318) Income tax expense $ 50 $ 53 $ — $ 103 Net income (loss) $ 890 $ (1,586) $ (6,725) $ (7,421) As of December 31, 2020 Total assets $ 6,494 $ 22,649 $ — $ 29,143 For the Year Ended December 31, 2019 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 9,660 $ 3,167 $ — $ 12,827 Cost of revenues 6,269 1,158 — 7,427 Gross profit $ 3,391 $ 2,009 $ — $ 5,400 Gross profit % 35.1 % 63.4 % — % 42.1 % Allocated operating expenses $ 6,835 $ 5,183 $ — $ 12,018 Unallocated operating expenses — — 956 956 Total operating expenses $ 6,835 $ 5,183 $ 956 $ 12,974 Loss from operations $ (3,444) $ (3,173) $ (956) $ (7,574) Interest and other expense, net — — (187) (187) Loss before income taxes $ (3,444) $ (3,173) $ (1,143) $ (7,761) Income tax expense $ — $ — $ — $ — Net loss $ (3,444) $ (3,173) $ (1,143) $ (7,761) As of December 31, 2019 Total assets $ 5,942 $ 28,967 $ — $ 34,909 Unallocated operating expenses include costs for the year ending December 31, 2020 that are not specific to a particular segment but are general to the group; included are expenses incurred for administrative and accounting staff, general liability and other insurance, professional fees and other similar corporate expenses. For the years ended December 31, 2020 and 2019, there was no material revenue attributable to any individual foreign country. Approximately 1% of foreign revenue is billed in foreign currency and foreign currency gains and losses are not material. Revenue by geographic area is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Domestic $ 10,288 $ 9,096 Foreign $ 5,045 $ 3,731 $ 15,333 $ 12,827 Disaggregated information for the Company’s revenue has been recognized in the accompanying consolidated statements of operations and is presented below according to contract type (dollars in thousands): Year ended December 31, 2020 % of Revenue 2019 % of Revenue Revenue: Oblong (formerly Glowpoint) Video collaboration services $ 2,413 15.7 % $ 5,566 43.4 % Network services 3,611 23.6 % 3,860 30.1 % Professional and other services 203 1.3 % 234 1.8 % Total Oblong revenue $ 6,227 40.6 % $ 9,660 75.3 % Revenue: Oblong Industries Visual collaboration product offerings $ 6,873 44.8 % $ 2,180 17.0 % Professional services 1,033 6.7 % 709 5.5 % Licensing 1,200 7.8 % 278 2.2 % Total Oblong Industries revenue $ 9,106 59.4 % $ 3,167 24.7 % Total revenue $ 15,333 100.0 % $ 12,827 100.0 % Oblong fixed assets were 100% located in domestic markets at December 31, 2020. Oblong Industries’ long-lived assets were located 80% in domestic and 20% in foreign markets at December 31, 2020. The Company considers a significant customer to be one that comprises more than 10% of the Company’s consolidated revenues or accounts receivable. The loss of or a reduction in sales or anticipated sales to our most significant or several of our smaller customers could have a material adverse effect on our business, financial condition and results of operations. Concentration of revenues was as follows: Year Ended December 31, 2020 2019 Segment % of Revenue % of Revenue Customer A Oblong 17.0 % 17.8 % Customer B Oblong Industries 17.0 % * Customer C Oblong — % 19.8 % Concentration of accounts receivable was as follows: As of December 31, 2020 2019 Segment % of Accounts Receivable % of Accounts Receivable Customer A Oblong 14.1 % * Customer B Oblong Industries 20.1 % * Customer C Oblong Industries 12.0 % 16.0 % Customer D Oblong Industries — % 18.0 % Customer E Oblong * 11.5 % * The amount did not exceed 10% of the Company’s consolidated total revenue or accounts receivable. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases We lease three facilities in Los Angeles, California, one facility in Boston, Massachusetts, one facility in Dallas, Texas, and one facility in Munich Germany, all providing office space. We also lease space in City of Industry, California, providing warehouse space. These leases expire between 2022 and 2023. During 2020, and through the date of this filing, we exited leases in Herndon, Virginia; Atlanta, Georgia; Houston, Texas; Los Altos, California; London, England, and a warehouse space in Los Angeles, California. Although subject to COVID restrictions, we currently occupy two of the facilities in Los Angeles and the warehouse space in City of Industry; we have subleases in place for the third Los Angeles property, the Dallas property, and the Boston property. The Munich property is not in use and the Company is considering its options with this lease. Lease expenses, net of common charges and sublet proceeds, for the years ended December 31, 2020 and 2019 were $997,000 and $580,000, respectively. The 2019 lease expense consisted of twelve months of lease expense for Oblong (formerly Glowpoint) and three months of lease expense for Oblong Industries. The 2020 expenses consisted of twelve months of lease expense for Oblong Industries, and three months of lease expense for Oblong. The Company primarily leases facilities for office and data center space under non-cancellable operating leases for its U.S. and international locations that expire at various dates through 2023. For leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability based on the present value of lease payments over the lease term. Variable lease payments are not included in the lease payments to measure the lease liability and are expensed as incurred. The Company’s leases have remaining terms of one As the Company's leases do not provide a readily determinable implicit rate, the Company uses the incremental borrowing rate at lease commencement, which was determined using a portfolio approach, based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet and the expense for these short-term leases is recognized on a straight-line basis over the lease term. Common area maintenance fees (or CAMs) and other charges related to these leases continue to be expensed as incurred. The following provides balance sheet information related to leases as of December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Assets Operating lease, right-of-use asset, net $ 903 $ 3,117 Liabilities Current portion of operating lease liabilities $ 830 $ 1,294 Operating lease liabilities, net of current portion 602 2,020 Total operating lease liabilities $ 1,432 $ 3,314 The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands): Year Ending December 31, 2021 $ 901 2022 514 2023 116 Total lease payments $ 1,531 Effect of discounting (99) Total lease liability $ 1,432 During the year ended December 31, 2020, we entered into one new operating lease, terminated six operating leases, and took impairment losses on the right-of-use assets on two of our operating leases. The following table provides a reconciliation of activity for our right of use assets and lease liabilities (in thousands): Right-of-Use Asset Operating Lease Liability Balance at December 31, 2019 $ 3,117 $ 3,314 Additions $ 116 $ 116 Terminations and Modifications $ (864) $ (860) Amortizations and Reductions $ (1,001) $ (1,138) Impairment Charges $ (465) $ — Balance at December 31, 2020 $ 903 $ 1,432 The ROU assets and lease liabilities are recorded on the Company’s consolidated balance sheets as of December 31, 2020 and December 31, 2019. During the year ended December 31, 2020, non-cash immaterial out-of-period adjustments of approximately $195,000 were recorded to reduce the right of use asset and lease liability. These adjustments related to an error in the calculation of these amounts, in connection with the Oblong Acquisition. During the year ended December 31, 2020, the Company entered into one new lease, in City of Industry, CA, for warehouse space. The new lease commenced on September 1, 2020 and has a term of 18 months. The new lease resulted in an addition to ROU Assets, and corresponding increase to lease liability, of $116,000. During the year ended December 31, 2020, the Company exited six of its leases, one in Denver, one in New York, one in London, one in Atlanta, one in Los Angeles, and one in Virginia. The Denver lease was exited in the first quarter of 2020, the New York and London leases were exited in the second quarter of 2020, and the Atlanta lease was exited in the third quarter of 2020 when the Company elected not to renew the leases. The Los Angeles lease was exited in third quarter of 2020, and the Virginia lease was exited in the fourth quarter of 2020, when the Company negotiated early terminations of the leases. These lease exits resulted in the reduction of ROU assets and the reduction of lease liability. The Denver ROU asset was fully amortized, and the lease liability had been fully paid, as of the date of exit resulting in a net effect of zero on the ROU asset and operating lease liability on the Company’s consolidated balance sheet during the first quarter of 2020. The New York ROU asset was fully amortized, and the lease liability had been fully paid, as of the date of exit resulting in a net effect of zero on the ROU asset and operating lease liability on the Company’s consolidated balance sheet during the first quarter of 2020. The London lease expired in April 2020 and the Company elected not to renew the lease. The Company had originally planned to renew the London Lease, and, pursuant to ASC 842, had recorded additional operating lease liability and ROU asset value. Upon the exit of the London Lease, the Company recorded a disposal of ROU asset value of $214,000 and corresponding reduction of operating lease liability of $197,000 on the Company’s consolidated balance sheet during the first quarter of 2020. On April 24, 2020, the Company signed an amendment to the lease on our Los Angeles warehouse in order to exit the lease early. The original termination date of the lease was the end of May 2022 and we exited the lease at the end of August 2020. Upon the exit of the LA Warehouse Lease, the Company recorded a disposal of ROU asset value of $317,000 and corresponding reduction of operating lease liability of $333,000 of lease liability on the Company’s consolidated balance sheet during the second quarter of 2020. In addition, in exchange for the early termination, the Company forfeited its security deposit of $26,000. On July 31, 2020, the Company entered into a termination agreement related to our lease in Atlanta, upon the expiration of the lease term. The Company had originally planned to renew the Atlanta Lease, and, pursuant to ASC 842, had recorded additional operating lease liability and ROU asset value. Upon exit of the Atlanta lease, the Company recorded a disposal of ROU asset value of $17,000, and a corresponding reduction of lease liability of $20,000, on the Company’s consolidated balance sheet during the third quarter of 2020. On November 30, 2020, the Company entered into a termination agreement, related to our lease in Virginia, in exchange for a cancellation fee of $45,000 and the forfeiture of our $18,000 security deposit. The original term of the lease was set to expire in September 2022. Upon exit of the Virginia lease, the Company recorded a disposal of ROU asset value of $120,000, and a corresponding reduction of lease liability of $137,000, on the Company’s consolidated balance sheet during the fourth quarter of 2020. During 2020, the Company subleased its office space in Dallas and Los Altos, a portion of its office space in Boston, and in December 2020, we subleased one of the units of our LA office space. The sublease terms all mirror the remaining terms of their respective leases, and all subleases are in good standing. During the year ended December 31, 2020, the Company recorded an offset of approximately $374,000 to our rent and occupancy expenses from the proceeds of these subleases. On December 31, 2020, the Company determined it was not going to be able to sublet the remainder of the Boston property, or any of the Munich property, and impaired the ROU asset value of these leases. The Company recorded impairment charges of $195,000 and $270,000 on the ROU assets of the Boston and Munich leases, respectively, and included these amounts in impairment expense in the accompanying consolidated statement of operations for the year ended December 31, 2020. COVID-19 On March 11, 2020, the World Health Organization announced that infections of the novel Coronavirus (COVID-19) had become pandemic, and on March 13, the U.S. President announced a National Emergency relating to the disease. There is a possibility of continued widespread infection in the United States and abroad, with the potential for catastrophic impact. National, state and local authorities have required or recommended social distancing and imposed or are considering quarantine and isolation measures on large portions of the population, including mandatory business closures. These measures, while intended to protect human life, are expected to have serious adverse impacts on domestic and foreign economies of uncertain severity and duration. Some economists are predicting the United States will soon enter a recession. The sweeping nature of the coronavirus pandemic makes it extremely difficult to predict how the Company’s business and operations will be affected in the longer run, but we expect that it may materially affect our business, financial condition and results of operations. The extent to which the coronavirus impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. Moreover, the coronavirus outbreak has begun to have indeterminable adverse effects on general commercial activity and the world economy, and our business and results of operations could be adversely |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table sets forth pretax book loss (in thousands): Year Ended December 31, 2020 2019 United States $ (7,570) $ (7,882) Foreign 252 121 Total $ (7,318) $ (7,761) The following table sets forth income before taxes and the income tax expense for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Current: Federal $ — $ — Foreign 53 — State 50 — 103 — Deferred: Federal — — Foreign — — State — — — — Income tax expense $ 103 $ — Our effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2020 and 2019 as shown in the following table (in thousands): Year Ended December 31, 2020 2019 U.S. federal income taxes at the statutory rate $ (1,533) $ (1,630) State taxes, net of federal effects (122) (130) UK Anti-Hybrid expense addback 289 397 Transaction costs — 74 Goodwill impairment 114 473 Section 382 Limitation — (7,448) Adjustment to NOL Benefit 4,640 — NOL Carryforward Adjustment for Expired NOLs 84 — Stock Compensation Plan Adjustments 272 — Change in state apportionment rate (350) (406) Change in valuation allowance (3,868) 8,869 Research and development credit 546 (136) Other 31 (63) Income tax expense $ 103 $ — The tax effect of the temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2020 and 2019 is presented below (in thousands): December 31, 2020 2019 Deferred tax assets (liabilities): Tax benefit of operating loss carry forward - Federal $ 23,184 $ 22,793 Tax benefit of operating loss carry forward - State 5,548 10,122 Accrued expenses 141 83 Deferred revenue 417 522 Stock-based compensation 396 671 Fixed assets 329 320 Goodwill 167 236 Inventory 47 (61) Intangible amortization (2,285) (3,287) R&D credit 2,154 2,700 Texas margin tax temporary credit 159 186 Other 285 125 Total deferred tax asset, net $ 30,542 $ 34,410 Valuation allowance (30,542) (34,410) Net deferred tax liability $ — $ — The ending balances of the deferred tax asset have been fully reserved, reflecting the uncertainties as to realizability evidenced by the Company’s historical results. The change in valuation allowance for the year ended December 31, 2020 is an decrease of $4,005,000 principally due to the reduction of NOLs due to Section 382 limitations. The change in valuation allowance for the year ended December 31, 2019 was an increase of $25,040,000. We and our subsidiary file federal and state tax returns on a consolidated basis. On October 1, 2019 Oblong, Inc. acquired the stock of Oblong Industries Inc. that resulted in Oblong Industries Inc.'s shareholders now owning 75% of Oblong, Inc. Therefore, an “ownership change” occurred on this date (as defined under Section 382 of the Internal Revenue Code of 1986, as amended), which places an annual limitation on the utilization of the net operating loss (“NOL”) carryforwards accumulated before the ownership change. If additional ownership changes occur in the future, the use of the net operating loss carryforwards could be subject to further limitation. As a result of this annual limitation and the limited carryforward life of the accumulated NOLs, we determined that the ownership change resulted in the permanent loss of approximately $30,880,000 of tax NOL carryforwards. At December 31, 2019, we had federal net operating loss carryforwards of $108,497,000 available to offset future federal taxable income which expire in various amounts from 2020 through 2037. At December 31, 2020, we had federal net operating loss carryforwards of $110,401,000 available to offset future federal taxable income which expire in various amounts from 2020 through 2037. Of this amount, 5,928,000 is subject to annual Section 382 limitations. As of December 31, 2020 and 2019, the Company also has various state net operating loss carryforwards of $94,223,000 and $141,210,000, respectively. The determination of the state net operating loss carryforwards is dependent upon apportionment percentages and state laws that can change, from year to year and impact the amount of such carryforwards. There were no significant matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return, in accordance with ASC Topic 740 “ Income Taxes ” (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements, that have been recorded on the Company’s consolidated financial statements for the years ended December 31, 2020 and 2019. The Company does not anticipate a material change to unrecognized tax benefits in the next twelve months. Additionally, ASC 740 provides guidance on the recognition of interest and penalties related to unrecognized tax benefits. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended December 31, 2020 and 2019. The federal and state tax returns for the 2017 and subsequent years are currently open to examination. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) PlanWe have adopted a retirement plan under Section 401(k) of the Internal Revenue Code. The 401(k) plan covers substantially all employees who meet minimum age and service requirements. Company contributions to the 401(k) plan for the years ended December 31, 2020 and 2019 were $58,000 and $74,000, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On October 1, 2019, Oblong entered into a Series E Preferred Stock Purchase Agreement with the investors party thereto, who, prior to the closing of the Acquisition, were stockholders of Oblong Industries, relating to the offer and sale by the Company in a private placement (the “Offering”) of up to 131,579 shares of its Series E Preferred Stock at a price of $28.50 per share (see further discussion in Note 12 - Preferred Stock ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Listing Transfer from NYSE American to Nasdaq On February 1, 2021, the Company, acting pursuant to authorization from its Board of Directors, determined to voluntarily withdraw the listing of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), from the NYSE American Stock Exchange (the “NYSE American”) and transfer such listing to The Nasdaq Capital Market (“Nasdaq”). The Company’s listing and trading of its Common Stock on the NYSE American ended at market close on February 11, 2021, and trading began on Nasdaq at market open on February 12, 2021, and is continuing to trade under the ticker symbol “OBLG”. Preferred Stock Conversions Series A-2 Preferred Stock On January 28, 2021, the Company entered into an agreement with the holder of the Series A-2 Preferred Stock to convert the Stated Value of all outstanding shares of the Series A-2 Preferred Stock, approximately 45 shares, into 84,292 shares of the Company’s common stock, at a negotiated conversion price of $4.00 per share, after taking into consideration accrued and unpaid dividends. Series D and Series E Preferred Stock The terms of the Company’s Series D and Series E Preferred Stock, par value $0.0001 per share (together, the “Series D and E Preferred Stock”), provided that such shares are automatically convertible into a number of shares of the Company’s Common Stock equal to the accrued value of the preferred shares (initially $28.50), plus any accrued dividends thereon, divided by the conversion price (initially $2.85 per share, subject to specified adjustments) upon the completion of both (i) approval of such conversion by the Company’s stockholders entitled to vote thereon (which occurred on December 19, 2019); and (ii) the receipt of all required authorizations and approval of a new listing application for the combined organization following the Company’s October 2019 acquisition of Oblong Industries, Inc. from the NYSE American or any such other exchange upon which the Company’s securities are then listed for trading. The Company determined that this conversion condition was completed in its entirety, and the Series D and E Preferred Stock automatically converted to shares of Common Stock pursuant to their terms, effective upon the commencement of trading of the Company’s Common Stock on Nasdaq as described above. As of the date of conversion, the Company had 1,703,641 shares of Series D Preferred Stock and 131,579 shares of Series E Preferred Stock outstanding, respectively. The outstanding shares of Series D and Series E Preferred stock were converted into 17,416,887 and 1,345,176 shares of Common Stock, respectively, after taking into consideration all accrued and unpaid dividends. Following the conversion of the Series A-2, Series D, and Series E Preferred Stock, the Company had an aggregate of 26,618,048 shares of Common Stock issued and outstanding, and no shares of Preferred Stock issued and outstanding. |
Business Description and Sign_2
Business Description and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Oblong and our 100%-owned subsidiaries (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, (ii) Oblong Industries, Inc., and (iii) the following subsidiaries of Oblong Industries: Oblong Industries Europe, S.L. and Oblong Europe Limited. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries. |
Segments | Segments Prior to the acquisition of Oblong Industries on October 1, 2019, the Company operated in one segment. Effective October 1, 2019, the former businesses of Glowpoint, Inc. (now Oblong, Inc.) and Oblong Industries were managed separately and involve different products and services. Accordingly, the Company currently operates in two segments: 1) the Oblong, Inc. (formerly Glowpoint) business which mainly consists of managed services for video collaboration and network and 2) the Oblong Industries business which consists of products and services for visual collaboration technologies. See Note 15 - Segment Reporting for further discussion. |
Use of Estimates | Use of EstimatesPreparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability of property and equipment, and intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with our impairment tests, the inputs used in the fair value of equity based awards as well as the values ascribed to assets acquired and liabilities assumed in the business combination. |
Restricted cash | Restricted Cash As of December 31, 2020, our total cash balance was $5,277,000, consisting of available cash of $5,058,000, current restricted cash of $158,000, and $61,000 in long-term restricted cash. The long-term restricted cash is included in our other assets on our consolidated balance sheet. The restricted cash pertains to two letters of credit that serve as the security deposit for our leased office space in Munich, Germany and our leased office space in Los Altos, California (as discussed in Note 16 - Commitments and Contingencies ), and is secured by an equal amount of cash pledged as collateral, and such cash is held in a restricted bank account. As of February 28, 2021, the lease and the letter of credit ($158,000) for the Los Altos office space expired. |
Allowance for Doubtful Accounts | Allowance for Doubtful AccountsWe perform ongoing credit evaluations of our customers. We record an allowance for doubtful accounts based on specifically identified amounts that are believed to be uncollectible. We also record additional allowances based on our aged receivables, which are determined based on historical experience and an assessment of the general financial conditions affecting our customer base. If our actual collections experience changes, revisions to our allowance may be required. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. We do not obtain collateral from our customers to secure accounts receivable. |
Inventory | InventoryInventory consists of finished goods and was determined using average costs and was stated at the lower of cost or net realizable value. The Company periodically performs analyses to identify obsolete or slow-moving inventory, |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company considers its cash, accounts receivable, accounts payable and debt obligations to meet the definition of financial instruments. The carrying amount of cash, accounts receivable and accounts payable approximated their fair value due to the short maturities of these instruments. The carrying amounts of our debt obligations (see Note 10 - Debt ) approximate their fair values, which are based on borrowing rates that are available to the Company for loans with similar terms, collateral, and maturity. The Company measures fair value as required by Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework and gives guidance regarding the methods used for measuring fair value, and expands disclosures about fair value measurements. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there exists a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2 - inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 - unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. |
Revenue Recognition and Taxes Billed to Customers and Remitted to Taxing Authorities | Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606. The Company recognizes revenue using the five-step model as prescribed by Topic 606: • Identification of the contract, or contracts, with a customer; • Identification of the distinct performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when or as the Company satisfies a performance obligation. Oblong’s (formerly Glowpoint) managed videoconferencing services are offered to our customers on either a usage basis or on a subscription. Our network services are offered to our customers on a subscription basis. Revenue for these services is generally recognized on a monthly basis as services are performed. Revenue related to professional services is recognized at the time the services are performed. The costs associated with obtaining a customer contract were previously expensed in the period they were incurred. Under Topic 606, these payments are deferred on our consolidated balance sheet and amortized over the expected life of the customer contract. Deferred revenue as of December 31, 2020 totaled $27,000 as certain performance obligations were not satisfied as of this date. During the year ended December 31, 2020, the Company recorded $21,000 of revenue that was included in deferred revenue as of December 31, 2019. During the year ended December 31, 2019, the Company recorded $32,000 of revenue that was included in deferred revenue as of December 31, 2018. Oblong Industries’ visual collaboration products are composed of hardware and embedded software sold as a complete package, and generally include installation and maintenance services. Revenue for hardware and software is recognized upon shipment to the customer. Installation revenue is recognized upon completion of installation, which also triggers the beginning of recognition of revenue for maintenance services which range from one to three years. Revenue is recognized over time for maintenance services. Professional services are contracts with specific customers for software development, visual design, interaction design, engineering, and project support. These contracts vary in length, and revenue is recognized over time as services are rendered. Licensing agreements are for the Company’s core technology platform, g-speak, and are generally one year in length. Revenue for these services is recognized ratably over the service period. Upon adoption of Topic 606, Oblong Industries was not required to adjust its revenue recognition methodology, as recognition was deemed to be in-line with the five-step model. Deferred revenue as of December 31, 2020 totaled $1,696,000 as certain performance obligations were not satisfied as of this date. During the year ended December 31, 2020, the Company recorded $978,000 of revenue that was included in deferred revenue as of December 31, 2019. During the three months ended December 31, 2019, the Company recorded $352,000 of revenue that was included in deferred revenue as of the date of the merger. The Company disaggregates its revenue by geographic region. See Note 15 - Segment Reporting for more information. Taxes Billed to Customers and Remitted to Taxing Authorities |
Impairment of Long-Lived Assets, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Goodwill and Intangible Assets The Company assesses the impairment of long-lived assets used in operations, primarily fixed assets and purchased intangible assets subject to amortization when events and circumstances indicate that the carrying value of the assets might not be recoverable. For purposes of evaluating the recoverability of fixed assets and amortizing intangible assets, the undiscounted cash flows estimated to be generated by those assets are compared to the carrying amounts of those assets. If and when the carrying values of the assets exceed the undiscounted cash flow, then the related assets will be written down to fair value. For the years ended December 31, 2020 and 2019, the Company recorded asset impairment charges on property and equipment of $144,000 and $63,000, which pertained primarily to assets no longer used in the business. During the year ended December 31, 2020, the Company disposed of fixed assets of $3,438,000, and the corresponding accumulated depreciation of $3,287,000, which resulted in a loss on disposal of $151,000. There were no impairments to purchased intangible assets for the years ended December 31, 2020 and 2019. For the year ended December 31, 2020, the Company recorded aggregate impairment charges of $465,000 on two right-of-use assets. See Note 16 - Commitments and Contingencies for further discussion. There were no impairments to right-of-use assets for the year ended December 31, 2019. Goodwill is not amortized but is subject to periodic testing for impairment in accordance with ASC Topic 350 “ Intangibles - Goodwill and Other - Testing Indefinite-Lived Intangible Assets for Impairment” (“ASC Topic 350”). During the years ended December 31, 2020 and 2019, the Company recorded impairment charges on goodwill of $541,000 and $2,254,000, respectively. See Note 7 - Goodwill and Note 8 - Intangible Assets ) for further discussion. |
Concentration of Credit Risk | Concentration of Credit RiskFinancial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, and trade accounts receivable. We place our cash primarily in commercial checking accounts. Commercial bank balances may from time to time exceed federal insurance limits. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated over the estimated useful lives of the related assets, which range from three |
Income Taxes | Income TaxesWe use the asset and liability method to determine our income tax expense or benefit. Deferred tax assets and liabilities are computed based on temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to be in effect when the differences are expected to be recovered or settled. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. |
Stock-based Compensation | Stock-based Compensation Stock-based awards have been accounted for as required by ASC Topic 718 “Compensation – Stock Compensation” (“ASC Topic 718”). Under ASC Topic 718 stock-based awards are valued at fair value on the date of grant, and that fair value is recognized over the requisite service period. The Company accounts for forfeitures when they occur. |
Research and Development | Research and Development |
Treasury Stock | Treasury StockPurchases and sales of treasury stock are accounted for using the cost method. Under this method, shares acquired are recorded at the acquisition price directly to the treasury stock account. Upon sale, the treasury stock account is reduced by the original acquisition price of the shares and any difference is recorded in additional paid in capital, on a first-in first-out basis. The Company does not recognize a gain or loss to income from the purchase and sale of treasury stock. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Credit Losses In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which was subsequently amended in February 2020 by ASU 2020-02, “Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842).” The amendments introduce an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the new guidance will have on its consolidated financial statements. |
Oblong Industries Acquisition (
Oblong Industries Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | Pursuant to ASC 805, the purchase price of $18,862,000 was measured as the fair value of the consideration exchanged in the Acquisition as follows: Series D Preferred Stock (1,686,659 shares at $11.15 per share) $ 18,811,000 Value of common stock options issued (107,845 at $0.47 per option) $ 51,000 Total purchase price $ 18,862,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Based on the purchase price allocation, the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the Closing Date (in thousands): Cash $ 2,194 Accounts receivable 1,962 Prepaid expenses and other current assets 719 Inventory 1,835 Property and equipment 1,221 Operating lease, right-of-use assets 3,376 Trade names 2,410 Distributor relationships 310 Developed technology 10,060 Other assets 194 Total assets acquired at fair value $ 24,281 Accounts payable $ (296) Operating lease liabilities (3,578) Deferred revenue (2,231) Debt (5,509) Other liabilities (1,171) Total liabilities assumed $ (12,785) Net assets acquired $ 11,496 |
Pro forma information | The Company's unaudited pro forma results for the year ended December 31, 2019 is summarized in the table below, assuming the Acquisition had occurred on January 1, 2019 (in thousands). These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have actually resulted had the acquisition occurred on January 1, 2019, nor to be indicative of future results of operations. These pro forma results include pro forma adjustments of $1,393,000 for the year ended December 31, 2019 related to the incremental amortization of Oblong Industries’ intangible assets recorded in connection with the Acquisition. Pro forma and unaudited (as if the acquisition of Oblong Industries had occurred on January 1, 2019) Year Ended December 31, 2019 Revenue Oblong (formerly Glowpoint) $ 9,660 Oblong Industries 15,926 Total revenue $ 25,586 Net loss Oblong $ 4,401 Oblong Industries 15,795 Pro forma net loss $ 20,196 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Other prepaid expenses $ 663 $ 548 Other current assets 28 209 Prepaid software licenses — 208 Prepaid expenses and other current assets $ 691 $ 965 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2020 2019 Network equipment and software $ 4,957 $ 6,251 Computer equipment and software 5,686 $ 7,232 Leasehold improvements 164 $ 953 Office furniture and equipment 752 $ 369 11,559 14,805 Accumulated depreciation and amortization (10,986) (13,489) Property and equipment, net $ 573 $ 1,316 Estimated Useful Life Network equipment and software 3 to 5 Years Computer equipment and software 3 to 5 Years Leasehold improvements (*) Office furniture and equipment 3 to 10 Years (*) – Amortized over the shorter period of the estimated useful life (five years) or the lease term. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The activity in goodwill during the years ended December 31, 2020 and 2019 is shown in the following table ($ in thousands): Goodwill Oblong Oblong Industries Total Balance January 1, 2019 $ 2,795 $ — $ 2,795 Acquisition — 7,367 7,367 Impairment (2,254) — (2,254) Balance December 31, 2019 541 7,367 7,908 Impairment (541) — (541) Balance December 31, 2020 $ — $ 7,367 $ 7,367 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table presents the components of net intangible assets (in thousands): As of December 31, 2020 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Oblong Affiliate network $ 994 $ (735) $ 259 $ 994 $ (666) $ 328 Trademarks 548 (548) — 548 (504) 44 Subtotal 1,542 (1,283) 259 1,542 (1,170) 372 Oblong Industries Developed technology 10,060 (2,520) 7,540 10,060 (504) 9,556 Trade names 2,410 (302) 2,108 2,410 (60) 2,350 Distributor relationships 310 (77) 233 310 (16) 294 Subtotal 12,780 (2,899) 9,881 12,780 (580) 12,200 Total $ 14,322 $ (4,182) $ 10,140 $ 14,322 $ (1,750) $ 12,572 Oblong (formerly Glowpoint) Life Affiliate network 12 years Trademarks 8 years Oblong Industries Life Developed technology 5 years Trade names 10 years Distributor relationships 5 years |
Schedule of Future Amortization Expense | Amortization expense for each of the next five succeeding years will be as follows (in thousands): 2021 $ 2,386 2022 2,386 2023 2,386 2024 1,850 2025 241 Thereafter 891 Total $ 10,140 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued compensation costs $ 411 $ 810 Other accrued expenses and liabilities 786 843 Accrued dividends on Series A-2 Preferred Stock 4 99 Accrued expenses and other liabilities $ 1,201 $ 1,752 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Debt consisted of the following (in thousands): December 31, 2020 2019 SVB Loan Principal $ — $ 5,609 PPP Loan Principal 2,417 — Total Loan Principal 2,417 5,609 Less: Unamortized SVB debt discount — (102) Net carrying value 2,417 5,507 Less: SVB current maturities, net of debt discount — 2,664 Less: PPP current maturities 2,014 — Total current maturities, net of debt discount 2,014 2,664 Long-term SVB obligations, net of current maturities and debt discount — 2,843 Long-term PPP obligations, net of current maturities 403 — Total long-term obligations, net of current maturities and debt discount $ 403 $ 2,843 |
Schedule of Maturities of Long-term Debt | Future minimum principal payments are as follows (in thousands): Future Minimum Principal Payments PPP Loan 1 2021 $ 2,014 2022 $ 403 $ 2,417 1 Future minimum payments is based on the repayment beginning in May 2021. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock Activity | The following table provides a summary of Common Stock activity for the years ended December 31, 2020 and 2019 (in thousands): Issued Shares as of December 31, 2018 5,114 Issuances from Preferred Stock Conversions 44 Issuances related to Stock Compensation 109 Issued Shares as of December 31, 2019 5,267 Less Treasury Shares: 105 Outstanding Shares as of December 31, 2019 5,162 Issuances from Private Placements 2,293 Issuances from Preferred Stock Conversions 158 Issuances related to Warrants 72 Issuances related to Stock Compensation 31 Forfeitures of Restricted Stock Awards (9) Issuance of shares for fees 50 Issued Shares as of December 31, 2020 7,862 Less Treasury Shares: 113 Outstanding Shares as of December 31, 2020 7,749 |
Schedule of Warrants Activity | Warrant activity for the years ended December 31, 2020 and 2019 is presented below: Outstanding Number of Warrants Weighted Average Exercise Price Warrants outstanding and exercisable, December 31, 2018 — $ — Granted 72,238 0.01 Warrants outstanding and exercisable, December 31, 2019 72,238 0.01 Granted 1,146,500 4.85 Exercised (72,238) 0.01 Warrants outstanding and exercisable, December 31, 2020 1,146,500 $ 4.85 |
Summary of Treasury Stock Activity | The following table shows the activity for Treasury Stock during the years ended December 31, 2020 and 2019 (in thousands): Shares Value Treasury Shares as of December 31, 2018 133 $ (496) Issuances out of Treasury Stock (76) 382 Purchases to cover stock compensation taxes 48 (51) Treasury Shares as of December 31, 2019 105 $ (165) Purchases to cover stock compensation taxes 8 (16) Treasury Shares as of December 31, 2020 113 $ (181) |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Schedule of Stock by Class | The following table shows our authorized, issued, and outstanding preferred stock as of December 31, 2020: Authorized Issued and Outstanding 5% Series A-2 Preferred 7,500 45 0% Series C Preferred 1,750 — 0% Series D Preferred 4,000 — 6% Series D Preferred 1,750,000 1,697,958 6% Series E Preferred 175,000 131,579 1,938,250 1,829,582 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Expense | Stock-based compensation expense relating to Restricted Series D Preferred Stock is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Research and development $ 47 $ 17 Sales, general and administrative $ 111 $ 16 $ 158 $ 33 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Options Granted, Exercised, Expired and Forfeited | A summary of stock options expired and forfeited under our plans and options outstanding as of, and changes made during, the years ended December 31, 2020 and 2019 is presented below: Outstanding Exercisable Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Options outstanding, December 31, 2018 118,003 $ 19.90 118,003 $ 19.90 Exchanged for Oblong Industries stock options 107,845 4.92 Expired (440) 16.48 Forfeited (10,063) 23.20 Options outstanding and exercisable, December 31, 2019 215,345 12.27 215,345 12.27 Expired (107,845) 4.92 Options outstanding and exercisable, December 31, 2020 107,500 $ 19.64 107,500 $ 19.64 |
Shares Outstanding and Exercisable, By Exercise Price Range | Additional information as of December 31, 2020 is as follows: Outstanding and Exercisable Range of price Number Weighted Weighted $0.00 – $10.00 2,500 2.45 $ 9.00 $10.01 – $20.00 97,500 2.06 19.32 $20.01 – $30.00 2,500 1.43 21.80 $30.01 – $40.00 5,000 1.19 30.20 107,500 2.01 $ 19.64 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | A summary of restricted stock granted, vested and unvested outstanding as of, and changes made during, the years ended December 31, 2020 and 2019, is presented below: Restricted Shares Weighted Average Unvested restricted stock outstanding, December 31, 2018 11,320 $ 14.88 Vested (1,372) 15.72 Forfeited (9,321) 14.70 Unvested restricted stock outstanding, December 31, 2019 627 15.80 Unvested restricted stock outstanding, December 31, 2020 627 $ 15.80 |
Schedule of Compensation Expense | Stock-based compensation expense relating to restricted stock awards is allocated as follows (in thousands): Year Ended December 31, 2020 2019 General and administrative — 3 $ — $ 3 |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | A summary of restricted stock units (“RSUs”) granted, vested, forfeited and unvested outstanding as of, and changes made during, the years ended December 31, 2020 and 2019, is presented below: Restricted Stock Units Weighted Average Unvested RSUs outstanding, December 31, 2018 503,518 $ 1.94 Granted 55,479 1.30 Vested (114,505) 3.05 Forfeited (421,158) 1.54 Unvested RSUs outstanding, December 31, 2019 23,334 2.20 Vested (23,334) 2.20 Unvested RSUs outstanding, December 31, 2020 — $ — |
Schedule of Compensation Expense | Stock-based compensation expense relating to restricted stock units is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Cost of revenue $ — $ 10 Research and development — 12 General and administrative 6 52 $ 6 $ 74 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Income (Loss) Per Share, Basic and Diluted | The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data): Year Ended December 31, Numerator: 2020 2019 Net loss $ (7,421) $ (7,761) Less: preferred stock dividends 17 27 Less: undeclared dividends $ 788 $ — Net loss attributable to common stockholders $ (8,226) $ (7,788) Denominator: Weighted-average number of shares of common stock for basic net loss per share 5,547 5,108 Basic and diluted net loss per share $ (1.48) $ (1.52) |
Schedule of Potential Shares of Common Stock Excluded from Diluted Weighted Average Shares | The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Year Ended December 31, 2020 2019 Unvested restricted stock units — 23,334 Outstanding stock options 107,500 215,345 Unvested restricted stock awards 627 627 Shares of common stock issuable upon conversion of Series A-2 preferred stock 18,161 10,978 Shares of common stock issuable upon conversion of Series C preferred stock — 158,333 Shares of common stock issuable upon conversion of Series D preferred stock 17,020,100 17,349,010 Shares of common stock issuable upon conversion of Series E preferred stock 1,315,790 1,315,790 Warrants 1,146,500 72,394 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Certain information concerning the Company’s segments for the years ended December 31, 2020 and 2019 is presented in the following tables (in thousands): For the Year Ended December 31, 2020 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 6,227 $ 9,106 $ — $ 15,333 Cost of revenues 3,789 3,491 — 7,280 Gross profit $ 2,438 $ 5,615 $ — $ 8,053 Gross profit % 39.2 % 61.7 % — % 52.5 % Allocated operating expenses $ 1,479 $ 9,913 $ — $ 11,392 Unallocated operating expenses — — 6,725 6,725 Total operating expenses $ 1,479 $ 9,913 $ 6,725 $ 18,117 Income (loss) from operations $ 959 $ (4,298) $ (6,725) $ (10,064) Interest and other income (expense), net (19) 2,765 — 2,746 Income (loss) before income taxes. $ 940 $ (1,533) $ (6,725) $ (7,318) Income tax expense $ 50 $ 53 $ — $ 103 Net income (loss) $ 890 $ (1,586) $ (6,725) $ (7,421) As of December 31, 2020 Total assets $ 6,494 $ 22,649 $ — $ 29,143 For the Year Ended December 31, 2019 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 9,660 $ 3,167 $ — $ 12,827 Cost of revenues 6,269 1,158 — 7,427 Gross profit $ 3,391 $ 2,009 $ — $ 5,400 Gross profit % 35.1 % 63.4 % — % 42.1 % Allocated operating expenses $ 6,835 $ 5,183 $ — $ 12,018 Unallocated operating expenses — — 956 956 Total operating expenses $ 6,835 $ 5,183 $ 956 $ 12,974 Loss from operations $ (3,444) $ (3,173) $ (956) $ (7,574) Interest and other expense, net — — (187) (187) Loss before income taxes $ (3,444) $ (3,173) $ (1,143) $ (7,761) Income tax expense $ — $ — $ — $ — Net loss $ (3,444) $ (3,173) $ (1,143) $ (7,761) As of December 31, 2019 Total assets $ 5,942 $ 28,967 $ — $ 34,909 Concentration of revenues was as follows: Year Ended December 31, 2020 2019 Segment % of Revenue % of Revenue Customer A Oblong 17.0 % 17.8 % Customer B Oblong Industries 17.0 % * Customer C Oblong — % 19.8 % Concentration of accounts receivable was as follows: As of December 31, 2020 2019 Segment % of Accounts Receivable % of Accounts Receivable Customer A Oblong 14.1 % * Customer B Oblong Industries 20.1 % * Customer C Oblong Industries 12.0 % 16.0 % Customer D Oblong Industries — % 18.0 % Customer E Oblong * 11.5 % * The amount did not exceed 10% of the Company’s consolidated total revenue or accounts receivable. |
Revenue from External Customers by Geographic Areas | Revenue by geographic area is allocated as follows (in thousands): Year Ended December 31, 2020 2019 Domestic $ 10,288 $ 9,096 Foreign $ 5,045 $ 3,731 $ 15,333 $ 12,827 |
Schedule of Disaggregated Revenue Information | Disaggregated information for the Company’s revenue has been recognized in the accompanying consolidated statements of operations and is presented below according to contract type (dollars in thousands): Year ended December 31, 2020 % of Revenue 2019 % of Revenue Revenue: Oblong (formerly Glowpoint) Video collaboration services $ 2,413 15.7 % $ 5,566 43.4 % Network services 3,611 23.6 % 3,860 30.1 % Professional and other services 203 1.3 % 234 1.8 % Total Oblong revenue $ 6,227 40.6 % $ 9,660 75.3 % Revenue: Oblong Industries Visual collaboration product offerings $ 6,873 44.8 % $ 2,180 17.0 % Professional services 1,033 6.7 % 709 5.5 % Licensing 1,200 7.8 % 278 2.2 % Total Oblong Industries revenue $ 9,106 59.4 % $ 3,167 24.7 % Total revenue $ 15,333 100.0 % $ 12,827 100.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balance Sheet Information | The following provides balance sheet information related to leases as of December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Assets Operating lease, right-of-use asset, net $ 903 $ 3,117 Liabilities Current portion of operating lease liabilities $ 830 $ 1,294 Operating lease liabilities, net of current portion 602 2,020 Total operating lease liabilities $ 1,432 $ 3,314 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands): Year Ending December 31, 2021 $ 901 2022 514 2023 116 Total lease payments $ 1,531 Effect of discounting (99) Total lease liability $ 1,432 |
Lease costs | The following table provides a reconciliation of activity for our right of use assets and lease liabilities (in thousands): Right-of-Use Asset Operating Lease Liability Balance at December 31, 2019 $ 3,117 $ 3,314 Additions $ 116 $ 116 Terminations and Modifications $ (864) $ (860) Amortizations and Reductions $ (1,001) $ (1,138) Impairment Charges $ (465) $ — Balance at December 31, 2020 $ 903 $ 1,432 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table sets forth pretax book loss (in thousands): Year Ended December 31, 2020 2019 United States $ (7,570) $ (7,882) Foreign 252 121 Total $ (7,318) $ (7,761) |
Schedule of Components of Income Tax (Benefit) Expense | The following table sets forth income before taxes and the income tax expense for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Current: Federal $ — $ — Foreign 53 — State 50 — 103 — Deferred: Federal — — Foreign — — State — — — — Income tax expense $ 103 $ — |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2020 and 2019 as shown in the following table (in thousands): Year Ended December 31, 2020 2019 U.S. federal income taxes at the statutory rate $ (1,533) $ (1,630) State taxes, net of federal effects (122) (130) UK Anti-Hybrid expense addback 289 397 Transaction costs — 74 Goodwill impairment 114 473 Section 382 Limitation — (7,448) Adjustment to NOL Benefit 4,640 — NOL Carryforward Adjustment for Expired NOLs 84 — Stock Compensation Plan Adjustments 272 — Change in state apportionment rate (350) (406) Change in valuation allowance (3,868) 8,869 Research and development credit 546 (136) Other 31 (63) Income tax expense $ 103 $ — |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of the temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2020 and 2019 is presented below (in thousands): December 31, 2020 2019 Deferred tax assets (liabilities): Tax benefit of operating loss carry forward - Federal $ 23,184 $ 22,793 Tax benefit of operating loss carry forward - State 5,548 10,122 Accrued expenses 141 83 Deferred revenue 417 522 Stock-based compensation 396 671 Fixed assets 329 320 Goodwill 167 236 Inventory 47 (61) Intangible amortization (2,285) (3,287) R&D credit 2,154 2,700 Texas margin tax temporary credit 159 186 Other 285 125 Total deferred tax asset, net $ 30,542 $ 34,410 Valuation allowance (30,542) (34,410) Net deferred tax liability $ — $ — |
Business Description and Sign_3
Business Description and Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($)segment | Sep. 30, 2019segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 28, 2021USD ($) | Oct. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Ownership percentage in subsidiary | 100.00% | 100.00% | |||||
Number of operating segments | segment | 2 | 1 | |||||
Cash | $ 5,058,000 | $ 5,058,000 | $ 4,602,000 | ||||
Current portion of restricted cash | 158,000 | 158,000 | 0 | ||||
Long-term restricted cash | 61,000 | 61,000 | 0 | ||||
Allowance for doubtful accounts | 182,000 | 182,000 | 19,000 | ||||
Inventory reserve | 193,000 | 193,000 | 0 | ||||
Current portion deferred revenue | 1,217,000 | 1,217,000 | 1,901,000 | ||||
Impairment charges on property and equipment | 144,000 | 63,000 | |||||
Disposal of fixed assets | 3,438,000 | ||||||
Accumulated depreciation of fixed assets disposed | 3,287,000 | ||||||
Loss on disposal of fixed assets | (151,000) | ||||||
Impairment charges on right-of use assets | 465,000 | 0 | |||||
Impairment charges on goodwill | 541,000 | 2,254,000 | |||||
Service | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Performance obligation | 27,000 | 27,000 | |||||
Current portion deferred revenue | 21,000 | $ 32,000 | |||||
Product | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Performance obligation | $ 1,696,000 | 1,696,000 | |||||
Deferred revenue, revenue recognized | 978,000 | ||||||
Current portion deferred revenue | $ 352,000 | ||||||
Subsequent Event | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Letter of credit expired | $ 158,000 | ||||||
Revenue | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Excise and sales taxes | 313,000 | 390,000 | |||||
Cost of Revenue | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Excise and sales taxes | $ 328,000 | $ 390,000 | |||||
Minimum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated Useful Life | 3 years | ||||||
Maximum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated Useful Life | 10 years |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||
Total cash and restricted cash | $ 5,277 | $ 4,602 | $ 2,007 |
Outstanding principal, debt obligations | 2,417 | 5,609 | |
PPP Loan | |||
Class of Stock [Line Items] | |||
Outstanding principal, debt obligations | $ 2,417 | $ 0 |
Oblong Industries Acquisition -
Oblong Industries Acquisition - Additional Information (Details) - USD ($) | Oct. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | |||
Common Stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Exercise period | 1 year | |||
Fair value, exercise price (in dollars per share) | $ 4.92 | |||
Fair value, risk free interest rate | 1.50% | |||
Fair value, expected volatility | 217.00% | |||
Fair value, expected term | 1 year | |||
Goodwill | $ 7,367,000 | $ 7,908,000 | $ 2,795,000 | |
Series D Preferred Stock | ||||
Business Acquisition [Line Items] | ||||
Conversion of convertible preferred stock, shares (in shares) | 1,686,659 | 1,686,659 | ||
Preferred stock percentage | 6.00% | 6.00% | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred stock, stated value | $ 28.50 | $ 28.50 | $ 28.50 | |
Conversion price (in dollars per share) | $ 2.85 | |||
Convertible preferred stock, shares issued upon conversion (in shares) | 17,349,010 | |||
Oblong Industries | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 18,862,000 | |||
Equity issued | 51,000 | |||
Goodwill | $ 7,367,000 | |||
Acquisition costs | $ 468,000 | |||
Shares issued (in dollars per share) | $ 0.47 | |||
Oblong Industries | Series D Preferred Stock | ||||
Business Acquisition [Line Items] | ||||
Equity issued | $ 18,811,000 | |||
Shares issued (in dollars per share) | $ 11.15 | |||
Common Stock | ||||
Business Acquisition [Line Items] | ||||
Conversion of convertible preferred stock, shares (in shares) | 158,333 | 43,919 | ||
Unvested restricted shares outstanding (in shares) | 23,000 | 109,000 | ||
Share price (in dollars per share) | $ 1 | |||
Restricted Stock | ||||
Business Acquisition [Line Items] | ||||
Vesting period | 10 years | |||
Restricted Stock | Series D Preferred Stock | ||||
Business Acquisition [Line Items] | ||||
Unvested restricted shares outstanding (in shares) | 49,967 | 49,967 | ||
Vesting period | 2 years | 2 years | ||
Nonemployee | Stock Options | ||||
Business Acquisition [Line Items] | ||||
Weighted average price of shares (in dollars per share) | $ 4.92 | |||
Exercise period | 1 year | |||
Number of stock options outstanding (in shares) | 107,845 |
Oblong Industries Acquisition_2
Oblong Industries Acquisition - Assets Acquired and Liabilities Assumed (Details) - Oblong Industries $ in Thousands | Oct. 01, 2019USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 2,194 |
Accounts receivable | 1,962 |
Prepaid expenses and other current assets | 719 |
Inventory | 1,835 |
Property and equipment | 1,221 |
Operating lease, right-of-use assets | 3,376 |
Other assets | 194 |
Total assets acquired at fair value | 24,281 |
Accounts payable | (296) |
Operating lease liabilities | (3,578) |
Deferred revenue | (2,231) |
Debt | (5,509) |
Other liabilities | (1,171) |
Total liabilities assumed | 12,785 |
Net assets acquired | 11,496 |
Trade names | |
Business Acquisition [Line Items] | |
Intangible assets | 2,410 |
Distributor relationships | |
Business Acquisition [Line Items] | |
Intangible assets | 310 |
Developed technology | |
Business Acquisition [Line Items] | |
Intangible assets | $ 10,060 |
Oblong Industries Acquisition_3
Oblong Industries Acquisition - Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Total revenue | $ 25,586 | |
Pro forma net loss | 20,196 | |
Oblong Industries | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenue from acquiree | 3,167 | |
Net loss from acquiree | $ (3,360) | |
Total revenue | 15,926 | |
Pro forma net loss | 15,795 | |
Oblong (formerly Glowpoint) | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Total revenue | 9,660 | |
Pro forma net loss | 4,401 | |
Incremental amortization for intangible assets | Oblong Industries | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net loss | $ 1,393 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 920,000 | $ 1,816,000 |
Inventory reserve | $ 193,000 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other prepaid expenses | $ 663 | $ 548 |
Other current assets | 28 | 209 |
Prepaid software licenses | 0 | 208 |
Prepaid expenses and other current assets | $ 691 | $ 965 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 11,559 | $ 14,805 |
Accumulated depreciation and amortization | (10,986) | (13,489) |
Property and equipment, net | $ 573 | 1,316 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Network equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,957 | 6,251 |
Network equipment and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Network equipment and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,686 | 7,232 |
Computer equipment and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Computer equipment and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 164 | 953 |
Estimated Useful Life | 5 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 752 | $ 369 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Related depreciation and amortization expense | $ 708 | $ 614 |
Impairment charges on property and equipment | 144 | $ 63 |
Assets valued | 78 | |
Depreciation | (38) | |
Disposal of fixed assets | 3,438 | |
Accumulated depreciation of fixed assets disposed | 3,287 | |
Proceeds from sale of fixed assets | 7 | |
Loss on disposal of fixed assets | $ 144 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)reporting_unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Goodwill [Line Items] | ||||
Goodwill | $ 7,367,000 | $ 7,908,000 | $ 2,795,000 | |
Acquisition | 7,367,000 | |||
Number of reporting units | reporting_unit | 2 | |||
Impairment charges on goodwill | $ 541,000 | 2,254,000 | ||
Oblong Industries | ||||
Goodwill [Line Items] | ||||
Goodwill | 7,367,000 | 7,367,000 | 0 | |
Acquisition | 7,367,000 | |||
Impairment charges on goodwill | 0 | 0 | ||
Oblong (formerly Glowpoint) | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 541,000 | $ 2,795,000 | |
Acquisition | 0 | |||
Impairment charges on goodwill | $ 541,000 | $ 541,000 | $ 2,254,000 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Roll Forward] | |||
Beginning balance | $ 7,908,000 | $ 2,795,000 | |
Acquisition | 7,367,000 | ||
Impairment | (541,000) | (2,254,000) | |
Ending balance | 7,367,000 | 7,908,000 | |
Oblong | |||
Goodwill [Roll Forward] | |||
Beginning balance | 541,000 | 2,795,000 | |
Acquisition | 0 | ||
Impairment | $ (541,000) | (541,000) | (2,254,000) |
Ending balance | 0 | 541,000 | |
Oblong Industries | |||
Goodwill [Roll Forward] | |||
Beginning balance | 7,367,000 | 0 | |
Acquisition | 7,367,000 | ||
Impairment | 0 | 0 | |
Ending balance | $ 7,367,000 | $ 7,367,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 14,322 | $ 14,322 |
Accumulated amortization | (4,182) | (1,750) |
Total | 10,140 | 12,572 |
Oblong (formerly Glowpoint) | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | 1,542 | 1,542 |
Accumulated amortization | (1,283) | (1,170) |
Total | 259 | 372 |
Oblong (formerly Glowpoint) | Affiliate network | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | 994 | 994 |
Accumulated amortization | (735) | (666) |
Total | $ 259 | 328 |
Estimated Useful Life | 12 years | |
Oblong (formerly Glowpoint) | Trademarks | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 548 | 548 |
Accumulated amortization | (548) | (504) |
Total | $ 0 | 44 |
Estimated Useful Life | 8 years | |
Oblong Industries | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 12,780 | 12,780 |
Accumulated amortization | (2,899) | (580) |
Total | 9,881 | 12,200 |
Oblong Industries | Distributor relationships | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | 310 | 310 |
Accumulated amortization | (77) | (16) |
Total | $ 233 | 294 |
Estimated Useful Life | 5 years | |
Oblong Industries | Developed technology | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 10,060 | 10,060 |
Accumulated amortization | (2,520) | (504) |
Total | $ 7,540 | 9,556 |
Estimated Useful Life | 5 years | |
Oblong Industries | Trade names | ||
Business Acquisition [Line Items] | ||
Intangible assets, gross | $ 2,410 | 2,410 |
Accumulated amortization | (302) | (60) |
Total | $ 2,108 | $ 2,350 |
Estimated Useful Life | 10 years |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Amortization expense | $ 2,432 | $ 707 |
Minimum | ||
Business Acquisition [Line Items] | ||
Intangible assets, estimated useful life | 5 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Intangible assets, estimated useful life | 12 years |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 2,386 | |
2022 | 2,386 | |
2023 | 2,386 | |
2024 | 1,850 | |
2025 | 241 | |
Thereafter | 891 | |
Total | $ 10,140 | $ 12,572 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued compensation costs | $ 411 | $ 810 |
Other accrued expenses and liabilities | 786 | 843 |
Accrued dividends on Series A-2 Preferred Stock | 4 | 99 |
Accrued expenses and other liabilities | $ 1,201 | $ 1,752 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) | Dec. 31, 2020 | Oct. 22, 2020 | Dec. 31, 2019 | Oct. 01, 2019 |
Debt Instrument [Line Items] | ||||
Total future minimum payments | $ 2,417,000 | $ 5,609,000 | ||
Net carrying value | 2,417,000 | 5,507,000 | ||
Current portion of long-term debt, net of debt discount | 2,014,000 | 2,664,000 | ||
Long-term debt, excluding current maturities | 403,000 | 2,843,000 | ||
SVB Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Total future minimum payments | 0 | $ 3,063,000 | 5,609,000 | $ 5,609,000 |
Less: Unamortized SVB debt discount | 0 | (102,000) | ||
Current portion of long-term debt, net of debt discount | 0 | 2,664,000 | ||
Long-term debt, excluding current maturities | 0 | 2,843,000 | ||
PPP Loan | ||||
Debt Instrument [Line Items] | ||||
Total future minimum payments | 2,417,000 | 0 | ||
Current portion of long-term debt, net of debt discount | 2,014,000 | 0 | ||
Long-term debt, excluding current maturities | $ 403,000 | $ 0 |
Debt - SVB Agreement (Details)
Debt - SVB Agreement (Details) | Oct. 22, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Mar. 01, 2022USD ($) | Dec. 06, 2020 | Oct. 21, 2020 | Sep. 30, 2020 | Apr. 10, 2020installment | Oct. 01, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / shares |
Debt Instrument [Line Items] | |||||||||||
Outstanding principal, debt obligations | $ 2,417,000 | $ 2,417,000 | $ 5,609,000 | ||||||||
Exercise price (in dollars per share) | $ / shares | $ 4.85 | $ 4.85 | $ 0.01 | $ 0 | |||||||
Warrant term | 2 years | 2 years | |||||||||
Issuance of common shares from warrant exercise | $ 72,000 | ||||||||||
Amortization of debt discount | $ 56,000 | 90,000 | |||||||||
SVB Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, unamortized discount | $ 0 | 0 | 102,000 | ||||||||
Outstanding principal, debt obligations | $ 3,063,000 | 0 | 0 | 5,609,000 | $ 5,609,000 | ||||||
One-time cash payment | 2,500,000 | ||||||||||
Interest payable | $ 54,000 | ||||||||||
SVB Loan Agreement | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal payment | $ 291,500 | ||||||||||
PPP Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding principal, debt obligations | 2,417,000 | 2,417,000 | 0 | ||||||||
Interest payable | 18,000 | 18,000 | |||||||||
Fixed rate | 1.00% | ||||||||||
Number of monthly installments | installment | 18 | ||||||||||
Additional Paid-In Capital | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of common shares from warrant exercise | 72,000 | $ 72,000 | |||||||||
SVB Warrant | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of warrants called | shares | 72,394 | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.01 | ||||||||||
Warrant term | 10 years | ||||||||||
Term Loan Facility | SVB Loan Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 5,247,000 | ||||||||||
Debt instrument, unamortized discount | $ 362,000 | ||||||||||
Amortization of debt discount | 83,000 | ||||||||||
Debt discount | $ 47,000 | $ 47,000 | |||||||||
Term Loan Facility | SVB Loan Agreement, Amendment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective percentage | 7.50% | ||||||||||
Term Loan Facility | SVB Loan Agreement, Amendment | Prime Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread | 4.25% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total future minimum payments | $ 2,417 | $ 5,609 |
PPP Loan | ||
Debt Instrument [Line Items] | ||
2021 | 2,014 | |
2022 | 403 | |
Total future minimum payments | $ 2,417 | $ 0 |
Capital Stock - Common Stock (D
Capital Stock - Common Stock (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 |
Equity [Abstract] | |||
Common Stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | |
Common Stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock, shares issued (in shares) | 7,861,912 | 5,266,800 | |
Common Stock, shares outstanding (in shares) | 7,748,629 | 5,161,500 |
Capital Stock - Equity Activity
Capital Stock - Equity Activity (Details) - USD ($) $ in Thousands | Dec. 10, 2020 | Oct. 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury stock (in shares) | 113,300 | 105,300 | ||
Common Stock, shares outstanding (in shares) | 7,748,629 | 5,161,500 | ||
Beginning Balance | $ 21,785 | $ 6,830 | ||
Issuance of stock on vested restricted stock units | (16) | 0 | ||
Stock-based compensation | 198 | 110 | ||
Ending Balance | $ 22,057 | $ 21,785 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 5,267,000 | 5,114,000 | ||
Beginning Balance (in shares) | 5,267,000 | 5,114,000 | ||
Issuance of common shares from financing (in shares) | 2,293,000 | |||
Conversion of convertible preferred stock, shares (in shares) | 158,333 | 43,919 | ||
Issuances related to Stock Compensation | 30,834 | 109,183 | ||
Issuance of common shares from warrant exercise (in shares) | 72,238 | 72,000 | ||
Forfeiture of restricted stock agreement (in shares) | (9,321) | 0 | ||
Issuance of shares for professional service fees (in shares) | 50,000 | 50,000 | ||
Ending Balance (in shares) | 7,862,000 | 5,267,000 | ||
Ending Balance (in shares) | 7,862,000 | 5,267,000 | ||
Beginning Balance | $ 1 | $ 1 | ||
Ending Balance | $ 1 | $ 1 | ||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance (in shares) | 105,000 | 133,000 | ||
Shares withheld and repurchased to satisfy tax obligations (in shares) | 8,000 | 48,000 | ||
Ending Balance (in shares) | 113,000 | 105,000 | ||
Beginning Balance | $ (165) | $ (496) | ||
Issuance of stock on vested restricted stock units | (16) | 382 | ||
Stock-based compensation | (16) | (51) | ||
Ending Balance | $ (181) | $ (165) |
Capital Stock - Warrants Activi
Capital Stock - Warrants Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Warrants | ||
Warrants outstanding and exercisable, Beginning (in shares) | 72,238 | 0 |
Granted | 1,146,500 | 72,238 |
Exercised | (72,238) | |
Warrants outstanding and exercisable, Ending (in shares) | 1,146,500 | 72,238 |
Weighted Average Exercise Price [Abstract] | ||
Warrants outstanding and exercisable, Beginning (in dollars per share) | $ 0.01 | $ 0 |
Granted | 4.85 | 0.01 |
Exercised | 0.01 | |
Warrants outstanding and exercisable, Ending (in dollars per share) | $ 4.85 | $ 0.01 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | Dec. 10, 2020 | Dec. 06, 2020 | Oct. 21, 2020 | Oct. 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 21, 2018 |
Class of Stock [Line Items] | ||||||||
Payments of stock issuance costs | $ 602,000 | |||||||
Warrant term | 2 years | 2 years | ||||||
Exercise price (in dollars per share) | $ 4.85 | $ 0.01 | $ 0 | |||||
Issuance of shares for professional service fees | $ 58,000 | |||||||
Term of agreement | 6 months | |||||||
Stock repurchased (in shares) | 7,998 | 47,918 | ||||||
Tax obligations relating to the vesting of shares | $ 16,000 | $ 0 | ||||||
Authorized repurchase amount (up to) | $ 750,000 | |||||||
Remaining authorized repurchase amount | 673,000 | |||||||
Stock awards | ||||||||
Class of Stock [Line Items] | ||||||||
Tax obligations relating to the vesting of shares | 16,000 | $ 51,000 | ||||||
General and administrative | ||||||||
Class of Stock [Line Items] | ||||||||
Professional service fees | $ 58,000 | |||||||
Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of stock, consideration received per transaction | $ 4,654,000 | $ 2,717,000 | ||||||
Payments of stock issuance costs | $ 346,000 | $ 256,000 | ||||||
Exercise price (in dollars per share) | $ 4.08 | |||||||
Warrants | ||||||||
Class of Stock [Line Items] | ||||||||
Exercise price (in dollars per share) | $ 5.49 | |||||||
Fair value of SVB Warrant | $ 2,635,000 | $ 1,334,000 | ||||||
Warrants | Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares sold in transaction (in shares) | 625,000 | 521,500 | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common shares from warrant exercise (in shares) | 72,238 | 72,000 | ||||||
Issuance of shares for professional service fees (in shares) | 50,000 | 50,000 | ||||||
Issuance of shares for professional service fees | $ 348,000 | |||||||
Conversion of convertible preferred stock, shares (in shares) | 158,333 | 43,919 | ||||||
Issuances related to Stock Compensation | 30,834 | 109,183 | ||||||
Issuance of restricted stock (in shares) | 23,000 | 109,000 | ||||||
Forfeiture of RSA (in shares) | 9,321 | 0 | ||||||
Common Stock | Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares sold in transaction (in shares) | 1,250,000 | 1,043,000 | ||||||
Sale of stock, price per share (in dollars per share) | $ 4 | $ 2.85 | ||||||
Proceeds from issuance or sale of equity | $ 5,000,000 | $ 2,973,000 | ||||||
Treasury Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of restricted stock (in shares) | 8,000 | (76,000) |
Preferred Stock - (Details)
Preferred Stock - (Details) - USD ($) | Oct. 01, 2019 | Jan. 25, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 1,938,250 | |||||
Preferred stock, shares issued (in shares) | 1,829,582 | |||||
Preferred stock, shares outstanding (in shares) | 1,829,582 | |||||
Accrued dividends on Series A-2 Preferred Stock | $ 4,000 | $ 99,000 | ||||
Proceeds from issuance of preferred stock gross | $ 0 | $ 3,750,000 | ||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | |||||
Common Stock, shares outstanding (in shares) | 7,748,629 | 5,161,500 | ||||
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued in conversion (in shares) | 20,950 | |||||
Conversion of convertible preferred stock, shares (in shares) | 158,333 | 43,919 | ||||
Issuance of restricted stock (in shares) | 23,000 | 109,000 | ||||
Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 10 years | |||||
Forfeited, restricted shares (in shares) | 9,321 | |||||
Unvested restricted shares outstanding (in shares) | 627 | 627 | 11,320 | |||
Series A-2 Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 7,500 | 7,500 | ||||
Preferred stock, cumulative dividend percentage rate, per annum | 5.00% | |||||
Preferred stock, shares issued (in shares) | 45 | 32 | ||||
Preferred stock, shares outstanding (in shares) | 45 | 32 | ||||
Preferred stock, stated value | $ 7,500 | $ 7,500 | ||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 16.11 | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 466 | |||||
Accrued dividends on Series A-2 Preferred Stock | $ 4,000 | $ 99,000 | ||||
Dividends | 17,000 | |||||
Payments of Dividends | $ 13,000 | |||||
Redemption price per share (in dollars per share) | $ 8,250 | |||||
Redemption price per share, multiplier (in dollars per share) | $ 7,500 | |||||
Redemption price per share, multiplier, percentage | 110.00% | |||||
Conversion price below this fair value of the common stock (in dollars per share) | $ 11.16 | |||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Conversion of convertible preferred stock, shares (in shares) | 13 | |||||
Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 1,750 | 1,750 | ||||
Preferred stock, cumulative dividend percentage rate, per annum | 0.00% | |||||
Preferred stock, shares issued (in shares) | 0 | 475 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 475 | ||||
Preferred stock, stated value | $ 1,000 | $ 1,000 | ||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 3 | |||||
Proceeds from issuance of preferred stock gross | $ 1,750,000 | |||||
Preferred stock, convertible, par value (in dollars per share) | $ 1,000 | $ 0.0001 | $ 0.0001 | |||
Series C Preferred Stock | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Conversion of convertible preferred stock, shares (in shares) | 475 | 50 | ||||
Series C Preferred Stock | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Conversion of convertible preferred stock, shares (in shares) | 158,333 | 16,667 | ||||
Series D Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 4,000 | |||||
Preferred stock, cumulative dividend percentage rate, per annum | 0.00% | |||||
Preferred stock, shares issued (in shares) | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | |||||
Series D Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 1,750,000 | 1,750,000 | ||||
Preferred stock, cumulative dividend percentage rate, per annum | 6.00% | 6.00% | ||||
Preferred stock, shares issued (in shares) | 1,697,958 | 1,734,901 | ||||
Preferred stock, shares outstanding (in shares) | 1,697,958 | 1,734,901 | ||||
Preferred stock, stated value | $ 28.50 | $ 28.50 | $ 28.50 | |||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | 2.85 | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 17,349,010 | |||||
Undeclared dividends | $ 732,000 | |||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Conversion of convertible preferred stock, shares (in shares) | 1,686,659 | 1,686,659 | ||||
Forfeited, restricted shares (in shares) | 28,618 | 1,725 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,647,991 | |||||
Series D Preferred Stock | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 8,325 | |||||
Series D Preferred Stock | Restricted Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of restricted stock (in shares) | 49,967 | 49,967 | ||||
Vesting period | 2 years | 2 years | ||||
Forfeited, restricted shares (in shares) | 29,694 | 1,725 | ||||
Unvested restricted shares outstanding (in shares) | 18,548 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 49,967 | |||||
Series E Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 175,000 | 175,000 | ||||
Preferred stock, cumulative dividend percentage rate, per annum | 6.00% | |||||
Preferred stock, shares issued (in shares) | 131,579 | 131,579 | ||||
Preferred stock, shares outstanding (in shares) | 131,579 | 131,579 | ||||
Preferred stock, stated value | $ 28.50 | $ 28.50 | ||||
Undeclared dividends | $ 56,000 | |||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Series E Preferred Stock | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, shares outstanding (in shares) | 26,084,519 | |||||
Series E Preferred Stock | Series E Financing | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 131,579 | |||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 2.85 | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 17,020,100 | |||||
Forfeited, restricted shares (in shares) | 0 | 0 | ||||
Sale of Stock, Consideration Received on Transaction | $ 3,750,000 | $ 3,750,000 | ||||
Sale of stock, price per share (in dollars per share) | $ 28.50 | |||||
Series E Preferred Stock | Series E Financing | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 1,315,790 | |||||
Series B Preferred Stock | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Conversion of convertible preferred stock, shares (in shares) | 75 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) | Oct. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 19, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options outstanding (in shares) | 107,500 | 215,345 | 118,003 | ||
Exercise period | 1 year | ||||
Intrinsic value of exercisable options | $ 0 | $ 0 | |||
Intrinsic value of nonvested options | 0 | 0 | |||
Tax obligations relating to the vesting of shares | 16,000 | 0 | |||
Stock-based compensation, tax benefit | 0 | 0 | |||
Compensation costs capitalized as part of the cost of an asset | 0 | $ 0 | |||
Unrecognized stock-based compensation expense for stock options | 0 | ||||
Number of options granted (in shares) | 107,845 | ||||
Intrinsic value of options exercised | $ 0 | $ 0 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted (in shares) | 0 | 0 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option compensation expense | $ 0 | $ 3,000 | |||
Unvested restricted shares outstanding (in shares) | 627 | 627 | 11,320 | ||
Unrecognized stock-based compensation expense for other than options | $ 0 | ||||
Period of recognition | 5 years | ||||
Vesting period | 10 years | ||||
Forfeited, restricted shares (in shares) | 9,321 | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option compensation expense | $ 6,000 | $ 74,000 | |||
Unvested restricted shares outstanding (in shares) | 0 | 23,334 | 503,518 | ||
Stock-based compensation arrangement, vested in period, remain outstanding (in shares) | 28,904 | 28,904 | |||
Shares withheld and repurchased to satisfy tax obligations (in shares) | 7,998 | ||||
Tax obligations relating to the vesting of shares | $ 16,000 | ||||
Unrecognized stock-based compensation expense for other than options | $ 0 | ||||
Forfeited, restricted shares (in shares) | 421,158 | ||||
Granted, restricted shares (in shares) | 55,479 | ||||
Prior Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 421,000 | ||||
Prior Plan | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 28,904 | ||||
2019 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 3,013,500 | ||||
Awards granted in period (in shares) | 7,500 | 0 | |||
Stock option compensation expense | $ 35,000 | ||||
2019 Equity Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 2,600,000 | ||||
2007 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 0 | ||||
2007 Stock Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options outstanding (in shares) | 107,500 | ||||
2007 Stock Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares outstanding (in shares) | 627 | ||||
Nonemployee | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 107,845 | ||||
Stock option compensation expense | $ 0 | $ 0 | |||
Weighted average price of shares (in dollars per share) | $ 4.92 | ||||
Exercise period | 1 year | ||||
Series D Preferred Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited, restricted shares (in shares) | 28,618 | 1,725 | |||
Series D Preferred Stock | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option compensation expense | $ 158,000 | $ 33,000 | |||
Unvested restricted shares outstanding (in shares) | 18,548 | ||||
Unrecognized stock-based compensation expense for other than options | $ 38,000 | ||||
Issuance of restricted stock (in shares) | 49,967 | 49,967 | |||
Vesting period | 2 years | 2 years | |||
Forfeited, restricted shares (in shares) | 29,694 | 1,725 |
Stock Based Compensation - Opti
Stock Based Compensation - Options Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options | |||
Outstanding Number of Options, Beginning (in shares) | 215,345 | 118,003 | |
Outstanding Number of Options, Exchanged for Oblong Industries stock options (in shares) | 107,845 | ||
Outstanding Number of Options, Expired (in shares) | (107,845) | (440) | |
Outstanding Number of Options, Forfeited (in shares) | (10,063) | ||
Outstanding and Exercisable Number of Options, Ending (in shares) | 107,500 | 215,345 | |
Weighted Average Exercise Price | |||
Outstanding Weighted Average Exercise Price, Beginning (in dollars per share) | $ 12.27 | $ 19.90 | |
Outstanding Weighted Average Exercise Price, Exchanged for Oblong Industries stock options (in dollars per share) | 4.92 | ||
Outstanding Weighted Average Exercise Price, Expired (in dollars per share) | 4.92 | 16.48 | |
Outstanding Weighted Average Exercise Price, Forfeited (in dollars per share) | 23.20 | ||
Outstanding and Exercisable Weighted Average Exercise Price, Ending (in dollars per share) | $ 19.64 | $ 12.27 | |
Exercisable | |||
Exercisable Number of Options (in shares) | 107,500 | 215,345 | 118,003 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 19.64 | $ 12.27 | $ 19.90 |
Stock Based Compensation - Exer
Stock Based Compensation - Exercise Price Range (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options, Outstanding and Exercisable (in shares) | 107,500 | 215,345 | 118,003 |
Weighted Average Remaining Contractual Life (In Years) | 2 years 3 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 19.64 | $ 12.27 | $ 19.90 |
$0.00 – $10.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 0 | ||
Range of price, upper range limit (in dollars per share) | $ 10 | ||
Number of Options, Outstanding and Exercisable (in shares) | 2,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 2 years 5 months 12 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 9 | ||
$10.01 – $20.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 10.01 | ||
Range of price, upper range limit (in dollars per share) | $ 20 | ||
Number of Options, Outstanding and Exercisable (in shares) | 97,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 2 years 21 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 19.32 | ||
$20.01 – $30.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 20.01 | ||
Range of price, upper range limit (in dollars per share) | $ 30 | ||
Number of Options, Outstanding and Exercisable (in shares) | 2,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 1 year 5 months 4 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 21.80 | ||
$30.01 – $40.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 30.01 | ||
Range of price, upper range limit (in dollars per share) | $ 40 | ||
Number of Options, Outstanding and Exercisable (in shares) | 5,000 | ||
Weighted Average Remaining Contractual Life (In Years) | 1 year 2 months 8 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 30.20 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Shares | ||
Unvested restricted shares outstanding, Beginning (in shares) | 627 | 11,320 |
Vested, restricted shares (in shares) | (1,372) | |
Forfeited, restricted shares (in shares) | (9,321) | |
Unvested restricted shares outstanding, Ending (in shares) | 627 | 627 |
Weighted Average Grant Price | ||
Unvested restricted shares, weighted average grant price, Beginning (in dollars per share) | $ 15.80 | $ 14.88 |
Vested, weighted average grant price (in dollars per share) | 15.72 | |
Forfeited, weighted average grant price (in dollars per share) | 14.70 | |
Unvested restricted shares, weighted average grant price, Ending (in dollars per share) | $ 15.80 | $ 15.80 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Compensation Expense, Restricted Stock (Details) - Restricted Stock - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 0 | $ 3 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 0 | $ 3 |
Stock Based Compensation - Re_2
Stock Based Compensation - Restricted Stock Unit Activity (Details) - RSUs - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Shares | ||
Unvested restricted shares outstanding, Beginning (in shares) | 23,334 | 503,518 |
Granted, restricted shares (in shares) | 55,479 | |
Vested, restricted shares (in shares) | (23,334) | (114,505) |
Forfeited, restricted shares (in shares) | (421,158) | |
Unvested restricted shares outstanding, Ending (in shares) | 0 | 23,334 |
Weighted Average Grant Price | ||
Unvested restricted shares, weighted average grant price, Beginning (in dollars per share) | $ 2.20 | $ 1.94 |
Granted, weighted average grant price (in dollars per share) | 1.30 | |
Vested, weighted average grant price (in dollars per share) | 2.20 | 3.05 |
Forfeited, weighted average grant price (in dollars per share) | 1.54 | |
Unvested restricted shares, weighted average grant price, Ending (in dollars per share) | $ 0 | $ 2.20 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Compensation Expense, Restricted Stock Units (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 6 | $ 74 |
RSUs | Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 0 | 10 |
RSUs | Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 0 | 12 |
RSUs | General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 6 | 52 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 0 | 3 |
Restricted Stock | General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 0 | 3 |
Series D Preferred Stock | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 158 | 33 |
Series D Preferred Stock | Restricted Stock | Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 47 | 17 |
Series D Preferred Stock | Restricted Stock | Sales, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 111 | $ 16 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of weighted-average shares outstanding, includes potentially dilutive securities or unvested restricted stock (in shares) | 0 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested and remaining outstanding (in shares) | 28,904 | 28,904 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||
Net loss | $ (7,421) | $ (7,761) |
Less: preferred stock dividends | 17 | 27 |
Less: undeclared dividends | 788 | 0 |
Net loss attributable to common stockholders | $ (8,226) | $ (7,788) |
Denominator: | ||
Weighted-average number of shares of common stock for diluted net loss per share (in shares) | 5,547 | 5,108 |
Basic and diluted net loss per share (in dollars per share) | $ (1.48) | $ (1.52) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 0 | 23,334 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 107,500 | 215,345 |
Unvested restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 627 | 627 |
Shares of common stock issuable upon conversion of Series A-2 preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 18,161 | 10,978 |
Shares of common stock issuable upon conversion of Series C preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 0 | 158,333 |
Shares of common stock issuable upon conversion of Series D preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 17,020,100 | 17,349,010 |
Shares of common stock issuable upon conversion of Series E preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 1,315,790 | 1,315,790 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 1,146,500 | 72,394 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($)segment | Sep. 30, 2019segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 2 | 1 | ||
Revenues | $ 15,333 | $ 12,827 | ||
Cost of revenues | 7,280 | 7,427 | ||
Gross profit | $ 8,053 | $ 5,400 | ||
Gross profit % | 52.50% | 42.10% | ||
Total operating expenses | $ 18,117 | $ 12,974 | ||
Income (loss) from operations | (10,064) | (7,574) | ||
Interest and other income (expense), net | 2,746 | (187) | ||
Loss before income taxes | (7,318) | (7,761) | ||
Income tax expense | 103 | 0 | ||
Net loss | (7,421) | (7,761) | ||
Total assets | $ 29,143 | 29,143 | 34,909 | |
Allocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 11,392 | 12,018 | ||
Unallocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 6,725 | 956 | ||
Oblong (formerly Glowpoint) | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,227 | 9,660 | ||
Cost of revenues | 3,789 | 6,269 | ||
Gross profit | $ 2,438 | $ 3,391 | ||
Gross profit % | 39.20% | 35.10% | ||
Total operating expenses | $ 1,479 | $ 6,835 | ||
Income (loss) from operations | 959 | (3,444) | ||
Interest and other income (expense), net | (19) | 0 | ||
Loss before income taxes | 940 | (3,444) | ||
Income tax expense | 50 | 0 | ||
Net loss | 890 | (3,444) | ||
Total assets | 6,494 | 6,494 | 5,942 | |
Oblong (formerly Glowpoint) | Allocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 1,479 | 6,835 | ||
Oblong (formerly Glowpoint) | Unallocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 0 | 0 | ||
Oblong Industries | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,106 | 3,167 | ||
Cost of revenues | 3,491 | 1,158 | ||
Gross profit | $ 5,615 | $ 2,009 | ||
Gross profit % | 61.70% | 63.40% | ||
Total operating expenses | $ 9,913 | $ 5,183 | ||
Income (loss) from operations | (4,298) | (3,173) | ||
Interest and other income (expense), net | 2,765 | 0 | ||
Loss before income taxes | (1,533) | (3,173) | ||
Income tax expense | 53 | 0 | ||
Net loss | (1,586) | (3,173) | ||
Total assets | 22,649 | 22,649 | 28,967 | |
Oblong Industries | Allocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 9,913 | 5,183 | ||
Oblong Industries | Unallocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 0 | 0 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Cost of revenues | 0 | 0 | ||
Gross profit | $ 0 | $ 0 | ||
Gross profit % | 0.00% | 0.00% | ||
Total operating expenses | $ 6,725 | $ 956 | ||
Income (loss) from operations | (6,725) | (956) | ||
Interest and other income (expense), net | 0 | (187) | ||
Loss before income taxes | (6,725) | (1,143) | ||
Income tax expense | 0 | 0 | ||
Net loss | (6,725) | (1,143) | ||
Total assets | $ 0 | 0 | 0 | |
Corporate | Allocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 0 | 0 | ||
Corporate | Unallocated operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | $ 6,725 | $ 956 |
Segment Reporting - Disaggregat
Segment Reporting - Disaggregation of Revenue (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Foreign revenue | 0.01 | |
Total revenue | $ 15,333 | $ 12,827 |
Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 100.00% | 100.00% |
Oblong (formerly Glowpoint) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 6,227 | $ 9,660 |
Oblong (formerly Glowpoint) | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 40.60% | 75.30% |
Oblong (formerly Glowpoint) | Assets | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 100.00% | |
Oblong (formerly Glowpoint) | Video collaboration services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 2,413 | $ 5,566 |
Oblong (formerly Glowpoint) | Video collaboration services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 15.70% | 43.40% |
Oblong (formerly Glowpoint) | Network services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 3,611 | $ 3,860 |
Oblong (formerly Glowpoint) | Network services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 23.60% | 30.10% |
Oblong (formerly Glowpoint) | Professional and other services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 203 | $ 234 |
Oblong (formerly Glowpoint) | Professional and other services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 1.30% | 1.80% |
Oblong Industries | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 9,106 | $ 3,167 |
Oblong Industries | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 59.40% | 24.70% |
Oblong Industries | Video collaboration services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 6,873 | $ 2,180 |
Oblong Industries | Video collaboration services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 44.80% | 17.00% |
Oblong Industries | Professional and other services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,033 | $ 709 |
Oblong Industries | Professional and other services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 6.70% | 5.50% |
Oblong Industries | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,200 | $ 278 |
Oblong Industries | Licensing | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 7.80% | 2.20% |
Domestic | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 10,288 | $ 9,096 |
Domestic | Oblong Industries | Assets | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 80.00% | |
Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 5,045 | $ 3,731 |
Foreign | Oblong Industries | Assets | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 20.00% |
Segment Reporting - Concentrati
Segment Reporting - Concentration Percentage (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100.00% | 100.00% |
Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 40.60% | 75.30% |
Oblong Industries | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 59.40% | 24.70% |
Customer A | Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | 17.80% |
Customer A | Oblong (formerly Glowpoint) | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.10% | |
Customer B | Oblong Industries | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | |
Customer B | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.10% | |
Customer C | Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 19.80% |
Customer C | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% | 16.00% |
Customer D | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 18.00% |
Customer E | Oblong (formerly Glowpoint) | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.50% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Nov. 30, 2020USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2020USD ($)leasefacility | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Apr. 24, 2020USD ($) | Mar. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | ||||||||
Non-cash lease expense | $ 997 | $ 580 | ||||||
Operating lease impairment losses on right-of-use assets | lease | 2 | |||||||
Estimated increase total assets, upon adoption | $ 903 | $ 903 | 3,117 | |||||
Number of leases entered | lease | 1 | |||||||
Estimated increase total liabilities, upon adoption | 1,432 | $ 1,432 | 3,314 | |||||
Number of leases exited | lease | 6 | |||||||
Sublease income | $ 374 | |||||||
Impairment charges on right-of use assets | 465 | 0 | ||||||
Revenues | 15,333 | $ 12,827 | ||||||
Revision of Prior Period, Adjustment | Calculation Error | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Estimated increase total assets, upon adoption | 195 | 195 | ||||||
Estimated increase total liabilities, upon adoption | 195 | 195 | ||||||
Los Angeles Warehouse Lease | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
ROU disposal | $ 317 | |||||||
Lease liability disposal | $ 333 | |||||||
Security deposit | $ 26 | |||||||
Atlanta Lease | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
ROU disposal | $ 17 | |||||||
Lease liability disposal | $ 20 | |||||||
Virginia Lease | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
ROU disposal | 120 | 120 | ||||||
Lease liability disposal | $ 137 | $ 137 | ||||||
Security deposit | $ 18 | |||||||
Contract termination fee | $ 45 | |||||||
London Lease | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
ROU disposal | $ 214 | |||||||
Lease liability disposal | $ 197 | |||||||
Los Angeles | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of facilities | facility | 3 | |||||||
Number of facilities occupied | facility | 2 | 2 | ||||||
Number of leases exited | lease | 1 | |||||||
Boston | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of facilities | facility | 1 | |||||||
Impairment charges on right-of use assets | $ 195 | |||||||
Dallas | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of facilities | facility | 1 | |||||||
Munich | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of facilities | facility | 1 | |||||||
Impairment charges on right-of use assets | $ 270 | |||||||
City Of Industry, CA | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Term of contract | 18 months | 18 months | ||||||
Estimated increase total assets, upon adoption | $ 116 | $ 116 | ||||||
Number of leases entered | lease | 1 | |||||||
Estimated increase total liabilities, upon adoption | $ 116 | $ 116 | ||||||
Denver | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of leases exited | lease | 1 | |||||||
New York | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of leases exited | lease | 1 | |||||||
London | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of leases exited | lease | 1 | |||||||
Altlanta | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of leases exited | lease | 1 | |||||||
Virginia | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of leases exited | lease | 1 | |||||||
Minimum | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Term of contract | 1 year | 1 year | ||||||
Renewal term | 12 months | 12 months | ||||||
Maximum | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Term of contract | 3 years | 3 years | ||||||
Renewal term | 5 years | 5 years | ||||||
Professional and other services | Major Customer | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Revenues | $ 1,000 | |||||||
Revenue | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | ||||||
Revenue | Professional and other services | Major Customer | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Concentration risk, percentage | 9.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, right-of-use asset, net | $ 903 | $ 3,117 |
Current portion of operating lease liabilities | 830 | 1,294 |
Operating lease liabilities, net of current portion | 602 | 2,020 |
Total operating lease liabilities | $ 1,432 | $ 3,314 |
Commitments and Contingencies_3
Commitments and Contingencies - Table Operating Lease Future Minimum Rental Commitment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 901 | |
2022 | 514 | |
2023 | 116 | |
Total lease payments | 1,531 | |
Effect of discounting | (99) | |
Total lease liability | $ 1,432 | $ 3,314 |
Commitment and Contingencies -
Commitment and Contingencies - Summary of Activity for Our Right of Use Assets And Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset [Roll Forward] | ||
Balance at December 31, 2019 | $ 3,117 | |
Additions | 116 | |
Terminations and Modifications | (864) | |
Amortizations and Reductions | (1,001) | |
Impairment Charges | (465) | $ 0 |
Balance at December 31, 2020 | 903 | 3,117 |
Operating Lease, Liability [Roll Forward] | ||
Balance at December 31, 2019 | 3,314 | |
Additions | 116 | |
Terminations and Modifications | (860) | |
Amortizations and Reductions | (1,138) | |
Impairment Charges | 0 | |
Balance at December 31, 2020 | $ 1,432 | $ 3,314 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (7,570) | $ (7,882) |
Foreign | 252 | 121 |
Loss before income taxes | $ (7,318) | $ (7,761) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | $ 0 | $ 0 |
Foreign | 53 | 0 |
State | 50 | 0 |
Current income tax expense (benefit) | 103 | 0 |
Deferred: | ||
Federal | 0 | 0 |
Foreign | 0 | 0 |
State | 0 | 0 |
Deferred income tax expense (benefit) | 0 | 0 |
Income tax expense | $ 103 | $ 0 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||
U.S. federal income taxes at the statutory rate | $ (1,533) | $ (1,630) |
State taxes, net of federal effects | (122) | (130) |
UK Anti-Hybrid expense addback | 289 | 397 |
Transaction costs | 0 | 74 |
Goodwill impairment | 114 | 473 |
Section 382 Limitation | 0 | (7,448) |
Adjustment to NOL Benefit | 4,640 | 0 |
NOL Carryforward Adjustment for Expired NOLs | 84 | 0 |
Stock Compensation Plan Adjustments | 272 | 0 |
Change in state apportionment rate | (350) | (406) |
Change in valuation allowance | (3,868) | 8,869 |
Research and development credit | 546 | (136) |
Other | 31 | (63) |
Income tax expense | $ 103 | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets (liabilities): | ||
Accrued expenses | $ 141 | $ 83 |
Deferred revenue | 417 | 522 |
Stock-based compensation | 396 | 671 |
Fixed assets | 329 | 320 |
Goodwill | 167 | 236 |
Inventory | 47 | |
Inventory | (61) | |
Intangible amortization | (2,285) | (3,287) |
R&D credit | 2,154 | 2,700 |
Texas margin tax temporary credit | 159 | 186 |
Other | 285 | 125 |
Total deferred tax asset, net | 30,542 | 34,410 |
Valuation allowance | (30,542) | (34,410) |
Net deferred tax liability | 0 | 0 |
Federal | ||
Deferred tax assets (liabilities): | ||
Tax benefit of operating loss carry forward | 23,184 | 22,793 |
State | ||
Deferred tax assets (liabilities): | ||
Tax benefit of operating loss carry forward | $ 5,548 | $ 10,122 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Increase (decrease) in valuation allowance | $ (4,005,000) | $ 25,040,000 |
Net operating loss carryforwards, permanent loss of tax benefit | 30,880,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 0 | 0 |
Unrecognized tax benefits, income tax penalties and interest expense | 0 | 0 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 110,401,000 | $ 108,497,000 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 94,223,000 | |
Oblong Industries | ||
Operating Loss Carryforwards [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 75.00% |
401(k) Plan - Narrative (Detail
401(k) Plan - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
401(k) plan, employer contributions | $ 58,000 | $ 74,000 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Series E Financing - Series E Preferred Stock | Oct. 01, 2019$ / sharesshares |
Related Party Transaction [Line Items] | |
Sale of stock, price per share (in dollars per share) | $ / shares | $ 28.50 |
Maximum | |
Related Party Transaction [Line Items] | |
Number of shares sold in transaction (in shares) | shares | 131,579 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) | Jan. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Jan. 31, 2018 |
Subsequent Event [Line Items] | |||||
Common Stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares outstanding (in shares) | 1,829,582 | ||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | ||||
Common Stock, shares outstanding (in shares) | 7,748,629 | 5,161,500 | |||
Common Stock, shares issued (in shares) | 7,861,912 | 5,266,800 | |||
Preferred stock, shares issued (in shares) | 1,829,582 | ||||
Series A-2 Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 45 | 32 | |||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 16.11 | ||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||
Preferred stock, stated value | $ 7,500 | $ 7,500 | |||
Preferred stock, shares issued (in shares) | 45 | 32 | |||
Series D Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 1,697,958 | 1,734,901 | |||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 2.85 | ||||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, stated value | $ 28.50 | $ 28.50 | $ 28.50 | ||
Preferred stock, shares issued (in shares) | 1,697,958 | 1,734,901 | |||
Series E Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 131,579 | 131,579 | |||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||
Preferred stock, stated value | $ 28.50 | $ 28.50 | |||
Preferred stock, shares issued (in shares) | 131,579 | 131,579 | |||
Common Stock | |||||
Subsequent Event [Line Items] | |||||
Shares issued in conversion (in shares) | 20,950 | ||||
Common Stock | Series E Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Common Stock, shares outstanding (in shares) | 26,084,519 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 0 | ||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 2.85 | ||||
Preferred stock, stated value | $ 28.50 | ||||
Common Stock, shares outstanding (in shares) | 26,618,048 | ||||
Common Stock, shares issued (in shares) | 26,618,048 | ||||
Preferred stock, shares issued (in shares) | 0 | ||||
Subsequent Event | Series A-2 Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 4 | ||||
Subsequent Event | Series D Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 1,703,641 | ||||
Subsequent Event | Series E Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 131,579 | ||||
Subsequent Event | Common Stock | |||||
Subsequent Event [Line Items] | |||||
Shares issued in conversion (in shares) | 84,292 | ||||
Subsequent Event | Common Stock | Series D Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Shares issued in conversion (in shares) | 17,416,887 | ||||
Subsequent Event | Common Stock | Series E Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Shares issued in conversion (in shares) | 1,345,176 |