Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MoSys, Inc. | |
Entity Central Index Key | 890,394 | |
Trading Symbol | MOSY | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,170,910 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 3,501 | $ 3,868 |
Accounts receivable | 1,505 | 1,681 |
Inventories | 1,900 | 1,766 |
Prepaid expenses and other | 1,255 | 1,347 |
Total current assets | 8,161 | 8,662 |
Property and equipment, net | 658 | 827 |
Goodwill | 13,276 | 13,276 |
Intangible assets, net | 84 | 111 |
Other | 262 | 263 |
Total assets | 22,441 | 23,139 |
Current liabilities | ||
Accounts payable | 233 | 170 |
Deferred revenue | 2,702 | 3,938 |
Accrued expenses and other | 1,886 | 2,507 |
Total current liabilities | 4,821 | 6,615 |
Long-term liabilities | 18 | 18 |
Convertible notes payable | 9,635 | 9,160 |
Total liabilities | 14,474 | 15,793 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value; 20,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value; 120,000 shares authorized; 8,171 shares and 8,068 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 8 | 8 |
Additional paid-in capital | 232,069 | 232,026 |
Accumulated deficit | (224,110) | (224,688) |
Total stockholders’ equity | 7,967 | 7,346 |
Total liabilities and stockholders’ equity | $ 22,441 | $ 23,139 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 8,171,000 | 8,068,000 |
Common stock, shares outstanding | 8,171,000 | 8,068,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net revenue | ||
Product | $ 3,704 | $ 955 |
Royalty and other | 504 | 257 |
Total net revenue | 4,208 | 1,212 |
Cost of net revenue | 1,601 | 602 |
Gross profit | 2,607 | 610 |
Operating expenses | ||
Research and development | 1,051 | 3,485 |
Selling, general and administrative | 989 | 1,314 |
Total operating expenses | 2,040 | 4,799 |
Income (loss) from operations | 567 | (4,189) |
Interest expense | (221) | (224) |
Other income, net | 3 | 13 |
Income (loss) before income taxes | 349 | (4,400) |
Income tax provision | 1 | 5 |
Net and comprehensive income (loss) | $ 348 | $ (4,405) |
Net income (loss) per share | ||
Basic | $ 0.04 | $ (0.66) |
Diluted | $ 0.04 | $ (0.66) |
Shares used in computing net income (loss) per share | ||
Basic | 8,130 | 6,647 |
Diluted | 8,347 | 6,647 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 348 | $ (4,405) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 169 | 196 |
Stock-based compensation | 94 | 185 |
Amortization of intangible assets | 27 | 28 |
Amortization of debt issuance costs | 12 | 11 |
Accrued interest | 209 | 210 |
Changes in assets and liabilities: | ||
Accounts receivable | 406 | (151) |
Inventories | (134) | 396 |
Prepaid expenses and other assets | 93 | 173 |
Accounts payable | 63 | (219) |
Deferred revenue and other liabilities | (1,604) | (602) |
Net cash used in operating activities | (317) | (4,178) |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of marketable securities | 2,364 | |
Purchases of marketable securities | (1,602) | |
Net cash provided by investing activities | 762 | |
Cash flows from financing activities: | ||
Issuance costs for sale of common stock | (12) | (20) |
Taxes paid to net share settle equity awards | (38) | |
Net cash used in financing activities | (50) | (20) |
Net decrease in cash and cash equivalents | (367) | (3,436) |
Cash and cash equivalents at beginning of period | 3,868 | 8,766 |
Cash and cash equivalents at end of period | 3,501 | 5,330 |
Supplemental disclosure: | ||
Issuance of convertible notes in settlement of accrued interest | $ 463 | $ 420 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | Note 1. The Company and Summary of Significant Accounting Policies MoSys, Inc. (the Company) was incorporated in California in September 1991 and reincorporated in September 2000 in Delaware. The Company’s strategy and primary business objective is to be an IP-rich fabless semiconductor company focused on the development and sale of integrated circuit (IC) products. Its Bandwidth Engine ICs combine the Company’s proprietary high-density embedded memory with its high-speed 10 gigabits per second and higher interface technology. The Company’s future success and ability to maintain profitability depends on its success in developing a market for its ICs. The accompanying condensed consolidated financial statements of the Company have been prepared on a basis that assumes that the Company will continue as a going concern and contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and have been prepared without audit in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted in accordance with these rules and regulations. The information in this report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in its most recent annual report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or for any other future period. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on December 31 of each calendar year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. Cash Equivalents and Investments The Company invests its excess cash in money market accounts, certificates of deposit, commercial paper, corporate debt, government-sponsored enterprise bonds and municipal bonds and considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments with original maturities greater than three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Management generally determines the appropriate classification of securities at the time of purchase. All securities are classified as available-for-sale. The Company’s available-for-sale short-term investments are carried at fair value, with the unrealized holding gains and losses reported in accumulated other comprehensive loss. Realized gains and losses and declines in the value judged to be other than temporary are included in the other income, net line item in the condensed consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. Fair Value Measurements The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1— Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2— Pricing is provided by third party sources of market information obtained through the Company’s investment advisors, rather than models. The Company does not adjust for, or apply, any additional assumptions or estimates to the pricing information it receives from advisors. The Company’s Level 2 securities may include cash equivalents and available-for-sale securities, which consist primarily of certificates of deposit, corporate debt, and government agency and municipal debt securities from issuers with high-quality credit ratings. The Company’s investment advisors obtain pricing data from independent sources, such as Standard & Poor’s, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities. Level 3— Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment are used to measure fair value. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The determination of fair value for Level 3 investments and other financial instruments involves the most management judgment and subjectivity. Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure that its trade receivables balances are not overstated due to uncollectibility. The Company performs ongoing customer credit evaluations within the context of the industry in which it operates and generally does not require collateral from its customers. A specific allowance of up to 100% of the invoice value is provided for any problematic customer balances. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The Company grants credit only to customers deemed creditworthy in the judgment of management. There was no allowance for doubtful accounts receivable at either March 31, 2018 or December 31, 2017. Inventories The Company values its inventories at the lower of cost, which approximates actual cost on a first-in, first-out basis, or net realizable value. The Company records inventory reserves for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and market conditions. Once a reserve is established, it is maintained until the product to which it relates is sold or otherwise disposed of. If actual market conditions are less favorable than those expected by management, additional adjustment to inventory valuation may be required. Charges for obsolete and slow-moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow moving inventory items. The Company recorded no inventory write-downs during the three months ended March 31, 2018 or 2017. Revenue Recognition On January 1, 2018, the Company adopted Financial Accounting Standards Board ( Revenue from Contracts with Customers Under this transition method, results for reporting periods beginning January 1, 2018 or later are presented under ASC 606, while prior period results continue to be reported in accordance with previous guidance. As described below, the analysis of contracts under ASC 606 supports the recognition of revenue at a point in time, resulting in revenue recognition timing that is materially consistent with the Company’s historical practice of recognizing product revenue when title and risk of loss pass to the customer. Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at the transaction price which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer and excludes any amounts collected on behalf of third parties. The Company enters into contracts that may include both products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The Company does not have significant financing components, as payments from customers are typically due within 60 days of invoicing and the Company has elected the practical expedient to net value financing components that are less than one year. Shipping and handling costs are incurred by the customer, and, therefore, are not recorded as revenue. The following table summarizes the cumulative effect of the changes to the Company’s unaudited condensed consolidated balance sheet as of January 1, 2018 due to the adoption of ASC 606 (in thousands): Balance as of December Adjustments due to ASC 606 Balance as of January 1, 2018 Assets Accounts receivable, net $ 1,681 $ 230 $ 1,911 Equity Accumulated deficit $ (224,688 ) $ 230 $ (224,458 ) The following tables summarize the current-period impacts of adopting ASC 606 on the Company’s unaudited condensed consolidated balance sheet and statement of operations and comprehensive income: March 31, 2018 As Reported Effect of adoption Balances adoption of ASC 606 Assets Accounts receivable, net $ 1,505 $ (220 ) $ 1,285 Equity Accumulated deficit $ (224,110 ) $ (220 ) $ (224,330 ) For the Three Months Ended March 31, 2018 As Reported Effect of adoption Balances without adoption of ASC 606 Product sales $ 3,704 $ — $ 3,704 Royalty and other 504 10 514 Cost of net revenue 1,601 — 1,601 Operating expenses 2,040 — 2,040 Interest expense 221 — 221 Other income, net 3 — 3 Income tax provision 1 — 1 Net income 348 10 358 Net income per share: Basic $ 0.04 $ — $ 0.04 Diluted $ 0.04 $ — $ 0.04 Additionally, as a result of the adoption of ASC 606, the Company changed its accounting policy for revenue recognition. Critical Accounting Policy – Revenue Recognition The Company generates revenue primarily from sales of IC products and licensing of its IP. Revenues are recognized when control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. IC products Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company's contracts have a single performance obligation to transfer products. Accordingly, the recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company its and generally under agreements with payment terms typically less than 60 days. The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale. Royalty and other The Company’s licensing contracts typically provide for royalties based on the licensee’s use of the Company’s memory technology in its currently shipping commercial products. With the adoption of ASC 606 in January 2018, the Company estimates its royalty revenue in the calendar quarter in which the licensee uses the licensed technology. Payments are generally received in the subsequent quarter. Contract liabilities – deferred revenue The Company’s contract liabilities consist of advance customer payments and deferred revenue. The Company classifies advance customer payments and deferred revenue as current or non-current based on the timing of when the Company expects to recognize revenue. For the three months ended March 31, 2018 contract liabilities were in a current position and included in deferred revenue. During the three months ended March 31, 2018, the Company recognized revenue of $1.4 million that had been included in deferred revenue at December 31, 2017. See Note 5 for disaggregation of revenue by geography. Cost of Net Revenue Cost of net revenue consists primarily of direct and indirect costs of IC product sales and engineering personnel costs directly related to maintenance and support services specified in licensing agreements. Maintenance and support typically include engineering support to assist in the commencement of production of a licensee’s products. Goodwill In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Simplifying the Test for Goodwill Impairment The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. As the Company uses the market approach to determine the step one fair value, the price of its common stock is an important component of the fair value calculation. If the Company’s stock price continues to experience significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s goodwill exceeds its fair value, then the Company must record an impairment charge equal to the difference. The Company performed its annual test for goodwill impairment as of September 1, 2017, and performed a subsequent test on March 31, 2018. Per Share Amounts Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options, vesting of stock awards and shares issuable in conjunction with our convertible debt. The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts): Three months ended March 31, 2018 2017 Numerator: Net income (loss) $ 348 $ (4,405 ) Denominator: Add: weighted-average common shares outstanding 8,130 6,647 Total shares: basic 8,130 6,647 Add: weighted-average stock options outstanding 63 — Add: weighted-average unvested restricted stock units 154 — Total shares: diluted 8,347 6,647 Net income (loss) per share: Basic $ 0.04 $ (0.66 ) Diluted $ 0.04 $ (0.66 ) The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands): Three months ended March 31, March 31, 2018 2017 Options outstanding to purchase common stock 186 508 Unvested restricted common stock units - 89 Convertible debt 2,272 973 Total 2,458 1,570 Debt Issuance Costs Debt issuance costs are capitalized and amortized to interest expense using the effective interest method. Unamortized debt issuance costs are presented in the condensed consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability and accounted for as debt discounts. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 2: Fair Value of Financial Instruments The estimated fair values of financial instruments outstanding were (in thousands): March 31, 2018 Unrealized Unrealized Fair Cost Gains Losses Value Cash and cash equivalents $ 3,501 $ — $ — $ 3,501 December 31, 2017 Unrealized Unrealized Fair Cost Gains Losses Value Cash and cash equivalents $ 3,868 $ — $ — $ 3,868 The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands): March 31, 2018 Fair Value Level 1 Level 2 Level 3 Money market funds $ 622 $ 622 $ — $ — December 31, 2017 Fair Value Level 1 Level 2 Level 3 Money market funds $ 621 $ 621 $ — $ — There were no transfers in or out of Level 1 and Level 2 securities during the three months ended March 31, 2018 or 2017. |
Balance Sheet Detail
Balance Sheet Detail | 3 Months Ended |
Mar. 31, 2018 | |
Consolidated Balance Sheets And Statements Of Operations Components Disclosure [Abstract] | |
Balance Sheet Detail | Note 3. Balance Sheet Detail March 31, December 31, 2018 2017 (in thousands) Inventories: Work-in-process $ 1,746 $ 1,612 Finished goods 154 154 $ 1,900 $ 1,766 Identifiable intangible assets were (dollar amounts in thousands): March 31, 2018 Gross Net Life Carrying Accumulated Carrying (years) Amount Amortization Amount Patent license 7 $ 780 $ 696 $ 84 December 31, 2017 Gross Net Life Carrying Accumulated Carrying (years) Amount Amortization Amount Patent license 7 $ 780 $ 669 $ 111 Amortization expense has been included in research and development expense in the condensed consolidated statements of operations. The remaining estimated aggregate amortization expense is less than $0.1 million and will be recognized in 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4. Commitments and Contingencies Indemnification In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into indemnification agreements with its officers and directors. No material amounts were reflected in the Company’s condensed consolidated financial statements for the three months ended March 31, 2018 or 2017 related to these indemnifications. The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any material payments related to these indemnification agreements. Legal Matters In October 2017, Trinity Technologies, Inc. (Trinity), the Company’s former sales representative in the San Francisco Bay Area, filed a lawsuit against the Company in the Superior Court of California alleging non-payment of commissions. In April 2018, the Company and Trinity executed a settlement agreement, and Trinity dismissed the lawsuit. Under the terms of the settlement agreement, the Company agreed to pay Trinity for commissions related to both 2017 and 2018. Commissions for the period prior to April 1, 2018 were accrued as of March 31, 2018. Pursuant to the settlement agreement, the Company will accrue additional commission expenses of approximately $250,000 in the quarter ending June 30, 2018. |
Business Segments, Concentratio
Business Segments, Concentration of Credit Risk and Significant Customers | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments, Concentration of Credit Risk and Significant Customers | Note 5. Business Segments, Concentration of Credit Risk and Significant Customers The Company operates in one business segment and uses one measurement of profitability for its business. Net revenue is attributed to the United States and to all foreign countries based on the geographical location of the customer. The Company recognized revenue from shipment of product and licensing of its technologies to customers by geographical location as follows (in thousands): Three Months Ended March 31, 2018 2017 North America $ 3,357 $ 822 Japan 714 169 Taiwan 83 171 Rest of world 54 50 Total net revenue $ 4,208 $ 1,212 Customers who accounted for at least 10% of total net revenue were: Three Months Ended March 31, 2018 2017 Customer A 34% 55% Customer B 24% *% Customer C 17% 14% * Represents less than 10% One customer accounted for 59% of accounts receivable, net at March 31, 2018. One customer accounted for 63% of accounts receivable, net at December 31, 2017. |
Income Tax Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | Note 6. Income Tax Provision The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company’s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company files U.S. federal and state and foreign income tax returns in jurisdictions with varying statutes of limitations. All tax returns from 2013 to 2017 may be subject to examination by the Internal Revenue Service, California and other states. Returns filed in foreign jurisdictions may be subject to examination for the years 2009 to 2017. As of March 31, 2018, the Company has not recorded any liability for unrecognized tax benefits related to uncertain tax positions. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation The expense relating to stock options is recognized on a straight-line basis over the requisite service period, usually the vesting period, based on the grant-date fair value. The unamortized compensation cost, net of expected forfeitures, as of March 31, 2018 was $1.0 million related to stock options and is expected to be recognized as expense over a weighted-average period of approximately 2.2 years. The expense related to restricted stock units (RSUs) is recognized over a three-to-five year vesting period and is based on the fair value of the underlying stock on the dates of grant. The unamortized compensation cost, net of expected forfeitures, as of March 31, 2018 was $0.5 million related to RSUs and is expected to be recognized as expense over a weighted-average period of approximately 0.9 years. For the three months ended March 31, 2018 and 2017, there were no excess tax benefits associated with the exercise of stock options due to the Company’s historical loss positions. Valuation Assumptions The fair value of the Company’s stock options granted for the three months ended March 31, 2018 and 2017 was estimated on the grant dates using the Black-Scholes valuation option-pricing model with the following assumptions: 2018 2017 Risk-free interest rate 2.2 % 1.6 % Volatility 109.5 % 70.2 % Expected life (years) 4.0 4.0 Dividend yield — % — % The risk-free interest rate was derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date for terms equal to the expected terms of the options. The expected volatility was based on the historical volatility of the Company’s stock price over the expected term of the options. The expected term of options granted was derived from historical data based on employee exercises and post‑vesting employment termination behavior. A dividend yield of zero is applied because the Company has never paid dividends, and has no intention to pay dividends in the near future. The stock‑based compensation expense recorded is adjusted based on estimated forfeiture rates. An annualized forfeiture rate has been used as a best estimate of future forfeitures based on the Company’s historical forfeiture experience. Stock‑based compensation expense will be adjusted in later periods if the actual forfeiture rate is different from the estimate. Common Stock Options and Restricted Stock A summary of option and RSU activity under the Company’s Amended and Restated 2010 Equity Incentive Plan (the Plan) is presented below (in thousands, except exercise price): Awards outstanding Weighted Shares Average Available Number of Exercise for Grant Shares Prices Balance at January 1, 2018 231 307 $ 4.81 Additional shares authorized under the Plan 50 — — RSUs granted (60 ) — — RSUs cancelled and returned to the Plan 1 — — Options granted (40 ) 40 $ 1.28 Options cancelled and returned to the Plan 2 (2 ) $ 23.47 Balance at March 31, 2018 184 345 $ 4.30 A summary of RSU activity under the Plan is presented below (in thousands, except for fair value): Weighted Average Number of Grant-Date Shares Fair Value Non-vested shares at January 1, 2018 376 $ 1.58 Granted 60 $ 1.16 Vested (133 ) $ 2.11 Cancelled (1 ) $ 0.94 Non-vested shares at March 31, 2018 302 $ 1.27 In the three months ended March 31, 2018, the Company paid approximately $38,000 for employee income taxes related to net share settlement of vested RSUs. The total intrinsic value of the RSUs outstanding as of March 31, 2018 was $0.3 million. The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2018 (in thousands, except contractual life and exercise price): Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Aggregate Number Life Exercise Number Exercise Intrinsic Range of Exercise Price Outstanding (in Years) Price Exercisable Price value $0.75 - $1.27 160 5.50 $ 0.75 — $ — $ — $1.28 - $7.19 51 6.29 $ 2.10 6 $ 5.08 $ — $7.20 - $20.49 113 8.40 $ 7.20 60 $ 7.20 $ — $20.50 - $43.59 19 6.95 $ 20.60 15 $ 20.63 $ — $44.60 - $46.19 1 5.18 $ 44.60 1 $ 44.60 $ — $46.20 - $46.20 1 5.88 $ 46.20 1 $ 46.20 $ — $0.75 - $46.20 345 6.68 $ 4.30 83 $ 9.87 $ — Vested and expected to vest 291 6.81 $ 4.77 Exercisable 83 8.08 $ 9.87 There were no stock options exercised during the three months ended March 31, 2018 or 2017. As of March 31, 2018 the intrinsic value of outstanding stock options was approximately $70,000. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 8. Convertible Notes On March 14, 2016, the Company entered into a 10% Senior Secured Convertible Note Purchase Agreement (the “Purchase Agreement”) with the purchasers of $8,000,000 principal amount of 10% Senior Secured Convertible Notes due August 15, 2018 (the “Notes”), at par, in a private placement transaction effected pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended. Pursuant to an amendment to the Notes and related documents effective February 18, 2018, the interest rate was reduced to 8%, the maturity date of the Notes was extended to August 15, 2019, and the optional conversion price was reduced from $8.50 of Note principal per share of common stock to $4.25 of Note principal per share of common stock. The conversion price is subject to adjustment upon certain events, such as stock splits, reverse stock splits, stock dividends and similar kinds of transactions, as set forth in the Purchase Agreement. Pursuant to a security agreement entered into by the Company, the Notes are secured by a security interest in all of the assets of the Company. The Notes originally had an interest rate of 10%, but from February 15, 2018, the annual rate of interest is 8%. Accrued interest is payable semi-annually in cash or in kind through the issuance of identical new Notes, or with a combination of the two, at the Company’s option. The Notes are noncallable and nonredeemable by the Company. The Notes are redeemable at the election of the holders if the Company experiences a fundamental change (as defined in the Notes), which generally would occur in the event (i) any person acquires beneficial ownership of shares of common stock of the Company entitling such person to exercise at least 40% of the total voting power of all of the shares of capital stock of the Company entitled to vote generally in elections of directors, (ii) an acquisition of the Company by another person through a merger or consolidation, or the sale, transfer or lease of all or substantially all of the Company’s assets, or (iii) the Company’s current directors cease to constitute a majority of the board of directors of the Company within a 12-month period, disregarding for this purpose any director who voluntarily resigns as a director or dies while serving as a director. Pursuant to the amendment to the Notes, the redemption price was reduced from 120% to 100% of the principal amount of the Note to be repurchased plus accrued and unpaid interest as of the redemption date. No holder of a Note is entitled to convert such Note if effective upon the applicable conversion date (i) the holder would have beneficial ownership of more than 9.9% of the voting capital stock of the Company as determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, (with exceptions specified in the Purchase Agreement), or (ii) if the shares are being acquired or held with a purpose or effect of changing or influencing control of the Company, or in connection with or as a participant in any transaction having that purpose or effect, as determined in the sole discretion of the board of directors of the Company. There is no required sinking fund for the Notes. The Notes have not been registered for resale, and the holder(s) do not have registration rights. The Notes restrict the ability of the Company to incur any indebtedness for borrowed money, unless such indebtedness by its terms is expressly subordinated to the Notes in right of payment and to the security interest of the Note holder(s) in respect to the priority and enforcement of any security interest in property of the Company securing such new debt; provided that the Note holder(s) security interest and cash payment rights under the Notes shall be subordinate to a maximum of $5,000,000 of indebtedness for a secured accounts receivable line of credit facility provided to the Company by a bank or institutional lender; and, provided further, that in no event may the amount of indebtedness to which the security interest of the Note holder(s) is subordinated exceed the outstanding balance of accounts receivable less than 90 days old for which the Company has not recorded an allowance for doubtful accounts pledged under such credit facility. The Notes define an event of default generally as any failure by the Company to pay an amount owed under the Notes when due (subject to cure periods), a default with respect to other indebtedness of the Company resulting in acceleration of such indebtedness, the commencement of bankruptcy or insolvency proceedings, or the cessation of business. If an event of default occurs under the Notes, the holder(s) of a majority-in-interest of the outstanding principal amount of the Notes may declare the outstanding principal amount thereof to be immediately due and payable and pursue all available remedies, including taking possession of the assets of the Company and selling them to pay the amount of debt then due, plus expenses, in accordance with applicable laws and procedures. The Company incurred debt issuance costs of approximately $0.1 million, which were recorded as a debt discount and are being amortized to interest expense over the repayment period for the original loan using the effective interest rate method. The interest expense related to the debt discount during the three months ended March 31, 2018 and 2017 was approximately $12,000 and $11,000, respectively, and the remaining unamortized debt discount was approximately $18,000. Semi-annual interest payments have been made in each of August 2016, February 2017, August 2017 and February 2018, for approximately $336,000, $420,000, $434,000 and $463,000, respectively, in-kind with the issue of additional notes (Interest Notes) to the Purchasers. The Interest Notes have terms identical to the Notes. As of March 31, 2018, the Notes and Interest Notes could be converted into a maximum of 2,271,338 shares of common stock at $4.25 per share, excluding the effects of future payments of interest in-kind and beneficial ownership ceiling of 9.9%. The outstanding convertible notes payable of $9.7 million (excluding unamortized discount of approximately $18,000 as of March 31, 2018) are due in August 2019. |
Restructuring Charge
Restructuring Charge | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | Note 9. Restructuring Charges In the second quarter of 2017, the Company effected a reduction in its workforce and associated operating expenses, net loss and cash burn. The Company reduced headcount by approximately 60% with the majority of the reductions occurring at its U.S. headquarters facility. As a result of the restructuring, the Company recorded approximately $1.0 million of charges for severance benefits and future obligations under computer-aided design software licenses. In the third quarter of 2017, the Company closed its Japanese branch and Iowa locations and further reduced headcount resulting in additional expenses of approximately $50,000. In the fourth quarter of 2017, the Company terminated its existing headquarters facility lease and incurred lease termination expenses of approximately $270,000. Expenses related to the restructure are included in the restructuring charges line in the consolidated statements of operations and the remaining liability is included in accrued expenses and other on the consolidated balance sheets consisting of (in thousands): Facility related Contractual obligations and other termination costs Total Balance as of January 1, 2018 $ 89 $ 389 $ 478 Restructuring charge — — — Cash payments (89 ) (131 ) (220 ) Balance as of March 31, 2018 $ — $ 258 $ 258 |
The Company and Summary of Si15
The Company and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on December 31 of each calendar year. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company invests its excess cash in money market accounts, certificates of deposit, commercial paper, corporate debt, government-sponsored enterprise bonds and municipal bonds and considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments with original maturities greater than three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Management generally determines the appropriate classification of securities at the time of purchase. All securities are classified as available-for-sale. The Company’s available-for-sale short-term investments are carried at fair value, with the unrealized holding gains and losses reported in accumulated other comprehensive loss. Realized gains and losses and declines in the value judged to be other than temporary are included in the other income, net line item in the condensed consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1— Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2— Pricing is provided by third party sources of market information obtained through the Company’s investment advisors, rather than models. The Company does not adjust for, or apply, any additional assumptions or estimates to the pricing information it receives from advisors. The Company’s Level 2 securities may include cash equivalents and available-for-sale securities, which consist primarily of certificates of deposit, corporate debt, and government agency and municipal debt securities from issuers with high-quality credit ratings. The Company’s investment advisors obtain pricing data from independent sources, such as Standard & Poor’s, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities. Level 3— Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment are used to measure fair value. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The determination of fair value for Level 3 investments and other financial instruments involves the most management judgment and subjectivity. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure that its trade receivables balances are not overstated due to uncollectibility. The Company performs ongoing customer credit evaluations within the context of the industry in which it operates and generally does not require collateral from its customers. A specific allowance of up to 100% of the invoice value is provided for any problematic customer balances. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The Company grants credit only to customers deemed creditworthy in the judgment of management. There was no allowance for doubtful accounts receivable at either March 31, 2018 or December 31, 2017. |
Inventories | Inventories The Company values its inventories at the lower of cost, which approximates actual cost on a first-in, first-out basis, or net realizable value. The Company records inventory reserves for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and market conditions. Once a reserve is established, it is maintained until the product to which it relates is sold or otherwise disposed of. If actual market conditions are less favorable than those expected by management, additional adjustment to inventory valuation may be required. Charges for obsolete and slow-moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow moving inventory items. The Company recorded no inventory write-downs during the three months ended March 31, 2018 or 2017. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Financial Accounting Standards Board ( Revenue from Contracts with Customers Under this transition method, results for reporting periods beginning January 1, 2018 or later are presented under ASC 606, while prior period results continue to be reported in accordance with previous guidance. As described below, the analysis of contracts under ASC 606 supports the recognition of revenue at a point in time, resulting in revenue recognition timing that is materially consistent with the Company’s historical practice of recognizing product revenue when title and risk of loss pass to the customer. Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at the transaction price which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer and excludes any amounts collected on behalf of third parties. The Company enters into contracts that may include both products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The Company does not have significant financing components, as payments from customers are typically due within 60 days of invoicing and the Company has elected the practical expedient to net value financing components that are less than one year. Shipping and handling costs are incurred by the customer, and, therefore, are not recorded as revenue. The following table summarizes the cumulative effect of the changes to the Company’s unaudited condensed consolidated balance sheet as of January 1, 2018 due to the adoption of ASC 606 (in thousands): Balance as of December Adjustments due to ASC 606 Balance as of January 1, 2018 Assets Accounts receivable, net $ 1,681 $ 230 $ 1,911 Equity Accumulated deficit $ (224,688 ) $ 230 $ (224,458 ) The following tables summarize the current-period impacts of adopting ASC 606 on the Company’s unaudited condensed consolidated balance sheet and statement of operations and comprehensive income: March 31, 2018 As Reported Effect of adoption Balances adoption of ASC 606 Assets Accounts receivable, net $ 1,505 $ (220 ) $ 1,285 Equity Accumulated deficit $ (224,110 ) $ (220 ) $ (224,330 ) For the Three Months Ended March 31, 2018 As Reported Effect of adoption Balances without adoption of ASC 606 Product sales $ 3,704 $ — $ 3,704 Royalty and other 504 10 514 Cost of net revenue 1,601 — 1,601 Operating expenses 2,040 — 2,040 Interest expense 221 — 221 Other income, net 3 — 3 Income tax provision 1 — 1 Net income 348 10 358 Net income per share: Basic $ 0.04 $ — $ 0.04 Diluted $ 0.04 $ — $ 0.04 Additionally, as a result of the adoption of ASC 606, the Company changed its accounting policy for revenue recognition. Critical Accounting Policy – Revenue Recognition The Company generates revenue primarily from sales of IC products and licensing of its IP. Revenues are recognized when control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. IC products Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company's contracts have a single performance obligation to transfer products. Accordingly, the recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated, formula, list or fixed price. The Company its and generally under agreements with payment terms typically less than 60 days. The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale. Royalty and other The Company’s licensing contracts typically provide for royalties based on the licensee’s use of the Company’s memory technology in its currently shipping commercial products. With the adoption of ASC 606 in January 2018, the Company estimates its royalty revenue in the calendar quarter in which the licensee uses the licensed technology. Payments are generally received in the subsequent quarter. Contract liabilities – deferred revenue The Company’s contract liabilities consist of advance customer payments and deferred revenue. The Company classifies advance customer payments and deferred revenue as current or non-current based on the timing of when the Company expects to recognize revenue. For the three months ended March 31, 2018 contract liabilities were in a current position and included in deferred revenue. During the three months ended March 31, 2018, the Company recognized revenue of $1.4 million that had been included in deferred revenue at December 31, 2017. See Note 5 for disaggregation of revenue by geography. |
Cost of Net Revenue | Cost of Net Revenue Cost of net revenue consists primarily of direct and indirect costs of IC product sales and engineering personnel costs directly related to maintenance and support services specified in licensing agreements. Maintenance and support typically include engineering support to assist in the commencement of production of a licensee’s products. |
Goodwill | Goodwill In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Simplifying the Test for Goodwill Impairment The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. As the Company uses the market approach to determine the step one fair value, the price of its common stock is an important component of the fair value calculation. If the Company’s stock price continues to experience significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s goodwill exceeds its fair value, then the Company must record an impairment charge equal to the difference. The Company performed its annual test for goodwill impairment as of September 1, 2017, and performed a subsequent test on March 31, 2018. |
Per Share Amounts | Per Share Amounts Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options, vesting of stock awards and shares issuable in conjunction with our convertible debt. The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts): Three months ended March 31, 2018 2017 Numerator: Net income (loss) $ 348 $ (4,405 ) Denominator: Add: weighted-average common shares outstanding 8,130 6,647 Total shares: basic 8,130 6,647 Add: weighted-average stock options outstanding 63 — Add: weighted-average unvested restricted stock units 154 — Total shares: diluted 8,347 6,647 Net income (loss) per share: Basic $ 0.04 $ (0.66 ) Diluted $ 0.04 $ (0.66 ) The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands): Three months ended March 31, March 31, 2018 2017 Options outstanding to purchase common stock 186 508 Unvested restricted common stock units - 89 Convertible debt 2,272 973 Total 2,458 1,570 |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are capitalized and amortized to interest expense using the effective interest method. Unamortized debt issuance costs are presented in the condensed consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability and accounted for as debt discounts. |
The Company and Summary of Si16
The Company and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Computation of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts): Three months ended March 31, 2018 2017 Numerator: Net income (loss) $ 348 $ (4,405 ) Denominator: Add: weighted-average common shares outstanding 8,130 6,647 Total shares: basic 8,130 6,647 Add: weighted-average stock options outstanding 63 — Add: weighted-average unvested restricted stock units 154 — Total shares: diluted 8,347 6,647 Net income (loss) per share: Basic $ 0.04 $ (0.66 ) Diluted $ 0.04 $ (0.66 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive (in thousands): Three months ended March 31, March 31, 2018 2017 Options outstanding to purchase common stock 186 508 Unvested restricted common stock units - 89 Convertible debt 2,272 973 Total 2,458 1,570 |
ASU 2014-09 [Member] | |
Summary of Impact of Adoption of Accounting Standards | The following table summarizes the cumulative effect of the changes to the Company’s unaudited condensed consolidated balance sheet as of January 1, 2018 due to the adoption of ASC 606 (in thousands): Balance as of December Adjustments due to ASC 606 Balance as of January 1, 2018 Assets Accounts receivable, net $ 1,681 $ 230 $ 1,911 Equity Accumulated deficit $ (224,688 ) $ 230 $ (224,458 ) The following tables summarize the current-period impacts of adopting ASC 606 on the Company’s unaudited condensed consolidated balance sheet and statement of operations and comprehensive income: March 31, 2018 As Reported Effect of adoption Balances adoption of ASC 606 Assets Accounts receivable, net $ 1,505 $ (220 ) $ 1,285 Equity Accumulated deficit $ (224,110 ) $ (220 ) $ (224,330 ) For the Three Months Ended March 31, 2018 As Reported Effect of adoption Balances without adoption of ASC 606 Product sales $ 3,704 $ — $ 3,704 Royalty and other 504 10 514 Cost of net revenue 1,601 — 1,601 Operating expenses 2,040 — 2,040 Interest expense 221 — 221 Other income, net 3 — 3 Income tax provision 1 — 1 Net income 348 10 358 Net income per share: Basic $ 0.04 $ — $ 0.04 Diluted $ 0.04 $ — $ 0.04 |
Fair Value of Financial Instr17
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair values of financial instruments outstanding | The estimated fair values of financial instruments outstanding were (in thousands): March 31, 2018 Unrealized Unrealized Fair Cost Gains Losses Value Cash and cash equivalents $ 3,501 $ — $ — $ 3,501 December 31, 2017 Unrealized Unrealized Fair Cost Gains Losses Value Cash and cash equivalents $ 3,868 $ — $ — $ 3,868 |
Schedule of fair value hierarchy for financial assets (cash equivalents and investments) | The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands): March 31, 2018 Fair Value Level 1 Level 2 Level 3 Money market funds $ 622 $ 622 $ — $ — December 31, 2017 Fair Value Level 1 Level 2 Level 3 Money market funds $ 621 $ 621 $ — $ — |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Consolidated Balance Sheets And Statements Of Operations Components Disclosure [Abstract] | |
Schedule of inventory | March 31, December 31, 2018 2017 (in thousands) Inventories: Work-in-process $ 1,746 $ 1,612 Finished goods 154 154 $ 1,900 $ 1,766 |
Schedule of identifiable intangible assets | Identifiable intangible assets were (dollar amounts in thousands): March 31, 2018 Gross Net Life Carrying Accumulated Carrying (years) Amount Amortization Amount Patent license 7 $ 780 $ 696 $ 84 December 31, 2017 Gross Net Life Carrying Accumulated Carrying (years) Amount Amortization Amount Patent license 7 $ 780 $ 669 $ 111 |
Business Segments, Concentrat19
Business Segments, Concentration of Credit Risk and Significant Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of revenue from shipment of product and licensing of its technologies to customers by geographical location | The Company recognized revenue from shipment of product and licensing of its technologies to customers by geographical location as follows (in thousands): Three Months Ended March 31, 2018 2017 North America $ 3,357 $ 822 Japan 714 169 Taiwan 83 171 Rest of world 54 50 Total net revenue $ 4,208 $ 1,212 |
Schedule of customers who accounted for at least 10% of total net revenue | Customers who accounted for at least 10% of total net revenue were: Three Months Ended March 31, 2018 2017 Customer A 34% 55% Customer B 24% *% Customer C 17% 14% * Represents less than 10% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of assumptions used in estimation of fair value of the share-based payment awards on the grant date | 2018 2017 Risk-free interest rate 2.2 % 1.6 % Volatility 109.5 % 70.2 % Expected life (years) 4.0 4.0 Dividend yield — % — % |
Summary of option and RSU activity under Amended and Restated 2000 Stock Option and Equity Incentive Plan and Amended and Restated 2010 Equity Incentive Plan | Awards outstanding Weighted Shares Average Available Number of Exercise for Grant Shares Prices Balance at January 1, 2018 231 307 $ 4.81 Additional shares authorized under the Plan 50 — — RSUs granted (60 ) — — RSUs cancelled and returned to the Plan 1 — — Options granted (40 ) 40 $ 1.28 Options cancelled and returned to the Plan 2 (2 ) $ 23.47 Balance at March 31, 2018 184 345 $ 4.30 |
Summary of RSU activity under the Plans | A summary of RSU activity under the Plan is presented below (in thousands, except for fair value): Weighted Average Number of Grant-Date Shares Fair Value Non-vested shares at January 1, 2018 376 $ 1.58 Granted 60 $ 1.16 Vested (133 ) $ 2.11 Cancelled (1 ) $ 0.94 Non-vested shares at March 31, 2018 302 $ 1.27 |
Summary of significant ranges of outstanding and exercisable options | The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2018 (in thousands, except contractual life and exercise price): Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Aggregate Number Life Exercise Number Exercise Intrinsic Range of Exercise Price Outstanding (in Years) Price Exercisable Price value $0.75 - $1.27 160 5.50 $ 0.75 — $ — $ — $1.28 - $7.19 51 6.29 $ 2.10 6 $ 5.08 $ — $7.20 - $20.49 113 8.40 $ 7.20 60 $ 7.20 $ — $20.50 - $43.59 19 6.95 $ 20.60 15 $ 20.63 $ — $44.60 - $46.19 1 5.18 $ 44.60 1 $ 44.60 $ — $46.20 - $46.20 1 5.88 $ 46.20 1 $ 46.20 $ — $0.75 - $46.20 345 6.68 $ 4.30 83 $ 9.87 $ — Vested and expected to vest 291 6.81 $ 4.77 Exercisable 83 8.08 $ 9.87 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of restructuring charges | Expenses related to the restructure are included in the restructuring charges line in the consolidated statements of operations and the remaining liability is included in accrued expenses and other on the consolidated balance sheets consisting of (in thousands): Facility related Contractual obligations and other termination costs Total Balance as of January 1, 2018 $ 89 $ 389 $ 478 Restructuring charge — — — Cash payments (89 ) (131 ) (220 ) Balance as of March 31, 2018 $ — $ 258 $ 258 |
The Company and Summary of Si22
The Company and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2018USD ($)Gigabit / s | Mar. 31, 2017USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Speed per second of high-speed interface technology of Bandwidth Engine ICs (in giga per second) | Gigabit / s | 10 | |||
Maximum specific allowance as percentage of invoice value for problematic customer balances | 100.00% | |||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | ||
Inventory reserves | 0 | $ 0 | ||
Accumulated deficit | $ (224,110,000) | (224,688,000) | ||
Payments from customers | 60 days | |||
Payment terms | The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically less than 60 days | |||
Deferred revenue, revenue recognized | $ 1,400,000 | |||
Impairment of goodwill | 0 | |||
Adjustments due to ASC 606 [Member] | ASU 2014-09 [Member] | ||||
Accumulated deficit | $ (224,330,000) | $ 230,000 | $ 230,000 |
The Company and Summary of Si23
The Company and Summary of Significant Accounting Policies - Summary of Impact of Adoption of Accounting Standards on Condensed Consolidated Balance Sheet (Details) - USD ($) | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | |||
Accounts receivable, net | $ 1,505,000 | $ 1,681,000 | |
Stockholders’ equity | |||
Accumulated deficit | (224,110,000) | (224,688,000) | |
Adjustments due to ASC 606 [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Accounts receivable, net | 1,285,000 | 230,000 | |
Stockholders’ equity | |||
Accumulated deficit | (224,330,000) | $ 230,000 | 230,000 |
Effect of Adoption Higher (Lower) [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Accounts receivable, net | (220,000) | 1,911,000 | |
Stockholders’ equity | |||
Accumulated deficit | $ (220,000) | $ (224,458,000) |
The Company and Summary of Si24
The Company and Summary of Significant Accounting Policies - Summary of Impact of Adoption of Accounting Standards on Condensed Consolidated Statements Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Product | $ 3,704 | $ 955 |
Royalty and other | 504 | 257 |
Cost of net revenue | 1,601 | 602 |
Operating expenses | 2,040 | 4,799 |
Interest expense | 221 | 224 |
Other income, net | 3 | 13 |
Income tax provision | 1 | 5 |
Net income (loss) | $ 348 | $ (4,405) |
Net income per share: | ||
Basic | $ 0.04 | $ (0.66) |
Diluted | $ 0.04 | $ (0.66) |
Effect of Adoption Higher (Lower) [Member] | ASU 2014-09 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Royalty and other | $ 10 | |
Net income (loss) | 10 | |
Adjustments due to ASC 606 [Member] | ASU 2014-09 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Product | 3,704 | |
Royalty and other | 514 | |
Cost of net revenue | 1,601 | |
Operating expenses | 2,040 | |
Interest expense | 221 | |
Other income, net | 3 | |
Income tax provision | 1 | |
Net income (loss) | $ 358 | |
Net income per share: | ||
Basic | $ 0.04 | |
Diluted | $ 0.04 |
The Company and Summary of Si25
The Company and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income (loss) | $ 348 | $ (4,405) |
Shares used in computing net income (loss) per share | ||
Basic | 8,130 | 6,647 |
Total shares: basic | 8,130 | 6,647 |
Total shares: diluted | 8,347 | 6,647 |
Net income per share: | ||
Basic | $ 0.04 | $ (0.66) |
Diluted | $ 0.04 | $ (0.66) |
Stock Option [Member] | ||
Shares used in computing net income (loss) per share | ||
Add: weighted-average stock options outstanding | 63 | |
Unvested Restricted Stock Units [Member] | ||
Shares used in computing net income (loss) per share | ||
Add: weighted-average stock options outstanding | 154 |
The Company and Summary of Si26
The Company and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income (loss) per share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,458 | 1,570 |
Options | ||
Net income (loss) per share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 186 | 508 |
RSU's | ||
Net income (loss) per share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 89 | |
Convertible debt | ||
Net income (loss) per share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,272 | 973 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments - Schedule of Estimated Fair Values of Financial Instruments Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, cost | $ 3,501 | $ 3,868 | $ 5,330 | $ 8,766 |
Cash and cash equivalents, fair value | $ 3,501 | $ 3,868 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy for Financial Assets (Cash Equivalents and Investments) (Details) - Fair Value, Measurements, Recurring - Money market funds - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair value hierarchy for its financial assets | ||
Available-for-sale Securities | $ 622 | $ 621 |
Level 1 | ||
Fair value hierarchy for its financial assets | ||
Available-for-sale Securities | $ 622 | $ 621 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Transfer of assets between Level 1 to Level 2 | $ 0 | $ 0 |
Transfer of assets between Level 2 to Level 1 | 0 | 0 |
Transfer of liabilities between Level 1 to Level 2 | 0 | 0 |
Transfer of liabilities between Level 2 to Level 1 | $ 0 | $ 0 |
Balance Sheet Detail - Schedule
Balance Sheet Detail - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventories: | ||
Work-in-process | $ 1,746 | $ 1,612 |
Finished goods | 154 | 154 |
Total | $ 1,900 | $ 1,766 |
Balance Sheet Detail - Schedu31
Balance Sheet Detail - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Intangible assets | ||
Net Carrying Value | $ 84 | $ 111 |
Patent license | ||
Intangible assets | ||
Life | 7 years | 7 years |
Gross Carrying Amount | $ 780 | $ 780 |
Accumulated Amortization | 696 | 669 |
Net Carrying Value | $ 84 | $ 111 |
Balance Sheet Detail - Addition
Balance Sheet Detail - Additional Information (Details) $ in Millions | Mar. 31, 2018USD ($) |
Maximum | |
Estimated aggregate amortization expense to be recognized in future | |
2,018 | $ 0.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Scenario Forecast | |
Loss Contingencies [Line Items] | |
Commission expense | $ 250,000 |
Business Segments, Concentrat34
Business Segments, Concentration of Credit Risk and Significant Customers - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018SegmentCustomer | Dec. 31, 2017Customer | |
Business Segments | ||
Number of business segments | Segment | 1 | |
Number of measurements of profitability | 1 | |
Net accounts receivable | One Customer | Credit concentration | ||
Business Segments | ||
Percentage of concentration risk | 59.00% | 63.00% |
Number of customers | Customer | 1 | 1 |
Business Segments, Concentrat35
Business Segments, Concentration of Credit Risk and Significant Customers - Schedule of Revenue from Shipment of Product and Licensing of its Technologies to Customers by Geographical Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Segments | ||
Total net revenue | $ 4,208 | $ 1,212 |
North America | ||
Business Segments | ||
Total net revenue | 3,357 | 822 |
Japan | ||
Business Segments | ||
Total net revenue | 714 | 169 |
Taiwan | ||
Business Segments | ||
Total net revenue | 83 | 171 |
Rest of world | ||
Business Segments | ||
Total net revenue | $ 54 | $ 50 |
Business Segments, Concentrat36
Business Segments, Concentration of Credit Risk and Significant Customers - Schedule of Customers Who Accounted for at Least 10% of Total Net Revenue (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customer A | ||
Significant Customers | ||
Percentage of concentration risk | 34.00% | 55.00% |
Customer B | ||
Significant Customers | ||
Percentage of concentration risk | 24.00% | |
Customer C | ||
Significant Customers | ||
Percentage of concentration risk | 17.00% | 14.00% |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) | Mar. 31, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits recorded as liability | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unamortized compensation cost, net of expected forfeitures | $ 1,000,000 | |
Weighted average expected period over which the expense is to be recognized | 2 years 2 months 12 days | |
Tax benefits associated with exercise of stock options | $ 0 | $ 0 |
Dividend yield (as a percent) | 0.00% | |
Stock options exercised | 0 | 0 |
Options Outstanding, Aggregate Intrinsic Value | $ 70,000 | |
RSU's | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unamortized compensation cost, net of expected forfeitures | $ 500,000 | |
Weighted average expected period over which the expense is to be recognized | 10 months 24 days | |
Cash paid for employee income tax related to settlement of RSUs | $ 38,000 | |
RSU's | Equity Incentive Plan2010 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total intrinsic value of the restricted stock units outstanding | $ 300,000 | |
RSU's | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, recognition period | 3 years | |
RSU's | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, recognition period | 5 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used in Estimation of Fair Value of the Share-based Payment Awards on the Grant Date (Details) - Options | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.20% | 1.60% |
Volatility | 109.50% | 70.20% |
Expected life (years) | 4 years | 4 years |
Dividend yield | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option and RSU Activity (Details) - Equity Incentive Plan2010 [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Shares Available for Grant | |
Balance at the beginning of the year (in shares) | 231,000 |
Options granted (in shares) | (40,000) |
Options cancelled and returned to Plan (in shares) | 2,000 |
Balance at the end of the period (in shares) | 184,000 |
Number of Shares | |
Balance at the beginning of the year (in shares) | 307,000 |
Options granted (in shares) | 40,000 |
Options cancelled and returned to Plan (in shares) | (2,000) |
Balance at the end of the period (in shares) | 345,000 |
Weighted Average Exercise Prices | |
Weighted-average exercise price (in dollars per share) | $ / shares | $ 4.81 |
Options granted (in dollars per share) | $ / shares | 1.28 |
Options cancelled and returned to Plan (in dollars per share) | $ / shares | 23.47 |
Weighted-average exercise price (in dollars per share) | $ / shares | $ 4.30 |
Options | |
Shares Available for Grant | |
Additional shares authorized | 50,000 |
RSU's | |
Shares Available for Grant | |
RSUs cancelled and returned to Plan (in shares) | 1,000 |
RSUs granted (in shares) | (60,000) |
Number of Shares | |
RSUs cancelled and returned to Plan (in shares) | (1,000) |
Weighted Average Exercise Prices | |
RSUs cancelled and returned to Plan (in dollars per shares) | $ / shares | $ 0.94 |
RSUs granted (in dollars per share) | $ / shares | $ 1.16 |
Stock-Based Compensation - Su41
Stock-Based Compensation - Summary of RSU Activity Under Plans (Details) - Equity Incentive Plan2010 [Member] - RSU's | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Shares | |
Non-vested shares at the beginning of the year | shares | 376,000 |
Granted (in shares) | shares | 60,000 |
Vested (in shares) | shares | (133,000) |
Cancelled (in shares) | shares | (1,000) |
Non-vested shares at the end of the period | shares | 302,000 |
Weighted Average Grant-Date Fair Value | |
Weighted average grant date fair value | $ / shares | $ 1.58 |
Granted (in dollars per share) | $ / shares | 1.16 |
Vested (in dollars per share) | $ / shares | 2.11 |
RSUs cancelled and returned to Plan (in dollars per shares) | $ / shares | 0.94 |
Weighted average grant date fair value | $ / shares | $ 1.27 |
Stock-Based Compensation - Su42
Stock-Based Compensation - Summary of Significant Ranges of Outstanding and Exercisable Options (Details) - Options $ / shares in Units, shares in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Options Outstanding | |
Vested and expected to vest, Number Outstanding | shares | 291 |
Exercisable, Number Outstanding | shares | 83 |
Vested and expected to vest, Weighted Average Remaining Contractual Life (in Years) | 6 years 9 months 21 days |
Exercisable, Weighted Average Remaining Contractual Life | 8 years 29 days |
Vested and expected to vest, Weighted Average Exercise Price | $ 4.77 |
Exercisable, Weighted Average Exercise Price | $ 9.87 |
Aggregate Intrinsic Value [Abstract] | |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 70,000 |
$0.75 - $1.27 | |
Exercise price range | |
Lower range limit (in dollars per share) | $ 0.75 |
Upper range limit (in dollars per share) | $ 1.27 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 160 |
Weighted Average Remaining Contractual Life | 5 years 6 months |
Weighted Average Exercise Price (in dollars per share) | $ 0.75 |
$1.28 - $7.19 | |
Exercise price range | |
Lower range limit (in dollars per share) | 1.28 |
Upper range limit (in dollars per share) | $ 7.19 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 51 |
Weighted Average Remaining Contractual Life | 6 years 3 months 14 days |
Weighted Average Exercise Price (in dollars per share) | $ 2.10 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 6 |
Weighted Average Exercise Price (in dollars per share) | $ 5.08 |
$7.20 - $20.49 | |
Exercise price range | |
Lower range limit (in dollars per share) | 7.20 |
Upper range limit (in dollars per share) | $ 20.49 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 113 |
Weighted Average Remaining Contractual Life | 8 years 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 7.20 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 60 |
Weighted Average Exercise Price (in dollars per share) | $ 7.20 |
$20.50 - $43.59 | |
Exercise price range | |
Lower range limit (in dollars per share) | 20.50 |
Upper range limit (in dollars per share) | $ 43.59 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 19 |
Weighted Average Remaining Contractual Life | 6 years 11 months 12 days |
Weighted Average Exercise Price (in dollars per share) | $ 20.60 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 15 |
Weighted Average Exercise Price (in dollars per share) | $ 20.63 |
$44.60 - $46.19 | |
Exercise price range | |
Lower range limit (in dollars per share) | 44.60 |
Upper range limit (in dollars per share) | $ 46.19 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 1 |
Weighted Average Remaining Contractual Life | 5 years 2 months 4 days |
Weighted Average Exercise Price (in dollars per share) | $ 44.60 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 1 |
Weighted Average Exercise Price (in dollars per share) | $ 44.60 |
$46.20 - $46.20 | |
Exercise price range | |
Lower range limit (in dollars per share) | 46.20 |
Upper range limit (in dollars per share) | $ 46.20 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 1 |
Weighted Average Remaining Contractual Life | 5 years 10 months 17 days |
Weighted Average Exercise Price (in dollars per share) | $ 46.20 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 1 |
Weighted Average Exercise Price (in dollars per share) | $ 46.20 |
$0.75 - $46.20 | |
Exercise price range | |
Lower range limit (in dollars per share) | 0.75 |
Upper range limit (in dollars per share) | $ 46.20 |
Options Outstanding | |
Number Outstanding (in shares) | shares | 345 |
Weighted Average Remaining Contractual Life | 6 years 8 months 4 days |
Weighted Average Exercise Price (in dollars per share) | $ 4.30 |
Options Exercisable | |
Number Exercisable (in shares) | shares | shares | 83 |
Weighted Average Exercise Price (in dollars per share) | $ 9.87 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) - USD ($) | Feb. 18, 2018 | Feb. 17, 2018 | Mar. 14, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2018 | Aug. 31, 2017 | Feb. 28, 2017 | Aug. 31, 2016 |
Convertible Notes | |||||||||
Interest Expense | $ 221,000 | $ 224,000 | |||||||
Senior Secured Convertible Notes due August 15 2018 | |||||||||
Convertible Notes | |||||||||
Stated interest rate (as a percent) | 8.00% | 10.00% | |||||||
Principal amount | $ 8,000,000 | 9,700,000 | |||||||
Conversion price (in dollars per share) | $ 4.25 | $ 8.50 | |||||||
Redemption purchase price (as a percent) | 100.00% | 120.00% | |||||||
Minimum ownership percentage triggering event for redemption of notes | 40.00% | ||||||||
Maximum amount of indebtedness subordinated by security interest and cash payment rights under debt instruments | $ 5,000,000 | ||||||||
Remaining unamortized debt discount | 18,000 | ||||||||
Senior Secured Convertible Notes due August 15 2018 | Contractual obligations and other termination costs | |||||||||
Convertible Notes | |||||||||
Debt issuance costs | $ 100,000 | ||||||||
Interest Expense | 12,000 | $ 11,000 | |||||||
Remaining unamortized debt discount | $ 18,000 | ||||||||
Senior Secured Convertible Notes due August 15 2018 | Maximum | |||||||||
Convertible Notes | |||||||||
Period for outstanding balance of accounts receivable has not recorded an allowance for doubtful accounts (in days) | 90 days | ||||||||
Senior Secured Convertible Notes due August 15 2018 | Minimum | |||||||||
Convertible Notes | |||||||||
Percentage of beneficial ownership if effective upon conversion date of debt instrument | 9.90% | ||||||||
Interest Note | |||||||||
Convertible Notes | |||||||||
Conversion price (in dollars per share) | $ 4.25 | ||||||||
Number of shares issuable if notes converted to shares of common stock | 2,271,338 | ||||||||
Semi-annual interest payments | $ 463,000 | $ 434,000 | $ 420,000 | $ 336,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | |
Restructuring And Related Activities [Abstract] | ||||
Reduction in workforce, as a percent | 60.00% | |||
Restructuring expense | $ 1,000,000 | $ 50,000 | ||
Termination fee | $ 270,000 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Restructuring charges | |
Balance at the beginning of the period | $ 478 |
Cash payments | (220) |
Balance at the end of the period | 258 |
Facility related | |
Restructuring charges | |
Balance at the beginning of the period | 89 |
Cash payments | (89) |
Contractual obligations and other termination costs | |
Restructuring charges | |
Balance at the beginning of the period | 389 |
Cash payments | (131) |
Balance at the end of the period | $ 258 |