BioCardia (BCDA) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document And Entity Information	'	'
Entity Registrant Name	'Tiger X Medical, Inc.	'
Entity Central Index Key	'0000925741	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	230,293,141
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash	$13,322	$13,322
Prepaid expenses and other current assets	53	53
Total assets	13,375	13,375
Current liabilities	'	'
Accounts payable and accrued expenses	1	1
Total liabilities	1	1
Stockholders' equity	'	'
Common stock, $0.001 parvalue, 750,000,000 shares authorized, 230,293,141 issued and outstanding as of March 31, 2014 (unaudited and December 31, 2013, respectively	230	230
Additional paid-in capital	25,768	25,768
Earnings accumulated during the development stage	83	83
Accumulated deficit	-12,707	-12,707
Total stockholders' equity	13,374	13,374
Total liabilities and stockholders' equity	$13,375	$13,375

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Stockholders' equity:	'	'
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	230,293,141	230,293,141
Common stock, shares outstanding	230,293,141	230,293,141

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		15 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Income Statement [Abstract]	'	'	'
Royalty income	$98	$38	$366
General and administrative expenses	35	64	294
Income (loss) from operations	63	-26	72
Interest income	1	1	11
Income (loss) before income tax provision	64	-25	83
Provision for income taxes	0	0	0
Net income (loss)	$64	($25)	$83
Net income (loss) per share:	'	'	'
Basic and diluted	$0	$0	'
Weighted average shares outstanding:	'	'	'
Basic and diluted	230,293,141	230,293,141	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		15 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Cash flows from operating activities	'	'	'
Net income (loss)	$64	($25)	$83
Adjustments to reconcile net income to net cash used in operating activities:	'	'	'
Stock option compensation	0	1	2
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses and other current assets	-20	12	-20
Accounts payable and accrued expenses	-17	-2	-11
Net cash provided by (used in) operating activities	27	-14	54
Net change in cash	27	-14	54
Cash, beginning of period	13,322	13,268	13,268
Cash, end of period	13,322	13,254	13,322
Supplemental disclosure of cash flow information:	'	'	'
Interest paid	0	0	0
Income taxes paid	$0	$26	$26

1_SUMMARY_OF_SIGNIFICANT_ACCOU

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2014
Notes to Financial Statements	'
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Tiger X Medical, Inc. ("Tiger X" or the "Company"), formerly known as Cardo Medical, Inc., a corporation organized and existing under and by the virtue of the General Corporation Law of the State of Delaware, previously operated as an orthopedic medical device company specializing in designing, developing and marketing high performance reconstructive joint devices and spinal surgical devices.
	During 2010, the Company discontinued its operations and sold the assets from its previous business lines during 2011. Beginning on January 1, 2013, the Company became classified as a development stage entity. Our continuing operations include the collection and management of our royalty income earned in connection with the Asset Purchase Agreement with Arthrex, Inc. ("Arthrex"). We continue to advance and promote our former knee product lines through participation in mobile teaching labs, seminars and live surgery. The Company is constantly evaluating opportunities for a suitable joint venture partner or buyer for the remaining intellectual property owned by the Company. The Company is also evaluating investment opportunities and uses for its cash.
	Basis of Presentation
	The accompanying condensed consolidated balance sheet as of December 31, 2013, which has been derived from the Company's audited financial statements as of that date, and the unaudited condensed consolidated financial information of the Company as of March 31, 2014 and for the three months ended March 31, 2014 and 2013, has been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. In the opinion of management, such financial information includes all adjustments considered necessary for a fair presentation of the Company's financial position at such date and the operating results and cash flows for such periods. Operating results for the interim period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the entire year.
	Certain information and footnote disclosure normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the United States Securities and Exchange Commission ("SEC"). These unaudited financial statements should be read in conjunction with our audited financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed on March 24, 2014.
	Principles of Consolidation
	The condensed consolidated financial statements include the accounts of Tiger X Medical, Inc., Accelerated Innovation, Inc. ("Accelerated"), Uni-Knee LLC ("Uni") and Cervical Xpand LLC ("Cervical"). All significant intercompany transactions have been eliminated in consolidation.
	Royalty Agreement
	On January 24, 2011, the Company entered into an Asset Purchase Agreement with Arthrex (the agreement being the "Arthrex Asset Purchase Agreement"), pursuant to which the Company agreed to sell the assets of the Reconstructive Division to Arthrex. The Arthrex Asset Purchase Agreement also provides for the Company to receive royalty payments equal to 5% of net sales of the Company's products made by Arthrex on a quarterly basis for a term up to and including the 20th anniversary of the closing date. During the three months ended March 31, 2014 and 2013, the Company received total royalty payments of $98,000 and $38,000, respectively, from Arthrex.
	These amounts are reflected as royalty income on the accompanying condensed consolidated statements of operations.
	Use of Estimates
	Financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among other things, management makes estimates relating to share-based payments and deferred income tax assets. Actual results could differ from those estimates.
	Revenue Recognition
	The Company's revenue consists of royalty income from Arthrex pursuant to the Arthrex Asset Purchase Agreement. Royalty income is recognized as the amount becomes known and collectability is reasonably assured.
	Net Income (Loss) Per Share
	Basic net income (loss) per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed giving effect to all dilutive potential common shares using various methods such as the treasury stock or modified treasury stock method in the determination of diluted shares outstanding at each reporting period. Dilutive potential common shares consist of incremental common shares issuable upon exercise of stock options or warrants. No dilutive potential common shares are included in the computation of any diluted per share amount because their impact was anti-dilutive.
	Income Taxes
	Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.
	The Company evaluates the accounting for uncertainty in income tax recognized in its financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its financial statements. For those tax positions where it is "not more likely than not" that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has not accrued for any such uncertain tax positions as of March 31, 2014 (unaudited) or December 31, 2013.
	Concentration of Credit Risk
	The cash and cash equivalents held in the Company's business money market and other bank accounts are with local and national banking institutions and subjected to FDIC insurance limits of $250,000 per banking institution. As of March 31, 2014, the Company's balances in these bank accounts exceeded the insured amount by $13,076,000.
	Recent Accounting Pronouncements
	There are no recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material effect on its financial position, results of operations, or cash flows.

2_SHARE_BASED_PAYMENT

2. SHARE BASED PAYMENT	3 Months Ended
	Mar. 31, 2014
Notes to Financial Statements	'
2. SHARE BASED PAYMENT	'
	2. SHARE BASED PAYMENT
	The Company has outstanding stock options issued to employees and Board members which are exercisable at $0.23 per share. The options vest 20% each year over a five year period and expire after ten years. As of March 31, 2014, there were no unvested options. Stock option compensation recognized for the three months ended March 31, 2014 and 2013 in the accompanying condensed consolidated statements of operations amounted to $0 and $1,000, respectively.
	A summary of stock option activity as of March 31, 2014, and changes during the period then ended is presented below.
					Weighted-
				Weighted-	Average
				Average	Remaining		Aggregate
				Exercise	Contractual		Intrinsic
		Options		Price	Life (Years)		Value
	Outstanding at December 31, 2013	385,000	$	0.23	4.66	$	-
	Granted	-		-	-		-
	Exercised	-		-	-		-
	Forfeited	-		-	-		-
	Outstanding at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-
	Vested and expected to vest
	at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-
	Exercisable at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-
	The Company had 575,613 warrants outstanding as of March 31, 2014 which entitle the holders to immediately purchase one share of the Company's common stock at an exercise price of $0.44 per share. The warrants expire on November 13, 2014.

3_STOCKHOLDERS_EQUITY

3. STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2014
Notes to Financial Statements	'
3. STOCKHOLDERS' EQUITY	'
	3. STOCKHOLDERS' EQUITY
	Our authorized capital consists of 750,000,000 shares of common stock and 50,000,000 shares of preferred stock. Our preferred stock may be designated into series pursuant to authority granted by our Certificate of Incorporation, and on approval from our Board of Directors. As of March 31, 2014 and December 31, 2013, we did not have any preferred stock issued.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Notes to Financial Statements	'
Summary of Significant Accounting Policies (Policies)	'
	Tiger X Medical, Inc. ("Tiger X" or the "Company"), formerly known as Cardo Medical, Inc., a corporation organized and existing under and by the virtue of the General Corporation Law of the State of Delaware, previously operated as an orthopedic medical device company specializing in designing, developing and marketing high performance reconstructive joint devices and spinal surgical devices.
	During 2010, the Company discontinued its operations and sold the assets from its previous business lines during 2011. Beginning on January 1, 2013, the Company became classified as a development stage entity. Our continuing operations include the collection and management of our royalty income earned in connection with the Asset Purchase Agreement with Arthrex, Inc. ("Arthrex"). We continue to advance and promote our former knee product lines through participation in mobile teaching labs, seminars and live surgery. The Company is constantly evaluating opportunities for a suitable joint venture partner or buyer for the remaining intellectual property owned by the Company. The Company is also evaluating investment opportunities and uses for its cash.
Basis of Presentation	'
	Basis of Presentation
	The accompanying condensed consolidated balance sheet as of December 31, 2013, which has been derived from the Company's audited financial statements as of that date, and the unaudited condensed consolidated financial information of the Company as of March 31, 2014 and for the three months ended March 31, 2014 and 2013, has been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. In the opinion of management, such financial information includes all adjustments considered necessary for a fair presentation of the Company's financial position at such date and the operating results and cash flows for such periods. Operating results for the interim period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the entire year.
	Certain information and footnote disclosure normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the United States Securities and Exchange Commission ("SEC"). These unaudited financial statements should be read in conjunction with our audited financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed on March 24, 2014.
Principles of Consolidation	'
	Principles of Consolidation
	The condensed consolidated financial statements include the accounts of Tiger X Medical, Inc., Accelerated Innovation, Inc. ("Accelerated"), Uni-Knee LLC ("Uni") and Cervical Xpand LLC ("Cervical"). All significant intercompany transactions have been eliminated in consolidation.
Royalty Agreement and Revenue Recognition	'
	Royalty Agreement
	On January 24, 2011, the Company entered into an Asset Purchase Agreement with Arthrex (the agreement being the "Arthrex Asset Purchase Agreement"), pursuant to which the Company agreed to sell the assets of the Reconstructive Division to Arthrex. The Arthrex Asset Purchase Agreement also provides for the Company to receive royalty payments equal to 5% of net sales of the Company's products made by Arthrex on a quarterly basis for a term up to and including the 20th anniversary of the closing date. During the three months ended March 31, 2014 and 2013, the Company received total royalty payments of $98,000 and $38,000, respectively, from Arthrex.
	These amounts are reflected as royalty income on the accompanying condensed consolidated statements of operations.
	Revenue Recognition
	The Company's revenue consists of royalty income from Arthrex pursuant to the Arthrex Asset Purchase Agreement. Royalty income is recognized as the amount becomes known and collectability is reasonably assured.
Use of Estimates	'
	Use of Estimates
	Financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among other things, management makes estimates relating to share-based payments and deferred income tax assets. Actual results could differ from those estimates.
Net Income (Loss) Per Share	'
	Net Income (Loss) Per Share
	Basic net income (loss) per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed giving effect to all dilutive potential common shares using various methods such as the treasury stock or modified treasury stock method in the determination of diluted shares outstanding at each reporting period. Dilutive potential common shares consist of incremental common shares issuable upon exercise of stock options or warrants. No dilutive potential common shares are included in the computation of any diluted per share amount because their impact was anti-dilutive.
Income Taxes	'
	Income Taxes
	Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.
	The Company evaluates the accounting for uncertainty in income tax recognized in its financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its financial statements. For those tax positions where it is "not more likely than not" that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has not accrued for any such uncertain tax positions as of March 31, 2014 (unaudited) or December 31, 2013.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	The cash and cash equivalents held in the Company's business money market and other bank accounts are with local and national banking institutions and subjected to FDIC insurance limits of $250,000 per banking institution. As of March 31, 2014, the Company's balances in these bank accounts exceeded the insured amount by $13,076,000.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	There are no recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material effect on its financial position, results of operations, or cash flows.

Share_Based_Payment_Tables

Share Based Payment (Tables)	3 Months Ended
	Mar. 31, 2014
Share Based Payment Tables	'
Summary of Stock Option Activity	'
	A summary of stock option activity as of March 31, 2014, and changes during the period then ended is presented below.
					Weighted-
				Weighted-	Average
				Average	Remaining		Aggregate
				Exercise	Contractual		Intrinsic
		Options		Price	Life (Years)		Value
	Outstanding at December 31, 2013	385,000	$	0.23	4.66	$	-
	Granted	-		-	-		-
	Exercised	-		-	-		-
	Forfeited	-		-	-		-
	Outstanding at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-
	Vested and expected to vest
	at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-
	Exercisable at March 31, 2014 (unaudited)	385,000	$	0.23	4.42	$	-

Summary_of_Significant_Account1

Summary of Significant Accounting Polices (Concentration of Credit Risk) (Narrative) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Polices Concentration Of Credit Risk Narrative Details	'	'
FDIC current limits on bank accounts per banking institution	$250,000	$250,000
Company bank balances in these bank accounts exceeding the insured amount	$13,076,000	$13,053,000

Summary_of_Significant_Account2

Summary of Significant Accounting Polices (Income Taxes) (Narrative) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Polices Income Taxes Narrative Details	'	'
Accrual for uncertain tax positions	$0	$0

ShareBased_Payment_Stock_Optio

Share-Based Payment (Stock Option Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Share-Based Payment Stock Option Activity Details	'	'
Outstanding at beginning of period	385,000	'
Granted	0	'
Exercised	0	'
Forfeited	0	'
Outstanding at end of period (unaudited)	385,000	'
Vested and expected to vest at March 31, 2014 (unaudited)	'	385,000
Exercisable at March 31, 2014 (unaudited)	'	308,000
Weighted-average exercise price of options outstanding, beginning balance	$0.23	'
Weighted-average exercise price of options granted during period	$0	'
Weighted-average exercise price of options exercised during the period	$0	'
Weighted-average exercise price of options forfeited, cancelled or expired during the period	$0	'
Weighted-average exercise price of options outstanding, ending balance	$0.23	'
Weighted-average exercise price of options vested and expected to vest	$0.23	'
Weighted-average exercise price of options exercisable	$0.23	'
Weighted-average remaining contractual term (in years) of options outstanding at December 31, 2013	'4 years 241 days	'
Weighted-average remaining contractual term (in years) of options outstanding at March 31, 2014	'4 years 153 days	'
Weighted-average remaining contractual term (in years) of options vested and expected to vest	'4 years 153 days	'
Weighted-average remaining contractual term (in years) of options exercisable	'4 years 153 days	'
Aggregate intrinsic value of options outstanding	$0	$0
Aggregate intrinsic value of options vested and expected to vest	0	'
Aggregate intrinsic value of options exercisable	'	$0

ShareBased_Payment_Narrative_D

Share-Based Payment (Narrative) (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Share-Based Payment Narrative Details 1	'	'
Option grant exercise price	$0.23	$0.23
Option vesting period, in years	'5 years	'
Option expiration period, in years	'10 years	'
Number of shares of common stock available for purchase under warrants outstanding	'	575,613
Warrant exercise price, per share	'	$0.44
Warrant expiration date	'	'2014-11-13

ShareBased_Payment_Narrative_D1

Share-Based Payment (Narrative) (Details 2) (USD $)	3 Months Ended		15 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Share-Based Payment Narrative Details 2	'	'	'
Share-based compensation expense	$0	$1	$2

Stockholders_Equity_Narrative_

Stockholders' Equity (Narrative) (Details)	Mar. 31, 2014	Dec. 31, 2013
Stockholders Equity Narrative Details	'	'
Preferred Shares Authorized	50,000,000	50,000,000
Preferred Shares Outstanding	0	0