2020 Q2 Form 10-Q Financial Statement

#000143774920016075 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $1.466M $2.319M $1.840M
YoY Change -36.78% 12.68% 1.71%
Cost Of Revenue $1.107M $1.599M $1.467M
YoY Change -30.77% -26.28% 3.67%
Gross Profit $359.0K $720.0K $373.0K
YoY Change -50.14% -748.65% -5.33%
Gross Profit Margin 24.49% 31.05% 20.27%
Selling, General & Admin $2.654M $4.091M $3.986M
YoY Change -35.13% -7.94% -11.42%
% of Gross Profit 739.28% 568.19% 1068.63%
Research & Development $1.297M $1.335M $1.414M
YoY Change -2.85% 15.19% -20.43%
% of Gross Profit 361.28% 185.42% 379.09%
Depreciation & Amortization $220.0K $230.0K $200.0K
YoY Change -4.35% -4.17% -27.8%
% of Gross Profit 61.28% 31.94% 53.62%
Operating Expenses $3.951M $5.426M $5.400M
YoY Change -27.18% -3.16% -13.97%
Operating Profit -$3.592M -$4.706M -$5.027M
YoY Change -23.67% -17.64% -14.55%
Interest Expense $414.0K $364.0K $350.0K
YoY Change 13.74% 0.55% -92.51%
% of Operating Profit
Other Income/Expense, Net $4.000K $329.0K $240.0K
YoY Change -98.78% 44.93% -0.41%
Pretax Income -$4.000M -$4.650M -$5.060M
YoY Change -13.98% -19.83% -50.78%
Income Tax
% Of Pretax Income
Net Earnings -$4.000M -$4.651M -$5.055M
YoY Change -14.0% -19.8% -50.83%
Net Earnings / Revenue -272.85% -200.56% -274.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$146.5K -$728.8K -$1.191M
COMMON SHARES
Basic Shares Outstanding 64.20M 42.30M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.55M $14.75M $16.71M
YoY Change 12.2% 45.46% 15.88%
Cash & Equivalents $16.55M $14.75M $16.71M
Short-Term Investments
Other Short-Term Assets $900.0K $760.0K $2.340M
YoY Change 18.42% -29.63% 101.72%
Inventory $4.157M $4.105M $3.955M
Prepaid Expenses
Receivables $1.076M $1.210M $1.112M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.68M $20.83M $24.11M
YoY Change 8.88% 25.88% 15.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.140M $2.006M $2.140M
YoY Change -43.17% -4.48% -11.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $594.0K $384.0K
YoY Change 54.69% -33.79%
Total Long-Term Assets $6.202M $7.986M $2.140M
YoY Change -22.34% 197.99% -29.14%
TOTAL ASSETS
Total Short-Term Assets $22.68M $20.83M $24.11M
Total Long-Term Assets $6.202M $7.986M $2.140M
Total Assets $28.88M $28.82M $26.25M
YoY Change 0.23% 49.86% 9.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $924.0K $1.086M $969.0K
YoY Change -14.92% -20.73% -55.14%
Accrued Expenses $730.0K $776.0K $906.0K
YoY Change -5.93% -61.39% -51.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.81M $8.200M $7.840M
YoY Change 31.83% 4.86% 4.26%
Total Short-Term Liabilities $16.31M $14.36M $12.94M
YoY Change 13.63% 15.3% 8.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.300M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.00K $11.00K $38.00K
YoY Change 72.73% -94.21% -65.45%
Total Long-Term Liabilities $19.00K $11.00K $38.00K
YoY Change 72.73% -94.21% -65.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.31M $14.36M $12.94M
Total Long-Term Liabilities $19.00K $11.00K $38.00K
Total Liabilities $21.34M $18.90M $12.97M
YoY Change 12.89% 49.52% 7.58%
SHAREHOLDERS EQUITY
Retained Earnings -$358.2M -$338.6M -$333.9M
YoY Change 5.79%
Common Stock $365.7M $348.5M $347.2M
YoY Change 4.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.549M $9.920M $13.28M
YoY Change
Total Liabilities & Shareholders Equity $28.88M $28.82M $26.25M
YoY Change 0.23% 49.86% 9.57%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$4.000M -$4.651M -$5.055M
YoY Change -14.0% -19.8% -50.83%
Depreciation, Depletion And Amortization $220.0K $230.0K $200.0K
YoY Change -4.35% -4.17% -27.8%
Cash From Operating Activities -$3.430M -$3.620M -$5.996M
YoY Change -5.25% -19.02% -12.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $83.00K
YoY Change -100.0% -92.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $20.00K
YoY Change -60.0%
Cash From Investing Activities $0.00 $0.00 -$65.00K
YoY Change -100.0% -241.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.11M 1.670M 6.358M
YoY Change 505.39% 351.35% -59.91%
NET CHANGE
Cash From Operating Activities -3.430M -3.620M -5.996M
Cash From Investing Activities 0.000 0.000 -65.00K
Cash From Financing Activities 10.11M 1.670M 6.358M
Net Change In Cash 6.680M -1.950M 297.0K
YoY Change -442.56% -54.44% -96.71%
FREE CASH FLOW
Cash From Operating Activities -$3.430M -$3.620M -$5.996M
Capital Expenditures $0.00 -$10.00K $83.00K
Free Cash Flow -$3.430M -$3.610M -$6.079M
YoY Change -4.99% -16.82% -11.6%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> Organization</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Organization, Nature of Business</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">Avinger,&nbsp;Inc. (the &#x201c;Company&#x201d;), a Delaware corporation, was incorporated in <div style="display: inline; font-style: italic; font: inherit;"> March&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">2007.</div> The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease (&#x201c;PAD&#x201d;). Patients with PAD have a build-up of plaque in the arteries that supply blood to areas away from the heart, particularly the pelvis and legs. The Company manufactures and sells a suite of products in the United States (&#x201c;U.S.&#x201d;) and in select international markets. The Company has developed its Lumivascular platform, which integrates optical coherence tomography (<div style="display: inline; font-style: italic; font: inherit;"> &#x201c;OCT&#x201d;) </div>visualization with interventional catheters and is the industry's only system that provides real-time intravascular imaging during the treatment portion of PAD procedures. The Company's Lumivascular platform consists of a capital component, Lightbox, as well as a variety of disposable catheter products. The Company's current products include its non-imaging catheters, Wildcat and Kittycat, as well as its Lumivascular platform products, Ocelot, Ocelot PIXL and Ocelot MVRX, all of which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (&#x201c;CTO&#x201d;). The Company also has image-guided atherectomy systems under its suite of Lumivascular products, Pantheris and Pantheris SV, which are designed to allow physicians to precisely remove arterial plaque in PAD patients. The Company is located in Redwood City, California.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Liquidity Matters</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2014</div>-<div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic;">Presentation of Financial Statements - Going Concern (Subtopic <div style="display: inline; font-style: italic; font: inherit;">205</div>-<div style="display: inline; font-style: italic; font: inherit;">40</div>)</div> requires the Company to make certain disclosures if it concludes that there is substantial doubt about the entity's ability to continue as a going concern within <div style="display: inline; font-style: italic; font: inherit;">one</div> year from the date of the issuance of these financial statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company had an accumulated deficit of <div style="display: inline; font-style: italic; font: inherit;">$358.2</div>&nbsp;million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of <div style="display: inline; font-style: italic; font: inherit;">$16.6</div> million at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through at least the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> Even though we received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.5</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> June </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> April </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million of loan proceeds pursuant to the Paycheck Protection Program (&#x201c;PPP&#x201d;) under the Coronavirus Aid, Relief and Economic Security (&#x201c;CARES&#x201d;) Act, <div style="display: inline; font-style: italic; font: inherit;">$3.9</div> million from the sale of our common stock in our <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>offering, net proceeds of <div style="display: inline; font-style: italic; font: inherit;">$3.8</div> million from the sales of our common stock in our <div style="display: inline; font-style: italic; font: inherit;"> August 2019 </div>offering, and proceeds of <div style="display: inline; font-style: italic; font: inherit;">$8</div> million from the issuance of common stock upon the exercise of warrants during <div style="display: inline; font-style: italic; font: inherit;"> April </div>and <div style="display: inline; font-style: italic; font: inherit;"> May </div>of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company will need to raise additional funds through future equity or debt financings within the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months to meet its operational needs and capital requirements for product development, clinical trials and commercialization and <div style="display: inline; font-style: italic; font: inherit;"> may </div>subsequently require additional fundraising.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">The Company can provide <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that it will be successful in raising funds pursuant to additional equity or debt financings or that such funds will be raised at prices that do <div style="display: inline; font-style: italic; font: inherit;">not</div> create substantial dilution for our existing stockholders. Given the recent decline in the Company's stock price, any financing that we undertake in the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months could cause substantial dilution to our existing stockholders, there can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations. In addition, the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and responses thereto have resulted in reduced consumer and investor confidence, instability in the credit and financial markets, volatile corporate profits, and reduced business and consumer spending, which could increase the cost of capital and/or limit the availability of capital to the Company. During the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> we took certain actions to manage available cash and other resources to mitigate the effects of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> on our business, which included reduction of discretionary costs, reduction of base salaries for all of our non-manufacturing employees by <div style="display: inline; font-style: italic; font: inherit;">20%</div> and reduction of hours worked by our manufacturing workers by <div style="display: inline; font-style: italic; font: inherit;">20%.</div> While some measures such as salaries and hours worked have largely returned to prior levels in <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div>we will continue to employ certain actions to manage our resources in the foreseeable future. There can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that such strategies will be successful in mitigating the negative impacts of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic on our business. These conditions raise substantial doubt about the Company's ability to continue as a going concern. If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>have to significantly reduce its operations or delay, scale back or discontinue the development of <div style="display: inline; font-style: italic; font: inherit;">one</div> or more of its products. The financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any adjustments that might result from the outcome of this uncertainty. The Company's ultimate success will largely depend on its continued development of innovative medical technologies, its ability to successfully commercialize its products and its ability to raise significant additional funding.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">Additionally, due to the substantial doubt about the Company's ability to continue operating as a going concern and the material adverse change clause in the Loan Agreement with CRG Partners III L.P. and certain of its affiliated funds (collectively &#x201c;CRG&#x201d;), the entire amount of borrowings at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>has been classified as current in these financial statements. CRG has <div style="display: inline; font-style: italic; font: inherit;">not</div> invoked the material adverse change clause.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Public Offerings</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> August 26, 2019, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">3,813,559</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$1.18</div> per share. As a result, we received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.8</div> million after underwriting discounts, commissions, legal and accounting fees and the conversion price of the outstanding shares of Series B preferred stock, issued in our <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>offering, was reduced to <div style="display: inline; font-style: italic; font: inherit;">$1.18</div> per share as a result.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">6,428,572</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.70</div> per share. As a result, we received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.9</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. Due to anti-dilution provisions, the conversion price of the outstanding shares of Series B preferred stock, which was issued in our <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>offering, was reduced to <div style="display: inline; font-style: italic; font: inherit;">$0.70</div> per share.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">12,600,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.25</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> May 6, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">1,890,000</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. Due to anti-dilution provisions, the conversion price of the outstanding shares of Series B preferred stock, which was issued in our <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>offering, was reduced to <div style="display: inline; font-style: italic; font: inherit;">$0.25</div> per share.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> June 26, 2020, </div>we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">20,000,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.27</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> July 9, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">3,000,000</div> shares of common stock at the same offering price pursuant to the exercise in full of the underwriter's over-allotment option in connection with the aforementioned offering. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.5</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div></div>
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
820
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1705.58
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y32D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y295D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y36D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y36D
CY2020Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
10808000
CY2019Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
8967000
CY2020Q2 us-gaap Secured Long Term Debt
SecuredLongTermDebt
1301000
CY2019Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2654000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4091000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7040000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8077000
us-gaap Share Based Compensation
ShareBasedCompensation
776000
us-gaap Share Based Compensation
ShareBasedCompensation
1009000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7004000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1296.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
23000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
297000
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued1
StockIssued1
2918000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
18000
CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
9000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
36000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
27000
us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
2918000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
13279000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
9920000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
4408000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
7549000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9460000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
6895000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuation of the common stock warrants, the valuation of compound embedded derivatives, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are <div style="display: inline; font-style: italic; font: inherit;">not</div> readily apparent from other sources. Although these estimates are based on the Company's knowledge of current events and actions it <div style="display: inline; font-style: italic; font: inherit;"> may </div>undertake in the future, actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>ultimately materially differ from these estimates and assumptions.</div></div></div></div>
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27310000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6377000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20963000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5319000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0

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