$AVGR
Avinger Inc

2019 Q4 Form 10-K Financial Statement

#000143774921005713 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $2.560M $9.131M $2.030M
YoY Change 26.11% 15.36% 6.28%
Cost Of Revenue $1.640M $6.264M $1.470M
YoY Change 11.56% -4.09% -15.03%
Gross Profit $930.0K $2.867M $560.0K
YoY Change 66.07% 107.15% 211.11%
Gross Profit Margin 36.33% 31.4% 27.59%
Selling, General & Admin $4.370M $16.53M $4.960M
YoY Change -11.9% -10.16% 5.76%
% of Gross Profit 469.89% 576.7% 885.71%
Research & Development $1.570M $5.692M $1.670M
YoY Change -5.99% -5.28% -15.66%
% of Gross Profit 168.82% 198.54% 298.21%
Depreciation & Amortization $240.0K $890.0K $540.0K
YoY Change -55.56% -30.52% 68.75%
% of Gross Profit 25.81% 31.04% 96.43%
Operating Expenses $5.930M $22.23M $6.630M
YoY Change -10.56% -8.96% -0.6%
Operating Profit -$5.000M -$19.36M -$6.070M
YoY Change -17.63% -15.94% -6.47%
Interest Expense -$340.0K $1.480M -$260.0K
YoY Change 30.77% -74.0% -83.33%
% of Operating Profit
Other Income/Expense, Net $230.0K $1.101M $240.0K
YoY Change -4.17% 16.02%
Pretax Income -$5.120M -$19.45M -$6.090M
YoY Change -15.93% -29.43% -40.0%
Income Tax
% Of Pretax Income
Net Earnings -$5.120M -$19.45M -$6.090M
YoY Change -15.93% -29.42% -40.0%
Net Earnings / Revenue -200.0% -213.01% -300.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$492.8K -$2.686M -$2.683M
COMMON SHARES
Basic Shares Outstanding 10.35M 23.46M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.94M $10.94M $16.41M
YoY Change -33.33% -33.33% 204.45%
Cash & Equivalents $10.94M $10.94M $16.41M
Short-Term Investments
Other Short-Term Assets $310.0K $310.0K $640.0K
YoY Change -51.56% -51.56% 0.0%
Inventory $3.912M $3.910M $3.422M
Prepaid Expenses
Receivables $1.458M $1.460M $1.154M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.62M $16.62M $21.62M
YoY Change -23.11% -23.13% 88.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.661M $6.520M $2.078M
YoY Change -20.07% 213.46% -29.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $684.0K $680.0K
YoY Change
Total Long-Term Assets $7.201M $7.210M $2.078M
YoY Change 246.54% 246.63% -42.86%
TOTAL ASSETS
Total Short-Term Assets $16.62M $16.62M $21.62M
Total Long-Term Assets $7.201M $7.210M $2.078M
Total Assets $23.83M $23.83M $23.70M
YoY Change 0.53% 0.55% 57.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $663.0K $660.0K $1.148M
YoY Change -42.25% -42.61% -9.82%
Accrued Expenses $654.0K $3.160M $1.449M
YoY Change -54.87% 19.25% -59.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.970M $8.970M $7.490M
YoY Change 19.76% 19.76% -83.26%
Total Short-Term Liabilities $12.79M $12.79M $14.20M
YoY Change -9.93% -9.93% -71.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000K $4.140M $41.00K
YoY Change -82.93% 10250.0% -86.38%
Total Long-Term Liabilities $7.000K $4.140M $41.00K
YoY Change -82.93% 10250.0% -86.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.79M $12.79M $14.20M
Total Long-Term Liabilities $7.000K $4.140M $41.00K
Total Liabilities $16.93M $16.93M $14.24M
YoY Change 18.9% 18.89% -71.96%
SHAREHOLDERS EQUITY
Retained Earnings -$348.3M -$328.9M
YoY Change 5.91% 9.15%
Common Stock $355.2M $338.3M
YoY Change 4.99% 27.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.895M $6.900M $9.460M
YoY Change
Total Liabilities & Shareholders Equity $23.83M $23.83M $23.70M
YoY Change 0.53% 0.55% 57.07%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$5.120M -$19.45M -$6.090M
YoY Change -15.93% -29.42% -40.0%
Depreciation, Depletion And Amortization $240.0K $890.0K $540.0K
YoY Change -55.56% -30.52% 68.75%
Cash From Operating Activities -$3.520M -$17.26M -$4.030M
YoY Change -12.66% -6.51% -22.2%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $88.00K $380.0K
YoY Change -100.0% 175.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K $0.00
YoY Change -33.33%
Cash From Investing Activities $0.00 -$70.00K $380.0K
YoY Change -100.0% 1650.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.811M
YoY Change 1113.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 11.87M 10.05M
YoY Change -99.9% -59.76% 2412.5%
NET CHANGE
Cash From Operating Activities -3.520M -17.26M -4.030M
Cash From Investing Activities 0.000 -70.00K 380.0K
Cash From Financing Activities 10.00K 11.87M 10.05M
Net Change In Cash -3.510M -5.467M 6.400M
YoY Change -154.84% -149.61% -233.89%
FREE CASH FLOW
Cash From Operating Activities -$3.520M -$17.26M -$4.030M
Capital Expenditures $0.00 $88.00K $380.0K
Free Cash Flow -$3.520M -$17.35M -$4.410M
YoY Change -20.18% -6.2% -14.86%

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CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
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180000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
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596000
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528000
CY2019 us-gaap Inventory Write Down
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272000
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34000
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288000
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5800000
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4626000
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1123000
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1138000
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1162000
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563000
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CY2019Q4 us-gaap Liabilities
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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;; font-size: 10pt; font-variant: normal; margin: 0pt;"><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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Organization, Nature of Business</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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, our Lightbox console, as well as a variety of disposable catheter products. The Company's current products include its non-imaging catheters, Wildcat and Kittycat <div style="display: inline; font-style: italic; font: inherit;">2,</div> as well as its Lumivascular platform products, Ocelot, Ocelot PIXL, Ocelot MVRX and Tigereye, 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 solutions 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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Liquidity Matters</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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;"> December 31, 2020, </div>the Company had an accumulated deficit of <div style="display: inline; font-style: italic; font: inherit;">$367.3</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;">$22.2</div> million at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>together with the approximately <div style="display: inline; font-style: italic; font: inherit;">$13.0</div> million net proceeds from the <div style="display: inline; font-style: italic; font: inherit;"> February 2021 </div>equity financing, and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through <div style="display: inline; font-style: italic; font: inherit;">2022.</div> We received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$8.0</div> million from the issuance of common stock upon the exercise of warrants during <div style="display: inline; font-style: italic; font: inherit;"> March </div>and <div style="display: inline; font-style: italic; font: inherit;"> April </div>of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> 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, <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, <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million of loan proceeds in <div style="display: inline; font-style: italic; font: inherit;"> April 2020 </div>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;">$3.0</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;">$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;">$11.3</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> August </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 2020, </div>and approximately <div style="display: inline; font-style: italic; font: inherit;">$13.0</div> million from the sale of our common stock in <div style="display: inline; font-style: italic; font: inherit;"> February 2021, </div>the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have any immediate plans to raise additional funds through future equity or debt financings. However, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>decide to raise additional funds to meet its operational needs and capital requirements for product development, clinical trials and commercialization or other strategic objectives.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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 volatility in the Company's stock price, any financing that we <div style="display: inline; font-style: italic; font: inherit;"> may </div>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 various endeavors. 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, restrictions on elective medical procedures, 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 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 salaries and hours worked largely returned to levels prior to <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.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Public Offerings</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> March 7, 2019, </div>we filed a universal shelf registration statement (the &#x201c;Shelf Registration Statement&#x201d;) to offer up to <div style="display: inline; font-style: italic; font: inherit;">$50.0</div> million of our securities. We have established, and <div style="display: inline; font-style: italic; font: inherit;"> may </div>in the future establish, &#x201c;at-the-market&#x201d; programs pursuant to which we <div style="display: inline; font-style: italic; font: inherit;"> may </div>offer and sell shares of our common stock pursuant to the Shelf Registration Statement. Due to the SEC's &#x201c;baby shelf rules,&#x201d; which prohibit companies with a public float of less than <div style="display: inline; font-style: italic; font: inherit;">$75</div> million from issuing securities under a shelf registration statement in excess of <div style="display: inline; font-style: italic; font: inherit;">one</div>-<div style="display: inline; font-style: italic; font: inherit;">third</div> of such company's public float in a <div style="display: inline; font-style: italic; font: inherit;">twelve</div>-month period, we <div style="display: inline; font-style: italic; font: inherit;"> may </div>only be able to issue a limited number of shares using the Shelf Registration Statement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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 resulting in <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million of additional net proceeds. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.5</div> million including the overallotment option and after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> August 6, 2020, </div>under the Shelf Registration Statement, we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">15,789,474</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.38</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> August 11, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">2,368,421</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;">$6.2</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> August 25, 2020, </div>under the Shelf Registration Statement, we completed a public offering of <div style="display: inline; font-style: italic; font: inherit;">11,063,830</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$0.47</div> per share. On <div style="display: inline; font-style: italic; font: inherit;"> September 1, 2020 </div>we issued an additional <div style="display: inline; font-style: italic; font: inherit;">1,000,000</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;">$5.1</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font: inherit;"> February 2, 2021, </div>under the Shelf Registration Statement, we completed a bought deal offering of <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of common stock at an offering price of <div style="display: inline; font-style: italic; font: inherit;">$1.44</div> per share. As a result, we received aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$13.0</div> million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</div></div>
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CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
52369
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
48503
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
52369
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
48503
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
350000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
311000
CY2020Q4 us-gaap Prepaid Rent
PrepaidRent
291000
CY2019Q4 us-gaap Prepaid Rent
PrepaidRent
461000
CY2020 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2330000
CY2019 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
65000
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
18000
CY2020 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2019 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
7993000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
215000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
272000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
193000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
193000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
215000
CY2020 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
142000
CY2019 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
71000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5080000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5609000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
727000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1661000
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
26000
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-56000
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5695000
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5692000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-367341000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-348335000
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8761000
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9131000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4680000
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
43000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
18000
CY2020Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
3590000
CY2019Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
8967000
CY2020Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
9400000
CY2019Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
CY2020 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14327000
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16534000
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
1513000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
2091000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6802000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1242.76
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
448000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
552000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
105000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
28000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7954000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7401000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6821000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1707.30
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1309.47
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1241.59
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6821000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1241.59
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
3061.09
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2129.17
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1929.52
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
820
CY2020Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
6802
CY2020Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
6821
CY2020Q4 us-gaap Share Price
SharePrice
0.44
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y295D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y295D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y295D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y295D
CY2020Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1242.76
CY2020Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1241.59
CY2019 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
72000
CY2020 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
28000
CY2020 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
23646000
CY2019 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
6498000
CY2020 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
3866000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9460000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
6895000
CY2020 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y295D
CY2020 us-gaap Stock Issued1
StockIssued1
3866000
CY2019 us-gaap Stock Issued1
StockIssued1
6498000
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
13076000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2094000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1760000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2307000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
169000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
177000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
44000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
157000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3400000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4700000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49231000
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7239000
CY2020 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2019 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0

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