$EFOI
ENERGY FOCUS, INC/DE

2018 Q2 Form 10-Q Financial Statement

#000092416818000061 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $5.172M $6.011M
YoY Change -13.96% -15.65%
Cost Of Revenue $3.876M $4.510M
YoY Change -14.06% -2.04%
Gross Profit $1.296M $1.501M
YoY Change -13.66% -40.48%
Gross Profit Margin 25.06% 24.97%
Selling, General & Admin $2.421M $2.778M
YoY Change -12.85% -50.3%
% of Gross Profit 186.81% 185.08%
Research & Development $673.0K $763.0K
YoY Change -11.8% -10.66%
% of Gross Profit 51.93% 50.83%
Depreciation & Amortization $100.0K $200.0K
YoY Change -50.0% 0.0%
% of Gross Profit 7.72% 13.32%
Operating Expenses $3.097M $4.601M
YoY Change -32.69% -28.6%
Operating Profit -$1.801M -$3.100M
YoY Change -41.9% -20.96%
Interest Expense $1.000K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.000K -$14.00K
YoY Change -85.71% -333.33%
Pretax Income -$1.804M -$3.114M
YoY Change -42.07% -20.48%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.801M -$3.114M
YoY Change -42.16% -20.48%
Net Earnings / Revenue -34.82% -51.81%
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$753.1K -$0.26
COMMON SHARES
Basic Shares Outstanding 11.95M shares 11.79M shares
Diluted Shares Outstanding 11.95M shares 11.79M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.620M $13.49M
YoY Change -36.1% -46.97%
Cash & Equivalents $8.277M $13.15M
Short-Term Investments
Other Short-Term Assets $1.040M $1.410M
YoY Change -26.24% -17.06%
Inventory $5.739M $7.901M
Prepaid Expenses
Receivables $3.369M $3.460M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.77M $26.26M
YoY Change -28.53% -44.03%
LONG-TERM ASSETS
Property, Plant & Equipment $847.0K $1.507M
YoY Change -43.8% -51.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $147.0K $33.00K
YoY Change 345.45% -21.43%
Total Long-Term Assets $994.0K $1.540M
YoY Change -35.45% -51.59%
TOTAL ASSETS
Total Short-Term Assets $18.77M $26.26M
Total Long-Term Assets $994.0K $1.540M
Total Assets $19.76M $27.80M
YoY Change -28.92% -44.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.021M $3.170M
YoY Change -4.7% -57.56%
Accrued Expenses $197.0K $206.0K
YoY Change -4.37% -79.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.079M $4.702M
YoY Change -13.25% -52.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $176.0K $577.0K
YoY Change -69.5% 471.29%
Total Long-Term Liabilities $176.0K $577.0K
YoY Change -69.5% 471.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.079M $4.702M
Total Long-Term Liabilities $176.0K $577.0K
Total Liabilities $4.255M $5.279M
YoY Change -19.4% -47.07%
SHAREHOLDERS EQUITY
Retained Earnings -$112.4M -$104.6M
YoY Change 7.48% 21.66%
Common Stock $127.9M $127.1M
YoY Change 0.64% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.51M $22.52M
YoY Change
Total Liabilities & Shareholders Equity $19.76M $27.80M
YoY Change -28.92% -44.51%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.801M -$3.114M
YoY Change -42.16% -20.48%
Depreciation, Depletion And Amortization $100.0K $200.0K
YoY Change -50.0% 0.0%
Cash From Operating Activities -$1.560M -$1.500M
YoY Change 4.0% -62.59%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$90.00K
YoY Change -100.0% -87.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 $70.00K
YoY Change -100.0%
Cash From Investing Activities -$10.00K -$10.00K
YoY Change 0.0% -98.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 30.00K
YoY Change -66.67% -57.14%
NET CHANGE
Cash From Operating Activities -1.560M -1.500M
Cash From Investing Activities -10.00K -10.00K
Cash From Financing Activities 10.00K 30.00K
Net Change In Cash -1.560M -1.480M
YoY Change 5.41% -68.38%
FREE CASH FLOW
Cash From Operating Activities -$1.560M -$1.500M
Capital Expenditures $0.00 -$90.00K
Free Cash Flow -$1.560M -$1.410M
YoY Change 10.64% -56.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Year Focus
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dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
dei Document Type
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ENERGY FOCUS, INC/DE
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000 USD
CY2018Q1 us-gaap Payments For Restructuring
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68000 USD
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25000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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49000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
39000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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596000 USD
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1042000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
105000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
21000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
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72000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
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CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
331000 USD
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
258000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
179000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
174000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
141000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
196000 USD
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
174000 USD
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
196000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3411000 USD
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PropertyPlantAndEquipmentGross
3453000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1097000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
847000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-11000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
763000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1534000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
673000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1302000 USD
CY2017Q2 us-gaap Restricted Cash
RestrictedCash
342000 USD
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
342000 USD
CY2017Q2 us-gaap Restructuring Costs
RestructuringCosts
1060000 USD
us-gaap Restructuring Costs
RestructuringCosts
1734000 USD
CY2018Q2 us-gaap Restructuring Costs
RestructuringCosts
3000 USD
us-gaap Restructuring Costs
RestructuringCosts
-50000 USD
us-gaap Restructuring Costs
RestructuringCosts
-47000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
402000 USD
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
284000 USD
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
262000 USD
CY2018Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-56000 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
170000 USD
CY2018Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
93000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-108204000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-112398000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6011000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10117000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5172000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
9831000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2778000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2421000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5068000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
433000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
430000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
3.63
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
139578 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
10000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
21428 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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25035 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
248512 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
242119 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.76
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.46
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
226357 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.56
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
20.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.94
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.46
CY2017Q2 us-gaap Share Price
SharePrice
2.72
CY2018Q2 us-gaap Share Price
SharePrice
1.74
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
94000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
130000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
47000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-16000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-66000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
55000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
54000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
31000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
44000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
15000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
22000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19292000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
15508000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11791000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11755000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11949000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11925000 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11791000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11755000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11949000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11925000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11791000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11949000 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OPERATIONS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Energy Focus, Inc. and its subsidiary engage in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems. We operate in a single industry segment, developing and selling our energy-efficient light-emitting diode (&#8220;LED&#8221;) lighting products into the general commercial, industrial and military maritime markets. Our mission is to enable our customers to run their facilities with greater energy efficiency, productivity, and wellness through advanced LED retrofit solutions. Our goal is to be the retrofit technology and market leader for the most demanding applications where performance, quality, and health really matter. We specialize in LED lighting retrofit by replacing fluorescent lamps in institutional buildings and high-intensity discharge (&#8220;HID&#8221;) lighting in low-bay and high-bay applications with our innovative, high-quality commercial and military tubular LED (&#8220;TLED&#8221;) and other LED products.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Product development is a key focus for us. Our product development teams, including our teams located in our Solon, Ohio headquarters, at our San Jose, California technology center, and at our product development center in Taipei, Taiwan, are dedicated to developing and designing leading-edge technology LED lighting products.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts related to warranty accruals and settlements were reclassified to conform to current period reporting presentation with no impact on financial position, loss from operations, or cash used in operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management&#8217;s best knowledge of current events and actions that may impact us in the future, actual results may vary from the estimates. Estimates include, but are not limited to, the establishment of reserves for accounts receivable, sales returns, inventory obsolescence and warranty claims; the useful lives of property and equipment; valuation allowance for net deferred taxes; the cost and offsetting income related to subleased property; and stock-based compensation. In addition, estimates and assumptions associated with the determination of the fair value of financial instruments and evaluation of long-lived assets for impairment requires considerable judgment. Actual results could differ from those estimates and such differences could be material.</font></div></div>

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