$NARI
Inari Medical Inc

2019 Q4 Form 10-K Financial Statement

#000156459021011763 Filed on March 09, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 2017 Q4
Revenue $19.89M $6.829M
YoY Change
Cost Of Revenue $2.140M $1.281M
YoY Change
Gross Profit $17.75M $5.548M
YoY Change
Gross Profit Margin 89.24% 81.24%
Selling, General & Admin $13.87M $10.70M
YoY Change
% of Gross Profit 78.14% 192.83%
Research & Development $2.710M $3.990M
YoY Change
% of Gross Profit 15.27% 71.92%
Depreciation & Amortization $230.0K $283.0K
YoY Change
% of Gross Profit 1.3% 5.1%
Operating Expenses $16.57M $14.69M
YoY Change
Operating Profit $1.180M -$9.140M
YoY Change
Interest Expense -$220.0K $887.0K
YoY Change
% of Operating Profit -18.64%
Other Income/Expense, Net -$390.0K -$1.013M
YoY Change
Pretax Income $360.0K -$10.15M
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings $360.0K -$10.15M
YoY Change
Net Earnings / Revenue 1.81% -148.67%
Basic Earnings Per Share -$2.01
Diluted Earnings Per Share $7.813K -$2.01
COMMON SHARES
Basic Shares Outstanding 5.057M
Diluted Shares Outstanding 5.057M

Balance Sheet

Concept 2019 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.80M
YoY Change
Cash & Equivalents $23.64M $21.80M $6.771M
Short-Term Investments
Other Short-Term Assets $900.0K
YoY Change
Inventory $3.953M $1.100M
Prepaid Expenses
Receivables $11.30M $2.200M
Other Receivables $0.00
Total Short-Term Assets $39.41M $26.00M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.331M $900.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $5.138M $900.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $39.41M $26.00M
Total Long-Term Assets $5.138M $900.0K
Total Assets $44.55M $26.90M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.549M $700.0K
YoY Change
Accrued Expenses $1.400M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.870M $2.100M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $9.800M
YoY Change
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $10.00M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.870M $2.100M
Total Long-Term Liabilities $10.00M
Total Liabilities $29.52M $12.20M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$41.21M
YoY Change
Common Stock $2.068M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$39.14M $14.70M -$29.54M
YoY Change
Total Liabilities & Shareholders Equity $44.55M $26.90M
YoY Change

Cashflow Statement

Concept 2019 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $360.0K -$10.15M
YoY Change
Depreciation, Depletion And Amortization $230.0K $283.0K
YoY Change
Cash From Operating Activities -$830.0K -$10.89M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.080M $753.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.080M -$753.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.02M 26.76M
YoY Change
NET CHANGE
Cash From Operating Activities -830.0K -10.89M
Cash From Investing Activities -1.080M -753.0K
Cash From Financing Activities 10.02M 26.76M
Net Change In Cash 8.110M 15.11M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$830.0K -$10.89M
Capital Expenditures -$1.080M $753.0K
Free Cash Flow $250.0K -$11.65M
YoY Change

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CY2018 nari Proceeds From Exercise Of Stock Option And Warrants
ProceedsFromExerciseOfStockOptionAndWarrants
14000
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
25000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
144115000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10223000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26758000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
90590000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2143000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15113000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24027000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21884000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6771000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114617000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
154000
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
14000
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
16000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
999000
CY2019 us-gaap Interest Paid Net
InterestPaidNet
810000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
747000
CY2019 nari Accruals Of Deferred Interest Obligation Associated With Debt
AccrualsOfDeferredInterestObligationAssociatedWithDebt
150000
CY2018 nari Accruals Of Deferred Interest Obligation Associated With Debt
AccrualsOfDeferredInterestObligationAssociatedWithDebt
140000
CY2020 nari Common Stock Issued On Conversion Of Convertible Preferred Stock
CommonStockIssuedOnConversionOfConvertiblePreferredStock
54170000
CY2020 nari Common Stock Warrants Issued On Conversion Of Preferred Stock Warrants And The Reclassification Of The Warrant Liability
CommonStockWarrantsIssuedOnConversionOfPreferredStockWarrantsAndTheReclassificationOfTheWarrantLiability
4486000
CY2020 nari Deferred Initial Public Offering Cost Recorded To Additional Paid In Capital
DeferredInitialPublicOfferingCostRecordedToAdditionalPaidInCapital
1382000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Management Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to the collectability of receivables, valuation of inventory, the fair value of common stock warrants, the fair value of preferred stock warrant liabilities, the fair value of stock options, recoverability of the Company&#8217;s net deferred tax assets, and related valuation allowance and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.</p>
CY2020Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3700000
CY2020Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
163000000
CY2020Q2 nari Underwriters Discounts And Commissions Expenses
UnderwritersDiscountsAndCommissionsExpenses
12600000
CY2019Q4 nari Offering Cost Incurred
OfferingCostIncurred
1400000
CY2020Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.840336134
CY2020Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.833333333
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
388000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
388000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
62000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
62000
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2019 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2018 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3701000
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1169000
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
212000
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
127000
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
3317000
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
957000
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
85000
CY2020 nari Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversion Of Preferred Stock Warrants To Common Stock Warrants Upon Closing Of Ipo
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionOfPreferredStockWarrantsToCommonStockWarrantsUponClosingOfIPO
4486000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
85007000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
85011000
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
35030000
CY2020Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
85011000
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
0
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
264000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
537000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2607000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1067000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
787000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
640000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7203000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2246000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9531000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4610000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2033000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1279000
CY2020Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
344000
CY2020 us-gaap Capitalized Contract Cost Amortization Method
CapitalizedContractCostAmortizationMethod
The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, generally three years.
CY2020Q4 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P3Y
CY2020Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
228000
CY2019Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
46000
CY2020Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
0
CY2019Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
87000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
790000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
332000
CY2018 us-gaap Operating Lease Expense
OperatingLeaseExpense
203000
CY2020 nari Operating Lease Expiration Period
OperatingLeaseExpirationPeriod
2024
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1506000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2472000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2164000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2235000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2301000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13672000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24350000
CY2020Q4 nari Class Of Warrant Exercised For Cash
ClassOfWarrantExercisedForCash
179558
CY2020Q4 nari Net Deferred Tax Losses And Tax Credit Carryforwards
NetDeferredTaxLossesAndTaxCreditCarryforwards
0
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20150000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
669000
CY2020Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
430000
CY2019Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
686000
CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
47000
CY2019Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
17000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
383000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
669000
CY2020Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
31968570
CY2020Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
31968570
CY2020Q2 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
54200000
CY2019Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
81244834
CY2020Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
310000000
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
284398
CY2020Q2 nari Class Of Warrant Exercised For Cash
ClassOfWarrantExercisedForCash
77030
CY2020Q2 nari Number Of Common Stock Shares Issued Upon Exercise Of Preferred Stock Warrants
NumberOfCommonStockSharesIssuedUponExerciseOfPreferredStockWarrants
74723
CY2020Q4 nari Number Of Common Stock Shares Issued Upon Exercise Of Preferred Stock Warrants
NumberOfCommonStockSharesIssuedUponExerciseOfPreferredStockWarrants
174776
CY2020Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2020 us-gaap Dividends
Dividends
0
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3523000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
505000
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
248000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14382000
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13789000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1192000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10153000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2020Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
97000
CY2019Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
170000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1475000
CY2019Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1810000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
547000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
203000
CY2020Q4 nari Deferred Tax Assets Net Operating Loss And Capital Loss Carryforwards
DeferredTaxAssetsNetOperatingLossAndCapitalLossCarryforwards
8033000
CY2019Q4 nari Deferred Tax Assets Net Operating Loss And Capital Loss Carryforwards
DeferredTaxAssetsNetOperatingLossAndCapitalLossCarryforwards
8180000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2379000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1409000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
358000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
64000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
355000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12953000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12127000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1069000
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
349000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
18000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
21000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1087000
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
370000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11866000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11756000
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
26000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-3576000
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
106000
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
52000
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
197000
CY2020 nari Income Tax Reconciliation Stock Warrants
IncomeTaxReconciliationStockWarrants
696000
CY2020 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
258000
CY2019 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-26000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
827000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
29000
CY2019Q4 nari Net Deferred Tax Losses And Tax Credit Carryforwards
NetDeferredTaxLossesAndTaxCreditCarryforwards
0
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
110000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2896000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-265000
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2132000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
213000
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
93000
CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
1621000
CY2019 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
152000
CY2018 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
308000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
110000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
215000
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2362000
CY2020 nari Operating Loss Carryforward Description
OperatingLossCarryforwardDescription
As a result of losses incurred in the past, the Company has NOL carry-forwards that are available to offset future taxable income and subject to expiration rules and to Internal Revenue Code of 1986, as amended (“IRC”) §382. In general, IRC §382 may impact the amount of NOLs that can be utilized each year after certain ownership changes occur. An ownership change occurs, generally, if the percentage of stock of the loss corporation owned by one or more 5% shareholders has increased by more than 50 percentage points relative to the lowest percentage of stock of the loss corporation owned by the same 5% shareholders at any time during the testing period (generally, the three-year period preceding a testing date).
CY2020 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
Pursuant to an IRC §382 limitation analysis performed by the Company, it was noted that an ownership change, as defined under IRC §382, occurred on March 29, 2018. Usage of NOL’s generated prior to March 29, 2018 will be limited to $3.0M for calendar years 2019 through 2022 and $0.6M from 2023 through 2039 for both federal and state purposes. Of the federal net operating loss and the state net operating loss carryforward amounts, $22.6 million and $22.0 million are subject to the IRC §382 limitation, respectively. There is not an IRC §382 limitation on the foreign NOLs.
CY2020 us-gaap Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
In the ordinary course of its business the Company incurs costs that, for tax purposes, are determined to be qualified research expenditures within the meaning of IRC §41 and are, therefore, eligible for the Increasing Research Activities credit under IRC §41. R&D credit carryovers generated prior to March 29, 2018 are limited under IRC §383 to $0.3 million a year for both federal and state purposes. The Company has adjusted the deferred tax assets related to Federal R&D credit carryover to account for any tax credits that will expire unused due to the IRC §383 limitations.
CY2020Q4 nari Tax Credit Carryforward Limitations On Usage
TaxCreditCarryforwardLimitationsOnUsage
300000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
882000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1091000
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
882000
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1091000
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
859000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
560000
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
496000
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
226000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
287000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
458000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
299000
CY2020 us-gaap Significant Change In Unrecognized Tax Benefits Nature Of Event
SignificantChangeInUnrecognizedTaxBenefitsNatureOfEvent
It is not expected that there will be a significant change in uncertain tax position in the next 12 months.
CY2020 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
In the normal course of business, the Company is subject to examination by tax authorities. As of the date of the financial statements, there are no tax examinations in progress. The statute of limitations for tax years ended after December 31, 2017, December 31, 2016 and December 31, 2015 are open for federal, state and foreign tax purposes, respectively.
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39599795
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35746795
CY2020Q4 us-gaap Defined Contribution Plan Tax Status Extensible List
DefinedContributionPlanTaxStatusExtensibleList
us-gaap:QualifiedPlanMember
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.00
CY2020 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1.00
CY2020 us-gaap Defined Benefit Plan Plan Assets Contributions By Plan Participant
DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant
1.00
CY2020 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.04
CY2020 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
12490452
CY2020 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
191194
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0

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