2015 Q2 Form 10-Q Financial Statement
#000114420415029171 Filed on May 11, 2015
Income Statement
| Concept | 2015 Q2 | 2015 Q1 | 2014 Q4 |
|---|---|---|---|
| Revenue | $690.0K | $477.0K | $870.0K |
| YoY Change | 257.51% | -67.81% | -43.87% |
| Cost Of Revenue | $900.0K | $514.0K | $480.0K |
| YoY Change | 54.11% | -17.76% | -30.43% |
| Gross Profit | -$210.0K | -$37.00K | $390.0K |
| YoY Change | -46.29% | -104.32% | -54.65% |
| Gross Profit Margin | -30.43% | -7.76% | 44.83% |
| Selling, General & Admin | $2.580M | $2.987M | $3.580M |
| YoY Change | -41.31% | -21.7% | -11.17% |
| % of Gross Profit | 917.95% | ||
| Research & Development | $750.0K | $1.352M | $1.260M |
| YoY Change | -69.36% | -47.54% | -28.81% |
| % of Gross Profit | 323.08% | ||
| Depreciation & Amortization | $60.00K | $80.00K | $80.00K |
| YoY Change | 0.0% | 33.33% | 33.33% |
| % of Gross Profit | 20.51% | ||
| Operating Expenses | $3.330M | $4.853M | $4.840M |
| YoY Change | -51.34% | -24.08% | -16.7% |
| Operating Profit | -$3.540M | -$4.890M | -$4.450M |
| YoY Change | -51.07% | -11.65% | -10.1% |
| Interest Expense | -$280.0K | $301.0K | -$330.0K |
| YoY Change | -177.99% | -14.49% | -23.26% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$50.00K | -$306.0K | -$10.00K |
| YoY Change | -84.62% | -25.91% | -50.0% |
| Pretax Income | -$3.900M | -$5.196M | -$4.780M |
| YoY Change | -48.41% | -12.64% | -11.15% |
| Income Tax | -$20.00K | $16.00K | $10.00K |
| % Of Pretax Income | |||
| Net Earnings | -$3.880M | -$5.212M | -$4.790M |
| YoY Change | -48.69% | -12.67% | -11.13% |
| Net Earnings / Revenue | -562.32% | -1092.66% | -550.57% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$2.231B | -$4.568B | -$5.398B |
| COMMON SHARES | |||
| Basic Shares Outstanding | 78.00M shares | 78.15M shares | 42.40M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q2 | 2015 Q1 | 2014 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $9.770M | $13.19M | $6.300M |
| YoY Change | 8.68% | -3.79% | -64.08% |
| Cash & Equivalents | $9.770M | $13.19M | $6.300M |
| Short-Term Investments | |||
| Other Short-Term Assets | $80.00K | $110.0K | $150.0K |
| YoY Change | -63.64% | -45.0% | -34.78% |
| Inventory | $1.230M | $1.750M | $1.924M |
| Prepaid Expenses | $109.0K | $150.0K | |
| Receivables | $730.0K | $719.0K | $635.0K |
| Other Receivables | $190.0K | $280.0K | $17.00K |
| Total Short-Term Assets | $11.99M | $16.04M | $9.368M |
| YoY Change | 3.1% | -6.79% | -56.64% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $550.0K | $584.0K | $622.0K |
| YoY Change | -17.04% | -6.41% | -4.6% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $400.0K | $752.0K | |
| YoY Change | -52.21% | -11.74% | |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $1.020M | $1.100M | $1.469M |
| YoY Change | -38.74% | -34.13% | -14.09% |
| Total Long-Term Assets | $1.570M | $1.682M | $2.091M |
| YoY Change | -32.56% | -26.68% | -11.47% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $11.99M | $16.04M | $9.368M |
| Total Long-Term Assets | $1.570M | $1.682M | $2.091M |
| Total Assets | $13.56M | $17.72M | $11.46M |
| YoY Change | -2.85% | -9.13% | -52.19% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $490.0K | $670.0K | $910.0K |
| YoY Change | -67.97% | -52.48% | -43.83% |
| Accrued Expenses | $2.640M | $958.0K | $993.0K |
| YoY Change | 160.36% | 31.77% | 12.08% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $4.020M | $3.910M | $3.810M |
| YoY Change | 32.24% | 86.19% | 222.88% |
| Total Short-Term Liabilities | $7.330M | $7.502M | $8.473M |
| YoY Change | -19.66% | -0.08% | 38.36% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $3.160M | $4.140M | $5.090M |
| YoY Change | -54.14% | -46.58% | -40.75% |
| Other Long-Term Liabilities | $700.0K | $700.0K | $690.0K |
| YoY Change | -6.67% | 9.38% | 13.11% |
| Total Long-Term Liabilities | $3.860M | $4.837M | $5.773M |
| YoY Change | -49.42% | -42.31% | -37.27% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $7.330M | $7.502M | $8.473M |
| Total Long-Term Liabilities | $3.860M | $4.837M | $5.773M |
| Total Liabilities | $11.19M | $12.34M | $14.25M |
| YoY Change | -33.21% | -22.36% | -7.05% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$112.6M | -$107.4M | |
| YoY Change | 27.57% | 30.49% | |
| Common Stock | $118.0M | $104.6M | |
| YoY Change | 28.41% | 15.03% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.380M | $5.385M | -$2.787M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $13.56M | $17.72M | $11.46M |
| YoY Change | -2.85% | -9.13% | -52.19% |
Cashflow Statement
| Concept | 2015 Q2 | 2015 Q1 | 2014 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$3.880M | -$5.212M | -$4.790M |
| YoY Change | -48.69% | -12.67% | -11.13% |
| Depreciation, Depletion And Amortization | $60.00K | $80.00K | $80.00K |
| YoY Change | 0.0% | 33.33% | 33.33% |
| Cash From Operating Activities | -$2.430M | -$4.620M | -$5.090M |
| YoY Change | -47.63% | 24.53% | 44.19% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $1.000K | -$20.00K |
| YoY Change | -100.0% | -92.31% | -80.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $10.00K | -$10.00K | $10.00K |
| YoY Change | -80.0% | -50.0% | -125.0% |
| Cash From Investing Activities | $10.00K | -$10.00K | -$20.00K |
| YoY Change | -125.0% | -66.67% | -85.71% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $12.50M | $7.400M | |
| YoY Change | |||
| Debt Paid & Issued, Net | $891.0K | ||
| YoY Change | |||
| Cash From Financing Activities | -1.010M | 11.56M | 6.450M |
| YoY Change | 2425.0% | -14550.0% | -33.91% |
| NET CHANGE | |||
| Cash From Operating Activities | -2.430M | -4.620M | -5.090M |
| Cash From Investing Activities | 10.00K | -10.00K | -20.00K |
| Cash From Financing Activities | -1.010M | 11.56M | 6.450M |
| Net Change In Cash | -3.430M | 6.930M | 1.340M |
| YoY Change | -27.33% | -281.41% | -78.0% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$2.430M | -$4.620M | -$5.090M |
| Capital Expenditures | $0.00 | $1.000K | -$20.00K |
| Free Cash Flow | -$2.430M | -$4.621M | -$5.070M |
| YoY Change | -46.71% | 24.12% | 47.81% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
719000 | USD |
| CY2014Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
635000 | USD |
| CY2015Q1 | us-gaap |
Nontrade Receivables Current
NontradeReceivablesCurrent
|
278000 | USD |
| CY2014Q1 | us-gaap |
Revenues
Revenues
|
1482000 | USD |
| CY2015Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
514000 | USD |
| CY2014Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
625000 | USD |
| CY2015Q1 | us-gaap |
Gross Profit
GrossProfit
|
-37000 | USD |
| CY2014Q4 | us-gaap |
Nontrade Receivables Current
NontradeReceivablesCurrent
|
359000 | USD |
| CY2014Q1 | us-gaap |
Gross Profit
GrossProfit
|
857000 | USD |
| CY2015Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1352000 | USD |
| CY2014Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
2577000 | USD |
| CY2015Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1017000 | USD |
| CY2015Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
109000 | USD |
| CY2015Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-5196000 | USD |
| CY2014Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1276000 | USD |
| CY2015Q1 | us-gaap |
Revenues
Revenues
|
477000 | USD |
| CY2015Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1970000 | USD |
| CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-5948000 | USD |
| CY2014Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
150000 | USD |
| CY2014Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2539000 | USD |
| CY2015Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
4853000 | USD |
| CY2015Q1 | us-gaap |
Inventory Net
InventoryNet
|
1750000 | USD |
| CY2014Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
6392000 | USD |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4890000 | USD |
| CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-5535000 | USD |
| CY2015Q1 | us-gaap |
Interest Expense
InterestExpense
|
301000 | USD |
| CY2014Q4 | us-gaap |
Inventory Net
InventoryNet
|
1924000 | USD |
| CY2014Q1 | us-gaap |
Interest Expense
InterestExpense
|
352000 | USD |
| CY2015Q1 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
-5000 | USD |
| CY2014Q1 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
-61000 | USD |
| CY2015Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-306000 | USD |
| CY2014Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-413000 | USD |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6300000 | USD |
| CY2015Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
16000 | USD |
| CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
20000 | USD |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5212000 | USD |
| CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5968000 | USD |
| CY2015Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.10 | |
| CY2014Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.18 | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
49915187 | shares |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
34051703 | shares |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
13186000 | USD |
| CY2015Q1 | us-gaap |
Assets Current
AssetsCurrent
|
16042000 | USD |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
9368000 | USD |
| CY2015Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
584000 | USD |
| CY2014Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
622000 | USD |
| CY2015Q1 | us-gaap |
Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
|
136000 | USD |
| CY2014Q4 | us-gaap |
Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
|
153000 | USD |
| CY2015Q1 | us-gaap |
Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
|
504000 | USD |
| CY2014Q4 | us-gaap |
Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
|
498000 | USD |
| CY2015Q1 | us-gaap |
Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
|
58000 | USD |
| CY2014Q4 | us-gaap |
Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
|
66000 | USD |
| CY2015Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
400000 | USD |
| CY2014Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
752000 | USD |
| CY2015Q1 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
1682000 | USD |
| CY2014Q4 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
2091000 | USD |
| CY2015Q1 | us-gaap |
Assets
Assets
|
17724000 | USD |
| CY2014Q4 | us-gaap |
Assets
Assets
|
11459000 | USD |
| CY2015Q1 | us-gaap |
Accounts Payable Trade Current
AccountsPayableTradeCurrent
|
665000 | USD |
| CY2014Q4 | us-gaap |
Accounts Payable Trade Current
AccountsPayableTradeCurrent
|
909000 | USD |
| CY2015Q1 | us-gaap |
Accounts Payable Other Current
AccountsPayableOtherCurrent
|
2766000 | USD |
| CY2014Q4 | us-gaap |
Accounts Payable Other Current
AccountsPayableOtherCurrent
|
3576000 | USD |
| CY2015Q1 | us-gaap |
Customer Advances Current
CustomerAdvancesCurrent
|
162000 | USD |
| CY2014Q4 | us-gaap |
Customer Advances Current
CustomerAdvancesCurrent
|
179000 | USD |
| CY2015Q1 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
3909000 | USD |
| CY2014Q4 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
3809000 | USD |
| CY2015Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
7502000 | USD |
| CY2014Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
8473000 | USD |
| CY2015Q1 | us-gaap |
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
|
699000 | USD |
| CY2014Q4 | us-gaap |
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
|
687000 | USD |
| CY2015Q1 | us-gaap |
Long Term Loans Payable
LongTermLoansPayable
|
4138000 | USD |
| CY2014Q4 | us-gaap |
Long Term Loans Payable
LongTermLoansPayable
|
5086000 | USD |
| CY2015Q1 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
4837000 | USD |
| CY2014Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
5773000 | USD |
| CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
12339000 | USD |
| CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
14246000 | USD |
| CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
125000000 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
75940566 | shares |
| CY2014Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
56000 | USD |
| CY2015Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
41368889 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
125000000 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
75940566 | shares |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2014Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2015Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
75000 | USD |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
41368889 | shares |
| CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
7000 | USD |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
4000 | USD |
| CY2015Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
118001000 | USD |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
104620000 | USD |
| CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-112623000 | USD |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-107411000 | USD |
| CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5385000 | USD |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2787000 | USD |
| CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
17724000 | USD |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
11459000 | USD |
| CY2015Q1 | us-gaap |
Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
|
-12000 | USD |
| CY2014Q1 | us-gaap |
Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
|
-26000 | USD |
| CY2015Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-102000 | USD |
| CY2014Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-93000 | USD |
| CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1029000 | USD |
| CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1019000 | USD |
| CY2015Q1 | us-gaap |
Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
|
-4000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-49000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-60000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
84000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-361000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-81000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
78000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-174000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-250000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-244000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-218000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
-924000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
690000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-4622000 | USD |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-3709000 | USD |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1000 | USD |
| CY2014Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
13000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease Of Restricted Investments
IncreaseDecreaseOfRestrictedInvestments
|
10000 | USD |
| CY2014Q1 | us-gaap |
Increase Decrease Of Restricted Investments
IncreaseDecreaseOfRestrictedInvestments
|
21000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-11000 | USD |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-34000 | USD |
| CY2015Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
78000 | USD |
| CY2014Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
77000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
11560000 | USD |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-77000 | USD |
| CY2015Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-41000 | USD |
| CY2014Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-9000 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
6886000 | USD |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3829000 | USD |
| CY2015Q1 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
608000 | USD |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
17535000 | USD |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
13706000 | USD |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
12529000 | USD |
| CY2015Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
891000 | USD |
| CY2014Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
USD | |
| CY2015Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><b>NOTE 1 - DESCRIPTION OF BUSINESS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt;"> </p> <table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 49.5pt;"></td> <td style="width: 22.5pt; font-family: 'times new roman';"><b>a.</b></td> <td style="font-family: 'Times New Roman';"><b>General</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;">InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex coronary and vascular disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. The Company's coronary products combining MicroNet and a bare-metal stent (MGuard Prime™ EPS) are marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). In October 2014, the Company launched a limited market release of its carotid embolic prevention system (CGuard™ EPS), which combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease, using an over-the-wire delivery system. In January 2015, the Company received CE mark approval for the rapid exchange delivery system and fully launched CGuard in countries in Europe. The Company markets its products through distributors in international markets, mainly in Europe, Southeast Asia, India, Latin America and Israel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 49.5pt;"></td> <td style="width: 22.5pt; font-family: 'times new roman';"><b>b.</b></td> <td style="text-align: justify; font-family: 'times new roman';"><b>Liquidity</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;">The Company has an accumulated deficit as of March 31, 2015, as well as net losses and negative operating cash flows in recent years and the current year. The Company expects to continue incurring losses and negative cash flows from operations. Management of the Company presently anticipates that it has sufficient resources to fund its operations for at least the next twelve months. During the next twelve months management expects that the Company will need to raise additional capital to finance its losses and negative cash flows from operations beyond the next twelve months and may continue to be dependent on additional capital raising as long as its products do not reach commercial profitability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: 0.5in;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;"><font style="font-family: 'Times New Roman';">Management's plans include the</font> <font style="font-family: 'Times New Roman';">continued commercialization of the MGuard™ and CGuard™ products and raising</font> <font style="font-family: 'Times New Roman';">capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships. There</font> <font style="font-family: 'Times New Roman';">are no assurances, however, that the Company will be successful in obtaining</font> <font style="font-family: 'Times New Roman';">the level of financing needed for its operations. If the Company is unsuccessful</font> <font style="font-family: 'Times New Roman';">in commercializing its MGuard™ or CGuard™ products and raising capital</font>, <font style="font-family: 'Times New Roman';">it may need to reduce activities, curtail or cease operations</font>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: 0.5in;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;">During the fourth quarter of 2014, the Company began implementing a focused spending plan. The plan included reducing the focus of clinical and development expenses related to the Company's bare metal stent product and increasing the focus on the Company's drug eluting stent product. Prior to the fourth quarter of 2014, a large portion of the Company's organization was supporting the MASTER II trial, in which the Company determined not to resume enrollment, and instead allocated resources to drug eluting stents and the CGuard platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;">During the first quarter of 2015, the board of directors approved to cease developing and promoting our bare metal stent platform and implementing another cost reduction/focused spending plan. The plan has four components: (i) reducing headcount; (ii) limiting the focus of clinical and development expenses to only carotid and neurovascular products; (iii) limiting sales and marketing expenses to only those related to the CGuard EPS stent launch; and (iv) reducing all other expenses (including conferences, travel, promotional expenses, executive cash salaries, director cash fees, etc.). Prior to the cost reduction plan, a large portion of the Company's organization supported clinical trials and promotional activities related to the Company's bare metal stent platform. In light of the above noted change in focus, many positions related to the development and promotion of the Company's bare metal stent platform have since been elimated. The Company will invest in a next generation MGuard EPS drug eluting platform only upon entering into a strategic partnership.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 49.5pt;"></td> <td style="width: 22.5pt; font-family: 'times new roman';"><b>c.</b></td> <td style="font-family: 'Times New Roman';"><b>Fundraising</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 87.9pt; text-indent: -19.85pt;"><b> </b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 49.7pt; text-align: justify;">On March 9, 2015, the Company sold <font>34,369,675</font> shares of its common stock and warrants to purchase <font>34,369,675</font> shares of common stock in a registered direct offering. Each purchaser received a warrant to purchase <font>one</font> share of common stock for each share of common stock that it purchased in the offering. The warrants have a term of exercise of <font>5</font> years from the date of issuance and an exercise price of $<font>0.55</font>. This offering resulted in net proceeds to the Company of approximately $<font>12.5</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">million after deducting placement agent fees and other offering expenses. See Note 4c</font>.</p> </div> | |
| CY2015Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
34369675 | shares |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
12500000 | USD |
| CY2015Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
50411102 | shares |
| CY2014Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9984674 | shares |
| CY2015Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><strong>NOTE 2 - BASIS OF PRESENTATION</strong></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 1in; text-align: justify; text-indent: -12pt; font-size-adjust: none; font-stretch: normal;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 49.65pt; text-align: justify;">The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position and results of operations of the Company. These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2014, as found in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 12, 2015. The balance sheet for December 31, 2014 was derived from the Company's audited financial statements for the twelve months ended December 31, 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of results that could be expected for the entire fiscal year.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 49.65pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; background-color: #ffffff;"> </font><br/></p> </div> | |
| CY2015Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2014Q4 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
1022000 | USD |
| CY2015Q1 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
395000 | USD |
| CY2014Q4 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
410000 | USD |
| CY2015Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
691000 | USD |
| CY2014Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1016000 | USD |
| CY2015Q1 | us-gaap |
Accrued Sales Commission Current
AccruedSalesCommissionCurrent
|
94000 | USD |
| CY2014Q4 | us-gaap |
Accrued Sales Commission Current
AccruedSalesCommissionCurrent
|
120000 | USD |
| CY2015Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
958000 | USD |
| CY2014Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
993000 | USD |
| CY2015Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
20000 | USD |
| CY2014Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
15000 | USD |
| CY2015Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001433607 | |
| CY2015Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1315000 | USD |
| CY2015Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2015Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-03-31 | |
| CY2015Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2015Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2015Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2015Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
InspireMD, Inc. | |
| CY2015Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
77995335 | shares |
| CY2015Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | |
| CY2014Q1 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
USD | |
| CY2015Q1 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
514000 | USD |
| CY2015Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2015Q1 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
316000 | USD |
| CY2014Q1 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
USD | |
| CY2015Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
965000 | USD |
| CY2014Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
1273000 | USD |
| CY2015Q1 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
493000 | USD |
| CY2014Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
326000 | USD |
| CY2015Q1 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
292000 | USD |
| CY2014Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
325000 | USD |
