$OBLG
Oblong, Inc.

2014 Q4 Form 10-Q Financial Statement

#000074621014000088 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $7.750M $7.958M $7.900M
YoY Change -1.9% -4.27% -11.83%
Cost Of Revenue $4.230M $4.370M $10.40M
YoY Change -59.33% -14.48% 131.63%
Gross Profit $3.520M $3.580M -$2.500M
YoY Change -240.8% 11.88% -155.8%
Gross Profit Margin 45.42% 44.99% -31.65%
Selling, General & Admin $1.760M $2.132M $1.710M
YoY Change 2.92% -18.44% -47.38%
% of Gross Profit 50.0% 59.55%
Research & Development $290.0K $270.0K $660.0K
YoY Change -56.06% -30.53%
% of Gross Profit 8.24% 7.54%
Depreciation & Amortization $760.0K $630.0K $710.0K
YoY Change 7.04% -8.7% -10.13%
% of Gross Profit 21.59% 17.6%
Operating Expenses $2.800M $2.132M -$3.170M
YoY Change -188.33% -18.44% -163.65%
Operating Profit $720.0K $556.0K $670.0K
YoY Change 7.46% -629.52% -234.0%
Interest Expense -$360.0K $335.0K -$930.0K
YoY Change -61.29% 17.13% 97.87%
% of Operating Profit -50.0% 60.25% -138.81%
Other Income/Expense, Net $0.00 -$358.0K -$620.0K
YoY Change -100.0% -19.73% 1966.67%
Pretax Income -$1.980M $200.0K -$1.560M
YoY Change 26.92% -136.36% 56.0%
Income Tax $140.0K $0.00 -$30.00K
% Of Pretax Income 0.0%
Net Earnings -$2.120M $198.0K -$1.530M
YoY Change 38.56% -135.93% -225.41%
Net Earnings / Revenue -27.35% 2.49% -19.37%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share -$607.4K $0.01 -$439.7K
COMMON SHARES
Basic Shares Outstanding 35.81M shares 34.95M shares 34.95M shares
Diluted Shares Outstanding 35.77M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900M $2.200M $2.300M
YoY Change -17.39% 4.76% 4.55%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $900.0K $900.0K $400.0K
YoY Change 125.0% 50.0% -55.56%
Inventory $0.00
Prepaid Expenses
Receivables $3.273M $3.709M $4.077M
Other Receivables $100.0K $0.00 $0.00
Total Short-Term Assets $6.236M $6.799M $6.775M
YoY Change -7.96% 3.85% -5.4%
LONG-TERM ASSETS
Property, Plant & Equipment $3.246M $3.390M $2.867M
YoY Change 13.22% 7.45% -32.64%
Goodwill $9.825M $9.825M $9.825M
YoY Change 0.0% 0.0% -0.76%
Intangibles $3.047M $5.057M $5.998M
YoY Change -49.2% -19.93% -17.34%
Long-Term Investments
YoY Change
Other Assets $262.0K $315.0K $421.0K
YoY Change -37.77% -59.51% -43.26%
Total Long-Term Assets $16.38M $18.59M $19.11M
YoY Change -14.29% -7.41% -13.74%
TOTAL ASSETS
Total Short-Term Assets $6.236M $6.799M $6.775M
Total Long-Term Assets $16.38M $18.59M $19.11M
Total Assets $22.62M $25.39M $25.89M
YoY Change -12.63% -4.64% -11.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.220M $1.274M $1.885M
YoY Change -35.28% -48.53% -20.93%
Accrued Expenses $1.576M $2.577M $2.277M
YoY Change -30.79% 34.71% 12.06%
Deferred Revenue
YoY Change
Short-Term Debt $400.0K $400.0K $950.0K
YoY Change -57.89% -56.38% -32.0%
Long-Term Debt Due $400.0K $400.0K $950.0K
YoY Change -57.89% -56.38% -32.0%
Total Short-Term Liabilities $3.721M $4.829M $5.939M
YoY Change -37.35% -25.66% -7.94%
LONG-TERM LIABILITIES
Long-Term Debt $10.79M $10.89M $10.24M
YoY Change 5.37% 20.25% 6.27%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.93M $10.89M $10.28M
YoY Change 6.32% 19.49% 4.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.721M $4.829M $5.939M
Total Long-Term Liabilities $10.93M $10.89M $10.28M
Total Liabilities $14.65M $15.72M $16.22M
YoY Change -9.67% 0.7% -0.59%
SHAREHOLDERS EQUITY
Retained Earnings -$170.6M -$168.5M -$167.9M
YoY Change 1.64% 1.3% 2.57%
Common Stock $178.5M $178.1M $177.4M
YoY Change 0.63% 0.78% 6.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $66.00K $66.00K $0.00
YoY Change
Treasury Stock Shares 40.00K shares 40.00K shares 0.000 shares
Shareholders Equity $7.967M $9.667M $9.669M
YoY Change
Total Liabilities & Shareholders Equity $22.62M $25.39M $25.89M
YoY Change -12.63% -4.64% -11.7%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$2.120M $198.0K -$1.530M
YoY Change 38.56% -135.93% -225.41%
Depreciation, Depletion And Amortization $760.0K $630.0K $710.0K
YoY Change 7.04% -8.7% -10.13%
Cash From Operating Activities $230.0K $310.0K $490.0K
YoY Change -53.06% -32.61% 345.45%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$510.0K -$110.0K
YoY Change 436.36% 0.0% -42.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$40.00K
YoY Change -100.0% -99.47%
Cash From Investing Activities -$580.0K -$510.0K -$150.0K
YoY Change 286.67% -1.92% -98.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K 250.0K -90.00K
YoY Change -255.56% -136.23% -101.1%
NET CHANGE
Cash From Operating Activities 230.0K 310.0K 490.0K
Cash From Investing Activities -580.0K -510.0K -150.0K
Cash From Financing Activities 140.0K 250.0K -90.00K
Net Change In Cash -210.0K 50.00K 250.0K
YoY Change -184.0% -106.67% -56.14%
FREE CASH FLOW
Cash From Operating Activities $230.0K $310.0K $490.0K
Capital Expenditures -$590.0K -$510.0K -$110.0K
Free Cash Flow $820.0K $820.0K $600.0K
YoY Change 36.67% -15.46% 100.0%

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<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;">Basis of Presentation and Liquidity</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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The Business</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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Glowpoint, Inc. (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Glowpoint</font><font style="font-family:inherit;font-size:10pt;">&#8221; or &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">we</font><font style="font-family:inherit;font-size:10pt;">&#8221; or &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">us</font><font style="font-family:inherit;font-size:10pt;">&#8221; or the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) is a provider of video collaboration services and network services. Our services enable our customers to use videoconferencing as an efficient and effective method of communication for their business meetings. Our customers include Fortune 1000 companies, along with small and medium enterprises in a variety of industries. We market our services globally through a multi-channel sales approach that includes direct sales and channel partners. </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company was formed as a Delaware corporation in May 2000. The Company operates in </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> segment and therefore segment information is not presented. </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Liquidity</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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, we had </font><font style="font-family:inherit;font-size:10pt;">$2,153,000</font><font style="font-family:inherit;font-size:10pt;"> of cash and working capital of </font><font style="font-family:inherit;font-size:10pt;">$1,970,000</font><font style="font-family:inherit;font-size:10pt;">. Our cash balance as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> includes restricted cash of </font><font style="font-family:inherit;font-size:10pt;">$185,000</font><font style="font-family:inherit;font-size:10pt;"> (as discussed in Note 3). For the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, we generated a net loss of </font><font style="font-family:inherit;font-size:10pt;">$635,000</font><font style="font-family:inherit;font-size:10pt;"> and net cash provided by operating activities of </font><font style="font-family:inherit;font-size:10pt;">$1,560,000</font><font style="font-family:inherit;font-size:10pt;">. We generated cash flow from operations even though we incurred a net loss as our net loss includes non-cash operating expenses (as shown on the condensed consolidated statements of cash flows). </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2013, the Company entered into a loan agreement by and among the Company and its subsidiaries, and Main Street Capital Corporation (&#8220;Main Street&#8221;), as lender and as administrative agent and collateral agent for itself and the other lenders from time to time party thereto (the "Main Street Loan Agreement"). The Main Street Loan Agreement provides for an </font><font style="font-family:inherit;font-size:10pt;">$11,000,000</font><font style="font-family:inherit;font-size:10pt;"> senior secured term loan facility (&#8220;Main Street Term Loan&#8221;) and a </font><font style="font-family:inherit;font-size:10pt;">$2,000,000</font><font style="font-family:inherit;font-size:10pt;"> senior secured revolving loan facility (the &#8220;Main Street Revolver&#8221;). As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company had outstanding borrowings of </font><font style="font-family:inherit;font-size:10pt;">$9,000,000</font><font style="font-family:inherit;font-size:10pt;"> under the Main Street Term Loan and </font><font style="font-family:inherit;font-size:10pt;">$400,000</font><font style="font-family:inherit;font-size:10pt;"> on the Main Street Revolver. </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 16, 2014, the Company entered into an At Market Issuance Sales Agreement, with MLV &amp; Co. LLC (&#8220;MLV&#8221;), under which the Company may, at its discretion, sell its common stock with a sales value of up to a maximum of </font><font style="font-family:inherit;font-size:10pt;">$8,000,000</font><font style="font-family:inherit;font-size:10pt;"> through at-the-market sales on the NYSE MKT (the "ATM Offering"). MLV acts as sole sales agent for any sales made in the ATM Offering for a </font><font style="font-family:inherit;font-size:10pt;">3%</font><font style="font-family:inherit;font-size:10pt;"> commission on gross proceeds. The common stock is being sold at market prices at the time of the sale, and, as a result, prices may vary. Through </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company sold </font><font style="font-family:inherit;font-size:10pt;">89,000</font><font style="font-family:inherit;font-size:10pt;"> shares in the ATM Offering at a weighted-average selling price of </font><font style="font-family:inherit;font-size:10pt;">$1.33</font><font style="font-family:inherit;font-size:10pt;"> per share for gross proceeds of </font><font style="font-family:inherit;font-size:10pt;">$118,000</font><font style="font-family:inherit;font-size:10pt;">. Net proceeds totaled </font><font style="font-family:inherit;font-size:10pt;">$108,000</font><font style="font-family:inherit;font-size:10pt;">, reflecting reductions for the </font><font style="font-family:inherit;font-size:10pt;">3%</font><font style="font-family:inherit;font-size:10pt;"> commission to MLV and other offering expenses. See Note 8 for further discussion. </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;text-indent:21px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based on our current projection of revenue, expenses, capital expenditures and, cash flows the Company believes that it has, and will have, sufficient resources and cash flows to service its debt obligations and fund its operations for at least the next twelve months following the filing of this Quarterly Report on Form 10-Q. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, we have availability of </font><font style="font-family:inherit;font-size:10pt;">$1,600,000</font><font style="font-family:inherit;font-size:10pt;"> under the Main Street Revolver and </font><font style="font-family:inherit;font-size:10pt;">$2,000,000</font><font style="font-family:inherit;font-size:10pt;"> under the Main Street Term Loan (subject to approval by Main Street under the terms of the Main Street Loan Agreement). There can be no assurances, however, that we will be able to access the availability from the Main Street Revolver and/or Main Street Term Loan in the future. There also can be no assurance that we will be able to raise capital through the ATM Offering as may be needed or upon acceptable stock prices. In the event we need access to capital to fund operations and provide growth capital beyond the ATM Offering and our existing Main Street credit facility, we have historically been able to raise capital in private placements. If the current or future economic conditions negatively impact us and we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company. </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Quarterly Financial Information and Results of 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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> are unaudited and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, and the results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, the statement of stockholders' equity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and the statement of cash flows for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">. The results of operations and cash flows for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results to be expected for the entire year. The condensed balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> was derived from audited financial statements as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, these condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and the footnotes thereto for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> as </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">filed</font><font style="font-family:inherit;font-size:10pt;"> with the Securities and Exchange Commission (the "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">SEC</font><font style="font-family:inherit;font-size:10pt;">") with our Form 10-K on March 6, 2014 (the "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Audited 2013 Financial Statements</font><font style="font-family:inherit;font-size:10pt;">").</font></div></div>
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us-gaap Net Income Loss
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CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Operating Income Loss
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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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us-gaap Operating Leases Rent Expense Net
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us-gaap Operating Leases Rent Expense Net
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CY2014Q3 us-gaap Operating Leases Rent Expense Net
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CY2013Q3 us-gaap Operating Leases Rent Expense Net
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2014Q3 us-gaap Other Accrued Liabilities Current
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2013Q4 us-gaap Preferred Stock Liquidation Preference Value
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CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q3 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Issued
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CY2014Q3 us-gaap Preferred Stock Shares Issued
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53 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
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53 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
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53 shares
CY2014Q3 us-gaap Preferred Stock Value
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167000 USD
CY2013Q4 us-gaap Preferred Stock Value
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167000 USD
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937000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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404000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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249000 USD
us-gaap Proceeds From Lines Of Credit
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249000 USD
CY2014Q3 us-gaap Proceeds From Lines Of Credit
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249000 USD
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118000 USD
us-gaap Proceeds From Repurchase Of Equity
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0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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4000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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2000 USD
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0.90
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2867000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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198000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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185000 USD
us-gaap Repayments Of Long Term Debt
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780000 USD
us-gaap Repayments Of Long Term Debt
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149000 USD
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185000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Taxes Billed to Customers and Remitted to Taxing Authorities</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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize taxes billed to customers in revenue and taxes remitted to taxing authorities in our cost of revenue.</font></div></div>
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8313000 USD
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2.71
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0.00
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2934000 USD
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SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2528000 USD
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
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410000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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675000 shares
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2.21
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.02
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.06
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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5.29
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
333000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1359000 shares
CY2014Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
400000 USD
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
950000 USD
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
195000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
50000 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
108000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
0 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
9667000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
9669000 USD
CY2014Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
486000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
590000 USD
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
40000 shares
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
66000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
66000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of the condensed consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, deferred tax valuation allowance, accrued sales taxes, the valuation of goodwill, the valuation of intangible assets and their estimated lives, and the estimated lives and recoverability of property and equipment. </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;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Summary of Significant Accounting Policies</font><font style="font-family:inherit;font-size:10pt;">" in the Company's Audited </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> Financial Statements for a discussion on the estimates and judgments necessary in the Company's accounting for financial instruments, concentration of credit risk, goodwill, intangible assets, property and equipment, income taxes, stock-based compensation, and accrued sales taxes and regulatory fees. </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>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29094000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31692000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35769000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34885000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
31692000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
29094000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
34885000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
34950000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34950000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29094000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31692000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34885000 shares
CY2013Q4 glow Accrued Communication Costs Current
AccruedCommunicationCostsCurrent
328000 USD
CY2014Q3 glow Accrued Communication Costs Current
AccruedCommunicationCostsCurrent
808000 USD
CY2013Q4 glow Accrued Lease Termination
AccruedLeaseTermination
0 USD
CY2014Q3 glow Accrued Lease Termination
AccruedLeaseTermination
75000 USD
CY2013Q4 glow Accrued Severance Costs
AccruedSeveranceCosts
306000 USD
CY2014Q3 glow Accrued Severance Costs
AccruedSeveranceCosts
1000 USD
glow Bad Debt Expense
BadDebtExpense
-136000 USD
glow Bad Debt Expense
BadDebtExpense
104000 USD
CY2014Q3 glow Capital Lease Future Minimum Interest Includedin Payment Due Remainderof Fiscal Year
CapitalLeaseFutureMinimumInterestIncludedinPaymentDueRemainderofFiscalYear
1000 USD
CY2014Q3 glow Capital Leases Future Minimum Interest Included In Payment Due In Three Years
CapitalLeasesFutureMinimumInterestIncludedInPaymentDueInThreeYears
0 USD
CY2014Q3 glow Capital Leases Future Minimum Interest Included In Payment Due In Two Years
CapitalLeasesFutureMinimumInterestIncludedInPaymentDueInTwoYears
1000 USD
CY2014Q3 glow Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPaymentsDueInThreeYears
1000 USD
CY2014Q3 glow Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPaymentsDueInTwoYears
42000 USD
CY2014Q3 glow Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments Remainderof Fiscal Year
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPaymentsRemainderofFiscalYear
19000 USD
glow Costs Incurred For Conversionof Stock
CostsIncurredForConversionofStock
5000 USD
glow Debt Reduction In Connection With Severance Obligations Related To Acquisition
DebtReductionInConnectionWithSeveranceObligationsRelatedToAcquisition
0 USD
glow Debt Reduction In Connection With Severance Obligations Related To Acquisition
DebtReductionInConnectionWithSeveranceObligationsRelatedToAcquisition
240000 USD
glow Global Managed Services
GlobalManagedServices
560000 USD
CY2013Q3 glow Global Managed Services
GlobalManagedServices
152000 USD
glow Global Managed Services
GlobalManagedServices
732000 USD
CY2014Q3 glow Global Managed Services
GlobalManagedServices
273000 USD
CY2013Q3 glow Network And Infrastructure
NetworkAndInfrastructure
4959000 USD
CY2014Q3 glow Network And Infrastructure
NetworkAndInfrastructure
4374000 USD
glow Network And Infrastructure
NetworkAndInfrastructure
14068000 USD
glow Network And Infrastructure
NetworkAndInfrastructure
14802000 USD
CY2014Q3 glow Operating Leases Rent Expense Per Month
OperatingLeasesRentExpensePerMonth
7000 USD
glow Payment Relatedto Conversionof Securities
PaymentRelatedtoConversionofSecurities
106000 USD
glow Payment Relatedto Conversionof Securities
PaymentRelatedtoConversionofSecurities
5000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2013Q4 glow Preferred Stock Series A2 Stated Value
PreferredStockSeriesA2StatedValue
7500 USD
CY2014Q3 glow Preferred Stock Series A2 Stated Value
PreferredStockSeriesA2StatedValue
7500 USD
glow Stock Issued During Period Value Settlementof Liabilities
StockIssuedDuringPeriodValueSettlementofLiabilities
204000 USD
CY2014Q3 glow Working Capital
WorkingCapital
1970000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000746210
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
35805000 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
GLOWPOINT, INC.

Files In Submission

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0000746210-14-000088-index-headers.html Edgar Link pending
0000746210-14-000088-index.html Edgar Link pending
0000746210-14-000088.txt Edgar Link pending
0000746210-14-000088-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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glow-20140930.xml Edgar Link completed
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glow-20140930_cal.xml Edgar Link unprocessable
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