2017 Q2 Form 10-Q Financial Statement

#000114420417043266 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $14.22M $2.080M $1.655M
YoY Change 759.09% -1090.48% 342.51%
Cost Of Revenue $9.700M $920.0K $810.0K
YoY Change 1097.53% -611.11% 224.0%
Gross Profit $4.520M $1.150M $840.0K
YoY Change 438.1% -2975.0% 546.15%
Gross Profit Margin 31.79% 55.29% 50.76%
Selling, General & Admin $6.440M $2.860M $2.380M
YoY Change 170.59% 27.11% 22.05%
% of Gross Profit 142.48% 248.7% 283.33%
Research & Development $2.511M $1.480M $1.542M
YoY Change 62.84% 48.0% 38.67%
% of Gross Profit 55.55% 128.7% 183.57%
Depreciation & Amortization $1.140M $1.440M $1.520M
YoY Change -25.0% -26.15% 58.33%
% of Gross Profit 25.22% 125.22% 180.95%
Operating Expenses $2.511M $5.790M $1.542M
YoY Change 62.84% -29.04% 38.67%
Operating Profit -$5.549M -$4.640M -$4.632M
YoY Change 19.8% -43.41% 19.14%
Interest Expense -$20.00K $1.130M $6.000K
YoY Change -433.33% 22.83% -108.57%
% of Operating Profit
Other Income/Expense, Net $253.0K -$750.0K $58.00K
YoY Change 336.21% 123.08%
Pretax Income -$1.040M -$9.150M -$4.580M
YoY Change -77.29% 25.34% 15.74%
Income Tax
% Of Pretax Income
Net Earnings -$1.041M -$9.150M -$4.582M
YoY Change -77.28% 25.34% 15.79%
Net Earnings / Revenue -7.32% -439.9% -276.86%
Basic Earnings Per Share -$0.09 -$9.80
Diluted Earnings Per Share -$0.09 -$9.370B -$9.80
COMMON SHARES
Basic Shares Outstanding 11.41M shares 22.37M shares 614.0K shares
Diluted Shares Outstanding 11.41M shares 614.0K shares

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.660M $9.050M $150.0K
YoY Change 3006.67% 2345.95% -6.25%
Cash & Equivalents $4.656M $9.054M $154.0K
Short-Term Investments
Other Short-Term Assets $1.880M $110.0K $140.0K
YoY Change 1242.86% 450.0% -41.67%
Inventory $18.67M $2.722M $3.516M
Prepaid Expenses
Receivables $10.39M $1.369M $1.150M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.60M $13.26M $4.960M
YoY Change 617.68% 636.04% 0.81%
LONG-TERM ASSETS
Property, Plant & Equipment $4.172M $771.0K $1.500M
YoY Change 178.13% -2.65% 82.93%
Goodwill
YoY Change
Intangibles $8.236M $5.872M
YoY Change -50.67%
Long-Term Investments
YoY Change
Other Assets $0.00 $2.080M
YoY Change -100.0%
Total Long-Term Assets $12.41M $6.643M $14.09M
YoY Change -11.94% -55.03% -14.97%
TOTAL ASSETS
Total Short-Term Assets $35.60M $13.26M $4.960M
Total Long-Term Assets $12.41M $6.643M $14.09M
Total Assets $48.01M $19.90M $19.05M
YoY Change 151.99% 20.06% -11.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.37M $1.606M $1.950M
YoY Change 431.59% 34.28% 20.37%
Accrued Expenses $4.183M $1.813M $960.0K
YoY Change 335.73% 619.44% 118.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $340.0K
YoY Change -100.0% -100.0% -70.94%
Long-Term Debt Due $40.00K $60.00K $50.00K
YoY Change -20.0% 20.0% -54.55%
Total Short-Term Liabilities $17.92M $5.211M $5.200M
YoY Change 244.6% 24.75% 9.01%
LONG-TERM LIABILITIES
Long-Term Debt $2.040M $2.050M $2.080M
YoY Change -1.92% -2.84% 0.48%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.040M $2.050M $2.080M
YoY Change -1.92% -2.84% 0.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.92M $5.211M $5.200M
Total Long-Term Liabilities $2.040M $2.050M $2.080M
Total Liabilities $19.96M $7.260M $7.280M
YoY Change 174.11% 15.55% 6.43%
SHAREHOLDERS EQUITY
Retained Earnings -$202.0M -$209.3M -$197.0M
YoY Change 2.54% 11.09%
Common Stock $229.8M $222.0M
YoY Change 11.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.00K $22.00K
YoY Change 0.0%
Treasury Stock Shares 2.000 shares 2.000 shares 19.00 shares
Shareholders Equity $28.05M $12.64M $11.77M
YoY Change
Total Liabilities & Shareholders Equity $48.01M $19.90M $19.05M
YoY Change 151.99% 20.06% -11.35%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$1.041M -$9.150M -$4.582M
YoY Change -77.28% 25.34% 15.79%
Depreciation, Depletion And Amortization $1.140M $1.440M $1.520M
YoY Change -25.0% -26.15% 58.33%
Cash From Operating Activities $490.0K -$1.600M -$1.520M
YoY Change -132.24% -39.39% 20.63%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$500.0K
YoY Change -100.0%
Cash From Investing Activities -$80.00K $0.00 -$510.0K
YoY Change -84.31% -100.0% -5.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -840.0K 8.820M 1.690M
YoY Change -149.7% 299.1% -2.87%
NET CHANGE
Cash From Operating Activities 490.0K -1.600M -1.520M
Cash From Investing Activities -80.00K 0.000 -510.0K
Cash From Financing Activities -840.0K 8.820M 1.690M
Net Change In Cash -430.0K 7.220M -340.0K
YoY Change 26.47% -1025.64% 466.67%
FREE CASH FLOW
Cash From Operating Activities $490.0K -$1.600M -$1.520M
Capital Expenditures -$80.00K $0.00 $0.00
Free Cash Flow $570.0K -$1.600M -$1.520M
YoY Change -137.5% -30.13% 111.11%

Facts In Submission

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1260000 USD
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1373000 USD
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1222000 USD
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CY2017Q2 xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Reclassification To Stockholders Equity Upon Exercise
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dei Document Type
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dei Amendment Flag
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false
dei Document Period End Date
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2017-06-30
dei Document Fiscal Year Focus
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2017
dei Document Fiscal Period Focus
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Q2
dei Entity Registrant Name
EntityRegistrantName
xG TECHNOLOGY, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001565228
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
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Smaller Reporting Company
dei Trading Symbol
TradingSymbol
XGTI
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CY2016Q4 us-gaap Commitments And Contingencies
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2 shares
CY2017Q2 xgti Stock Offering Expenses
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0 USD
CY2016Q2 xgti Stock Offering Expenses
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158000 USD
xgti Stock Offering Expenses
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xgti Stock Offering Expenses
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158000 USD
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CY2016Q2 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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2237000 USD
us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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15530000 USD
us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include reserves and write-downs related to receivables and inventories, the recoverability of long-lived assets, the valuation allowance relating to the Company&#8217;s deferred tax assets, valuation of equity and derivative instruments, and debt discounts and the valuation of the assets and liabilities acquired in the acquisitions of IMT and Vislink.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Foreign Currency Transaction Gain Loss Realized
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348000 USD
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1256000 USD
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1344000 USD
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2298000 USD
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1763000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
993000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
817000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1021000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8236000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> </font></strong> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">NOTE 7 &#151; COMMITMENTS AND CONTINGENCIES</font></strong></strong></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> Leases</font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">The Company's office rental, deployment sites and warehouse facility expenses equaled in aggregate approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">171,000</font> for the three months ended June 30, 2017 and 2016, respectively, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">553,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">330,000</font> for the six months ended June 30, 2017 and 2016. The leases in connection with these facilities will expire on different dates from <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2017 through 2023</font>.</font></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; CLEAR: both" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">In connection with the acquisition of IMT, the Company assumed the lease obligations relating to IMT&#8217;s warehouse and office space in Mt. Olive, NJ. Payments under the Mt. Olive, NJ lease are $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,000</font> for the year ending December 31, 2017 as the lease expired in February of 2017. 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Future payments under such lease will amount to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">794,000</font> of which $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">43,000</font> is the balance for the year ending December 31, 2017.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Total obligation under minimum future annual rentals, exclusive of real estate taxes and related costs, are approximately as follows:&#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Amount</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>Balance 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>608,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,091,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>971,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>509,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>141,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>Thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>188,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="77%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>3,508,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify">&#160;</div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> Legal</font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company&#8217;s liquidity, financial condition and cash flows. For the six months ended June 30, 2017 the Company did not have any material legal actions pending.</font></div> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
553000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
330000 USD
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
977751 shares
CY2017Q2 xgti Fair Market Value Of Stock
FairMarketValueOfStock
1.63
xgti Operating Leases Expiration Term
OperatingLeasesExpirationTerm
2017 through 2023
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The options vest at one third on March 24, 2018, one third on March 24, 2019 and one third on March 24, 2020&#160;
CY2017Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1100000 USD
CY2017Q1 us-gaap Proceeds From Customers
ProceedsFromCustomers
1100000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8182497 shares
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
438000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
82000 USD
xgti Preferred Stockissued
PreferredStockissued
0 USD
xgti Preferred Stockissued
PreferredStockissued
500000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-1041000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4582000 USD
CY2017Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
2079000000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1041000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6020000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7251000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10453000 USD
xgti Stock Issued As Payment Of Interest On Convertible Notes
StockIssuedAsPaymentOfInterestOnConvertibleNotes
90000 USD
xgti Stock Issued As Payment Of Interest On Convertible Notes
StockIssuedAsPaymentOfInterestOnConvertibleNotes
0 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
824000 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
0 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1091000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
608000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
971000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
509000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
141000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
188000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3508000 USD
CY2017Q2 us-gaap Noncurrent Assets
NoncurrentAssets
12408000 USD

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