$VISL
Vislink Technologies Inc

2017 Q3 Form 10-Q Financial Statement

#000114420417059127 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $10.16M $1.913M
YoY Change 431.0% 912.17%
Cost Of Revenue $5.050M $970.0K
YoY Change 420.62% 781.82%
Gross Profit $5.110M $940.0K
YoY Change 443.62% 1075.0%
Gross Profit Margin 50.31% 49.14%
Selling, General & Admin $6.360M $2.260M
YoY Change 181.42% 17.71%
% of Gross Profit 124.46% 240.43%
Research & Development $2.758M $1.424M
YoY Change 93.68% 43.12%
% of Gross Profit 53.97% 151.49%
Depreciation & Amortization $1.130M $1.250M
YoY Change -9.6% 30.21%
% of Gross Profit 22.11% 132.98%
Operating Expenses $2.758M $1.424M
YoY Change 93.68% 43.12%
Operating Profit -$5.492M -$4.075M
YoY Change 34.77% 7.18%
Interest Expense $130.0K $2.000K
YoY Change 6400.0% -99.73%
% of Operating Profit
Other Income/Expense, Net $0.00 $924.0K
YoY Change -100.0%
Pretax Income -$5.350M -$3.110M
YoY Change 72.03% 1.6%
Income Tax
% Of Pretax Income
Net Earnings -$5.522M -$3.106M
YoY Change 77.78% 1.47%
Net Earnings / Revenue -54.36% -162.36%
Basic Earnings Per Share -$0.43 -$1.98
Diluted Earnings Per Share -$0.43 -$1.98
COMMON SHARES
Basic Shares Outstanding 12.85M shares 1.570M shares
Diluted Shares Outstanding 12.85M shares 1.570M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.710M $1.830M
YoY Change 157.38% 60.53%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $2.080M $80.00K
YoY Change 2500.0% -42.86%
Inventory $19.05M $3.042M
Prepaid Expenses
Receivables $7.619M $1.667M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.46M $6.617M
YoY Change 405.64% 10.65%
LONG-TERM ASSETS
Property, Plant & Equipment $3.746M $1.166M
YoY Change 221.27% 47.59%
Goodwill
YoY Change
Intangibles $7.566M $9.603M
YoY Change -21.21%
Long-Term Investments
YoY Change
Other Assets $2.080M
YoY Change
Total Long-Term Assets $11.31M $12.85M
YoY Change -11.95% -20.7%
TOTAL ASSETS
Total Short-Term Assets $33.46M $6.617M
Total Long-Term Assets $11.31M $12.85M
Total Assets $44.77M $19.46M
YoY Change 130.01% -12.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.092M $1.836M
YoY Change 395.21% 36.0%
Accrued Expenses $2.566M $1.688M
YoY Change 52.01% 201.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $30.00K $50.00K
YoY Change -40.0% -28.57%
Total Short-Term Liabilities $14.68M $6.454M
YoY Change 127.46% 18.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.030M $2.070M
YoY Change -1.93% 0.49%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.030M $2.070M
YoY Change -1.93% 0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.68M $6.454M
Total Long-Term Liabilities $2.030M $2.070M
Total Liabilities $17.86M $8.521M
YoY Change 109.55% 13.78%
SHAREHOLDERS EQUITY
Retained Earnings -$207.4M -$200.1M
YoY Change 3.62% 10.52%
Common Stock $0.00 $211.1M
YoY Change -100.0% 7.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.00K
YoY Change 0.0%
Treasury Stock Shares 2.000 shares 19.00K shares
Shareholders Equity $28.06M $10.94M
YoY Change
Total Liabilities & Shareholders Equity $44.77M $19.46M
YoY Change 130.01% -12.23%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$5.522M -$3.106M
YoY Change 77.78% 1.47%
Depreciation, Depletion And Amortization $1.130M $1.250M
YoY Change -9.6% 30.21%
Cash From Operating Activities -$2.920M -$2.120M
YoY Change 37.74% 2.91%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$20.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.280M 3.800M
YoY Change -13.68% 4.97%
NET CHANGE
Cash From Operating Activities -2.920M -2.120M
Cash From Investing Activities -20.00K 0.000
Cash From Financing Activities 3.280M 3.800M
Net Change In Cash 340.0K 1.680M
YoY Change -79.76% 71.43%
FREE CASH FLOW
Cash From Operating Activities -$2.920M -$2.120M
Capital Expenditures -$20.00K $0.00
Free Cash Flow -$2.900M -$2.120M
YoY Change 36.79% 43.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Dividends Preferred Stock
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us-gaap Dividends Preferred Stock
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DebtConversionConvertedInstrumentAmount1
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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xgti Stock Issued During Period Value Upon Conversion Of Related Party Debt
StockIssuedDuringPeriodValueUponConversionOfRelatedPartyDebt
180000 USD
xgti Stock Issued During Period Value Upon Conversion Of Related Party Debt
StockIssuedDuringPeriodValueUponConversionOfRelatedPartyDebt
304000 USD
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5749000 USD
xgti Settlement Of Notes Payable With Assumptions Of Liabilities And Debt Extinguishment
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7500000 USD
xgti Settlement Of Notes Payable With Assumptions Of Liabilities And Debt Extinguishment
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0 USD
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1209000 USD
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55000 USD
xgti Services Previously Accrued
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295000 USD
xgti Services Previously Accrued
ServicesPreviouslyAccrued
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xgti Stock Issued As Payment Of Interest On Convertible Notes
StockIssuedAsPaymentOfInterestOnConvertibleNotes
180000 USD
xgti Stock Issued As Payment Of Interest On Convertible Notes
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90000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
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114000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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462000 USD
CY2017Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
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2079000000 USD
CY2016Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
10735 USD
CY2016Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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BusinessAcquisitionProFormaEarningsPerShare
-4.72
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BusinessAcquisitionProFormaWeightedAverageNumberOfShares
1570 shares
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34973 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
38907 USD
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BusinessAcquisitionsProFormaNetIncomeLoss
-18118 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-19752 USD
xgti Business Acquisition Pro Forma Earnings Per Share
BusinessAcquisitionProFormaEarningsPerShare
-1.60
xgti Business Acquisition Pro Forma Earnings Per Share
BusinessAcquisitionProFormaEarningsPerShare
-24.63
xgti Business Acquisition Pro Forma Weighted Average Number Of Shares
BusinessAcquisitionProFormaWeightedAverageNumberOfShares
11290 shares
xgti Business Acquisition Pro Forma Weighted Average Number Of Shares
BusinessAcquisitionProFormaWeightedAverageNumberOfShares
802 shares
us-gaap Proceeds From Customers
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1100000 USD
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2298000 USD
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1763000 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
993000 USD
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817000 USD
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us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
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us-gaap Operating Leases Rent Expense Net
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615000 USD
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1496000 USD
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xgti Stock Issued During Period Value Deferred Compensation
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295000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0.0190 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.8651 pure
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.55
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
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P2Y9M
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M6D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsOutstandingNumber
7611904 shares
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Grants In Period Gross
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsGrantsInPeriodGross
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xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Exercises In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsExercisesInPeriod
1062113 shares
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Forfeitures And Expirations In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsForfeituresAndExpirationsInPeriod
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CY2017Q3 xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Outstanding Number
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsOutstandingNumber
8695273 shares
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Exercisable Number
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsExercisableNumber
8545273 shares
CY2016Q4 xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Outstanding Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsOutstandingWeightedAverageExercisePrice
5.98
xgti Sharebased Compensation Arrangements By Sharebased Payment Award Options And Warrants Grants In Period Weighted Average Exercise Price
SharebasedCompensationArrangementsBySharebasedPaymentAwardOptionsAndWarrantsGrantsInPeriodWeightedAverageExercisePrice
2.19
xgti Sharebased Compensation Arrangements By Sharebased Payment Award Options And Warrants Exercises In Period Weighted Average Exercise Price
SharebasedCompensationArrangementsBySharebasedPaymentAwardOptionsAndWarrantsExercisesInPeriodWeightedAverageExercisePrice
2.06
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Forfeitures And Expirations In Period Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
42000.00
CY2017Q3 xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Outstanding Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsOutstandingWeightedAverageExercisePrice
5.5
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Exercisable Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsExercisableWeightedAverageExercisePrice
5.55
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1844 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6365500 shares
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0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
96844 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1544.37
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.58
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
30.95
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.58
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0
CY2017Q3 xgti Fair Market Value Of Stock
FairMarketValueOfStock
1.62
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0 pure
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1183000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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1284000 USD
xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Warrant On Issuance Date
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityWarrantOnIssuanceDate
0 USD
xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Warrant On Issuance Date
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityWarrantOnIssuanceDate
4823000 USD
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182000 USD
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CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1365000 USD
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2423000 USD
xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Reclassification To Stockholders Equity Upon Exercise
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2379000 USD
xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Reclassification To Stockholders Equity Upon Exercise
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0 USD
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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1374000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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1222000 USD
CY2017Q3 xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Warrant On Issuance Date
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0 USD
CY2016Q3 xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Warrant On Issuance Date
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CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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CY2016Q3 xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Reclassification To Stockholders Equity Upon Exercise
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityReclassificationToStockholdersEquityUponExercise
0 USD
CY2017Q3 xgti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Reclassification To Stockholders Equity Upon Exercise
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityReclassificationToStockholdersEquityUponExercise
0 USD
CY2016 us-gaap Distribution Fees
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436000 USD
CY2017Q3 us-gaap Commitments And Contingencies
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USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q3 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
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0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14202822 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
2 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2 shares
xgti Accrual Of Potential Shortfall
AccrualOfPotentialShortfall
0 USD
xgti Accrual Of Potential Shortfall
AccrualOfPotentialShortfall
924000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
300000 USD
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>
CY2017Q3 us-gaap Noncurrent Assets
NoncurrentAssets
11309000 USD
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.1 pure
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
3620000 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
672000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7566000 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">NOTE 7 &#151; COMMITMENTS AND CONTINGENCIES</font></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">180,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">163,000</font> for the three months ended September 30, 2017 and 2016, respectively, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">733,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">493,000</font> for the nine months ended September 30, 2017 and 2016. The leases in connection with these facilities will expire on different dates from 2017 through 2025.</font></div> <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">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, New Jersey. Payments under the Mt. Olive, New Jersey 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 2017. 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FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#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 style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">822,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#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 style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">615,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div style="CLEAR:both;CLEAR: both">Thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#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 style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">1,496,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="75%"> <div style="CLEAR:both;CLEAR: both">&#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: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#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 style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; 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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 nine months ended September 30, 2017, the Company did not have any material legal actions pending.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5683000 USD
xgti Operating Leases Expiration Term
OperatingLeasesExpirationTerm
2017 through 2025
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14202822 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7606518 shares
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8695273 shares
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1926000 USD
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
795000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
39000 USD
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
968080 shares
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
302000 USD
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
0 USD
xgti Stock Issued During Period Shares Deferred Compensation
StockIssuedDuringPeriodSharesDeferredCompensation
104218 shares
xgti Stock Issued During Period Interest Accrued
StockIssuedDuringPeriodInterestAccrued
84800 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.549
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2810000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.62
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0184 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.8393 pure
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.629
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The options vest at one third on July 1, 2018, one third on July 1, 2019 and one third on July 1, 2020
CY2017Q1 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.
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
1321873 shares

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