Annual report pursuant to Section 13 and 15(d) 12-31-2015

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flow from operating activities    
Net loss $ (23,912) $ (32,582)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,652 1,839
Amortization of intangible assets 501 501
Amortization of lease incentive for tenant improvements 20 20
Non cash interest expense 2,194 1,849
(Gain) loss on extinguishment of debt (2,171) 2,194
Stock based compensation 911 10,217
Change in fair value of derivative liabilities 7,605 $ 251
Loss on extinguishment of derivative liabilities 1,263
(Gain) loss on disposal of equipment (21) $ 305
Provision for inventory reserve 1,333 2,630
Bad debt expense (27) 65
Offering costs 821 2,026
Changes in operating assets and liabilities:    
Trade accounts receivable (120) 239
Prepaid expenses and other current assets (74) 2,775
Inventories 1,357 (3,438)
Accounts payable and accrued liabilities (395) (3,413)
Net cash used in operating activities (9,063) (14,522)
Cash flows from investing activities    
Purchase of property and equipment (695) (2,172)
Proceeds from sale of property and equipment $ 37 43
Decrease in restricted cash 392
Net cash used in investing activities $ (658) (1,737)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs $ 4,337 15,369
Proceeds from issuance of units, net of issuance costs $ 11,320
Proceeds from issuance of stock in connection with exercise of warrants, net of issuance costs $ 5,863
Payments on long-term debt (2,949) $ (19,000)
Debt extinguishment payments $ (4,112) (810)
Proceeds from issuance of long-term debt 26,800
Payment of deferred financing costs $ (60) $ (1,452)
Purchase of treasury stock (120)
Net cash provided by financing activities 2,959 $ 32,227
Net increase (decrease) in cash and cash equivalents (6,762) 15,968
Cash and cash equivalents at beginning of period 18,247 2,279
Cash and cash equivalents at end of period $ 11,485 18,247
Noncash investing and financing activities    
Preferred stock converted into common stock 161,456
Reclassification of derivative liability $ 4,229 5
Stock and derivative liabilities issued with long-term debt 3,477
Debt converted to common stock $ 202 $ 1,500
Common stock issued for cashless exercise of warrant derivative liabilities 19,772
Issuance of treasury stock upon conversion of RSUs to common stock 120
Derivative liabilities recorded as a debt discount 382
Supplemental cash flow information    
Cash paid for interest $ 2,379 $ 1,731