|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Operating activities |
|
|
| Net loss |
$ (3,698) |
$ (3,262) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation of property and equipment |
9 |
9 |
| Amortization of other assets |
214 |
142 |
| Non-cash stock-based compensation, including stock options and restricted stock |
575 |
443 |
| Warrant inducement |
14 |
0 |
| Inventory reserve |
210 |
82 |
| Amortization of debt discount |
257 |
0 |
| Noncash interest |
39 |
0 |
| Gain on disposal of property and equipment |
(3) |
(55) |
| Loss on foreign currency transactions |
26 |
7 |
| (Increase) decrease in operating assets: |
|
|
| Accounts receivable |
820 |
1,006 |
| Inventory |
(60) |
(147) |
| Prepaid expenses and other current assets |
(16) |
4 |
| Long-term receivable |
|
0 |
| Increase (decrease) in operating liabilities: |
|
|
| Accounts payable and accrued expenses |
59 |
904 |
| License and supply agreement fee payable |
(1,318) |
0 |
| Deferred revenue |
(711) |
(680) |
| Net cash used in operating activities |
(3,583) |
(1,547) |
| Investing activities |
|
|
| Purchase of property and equipment |
0 |
(8) |
| Purchase of intangible assets |
0 |
(659) |
| Proceeds from sales of property and equipment |
3 |
55 |
| Net cash provided by (used in) investing activities |
3 |
(612) |
| Financing activities |
|
|
| Proceeds from issuance of common stock, net of equity issuance costs of $229 |
2,771 |
0 |
| Proceeds from issuance of Senior Secured Notes |
2,800 |
|
| Payment of financing costs |
(399) |
0 |
| Proceeds from exercise of warrants |
248 |
503 |
| Payment of Senior Secured Note |
(1,300) |
0 |
| Net cash provided by financing activities |
4,120 |
503 |
| Effect of exchange rates on cash and cash equivalents |
(8) |
34 |
| Net increase (decrease) in cash and cash equivalents |
532 |
(1,622) |
| Cash and cash equivalents, beginning of year |
47 |
1,669 |
| Cash and cash equivalents, end of year |
579 |
47 |
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for taxes |
2 |
18 |
| Restricted stock issued to settle liability |
77 |
0 |
| Payable related to license and supply agreement |
0 |
1,318 |
| Receivable related to license agreement |
0 |
791 |
| Fair value of stock options granted to Medica |
$ 0 |
$ 273 |