0001493152-17-012211.txt : 20171031 0001493152-17-012211.hdr.sgml : 20171031 20171031171141 ACCESSION NUMBER: 0001493152-17-012211 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20171031 DATE AS OF CHANGE: 20171031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEDICA Corp CENTRAL INDEX KEY: 0001269026 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33624 FILM NUMBER: 171166499 BUSINESS ADDRESS: STREET 1: 1885 WEST 2100 STREET CITY: SALT LAKE CITY STATE: UT ZIP: 84119 BUSINESS PHONE: 801-839-3516 MAIL ADDRESS: STREET 1: 1885 WEST 2100 STREET CITY: SALT LAKE CITY STATE: UT ZIP: 84119 FORMER COMPANY: FORMER CONFORMED NAME: AMEDICA CORP DATE OF NAME CHANGE: 20031104 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2017

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-33624

 

 

 

Amedica Corporation

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   84-1375299

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

     

1885 West 2100 South, Salt Lake City, UT

 

84119

(Address of principal executive offices)   (Zip Code)

 

(801) 839-3500

(Registrant’s telephone number, including area code)

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days: Yes [  ] No [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files); Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer   [  ]   Accelerated filer   [  ]

 

Non-accelerated filer

 

 

[  ] (Do not check if a smaller reporting company)

 

 

Smaller reporting company

 

 

[X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): [  ] Yes [X] No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

36,264,881 shares of common stock, $0.01 par value, were outstanding at October 31, 2017

 

 

 

 

 

 

Amedica Corporation

 

Table of Contents

 

Part I. Financial Information  
Item 1. Financial Statements  
Condensed Consolidated Balance Sheet (unaudited) 3
Condensed Consolidated Statements of Operations (unaudited) 4
Condensed Consolidated Statement of Cash Flows (unaudited) 5
Notes to Condensed Consolidated Financial Statements (unaudited) 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
Item 4. Controls and Procedures 22
Part II. Other Information  
Item 1. Legal Proceedings 23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23
Item 3. Defaults Upon Senior Securities 23
Item 4. Mine Safety Disclosures 23
Item 5. Other Information 23
Item 6. Exhibits 23
Signatures 24

 

2

 

 

Amedica Corporation

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

    June 30, 2017     December 31, 2016  
      (Unaudited)           
Assets                
Current assets:                
Cash and cash equivalents   $ 3,460     $ 6,915  
Trade accounts receivable, net of allowance of $22 and $22, respectively     1,974       1,620  
Prepaid expenses and other current assets       354       239  
Inventories, net     1,409       7,213  
Total current assets     7,197       15,987  
Inventories, net     5,234       -  
Property and equipment, net     1,102       889  
Intangible assets, net     2,919       3,187  
Goodwill     6,163       6,163  
Other long-term assets     35       35  
Total assets   $ 22,650     $ 26,261  
                 
Liabilities and stockholders' equity                
Current liabilities:                
Accounts payable   $ 1,358     $ 658  
Accrued liabilities     2,235       3,183  
Debt     3,967       7,012  
Total current liabilities     7,560       10,853  
Deferred rent     250       319  
Other long-term liabilities     280       188  
Derivative liabilities     517       528  
Total liabilities     8,607       11,888  
                 
Commitments and contingencies                
Stockholders’ equity:                
Convertible preferred stock, $0.01 par value, 130,000,000 shares authorized; no shares issued and outstanding at June 30, 2016.     -       -  
Common stock, $0.01 par value, 250,000,000 shares authorized, 36,264,881 and 27,364,881 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively.     363       274  
Additional paid-in capital     231,071       227,234  
Accumulated deficit     (217,391 )     (213,135 )
Total stockholders' equity     14,043       14,373  
Total liabilities and stockholders' equity   $ 22,650     $ 26,261  

 

The condensed consolidated balance sheet as of December 31, 2016, has been prepared using information from the audited consolidated balance sheet as of that date.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

 

Amedica Corporation

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except share and per share data)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2017     2016     2017     2016  
Product revenue   $ 3,208     $ 4,023     $ 5,837     $ 8,196  
Costs of revenue     722       1,017       1,383       1,910  
Gross profit     2,486       3,006       4,454       6,286  
Operating expenses:                                
Research and development     1,342       1,553       2,358       3,161  
General and administrative     1,084       1,360       2,196       2,922  
Sales and marketing     1,784       2,594       3,426       5,188  
Total operating expenses     4,210       5,507       7,980       11,271  
Loss from operations     (1,724 )     (2,501 )     (3,526 )     (4,985 )
Other income (expenses):                                
Interest expense     (378 )     (2,353 )     (738 )     (3,253 )
Loss on extinguishment of debt     -       (244 )     -       (244 )
Change in fair value of derivative liabilities     -       35       10       24  
Other income (expense)     (4 )     (1 )     (2 )     6  
Total other expense, net     (382 )     (2,563 )     (730 )     (3,467 )
Net loss before income taxes     (2,106 )     (5,064 )     (4,256 )     (8,452 )
Provision for income taxes       -       -       -       -  
Net loss   $ (2,106 )   $ (5,064 )   $ (4,256 )   $ (8,452 )
Net loss per share                                
Basic and diluted   $ (0.06 )   $ (0.40 )   $ (0.12 )   $ (0.71 )
Weighted average common shares outstanding:                                
Basic and diluted     36,264,881       12,761,814       35,018,881       11,981,865  

 

The condensed consolidated balance sheet as of December 31, 2016, has been prepared using information from the audited consolidated balance sheet as of that date.

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

4

 

 

Amedica Corporation

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

 

   Six Months Ended June 30, 
   2017   2016 
Cash flow from operating activities              
Net loss  $

(4,256

)  $(8,452)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation expense   293    772 
Amortization of intangible assets       268    250 
Amortization of lease incentive for tenant improvements   10    10 
Non-cash interest expense    519    2,365 
Loss on extinguishment of debt   -    244 
Stock based compensation    119    145 
Change in fair value of derivative liabilities   (11)   (24)
(Gain) loss on disposal of equipment     2    (7)
Provision for inventory reserve   400    696 
Changes in operating assets and liabilities:          
Trade accounts receivable   (354)   711 
Prepaid expenses and other current assets    (115)   (219)
Inventories   

170

    296 
Accounts payable and accrued liabilities    (475)   834 
Net cash used in operating activities   (3,430)   (2,379)
Cash flows from investing activities              
Purchase of property and equipment   (508)   (350)
Proceeds from sale of property and equipment     -    23 
Net cash used in investing activities   (508)   (327)
Cash flows from financing activities           
Proceeds from issuance of common stock, net of issuance costs   3,807    1 
Payments on long-term debt    (3,324)   (3,424)
Issuance costs paid for debt   -    (198)
Payments for capital lease    -    (3)

Net cash provided by (used in) financing activities

   483    (3,624)
Net decrease in cash and cash equivalents    (3,455)   (6,330)
Cash and cash equivalents at beginning of period   6,915    11,485 
Cash and cash equivalents at end of period    $3,460   $5,155 
           
Non-cash investing and financing activities            
Deferred financing costs included in accounts payable and accrued liabilities  $-   $69 
Debt converted to common stock    -   2,480 
Capital lease for property and equipment  -   60 

Supplemental cash-flow information

          
Cash paid for interest   $219   $938 

 

The condensed consolidated balance sheet as of December 31, 2016, has been prepared using information from the audited consolidated balance sheet as of that date.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

 

AMEDICA CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1. Organization and Summary of Significant Accounting Policies

 

Organization

 

Amedica Corporation was incorporated in the state of Delaware on December 10, 1996. Amedica Corporation is a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, Amedica Corporation commercializes silicon nitride in the spine implant market and believes that its silicon nitride manufacturing expertise positions it favorably to introduce new and innovative devices in the medical and non- medical fields. Amedica Corporation also believes that it is the first and only company to commercialize silicon nitride medical implants. Amedica Corporation acquired US Spine, Inc. (“US Spine”), a Delaware spinal products corporation with operations in Florida, on September 20, 2010. Amedica Corporation and US Spine are collectively referred to as “Amedica” or “the Company in these condensed consolidated financial statements. The Company’s products are sold primarily in the United States.

 

Basis of Presentation

 

These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include all assets and liabilities of the Company and its wholly-owned subsidiary, US Spine. All material intercompany transactions and balances have been eliminated in consolidation. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on September 20, 2017. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the periods then ended. Actual results could differ from those estimates. The most significant estimates relate to inventory, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants.

 

Liquidity and Capital Resources

 

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

 

For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company’s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company’s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.

 

In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company’s silicon nitride material are not well known, and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).

 

6

 

 

As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company’s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).

 

If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.

 

Significant Accounting Policies

 

There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

 

New Accounting Pronouncement, Not Yet Adopted

 

In January 2017, the FASB issued ASU 2017-04 Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance eliminate the requirement to calculate the implied fair value of goodwill used to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In August 2016, the Financial Accounting Standards Board (“FASB”) updated accounting guidance on the following eight specific cash flow classification issues: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. Under existing U.S. GAAP, there is no specific guidance on the eight cash flow classification issues aforementioned. These updates are effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, with early adoption permitted. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In March 2016 the FASB updated the accounting guidance related to stock compensation. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as the well as classification in the statement of cash flows. The standard is effective for the Company for its annual period beginning January 1, 2018. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In February 2016, the FASB updated the accounting guidance related to leases as part of a joint project with the International Accounting Standards Board (“IASB”) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for capital and operating leases with lease terms of more than 12 months. Additionally, this update will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The standard is effective for the Company for its annual period beginning January 1, 2020, and interim periods therein, with early adoption permitted. The Company is currently evaluating the potential impact this new standard may have on its financial statements, but believes the most significant change will relate to building leases.

 

In May 2014, in addition to several amendments issued during 2016, the FASB updated the accounting guidance related to revenue from contracts with customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the preliminary stages of evaluating the impact that the new standard will have on its financial statements.

 

The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.

 

7

 

 

2. Basic and Diluted Net Loss per Common Share

 

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are primarily comprised of warrants for the purchase of common stock and stock options. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding because their effect would have been anti-dilutive due to the Company reporting a net loss. The Company had potentially dilutive securities, shares of common stock, totaling approximately 17.9 million and 1.5 million as of June 30, 2017 and 2016, respectively.

 

3. Inventories, net

 

Inventories consisted of the following (in thousands):

   June 30, 2017   December 31, 2016 
Raw materials        $739   $761 
WIP   106    75 
Finished goods       

5,798

    6,377 
   $

6,643

   $7,213 

 

Finished goods included consigned inventory totaling approximately $2.6 million and $5.6 million as of June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017, inventories totaling $1,409 and $5,234 were classified as current and long-term, respectively. Inventories classified as current represent the carrying value of inventories at June 30, 2017 that management estimates will be sold by June 30, 2018. As of December 31, 2016, all inventories were classified as current.

 

4. Intangible Assets

 

Intangible assets consisted of the following (in thousands):

 

   June 30, 2017   December 31, 2016 

Developed technology

  $4,685   $4,685 

Customer relationships

   3,990    3,990 
Other patents and patent applications    562    562 
Trademarks   350    350 
    9,587    9,587 
Less: accumulated amortization   (6,668)   (6,400)
   $2,919   $3,187 

 

8

 

 

Amortization expense is expected to approximate $268,000 for the remainder of 2017 $536,000 per year through 2021, $369,000 in 2022 and total $140,000 thereafter, until fully amortized.

 

5. Fair Value Measurements

 

Financial Instruments Measured and Recorded at Fair Value on a Recurring Basis

 

The Company has issued certain warrants to purchase shares of common stock, which are considered mark-to-market liabilities and are re-measured to fair value at each reporting period in accordance with accounting guidance. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

 

  Level 1 - quoted market prices for identical assets or liabilities in active markets.
 

 

Level 2

 

-

 

observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

 

 

Level 3

 

-

 

unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

 

The Company classifies assets and liabilities measured at fair value in their entirety based on the lowest level of input that is significant to their fair value measurement. No financial assets were measured on a recurring basis as of June 30, 2017 and December 31, 2016. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2017 and December 31, 2016:

 

   Fair Value Measurements as of June 30, 2017 
Description  Level 1   Level 2   Level 3   Total 
Derivative liability                      
Common stock warrants  $-   $-   $517   $517 

 

   Fair Value Measurements as of December 31, 2016 
Description  Level 1   Level 2   Level 3   Total 
Derivative liability                      
Common stock warrants  $-   $-   $528   $528 

 

The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2017 and 2016.

 

The assumptions used in estimating the common stock warrant liability as of June 30, 2017 and December 31, 2016 were as follows:

 

   June 30, 2017   December 31, 2016 
Weighted-average risk free interest rate     1.64%   0.92%
Weighted-average expected life (in years)   1.8    2.5 
Expected dividend yield     0%   0%
Weighted-average expected volatility   123%   136%

 

Other Financial Instruments

 

The Company’s recorded values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded value of notes payable approximates the fair value as the interest rates are reflective of market interest rates.

 

9

 

 

6. Accrued Liabilities

 

Accrued liabilities consisted of the following (in thousands):

 

   June 30, 2017   December 31, 2016 
Commissions          $41   $466 
Payroll and related expenses   314    461 
Royalties           103    416 
Interest payable   40    76 
Final loan payment fees         1,573    1,333 
Other   164    431 
   $2,235   $3,183 

 

7. Debt

 

Hercules Term Loan

 

On June 30, 2014, the Company entered into a Loan and Security Agreement with Hercules which provided the Company with a $20 million term loan. The Hercules Term Loan matures on January 1, 2018. The Hercules Term Loan included a $200,000 closing fee, which was paid to Hercules on the closing date of the loan. The closing fee was recorded as a debt discount and is being amortized to interest expense over the life of the loan. The Hercules Term Loan also includes a non-refundable final payment fee of $1.7 million. The final payment fee is being accrued and recorded to interest expense over the life of the loan. The Hercules Term Loan bears interest at the rate of the greater of either (i) the prime rate plus 9.2%, and (ii) 12.5%, and was 12.7% as of June 30, 2017. Interest accrues from the closing date of the loan and interest payments are due monthly. Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments totaling approximately $500,000, with the remainder due at maturity. The Hercules Term Loan is secured by a first priority security interest in substantially all of its assets, including intellectual property, of the Company and contains covenants restricting payments to certain Company affiliates and certain financial reporting requirements.

 

On September 8, 2015, the Company entered into a Consent and First Amendment to Loan and Security Agreement (the “Amendment”) with Hercules. The Amendment modified the liquidity covenant to reduce the required minimum cash and cash equivalents balance by $500,000 for every $1.0 million in principal paid, up to a minimum of $2.5 million. Once the Hercules Term Loan principal balance is below $2.5 million the Company is only required to maintain a cash and cash equivalents balance equal to the outstanding principal balance on the Hercules Term loan. The minimum cash and cash equivalents balance required to maintain compliance with the minimum liquidity covenant as of June 30, 2017, was $2.5 million. The Company believes it will maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017. To maintain compliance beyond that date, the Company will likely require additional cash (see Note 11).

 

See discussion below with respect to the assignment of $3.0 million of the principal balance of the Hercules Term Loan to Riverside Merchant Partners, LLC (“Riverside”) and the subsequent agreement between the Company and Riverside to exchange the $3.0 million of the Hercules Term Loan held by Riverside for subordinated convertible promissory notes in the aggregate principal amount of $3.0 million.

 

10

 

 

Hercules and Riverside Debt Exchange

 

On April 4, 2016, the Company entered into an Assignment and Second Amendment to Loan and Security Agreement (the “Assignment Agreement”) with Riverside and Hercules, pursuant to which Hercules sold $1.0 million of the principal amount outstanding under the Hercules Term Loan to Riverside. In addition, pursuant to the terms of the Assignment Agreement, Riverside acquired an option to purchase an additional $2.0 million of the principal amount outstanding under the Hercules Term Loan from Hercules. On April 18, 2016, Riverside exercised and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan and on April 27, 2016, Riverside exercised the remainder of its option and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan from Hercules.

 

Riverside Debt

 

On April 4, 2016, the Company entered into an exchange agreement (the “Exchange Agreement”) with Riverside, pursuant to which the Company agreed to exchange $1.0 million of the principal amount outstanding under the Hercules Term Loan held by Riverside for a subordinated convertible promissory note in the principal amount of $1.0 million (the “First Exchange Note”) and a warrant to purchase 100,000 shares of common stock of the Company at a fixed exercise price of $1.62 per share (the “First Exchange Warrant”) (the “Exchange”). All principal accrued under the Exchange Notes was convertible into shares of common stock at the election of the Holder at any time at a fixed conversion price of $1.43 per share (the “Conversion Price”). The closing stock price on April 4, 2016, was $1.63 and a beneficial conversion feature of $245,000 was recorded to equity and as a debt discount. The warrant value of $106,000 was recorded to equity and as a debt discount.

 

In addition, pursuant to the terms and conditions of the Exchange Agreement, the Company and Riverside had the option to exchange an additional $2.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of up to $2.0 million and an additional warrant to purchase 100,000 shares of common stock (the “Second Exchange Warrant”). The Exchange Agreement also provided that if the volume-weighted average price of the Company’s common stock was less than the Conversion Price, the Company would issue up to an additional 150,000 shares of common stock (the “True-Up Shares”) to Riverside, which was subsequently reduced to 140,000 shares of common stock.

 

On April 18, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Second Exchange Note”). The closing stock price on April 18, 2016, was $2.02 and a beneficial conversion feature of $412,000 was recorded to equity and as a debt discount. Additionally, on April 27, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Third Exchange Note”) and an additional warrant to purchase 100,000 shares of the Company’s common stock at a fixed exercise price of $1.66 per share. The warrant value of $107,000 was recorded to equity and as a debt discount. The closing stock price on April 27, 2016, was $1.66 and a beneficial conversion feature of $268,000 was recorded to equity and as a debt discount. Financing costs were $267,000 and were recorded to interest expense. The unamortized deferred financing costs and debt discount of the Hercules Term Loan exchanged were $244,000 at the time of the exchange and were recorded as a loss on extinguishment of debt related to the debt exchange. The First Exchange Note, the Second Exchange Note and the Third Exchange Note are collectively referred to herein as the “Exchange Notes.”

 

11

 

 

Pursuant to the terms of the Exchange Notes, since the volume-weighted average price of the Company’s common stock was less than the Conversion Price on May 6, 2016, the Company issued an additional 140,000 shares of common stock to Riverside and recorded the value of the True-Up Shares of $199,000 to interest expense and equity.

 

All principal outstanding under each of the Exchange Notes was to be due on April 3, 2018 (the “Maturity Date”). Each of the Exchange Notes bore interest at a rate of 6% per annum, with the interest that would accrue on the initial principal amount of the Exchange Notes during the first 12 months being guaranteed and deemed earned as of the date of issuance. Prior to the Maturity Date, all interest accrued under the Exchange Notes was payable in cash or, if certain conditions were met, payable in shares of common stock at the Company’s option, at a conversion price of $1.34 per share. During 2016, the entire principal amount of the First and Second Exchange Notes, $300,000 of the Third Exchange Note, and the interest related to the First, Second, and Third Exchange Notes was converted into 1,742,718 shares of common stock. In July 2016, the Company paid Riverside $840,000 to redeem in full the remaining principal balance of the Third Exchange Note. The debt discounts associated with the converted debt was recorded to interest expense.

 

Long-term debt consisted of the following (in thousands):

 

   June 30, 2017   December 31, 2016 
      Unamortized Discount and   Net      Unamortized Discount and    Net 
   Outstanding Principal  

Debt

 Issuance Costs

   Carrying Amount   Outstanding Principal  

Debt

Issuance Costs

   Carrying Amount 
Hercules Term Loan  $4,097   $(130)  $3,967   $7,421   $(409)  $7,012 
Less: Current portion   (4,097)   130    (3,967)   (7,421)   409    (7,012)
Long-term debt  $-   $-   $-   $-   $-   $- 

 

Based on contractual principal payment obligations on the Hercules term loan as of June 30, 2017, before considering acceleration of maturity payments due to potential non-compliance with loan covenants, the entire principal balance is due January 1, 2018, and therefore current.

 

8. Equity

 

During the six months ended June 30, 2017, the Company completed a secondary offering in which the Company sold 8,900,000 shares of common stock and warrants to purchase 4,005,000 shares of common stock for $0.51 per unit (each unit consisting of one share of common stock and 0.45 warrants). The Company received approximately $3.8 million in proceeds from the offering, which was net of approximately $732,000 in total underwriting expenses, commission and other offering expenses. The warrants became exercisable on the closing date, expire on the five-year anniversary of the closing date, and have an initial exercise price per share equal to $0.55 per share, subject to adjustments for events of recapitalization, stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common stock.

 

On February 24, 2017, the underwriter in the 2017 secondary offering exercised its option to purchase additional warrants for 360,000 shares of the Company’s common stock.

 

12

 

 

9. Stock-Based Compensation

 

A summary of the Company’s outstanding stock option activity for the six months ended June 30, 2017, is as follows:

 

       June 30, 2017     
           Weighted-Average     
       Weighted-   Remaining     
       Average   Contractual Life   Intrinsic 
   Options   Exercise Price   (Years)   Value 
As of December 31, 2016   137,347   $30.59    

8.2

   $-  
Granted   -    -           
Exercised   -    -           
Forfeited   -    -           
Expired   (563)  765.40           

As of June 30, 2017

   136,784   $27.66    7.7   - 
Exercisable as of June 30, 2017   116,131   $35.77    7.5   - 
Expected to vest as of June 30, 2017   136,784   $27.66    7.7   - 

 

The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of a peer group of similar companies. The expected term was calculated utilizing the simplified method. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees during the six months ended June 30, 2016 (no options were granted for the six months ended June 30, 2017):

 

   Six Months Ended  
   June 30, 2016 
Weighted-average risk-free interest rate   1.86%
Weighted-average expected life (in years)   6.30 
Expected dividend yield   0.00%
Weighted-average expected volatility   65.00%

 

Summary of Stock-Based Compensation Expense

 

Total stock-based compensation expense included in the condensed consolidated statements of operations is allocated as follows (in thousands):

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2017   2016   2017   2016 
Cost of revenue  $5   $3   $10   $7 
Research and development   24    20    50    49 
General and administrative   23    31    46    69 
Selling and marketing   7    2    13    17 
Capitalized into inventory   -    1    -    3 
   $59   $57   $119   $145 

 

Unrecognized stock-based compensation as of June 30, 2017 is as follows (in thousands):

 

      Weighted Average 
   Unrecognized Stock-Based   Remaining
of Recognition
 
   Compensation   (in years) 
Stock options  $142    0.78 

 

10. Commitments and Contingencies

 

From time to time, the Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. Management believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results or cash flows.

 

11. Subsequent Events

 

On July 28, 2017, the Company entered into a $2.5 million term loan (the “Loan”) with North Stadium Investments, LLC (North Stadium), a company owned and controlled by the Company’s Chief Executive Officer and Chairman of the Board. The Loan bears interest at 10% per annum and requires the Company to make monthly interest only payments from September 5, 2017 through September 5, 2018. All principal and unpaid interest (if any) under the Loan is due and payable on July 28, 2018. The Loan is secured by substantially all of the assets of the Company but is junior to security interest in assets encumbered by the Hercules Term Loan. In connection with the Loan the Company also issued North Stadium a warrant to purchase up to 660,000 shares of the Company’s common stock at a purchase price of $0.42 per share, subject to a 5-year term.

 

13

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements for the year ended December 31, 2016 and the notes thereto, along with Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the year ended December 31, 2016, filed separately with the U.S. Securities and Exchange Commission. This discussion and analysis contains forward-looking statements based upon current beliefs, plans, expectations, intentions and projections that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2016, and any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q.

 

Overview

 

We are a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, we commercialize silicon nitride in the spine implant market. We believe that our silicon nitride manufacturing expertise positions us favorably to introduce new and innovative devices in the medical and non- medical fields. We also believe that we are the first and only company to commercialize silicon nitride medical implants.

 

We have received 510(k) regulatory clearance in the United States, a CE mark in Europe, and ANVISA approval in Brazil for a number of our devices that are designed for spinal fusion surgery. To date, more than 28,000 of our silicon nitride devices have been implanted into patients, with an 8-year successful track record. We intend to file an FDA 510(k) submission for clearance in the United States of a novel composite spinal fusion device that combines porous and solid silicon nitride. The FDA sent us questions about our upcoming submission and we are currently in the process of submitting a response.

 

We believe that silicon nitride has a superb combination of properties that make it ideally suited for human implantation. Other biomaterials are based on bone grafts, metal alloys, and polymers; all of which have practical limitations. In contrast, silicon nitride has a legacy of success in the most demanding and extreme industrial environments. As a human implant material, silicon nitride offers bone ingrowth, resistance to bacterial infection, resistance to corrosion, superior strength and fracture resistance, and ease of diagnostic imaging, among other advantages.

 

We market and sell our Valeo brand of silicon nitride implants to surgeons and hospitals in the United States and to selected markets in Europe and South America through more than 50 independent sales distributors who are supported by an in-house sales and marketing management team. These implants are designed for use in cervical (neck) and thoracolumbar (lower back) spine surgery. We are also working with other partners in Japan to obtain regulatory approval for silicon nitride in that country.

 

In addition to our silicon nitride-based spinal fusion products, we market a line of non-silicon nitride spinal fixation products which allows us to provide surgeons and hospitals with a broader range of products. These additional products are complementary to our fusion products and are designed for the treatment of deformity and degenerative spinal procedures. Although our non-silicon nitride products have accounted for approximately 49% and 50% of our product revenues for the six months ended June 30, 2017 and 2016, respectively, we believe the continued promotion and potential for adoption of our silicon nitride products and product candidates, if approved, provides us the greatest opportunity to grow our business in new and existing markets and achieve our goal to become a leading biomaterial company.

 

14

 

 

In addition to direct sales, we have targeted original equipment manufacturer (“OEM”) and private label partnerships in order to accelerate adoption of silicon nitride, both in the spinal space, and also in future markets such as hip and knee replacements, dental, extremities, trauma, and sports medicine. Existing biomaterials, based on plastics, metals, and bone grafts have well-recognized limitations that we believe are addressed by silicon nitride, and we are uniquely positioned to convert existing, successful implant designs made by other companies into silicon nitride. We believe OEM and private label partnerships will allow us to work with a variety of partners, accelerate the adoption of silicon nitride, and realize incremental revenue at improved operating margins, when compared to the cost-intensive direct sales model.

 

We believe that silicon nitride addresses many of the biomaterial-related limitations in fields such as hip and knee replacements, dental implants, sports medicine, extremities, and trauma surgery. We further believe that the inherent material properties of silicon nitride, and the ability to formulate the material in a variety of compositions, combined with precise control of the surface properties of the material, opens up a number of commercial opportunities across orthopedic surgery, neurological surgery, maxillofacial surgery, and other medical disciplines.

 

We operate a 30,000 square foot manufacturing facility at our corporate headquarters in Salt Lake City, Utah, and we believe we are the only vertically integrated silicon nitride medical device manufacturer in the world.

 

Components of our Results of Operations

 

We manage our business within one reportable segment, which is consistent with how our management reviews our business, makes investment and resource allocation decisions and assesses operating performance.

 

Product Revenue

 

We derive our product revenue primarily from the sale of spinal fusion and fixation devices and related products used in the treatment of spine disorders. Our product revenue is generated from sales to three types of customers: (1) surgeons and hospitals; (2) stocking distributors; and (3) private label customers. Most of our products are sold on a consignment basis through a network of independent sales distributors; however, we also sell our products to independent stocking distributors and private label customers. Product revenue is recognized when all four of the following criteria are met: (1) persuasive evidence that an arrangement exists; (2) delivery of the products has occurred; (3) the selling price of the product is fixed or determinable; and (4) collectability is reasonably assured. We generate the majority of our revenue from the sale of inventory that is consigned to independent sales distributors that sell our products to surgeons and hospitals. For these products, we recognize revenue at the time we are notified the product has been used or implanted and all other revenue recognition criteria have been met. For all other transactions, we recognize revenue when title and risk of loss transfer to the stocking distributor or private label customers, and all other revenue recognition criteria have been met. We generally recognize revenue from sales to stocking distributors and private label customers at the time the product is shipped to the distributor. Stocking distributors and private label customers, who sell the products to their customers, take title to the products and assume all risks of ownership at time of shipment. Our stocking distributors and private label customers are obligated to pay within specified terms regardless of when, if ever, they sell the products. Our policy is to classify shipping and handling costs billed to customers as an offset to total shipping expense in the statement of operations, primarily within sales and marketing. In general, our customers do not have any rights of return or exchange.

 

We believe our product revenue will increase due to our sales and marketing efforts and as we continue to introduce new products into the market. We expect that our product revenue will continue to be primarily attributable to sales of our products in the United States.

 

Cost of Revenue

 

The expenses that are included in cost of revenue include all direct product costs if we obtained the product from third-party manufacturers and our in-house manufacturing costs for the products we manufacture. We obtain our non-silicon nitride products, including our metal products, from third-party manufacturers, while we currently manufacture our silicon-nitride products in-house.

 

Specific provisions for excess or obsolete inventory are also included in cost of revenue. In addition, we pay royalties attributable to the sale of specific products to some of our surgeon advisors that assisted us in the design, regulatory clearance or commercialization of a particular product. These payments are recorded as cost of revenue.

 

Gross Profit

 

Our gross profit measures our product revenue relative to our cost of revenue. We expect our gross profit to decrease as we expand the penetration of our silicon nitride technology platform through OEM and private label partnerships.

 

15

 

 

Research and Development Expenses

 

Our research and development costs are expensed as incurred. Research and development costs consist of engineering, product development, clinical trials, test-part manufacturing, testing, developing and validating the manufacturing process, manufacturing, facility and regulatory-related costs. Research and development expenses also include employee compensation, employee and non-employee stock-based compensation, supplies and materials, consultant services, and travel and facilities expenses related to research activities. To the extent that certain research and development expenses are directly related to our manufactured products, such expenses and related overhead costs are allocated to inventory.

 

We expect to incur additional research and development costs as we continue to develop new spinal fusion products, our product candidates for total joint replacements, such as our total hip replacement product candidate, and dental applications which, may increase our total research and development expenses.

 

Sales and Marketing Expenses

 

Sales and marketing expenses consist of salaries, benefits and other related costs, including stock-based compensation, for personnel employed in sales, marketing, medical education and training. In addition, our sales and marketing expenses include commissions and bonuses, generally based on a percentage of sales, to our sales managers and independent sales distributors. We provide our products in kits or banks that consist of a range of device sizes and separate instruments sets necessary to perform the surgical procedure. We generally consign our instruments to our distributors or our hospital customers that purchase the device used in spinal fusion surgery. Our sales and marketing expenses include depreciation of the surgical instruments.

 

We expect our commissions to increase in absolute terms over time but remain approximately the same or decrease as a percentage of product revenue.

 

General and Administrative Expenses

 

General and administrative expenses consist primarily of salaries, benefits and other related costs, including stock-based compensation for certain members of our executive team and other personnel employed in finance, legal, compliance, administrative, information technology, customer service, executive and human resource departments. General and administrative expenses also include other expenses not part of the other cost categories mentioned above, including facility expenses and professional fees for accounting and legal services.

 

We expect our general and administrative expenses to remain stable or slightly decline as we continue to manage costs closely and look for opportunities to make improvements.

 

16

 

 

RESULTS OF OPERATIONS - UNAUDITED

 

The following is a tabular presentation of our condensed consolidated operating results for the six months ended June 30, 2017 and 2016 (in thousands):

 

    Three Months Ended June 30,                 Six Months Ended June 30,              
    2017     2016     $ Change     % Change     2017     2016     $ Change     % Change  
Product revenue   $ 3,208     $ 4,023     $ (815 )     -20 %   $ 5,837     $ 8,196     $ (2,359 )     -29 %
Cost of revenue     722       1,017       (295 )     -29 %     1,383       1,910       (527 )     -28 %
Gross profit     2,486       3,006       (520 )     -17 %     4,454       6,286       (1,832 )     -29 %
Gross profit %     77 %     75 %             3 %     77 %     77 %             - %
                                                                 
Operating expenses:                                                                
Research and development     1,342       1,553       (211 )     -14 %     2,358       3,161       (803 )     -25 %
General and administrative     1,084       1,360       (276 )     -20 %     2,196       2,922       (726 )     -25 %
Sales and marketing     1,784       2,594       (810 )     -31 %     3,426       5,188       (1,762 )     -34 %
Total operating expenses     4,210       5,507       (1,297 )     -24 %     7,980       11,271       (3,291 )     -29 %
Loss from operations     (1,724 )     (2,501 )     777       31 %     (3,526 )     (4,985 )     1,459       29 %
Other expense, net     (382 )     (2,563 )     2,181       85 %     (730 )     (3,467 )     2,737       79 %
Net loss before taxes     (2,106 )     (5,064 )     2,958       58 %     (4,256 )     (8,452 )     4,196       50 %
Provision for income taxes     -       -       -       - %     -       -       -       - %
Net loss   $ (2,106 )   $ (5,064 )   $ 2,958       58 %   $ (4,256 )   $ (8,452 )   $ 4,196       50 %

 

Product Revenue - Unaudited

 

The following table sets forth our product revenue from sales of the indicated product category for the three and six months ended June 30, 2017 and 2016 (in thousands):

 

   Three Months Ended June 30,           Six Months Ended June 30,         
   2017   2016   $ Change   % Change   2017   2016   $ Change   % Change 
Silicon Nitride  $1,416   $1,845   $(429)   -23%  $2,876   $4,083   $(1,207)   -30%
Non-Silicon Nitride  1,792   2,178   (386)   -18%  2,961   4,113   (1,152)   -28%
Total product revenue  $3,208   $4,023   $(815)   -20%  $5,837   $8,196   $(2,359)   -29%

 

For the three months ended June 30, 2017, total product revenue was $3.2 million as compared to $4.0 million in the same period 2016, a decrease of $0.8 million, or 20%. This decrease was due to the loss of surgeons and the consequences from our restructuring, both of which occurred the latter part of 2016.

 

For the six months ended June 30, 2017, total product revenue was $5.8 million as compared to $8.2 million in the same period 2016, a decrease of $2.4 million, or 29%. This decrease was due to the loss of surgeons and the consequences from our restructuring, both of which occurred the latter part of 2016.

 

The following table sets forth, for the periods indicated, our product revenue by geographic area (in thousands):

 

   Three Months Ended June 30,           Six Months Ended June 30,         
   2017   2016   $ Change   % Change   2017   2016   $ Change   % Change 
Domestic  $3,179   $3,951   $(772)   -20%  $5,770   $7,960   $(2,190)   -28%
International  $29   $72   $(43)   -60%  $67   $236   $(169)   -72%
Total product revenue  $3,208   $4,023   $(815)   -20%  $5,837   $8,196   $(2,359)   -29%

 

For the three months ended June 30, 2017, domestic revenue decreased by $0.8 million, or 20%. This is attributable to the loss of surgeons and the consequences from our restructuring, both of which occurred the latter part of 2016. International revenue decreased $0.04 million, or 60% as compared to the same period in 2016. This is due to our Brazilian distributor building inventory during the three months ended June 30, 2016 to maintaining inventory levels during the same period in 2017.

 

For the six months ended June 30, 2017, domestic revenue decreased $2.2 million, or 28%. This is attributable to the loss of surgeons and the consequences from our restructuring, both of which occurred the latter part of 2016. International revenue decreased $0.2 million, or 72% as compared to the same period in 2016. This is due to our Brazilian distributor building inventory during the six months ended June 30, 2016 to maintaining inventory levels during the same period in 2017.

 

17

 

 

Cost of Revenue and Gross Profit

 

For the three months ended June 30, 2017, our cost of revenue decreased $0.3 million, or 29%, as compared to the same period in 2016. The decrease was primarily due to a decline in sales. Gross profit decreased $0.5 million and would have been larger without the 3% improvement in gross margin percentage. The 3% increase in gross margin was primarily due to the higher margin for the new Taurus pedicle screw system during the three months ended June 30, 2017 as compared to the same period in 2016.

 

For the six months ended June 30, 2017, our cost of revenue decreased $0.5 million, or 28%, as compared to the same period in 2016. The decrease was primarily due to a decline in sales. Gross profit decreased $1.8 million, while the gross margin percentage remained approximately the same as compared to the same period in 2016.

 

Research and Development Expenses

 

For the three months ended June 30, 2017, research and development expenses decreased $0.2 million, or 14%, as compared to the same period in 2016. This decrease was primarily attributable to, a $0.2 million decrease in personnel related expenses due to a reduction in force in October 2016, a $0.07 million decrease in product testing and validation related expenses, a $0.06 million decrease in clinical and market study related expenses and the Company’s efforts to reduce costs.

 

For the six months ended June 30, 2017, research and development expenses decreased $0.8 million, or 25%, as compared to the same period in 2016. This decrease was primarily attributable to, a $0.7 million decrease in personnel related expenses related to the October 2016 reduction in force, a $0.08 million decrease in clinical and market study related expenses, a $0.06 million in equipment maintenance and tooling expenses, and a $0.03 million decrease in lab and production supplies and the Company’s efforts to reduce costs.

 

General and Administrative Expenses

 

For the three months ended June 30, 2017, general and administrative expenses decreased $0.3 million, or 20%, as compared to the same period in 2016. This decrease was primarily attributable to a $0.2 million decrease in personnel related expenses related to the October 2016 reduction in force, a $0.1 million decrease in investor relations expense, and a $0.09 million decrease in legal and patent expenses. These decreases were offset by a $0.1 million increase in accounting expenses.

 

For the six months ended June 30, 2017, general and administrative expenses decreased $0.7 million, or 25%, as compared to the same period in 2016. This decrease was primarily attributable to a $0.45 million decrease in personnel related expenses related to the October 2016 reduction in force, a $0.2 million decrease in legal and patent expenses, a $0.2 million decrease in investor relations expenses, and the remaining decrease in other various expenses. These decreases were offset by $0.2 million increase in accounting fees.

 

Sales and Marketing Expenses

 

For the three months ended June 30, 2017, sales and marketing expenses decreased $0.8 million, or 31%, as compared to the same period in 2016. This decrease was primarily attributable to a $0.3 million decrease in commissions, a $0.2 million decrease in personnel related expenses related to the October 2016 reduction in force, a $0.15 million decrease in depreciation expenses, a $0.05 million in administrative expenses, a $0.03 million decrease in travel expenses, a $0.02 million decrease in clinical and marketing studies, $0.02 million decrease in instrumentation expenses, and the remaining decrease in other various accounts.

 

For the six months ended June 30, 2017, sales and marketing expenses decreased $1.8 million, or 34%, as compared to the same period in 2016. This decrease was primarily attributable to a $0.9 million decrease in commissions, a $0.5 million in personnel related expenses related to the October 2016 reduction in force, a $0.25 million decrease in depreciation expense, a $0.07 million decrease in travel expenses, and a $0.07 million decrease in administrative expenses.

 

Other (Expense), Net

 

For the three months ended June 30, 2017, other expense decreased $2.2 million, or 85%, as compared to the same period in 2016. This decrease was primarily due to a $2.0 million decrease in interest expense.

 

For the six months ended June 30, 2017, other expense decreased $2.7 million, or 79%, as compared to the same period in 2016. This decrease was primarily due to a $2.5 million decrease in interest expense.

 

18

 

 

Liquidity and Capital Resources

 

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

 

For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company’s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company’s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.

 

In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company’s silicon nitride material are not well known and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).

 

As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company’s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).

 

If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.

 

Cash Flows

 

The following table summarizes, for the periods indicated, cash flows from operating, investing and financing activities (in thousands) - unaudited:

 

   Six Months Ended June 30, 
   2017   2016 
Net cash used in operating activities  $(3,430)  $(2,379)

Net cash used in investing activities

   (508)   (327)
Net cash provided by financing activities   483    (3,624)
Net cash used  $(3,455)  $(6,330)

 

19

 

 

Net Cash Used in Operating Activities

 

Net cash used in operating activities increase $1.0 million to $3.4 million during the six months ended June 30, 2017, as compared to $2.4 million for the same period in 2016. Offset by the decrease in the net loss and related non-cash add backs to the net loss, the increase in cash used in operating activities during 2017 was primarily due to changes in the movement of working capital items during the six months ended June 30, 2017 as compared to the same period in 2016 as follows: a $1.1 million increase in trade accounts receivable and a $1.3 million decrease in accounts payable and accrued liabilities.

 

Net Cash Used in Investing Activities

 

Net cash used in investing activities increased $0.2 million to $0.5 million during the six months ended June 30, 2017, compared to $0.3 million for the same period in 2016. The decrease in cash used in investing activities during 2017 was due to increased purchases of property and equipment.

 

Net Cash Used in Financing Activities

 

Net cash from financing activities was $0.5 million during the six months ended June 30, 2017, compared to a negative $ 3.6 million for the same period in 2016. The $4.0 milling increase in 2017 was primarily attributable to the $3.8 million in net proceeds received from a common stock offering.

 

Indebtedness

 

Hercules Term Loan

 

On June 30, 2014, the Company entered into a Loan and Security Agreement with Hercules which provided the Company with a $20 million term loan. The Hercules Term Loan matures on January 1, 2018. The Hercules Term Loan included a $200,000 closing fee, which was paid to Hercules on the closing date of the loan. The closing fee was recorded as a debt discount and is being amortized to interest expense over the life of the loan. The Hercules Term Loan also includes a non-refundable final payment fee of $1.7 million. The final payment fee is being accrued and recorded to interest expense over the life of the loan. The Hercules Term Loan bears interest at the rate of the greater of either (i) the prime rate plus 9.2%, and (ii) 12.5%, and was 12.7% as of June 30, 2017. Interest accrues from the closing date of the loan and interest payments are due monthly. Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments totaling approximately $500,000, with the remainder due at maturity. The Company’s obligations to the Hercules Term Loan are secured by a first priority security interest in substantially all of its assets, including intellectual property. The Hercules Term Loan contains covenants related to restrictions on payments to certain Company affiliates and financial reporting requirements.

 

On September 8, 2015, the Company entered into a Consent and First Amendment to Loan and Security Agreement (the “Amendment”) with Hercules. The Amendment modified the liquidity covenant to reduce the required minimum cash and cash equivalent balance by $500,000 for every $1.0 million in principal paid, up to a minimum of $2.5 million. Once the Hercules Term Loan principal balance is below $2.5 million, the Company is only required to maintain a cash and cash equivalents balance equal to the outstanding principal balance on the Hercules Term Loan. The minimum cash and cash equivalents balance required to maintain compliance with the minimum liquidity covenant at June 30, 2017, was $2.5 million. The Company believes it will maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017. To maintain compliance beyond that date, the Company will likely require additional cash. (see Note 11).

 

See discussion below with respect to the assignment of $3.0 million of the principal balance of the Hercules Term Loan to Riverside and the subsequent agreement between the Company and Riverside to exchange the $3.0 million of the Hercules Term Loan held by Riverside for subordinated convertible promissory notes in the aggregate principal amount of $3.0 million.

 

Hercules and Riverside Debt Assignment

 

In April 2016, we entered into an Assignment Agreement with Riverside, and Hercules, pursuant to which Hercules sold $3.0 million of the principal amount outstanding under the Hercules Term Loan to Riverside. For a more detailed description of the Assignment Agreement refer to Note 7 in the condensed consolidated financial statements of this Report.

 

Riverside Debt

 

On April 4, 2016, the Company entered into an exchange agreement (the “Exchange Agreement”) with Riverside, pursuant to which the Company agreed to exchange $1.0 million of the principal amount outstanding under the Hercules Term Loan held by Riverside for a subordinated convertible promissory note in the principal amount of $1.0 million (the “First Exchange Note”) and a warrant to purchase 100,000 shares of our common stock at a fixed exercise price of $1.63 per share (the “First Exchange Warrant”) (the “Exchange”). All principal under the Exchange Notes is convertible into shares of common stock at the election of the Holder at any time at a fixed conversion price of $1.43 per share (the “Conversion Price”).

 

20

 

 

In addition, pursuant to the terms and conditions of the Exchange Agreement, the Company and Riverside had the option to exchange an additional $2.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of up to $2.0 million and an additional warrant to purchase 100,000 shares of common stock (the “Second Exchange Warrant”). The Exchange Agreement also provided that if the volume-weighted average price of our common stock was less than the Conversion Price, the Company would issue up to an additional 150,000 shares of common stock (the “True-Up Shares”) to Riverside, which was subsequently reduced to 140,000 shares of common stock.

 

On April 18, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Second Exchange Note”). Additionally, on April 28, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Third Exchange Note”) and an additional warrant to purchase 100,000 shares of the Company’s common stock at a fixed exercise price of $1.66 per share. The First Exchange Note, the Second Exchange Note and the Third Exchange Note are collectively referred to herein as the “Exchange Notes.”

 

Pursuant to the terms of the Exchange Notes, since the volume-weighted average price of our common stock was less than the Conversion Price on May 6, 2016, the Company issued an additional 140,000 shares of common stock to Riverside.

 

All principal outstanding under each of the Exchange Notes was to be due on April 3, 2018 (the “Maturity Date”). Each of the Exchange Notes bears interest at a rate of 6% per annum, with the interest that would accrue on the initial principal amount of the Exchange Notes during the first 12 months being guaranteed and deemed earned as of the date of issuance. Prior to the Maturity Date, all interest accrued under the Exchange Notes is payable in cash or, if certain conditions are met, payable in shares of common stock at the Company’s option, at a conversion price of $1.34 per share. As of June 30, 2016, the entire principal amount of the First and Second Exchange Notes, $300,000 of the Third Exchange Note, and the interest related to the First, Second, and Third Exchange Notes has been converted into 1,742,718 shares of common stock. In July 2016, the Company paid Riverside $840,000 to redeem in full the remaining principal balance of the Third Exchange Note.

 

The Company classifies all future debt obligations as current due to uncertainties in their ability to comply with debt covenant requirements.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements, as defined in Item 303(a)(4) of Regulation S-K.

 

Critical Accounting Policies and Estimates

 

A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016. There have been no material changes to those policies during the six months ended June 30, 2017. The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires us to make judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets and liabilities. Significant areas of uncertainty that require judgments, estimates and assumptions include the accounting for income taxes and other contingencies as well as valuation of derivative liabilities, asset impairment and collectability of accounts receivable. We use historical and other information that we consider to be relevant to make these judgments and estimates. However, actual results may differ from those estimates and assumptions that are used to prepare our financial statements.

 

New Accounting Pronouncements

 

See discussion under Note 1, Organization and Summary of Significant Accounting Policies, to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, for information on new accounting pronouncements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

21

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

This Report includes the certifications of our Chief Executive Officer and Principal Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). See Exhibits 31.1 and 31.2. This Item 4 includes information concerning the controls and control evaluations referred to in those certifications.

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified by the Commission’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are properly recorded, processed, summarized and reported within the time periods required by the Commission’s rules and forms.

 

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (principal executive officer and principal financial officer), of the effectiveness of the design and operation of these disclosure controls and procedures, as such term is defined in Exchange Act Rule 13a-15(e), as of June 30, 2017. Based on this evaluation, the Chief Executive Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2017, the end of the period covered by this Quarterly Report on Form 10-Q due to the material weaknesses described below.

 

As defined in SEC Regulation S-X, a material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Based on this assessment, management determined that, as of December 31, 2016, the Company’s internal control over financial reporting was not effective because of the material weaknesses described below.

 

The design and operating effectiveness of our controls were inadequate to ensure that complex accounting matters are properly accounted for and reviewed in a timely manner. As a result, we failed to accurately record a complex equity transaction which caused the restatement of our third quarter 2016 financial results as set forth in our Quarterly Report on Form 10-Q for the third quarter filing 2016. In addition, we failed to properly evaluate and test certain long-lived assets for impairment, which ultimately resulted in recognition of an impairment charge. These errors are a result of the following control deficiencies:

 

Control Environment and Risk Assessment – The Company did not have an effective control environment with the structure necessary for effective internal controls over financial reporting. Furthermore, the Company did not have an effective risk assessment to identify and assess risks associated with changes to the Company’s structure and the resultant impact on internal controls. With the dismissal of the Company’s CFO, the Company did not have qualified personnel necessary to meet the Company’s control objectives. The Company does not have personnel with an appropriate level of knowledge and experience with U.S. GAAP to properly review and evaluate the work performed by other Company personnel and experts related to complex accounting matters.

 

Control Activities – The Company did not have control activities that were designed and operating effectively including management review controls, controls related to monitoring and assessing the work of technical experts and consultants, and controls to verify the completeness and adequacy of information. Specifically, the Company did not have procedures for competent personnel to review work performed by technical experts and consultants in relation to complex debt and equity transactions and impairment evaluations.

 

Monitoring Activities The Company did not maintain effective monitoring controls related to the financial reporting process. The Company did not effectively monitor the changes in internal control related to changes in the roles and responsibilities associated with the changes in personnel and organizational structure. The failure to properly monitor impacted the timing, accuracy, and completion of the work related to significant accounting matters.

 

Our Chief Executive Officer is in the preliminary stage of a review of our controls relating to complex accounting matters. Although our analysis is not complete, we will be adding additional resources with expertise in accounting for complex accounting matters including timely review and evaluation of assets for potential impairment. We are also considering redesigning controls to add additional layers of review and approval whenever entering into or subsequently converting, exercising, amending, repricing, exiting or otherwise experiencing changes in or to complex financial instruments.

 

Notwithstanding the identified material weaknesses, the Company believes the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly represent in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with accounting principles generally accepted in the United States of America.

 

22

 

 

Changes in Internal Control Over Financial Reporting

 

Other than as described above, there were no changes in our internal control over financial reporting that occurred during the second quarter of 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II

 

ITEM 1. LEGAL PROCEEDINGS

 

We are not aware of any pending or threatened legal proceeding against us that could have a material adverse effect on our business, operating results or financial condition. The medical device industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as improper hiring practices. As a result, we may be involved in various additional legal proceedings from time to time.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

Exhibit

Number

  Exhibit Description  

Filed

Herewith

 

Incorporated

by Reference

herein from

Form or

Schedule

  Filing Date  

SEC File/

Reg. Number

                     
31.1   Certificate of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002  

X

           
                     
31.2   Certificate of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   X            
                     
32   Certifications of the Chief Executive Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   X            
                     
101.INS   XBRL Instance Document   X            
                     
101.SCH   XBRL Taxonomy Extension Schema Document   X            
                     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document   X            
                     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document   X            
                     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document   X            
                     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document   X            

 

23

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  AMEDICA CORPORATION
   
Date: October 31, 2017 /s/ B. Sonny Bal
  B. Sonny Bal
 

Chief Executive Officer

(Principal Executive Officer)

 

24

 

 

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, B. Sonny Bal, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Amedica Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: October 31, 2017 By: /s/ B. Sonny Bal
    B. Sonny Bal
    Chief Executive Officer

 

   

 

EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

I, B. Sonny Bal, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Amedica Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: October 31, 2017 By: /s/ B. Sonny Bal
    B. Sonny Bal
    Chief Executive Officer and Chief Financial Officer

 

   

 

 

 

EX-32 4 ex32.htm

 

Exhibit 32

 

CERTIFICATIONS UNDER SECTION 906

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Amedica Corporation, a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report for the quarter ended June 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: October 31, 2017 By: /s/ B. Sonny Bal
    B. Sonny Bal
    Chief Executive Officer

 

  By: /s/ B. Sonny Bal
    B. Sonny Bal
    Chief Financial Officer

 

   

 

EX-101.INS 5 amda-20170630.xml XBRL INSTANCE FILE 0001269026 2017-01-01 2017-06-30 0001269026 2016-12-31 0001269026 us-gaap:CustomerRelationshipsMember 2017-06-30 0001269026 us-gaap:DevelopedTechnologyRightsMember 2017-06-30 0001269026 AMDA:OtherPatentsAndPatentApplicationsMember 2017-06-30 0001269026 us-gaap:TrademarksMember 2017-06-30 0001269026 us-gaap:CustomerRelationshipsMember 2016-12-31 0001269026 us-gaap:DevelopedTechnologyRightsMember 2016-12-31 0001269026 AMDA:OtherPatentsAndPatentApplicationsMember 2016-12-31 0001269026 us-gaap:TrademarksMember 2016-12-31 0001269026 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2017-06-30 0001269026 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2017-06-30 0001269026 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2017-06-30 0001269026 us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2017-06-30 0001269026 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2016-12-31 0001269026 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2016-12-31 0001269026 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2016-12-31 0001269026 us-gaap:FairValueMeasurementsRecurringMember AMDA:CommonStockWarrantsMember 2016-12-31 0001269026 AMDA:HerculesTermLoanMember 2016-12-31 0001269026 AMDA:HerculesTermLoanMember 2017-06-30 0001269026 AMDA:HerculesTermLoanMember us-gaap:PrimeRateMember 2014-06-30 0001269026 AMDA:CostOfRevenueMember 2017-01-01 2017-06-30 0001269026 us-gaap:ResearchAndDevelopmentExpenseMember 2017-01-01 2017-06-30 0001269026 us-gaap:GeneralAndAdministrativeExpenseMember 2017-01-01 2017-06-30 0001269026 us-gaap:SellingAndMarketingExpenseMember 2017-01-01 2017-06-30 0001269026 AMDA:CapitalizedIntoInventoryMember 2017-01-01 2017-06-30 0001269026 AMDA:CostOfRevenueMember 2016-01-01 2016-06-30 0001269026 us-gaap:ResearchAndDevelopmentExpenseMember 2016-01-01 2016-06-30 0001269026 us-gaap:GeneralAndAdministrativeExpenseMember 2016-01-01 2016-06-30 0001269026 us-gaap:SellingAndMarketingExpenseMember 2016-01-01 2016-06-30 0001269026 AMDA:CapitalizedIntoInventoryMember 2016-01-01 2016-06-30 0001269026 us-gaap:EmployeeStockOptionMember 2017-06-30 0001269026 2016-01-01 2016-06-30 0001269026 2017-06-30 0001269026 AMDA:HerculesTermLoanMember us-gaap:MinimumMember 2017-06-30 0001269026 AMDA:HerculesAndRiversideDebtAssignmentMember AMDA:RiversideMerchantPartnersLLCMember 2016-04-04 0001269026 AMDA:HerculesAndRiversideDebtAssignmentMember AMDA:RiversideMerchantPartnersLLCMember 2016-04-18 0001269026 AMDA:RiversideDebtMember 2016-05-06 0001269026 AMDA:CommonStockWarrantsMember 2016-01-01 2016-12-31 0001269026 AMDA:CommonStockWarrantsMember 2017-01-01 2017-06-30 0001269026 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-06-30 0001269026 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-06-30 0001269026 2017-10-31 0001269026 2016-06-30 0001269026 2015-12-31 0001269026 AMDA:SecondaryOfferingMember us-gaap:CommonStockMember 2017-06-30 0001269026 AMDA:SecondaryOfferingMember AMDA:WarrantsMember 2017-06-30 0001269026 AMDA:SecondaryOfferingMember AMDA:UnderwriterMember 2017-02-24 0001269026 us-gaap:SubsequentEventMember AMDA:NorthStadiumInvestmentsLLCMember 2017-07-28 0001269026 us-gaap:SubsequentEventMember AMDA:NorthStadiumInvestmentsLLCMember 2017-07-27 2017-07-28 0001269026 AMDA:HerculesTechnologyCapitalIncMember AMDA:LoanAndSecurityAgreementMember 2014-06-30 0001269026 AMDA:HerculesTermLoanMember AMDA:ClosingDateMember 2017-06-30 0001269026 AMDA:HerculesTechnologyCapitalIncMember AMDA:LoanAndSecurityAgreementMember 2014-06-29 2014-06-30 0001269026 AMDA:HerculesTermLoanMember us-gaap:PrimeRateMember 2017-06-30 0001269026 AMDA:HerculesTermLoanMember 2017-01-01 2017-06-30 0001269026 AMDA:HerculesTermLoanMember AMDA:FirstAmendmentToLoanAndSecurityAgreementMember us-gaap:MinimumMember 2015-09-08 0001269026 AMDA:HerculesTermLoanMember AMDA:FirstAmendmentToLoanAndSecurityAgreementMember 2015-09-08 0001269026 AMDA:HerculesTermLoanMember AMDA:FirstAmendmentToLoanAndSecurityAgreementMember 2017-06-30 0001269026 AMDA:RiversideMerchantPartnersLLCMember 2017-06-30 0001269026 AMDA:RiversideMerchantPartnersLLCMember AMDA:HerculesTermLoanMember 2017-06-30 0001269026 AMDA:ExchangeAgreementMember AMDA:RiversideDebtMember 2016-04-04 0001269026 AMDA:ExchangeAgreementMember AMDA:RiversideDebtMember us-gaap:WarrantMember 2016-04-04 0001269026 AMDA:ExchangeAgreementMember AMDA:RiversideDebtMember 2016-04-03 2016-04-04 0001269026 AMDA:ExchangeAgreementMember AMDA:HerculesAndRiversideDebtAssignmentMember 2016-04-04 0001269026 AMDA:ExchangeAgreementMember AMDA:HerculesTermLoanMember AMDA:RiversideDebtMember 2016-04-18 0001269026 AMDA:ExchangeAgreementMember AMDA:HerculesTermLoanMember AMDA:RiversideDebtMember 2016-04-17 2016-04-18 0001269026 AMDA:ExchangeAgreementMember AMDA:HerculesTermLoanMember AMDA:RiversideDebtMember 2016-04-27 0001269026 AMDA:ExchangeAgreementMember AMDA:HerculesTermLoanMember 2016-04-26 2016-04-27 0001269026 AMDA:ExchangeAgreementMember 2017-06-30 0001269026 AMDA:ExchangeAgreementMember 2017-01-01 2017-06-30 0001269026 AMDA:ExchangeAgreementMember AMDA:FirstSecondAndThirdExchangeNoteMember 2017-01-01 2017-06-30 0001269026 AMDA:ExchangeAgreementMember AMDA:FirstSecondAndThirdExchangeNoteMember 2016-07-31 0001269026 AMDA:HerculesAndRiversideDebtAssignmentMember AMDA:RiversideMerchantPartnersLLCMember 2016-04-27 0001269026 2017-04-01 2017-06-30 0001269026 2016-04-01 2016-06-30 0001269026 AMDA:CostOfRevenueMember 2017-04-01 2017-06-30 0001269026 AMDA:CostOfRevenueMember 2016-04-01 2016-06-30 0001269026 us-gaap:GeneralAndAdministrativeExpenseMember 2017-04-01 2017-06-30 0001269026 us-gaap:GeneralAndAdministrativeExpenseMember 2016-04-01 2016-06-30 0001269026 us-gaap:ResearchAndDevelopmentExpenseMember 2017-04-01 2017-06-30 0001269026 us-gaap:ResearchAndDevelopmentExpenseMember 2016-04-01 2016-06-30 0001269026 us-gaap:SellingAndMarketingExpenseMember 2017-04-01 2017-06-30 0001269026 us-gaap:SellingAndMarketingExpenseMember 2016-04-01 2016-06-30 0001269026 AMDA:CapitalizedIntoInventoryMember 2017-04-01 2017-06-30 0001269026 AMDA:CapitalizedIntoInventoryMember 2016-04-01 2016-06-30 0001269026 AMDA:SecondaryOfferingMember us-gaap:CommonStockMember 2017-01-01 2017-06-30 0001269026 AMDA:JulyTwentyEightTwoThousandSeventeenMember 2017-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure AMEDICA Corp 10-Q 2017-06-30 false --12-31 Smaller Reporting Company 15987000 7197000 239000 354000 1620000 1974000 6915000 3460000 5155000 11485000 26261000 22650000 35000 35000 6163000 6163000 3187000 2919000 10853000 7560000 7012000 3967000 3183000 2235000 658000 1358000 528000 517000 517000 528000 528000 517000 188000 280000 319000 250000 22000 22000 0.01 0.01 250000000 250000000 5600000 2600000 9587000 3990000 4685000 562000 350000 3990000 4685000 562000 350000 9587000 6400000 6668000 660000 100000 100000 100000 P2Y6M P1Y9M18D 7012000 3967000 7421000 4097000 1000000 2500000 20000000 500000 1000000 2500000 3000000 3000000 1000000 2000000 1000000 1000000 409000 130000 0.092 0.10 0.127 0.125 0.06 119000 10000 50000 46000 13000 7000 49000 69000 17000 3000 145000 59000 57000 5000 3000 23000 31000 24000 20000 7000 2000 1000 137347 136784 30.59 27.66 0.0186 P6Y3M19D 0.00 0.6500 144000 P0Y9M11D <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt consisted of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Unamortized Discount and</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Unamortized Discount and </b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Outstanding Principal</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Debt</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;Issuance Costs</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Carrying Amount</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Outstanding Principal</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Debt</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Issuance Costs</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Carrying Amount</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 26%"><font style="font-size: 10pt">Hercules Term Loan</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">4,097</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">(130</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">3,967</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">7,421</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">(409</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">7,012</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Current portion</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,097</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">130</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,967</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7,421</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">409</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7,012</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Long-term debt</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Company&#8217;s outstanding stock option activity for the six months ended June 30, 2017, is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Contractual Life</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Intrinsic</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%"><font style="font-size: 10pt">As of December 31, 2016</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">137,347</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">30.59</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">8.2</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">-&#160;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(563</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">765.40</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">As of June 30, 2017</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">136,784</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">27.66</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">7.7</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercisable as of June 30, 2017</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">116,131</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">35.77</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7.5</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected to vest as of June 30, 2017</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">136,784</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">27.66</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7.7</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees during the six months ended June 30, 2016 (no options were granted for the six months ended June 30, 2017):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Six Months Ended </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; text-align: justify"><font style="font-size: 10pt">Weighted-average risk-free interest rate</font></td> <td style="width: 10%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">1.86</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Weighted-average expected life (in years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6.30</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.00</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Weighted-average expected volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">65.00</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unrecognized stock-based compensation as of June 30, 2017 is as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted Average</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Unrecognized Stock-Based</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining </b></font><br /> <font style="font-size: 10pt"><b>of Recognition</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Compensation</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(in years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify"><font style="font-size: 10pt">Stock options</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">142</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">0.78</font></td> <td style="width: 1%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 7213000 6643000 27364881 36264881 27364881 36264881 140000 150000 761000 739000 75000 106000 6377000 5798000 563 765.40 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2017 and December 31, 2016:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value Measurements as of June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 1</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 2</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 3</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Derivative liability &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; padding-left: 20pt"><font style="font-size: 10pt">Common stock warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">517</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">517</font></td> <td style="width: 1%">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value Measurements as of December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 1</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 2</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 3</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Derivative liability &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; padding-left: 20pt"><font style="font-size: 10pt">Common stock warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">528</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">528</font></td> <td style="width: 1%">&#160;</td></tr> </table> <p style="margin: 0pt"></p> AMDA Q2 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total stock-based compensation expense included in the condensed consolidated statements of operations is allocated as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ended June 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Six Months Ended June 30,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify"><font style="font-size: 10pt">Cost of revenue</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">5</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">3</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">10</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">7</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Research and development</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">50</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">49</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">General and administrative</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">31</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">69</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Selling and marketing</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Capitalized into inventory</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">59</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">57</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">119</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">145</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 0.55 0.45 0.42 1.62 1.66 466000 41000 461000 314000 416000 103000 76000 40000 1333000 1573000 431000 164000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. Organization and Summary of Significant Accounting Policies </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Organization </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amedica Corporation was incorporated in the state of Delaware on December 10, 1996. Amedica Corporation is a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, Amedica Corporation commercializes silicon nitride in the spine implant market and believes that its silicon nitride manufacturing expertise positions it favorably to introduce new and innovative devices in the medical and non- medical fields. Amedica Corporation also believes that it is the first and only company to commercialize silicon nitride medical implants. Amedica Corporation acquired US Spine, Inc. (&#8220;US Spine&#8221;), a Delaware spinal products corporation with operations in Florida, on September 20, 2010. Amedica Corporation and US Spine are collectively referred to as &#8220;Amedica&#8221; or &#8220;the Company in these condensed consolidated financial statements. The Company&#8217;s products are sold primarily in the United States.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (&#8220;SEC&#8221;), and include all assets and liabilities of the Company and its wholly-owned subsidiary, US Spine. All material intercompany transactions and balances have been eliminated in consolidation. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on September 20, 2017. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The Company&#8217;s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the periods then ended. Actual results could differ from those estimates. The most significant estimates relate to inventory, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity and Capital Resources </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company&#8217;s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company&#8217;s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company&#8217;s silicon nitride material are not well known, and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (&#8220;Hercules Technology&#8221;), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (&#8220;HT III&#8221; and, together with Hercules Technology, &#8220;Hercules&#8221;) as lender (the &#8220;Hercules Term Loan&#8221;). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company&#8217;s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company&#8217;s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Significant Accounting Policies </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no significant changes to the Company&#8217;s significant accounting policies as described in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>New Accounting Pronouncement, Not Yet Adopted</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04 <i>Intangibles&#8212;Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</i>. The amendments in this guidance eliminate the requirement to calculate the implied fair value of goodwill used to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit&#8217;s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) updated accounting guidance on the following eight specific cash flow classification issues: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. Under existing U.S. GAAP, there is no specific guidance on the eight cash flow classification issues aforementioned. These updates are effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, with early adoption permitted. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016 the FASB updated the accounting guidance related to stock compensation. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as the well as classification in the statement of cash flows. The standard is effective for the Company for its annual period beginning January 1, 2018. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB updated the accounting guidance related to leases as part of a joint project with the International Accounting Standards Board (&#8220;IASB&#8221;) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for capital and operating leases with lease terms of more than 12 months. Additionally, this update will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The standard is effective for the Company for its annual period beginning January 1, 2020, and interim periods therein, with early adoption permitted. The Company is currently evaluating the potential impact this new standard may have on its financial statements, but believes the most significant change will relate to building leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, in addition to several amendments issued during 2016, the FASB updated the accounting guidance related to revenue from contracts with customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the preliminary stages of evaluating the impact that the new standard will have on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. Inventories, net</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consisted of the following (in thousands):</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Raw materials &#160; &#160; &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">739</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">761</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">WIP</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">106</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">75</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Finished goods &#160; &#160; &#160;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,798</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,377</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,643</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,213</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finished goods included consigned inventory totaling approximately $2.6 million and $5.6 million as of June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017, inventories totaling $1,409 and $5,234 were classified as current and long-term, respectively. Inventories classified as current represent the carrying value of inventories at June 30, 2017 that management estimates will be sold by June 30, 2018. As of December 31, 2016, all inventories were classified as current.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Intangible Assets </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets consisted of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Developed technology</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">4,685</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">4,685</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Customer relationships</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,990</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,990</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Other patents and patent applications </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">562</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">562</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Trademarks</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">350</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">350</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,587</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,587</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(6,668</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(6,400</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,919</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,187</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense is expected to approximate $268,000 for the remainder of 2017 $536,000 per year through 2021, $369,000 in 2022 and total $140,000 thereafter, until fully amortized.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Financial Instruments Measured and Recorded at Fair Value on a Recurring Basis </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has issued certain warrants to purchase shares of common stock, which are considered mark-to-market liabilities and are re-measured to fair value at each reporting period in accordance with accounting guidance. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; font: 12pt Times New Roman, Times, Serif">&#160;</td> <td style="width: 48px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Level 1</font></td> <td nowrap="nowrap" style="width: 10px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">-</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">quoted market prices for identical assets or liabilities in active markets.</font></td></tr> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif">&#160;</td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2</p></td> <td nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">-</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</p></td></tr> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif">&#160;</td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3</p></td> <td nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">-</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">unobservable inputs reflecting management&#8217;s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.</p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies assets and liabilities measured at fair value in their entirety based on the lowest level of input that is significant to their fair value measurement. No financial assets were measured on a recurring basis as of June 30, 2017 and December 31, 2016. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2017 and December 31, 2016:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value Measurements as of June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 1</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 2</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 3</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Derivative liability &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; padding-left: 20pt"><font style="font-size: 10pt">Common stock warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">517</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">517</font></td> <td style="width: 1%">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value Measurements as of December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Description</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 1</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 2</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Level 3</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Derivative liability &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; padding-left: 20pt"><font style="font-size: 10pt">Common stock warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">528</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">528</font></td> <td style="width: 1%">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2017 and 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions used in estimating the common stock warrant liability as of June 30, 2017 and December 31, 2016 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Weighted-average risk free interest rate &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1.64</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">0.92</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average expected life (in years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.5</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected dividend yield &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average expected volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">123</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">136</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Other Financial Instruments </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s recorded values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded value of notes payable approximates the fair value as the interest rates are reflective of market interest rates.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. Accrued Liabilities </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued liabilities consisted of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Commissions &#160; &#160; &#160; &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">41</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">466</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Payroll and related expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">314</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">461</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Royalties &#160; &#160; &#160; &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">416</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">76</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Final loan payment fees &#160; &#160; &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,573</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,333</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">164</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">431</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,235</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,183</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. Debt </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Hercules Term Loan</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2014, the Company entered into a Loan and Security Agreement with Hercules which provided the Company with a $20 million term loan. The Hercules Term Loan matures on January 1, 2018. The Hercules Term Loan included a $200,000 closing fee, which was paid to Hercules on the closing date of the loan. The closing fee was recorded as a debt discount and is being amortized to interest expense over the life of the loan. The Hercules Term Loan also includes a non-refundable final payment fee of $1.7 million. The final payment fee is being accrued and recorded to interest expense over the life of the loan. The Hercules Term Loan bears interest at the rate of the greater of either (i) the prime rate plus 9.2%, and (ii) 12.5%, and was 12.7% as of June 30, 2017. Interest accrues from the closing date of the loan and interest payments are due monthly. Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments totaling approximately $500,000, with the remainder due at maturity. The Hercules Term Loan is secured by a first priority security interest in substantially all of its assets, including intellectual property, of the Company and contains covenants restricting payments to certain Company affiliates and certain financial reporting requirements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 8, 2015, the Company entered into a Consent and First Amendment to Loan and Security Agreement (the &#8220;Amendment&#8221;) with Hercules. The Amendment modified the liquidity covenant to reduce the required minimum cash and cash equivalents balance by $500,000 for every $1.0 million in principal paid, up to a minimum of $2.5 million. Once the Hercules Term Loan principal balance is below $2.5 million the Company is only required to maintain a cash and cash equivalents balance equal to the outstanding principal balance on the Hercules Term loan. The minimum cash and cash equivalents balance required to maintain compliance with the minimum liquidity covenant as of June 30, 2017, was $2.5 million. The Company believes it will maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017. To maintain compliance beyond that date, the Company will likely require additional cash (see Note 11).</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">See discussion below with respect to the assignment of $3.0 million of the principal balance of the Hercules Term Loan to Riverside Merchant Partners, LLC (&#8220;Riverside&#8221;) and the subsequent agreement between the Company and Riverside to exchange the $3.0 million of the Hercules Term Loan held by Riverside for subordinated convertible promissory notes in the aggregate principal amount of $3.0 million.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Hercules and Riverside Debt Exchange</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 4, 2016, the Company entered into an Assignment and Second Amendment to Loan and Security Agreement (the &#8220;Assignment Agreement&#8221;) with Riverside and Hercules, pursuant to which Hercules sold $1.0 million of the principal amount outstanding under the Hercules Term Loan to Riverside. In addition, pursuant to the terms of the Assignment Agreement, Riverside acquired an option to purchase an additional $2.0 million of the principal amount outstanding under the Hercules Term Loan from Hercules. On April 18, 2016, Riverside exercised and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan and on April 27, 2016, Riverside exercised the remainder of its option and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan from Hercules.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Riverside Debt </i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 4, 2016, the Company entered into an exchange agreement (the &#8220;Exchange Agreement&#8221;) with Riverside, pursuant to which the Company agreed to exchange $1.0 million of the principal amount outstanding under the Hercules Term Loan held by Riverside for a subordinated convertible promissory note in the principal amount of $1.0 million (the &#8220;First Exchange Note&#8221;) and a warrant to purchase 100,000 shares of common stock of the Company at a fixed exercise price of $1.62 per share (the &#8220;First Exchange Warrant&#8221;) (the &#8220;Exchange&#8221;). All principal accrued under the Exchange Notes was convertible into shares of common stock at the election of the Holder at any time at a fixed conversion price of $1.43 per share (the &#8220;Conversion Price&#8221;). The closing stock price on April 4, 2016, was $1.63 and a beneficial conversion feature of $245,000 was recorded to equity and as a debt discount. The warrant value of $106,000 was recorded to equity and as a debt discount.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, pursuant to the terms and conditions of the Exchange Agreement, the Company and Riverside had the option to exchange an additional $2.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of up to $2.0 million and an additional warrant to purchase 100,000 shares of common stock (the &#8220;Second Exchange Warrant&#8221;). The Exchange Agreement also provided that if the volume-weighted average price of the Company&#8217;s common stock was less than the Conversion Price, the Company would issue up to an additional 150,000 shares of common stock (the &#8220;True-Up Shares&#8221;) to Riverside, which was subsequently reduced to 140,000 shares of common stock.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 18, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the &#8220;Second Exchange Note&#8221;). The closing stock price on April 18, 2016, was $2.02 and a beneficial conversion feature of $412,000 was recorded to equity and as a debt discount. Additionally, on April 27, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the &#8220;Third Exchange Note&#8221;) and an additional warrant to purchase 100,000 shares of the Company&#8217;s common stock at a fixed exercise price of $1.66 per share. The warrant value of $107,000 was recorded to equity and as a debt discount. The closing stock price on April 27, 2016, was $1.66 and a beneficial conversion feature of $268,000 was recorded to equity and as a debt discount. Financing costs were $267,000 and were recorded to interest expense. The unamortized deferred financing costs and debt discount of the Hercules Term Loan exchanged were $244,000 at the time of the exchange and were recorded as a loss on extinguishment of debt related to the debt exchange. The First Exchange Note, the Second Exchange Note and the Third Exchange Note are collectively referred to herein as the &#8220;Exchange Notes.&#8221;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the Exchange Notes, since the volume-weighted average price of the Company&#8217;s common stock was less than the Conversion Price on May 6, 2016, the Company issued an additional 140,000 shares of common stock to Riverside and recorded the value of the True-Up Shares of $199,000 to interest expense and equity.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All principal outstanding under each of the Exchange Notes was to be due on April 3, 2018 (the &#8220;Maturity Date&#8221;). Each of the Exchange Notes bore interest at a rate of 6% per annum, with the interest that would accrue on the initial principal amount of the Exchange Notes during the first 12 months being guaranteed and deemed earned as of the date of issuance. Prior to the Maturity Date, all interest accrued under the Exchange Notes was payable in cash or, if certain conditions were met, payable in shares of common stock at the Company&#8217;s option, at a conversion price of $1.34 per share. During 2016, the entire principal amount of the First and Second Exchange Notes, $300,000 of the Third Exchange Note, and the interest related to the First, Second, and Third Exchange Notes was converted into 1,742,718 shares of common stock. In July 2016, the Company paid Riverside $840,000 to redeem in full the remaining principal balance of the Third Exchange Note. The debt discounts associated with the converted debt was recorded to interest expense.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt consisted of the following (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unamortized Discount and</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unamortized Discount and </b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding Principal</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Debt</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;Issuance Costs</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying Amount</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding Principal</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Debt</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Issuance Costs</b></p></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying Amount</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 26%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Hercules Term Loan</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">4,097</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(130</font></td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3,967</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7,421</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(409</font></td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7,012</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Less: Current portion</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(4,097</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">130</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(3,967</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(7,421</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">409</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(7,012</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Long-term debt</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on contractual principal payment obligations on the Hercules term loan as of June 30, 2017, before considering acceleration of maturity payments due to potential non-compliance with loan covenants, the entire principal balance is due January 1, 2018, and therefore current.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Equity </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended June 30, 2017, the Company completed a secondary offering in which the Company sold 8,900,000 shares of common stock and warrants to purchase 4,005,000 shares of common stock for $0.51 per unit (each unit consisting of one share of common stock and 0.45 warrants). The Company received approximately $3.8 million in proceeds from the offering, which was net of approximately $732,000 in total underwriting expenses, commission and other offering expenses. The warrants became exercisable on the closing date, expire on the five-year anniversary of the closing date, and have an initial exercise price per share equal to $0.55 per share, subject to adjustments for events of recapitalization, stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company&#8217;s common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 24, 2017, the underwriter in the 2017 secondary offering exercised its option to purchase additional warrants for 360,000 shares of the Company&#8217;s common stock.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Stock-Based Compensation </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Company&#8217;s outstanding stock option activity for the six months ended June 30, 2017, is as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-Average</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted-</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Contractual Life</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Intrinsic</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Price</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2016</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 11%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">137,347</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">30.59</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8.2</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-&#160;</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Forfeited</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(563</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">765.40</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">As of June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">136,784</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">27.66</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7.7</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable as of June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">116,131</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">35.77</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7.5</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td>&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expected to vest as of June 30, 2017</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">136,784</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">27.66</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7.7</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td>&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of a peer group of similar companies. The expected term was calculated utilizing the simplified method. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees during the six months ended June 30, 2016 (no options were granted for the six months ended June 30, 2017):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended </b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average risk-free interest rate</font></td> <td style="width: 10%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 17%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.86</font></td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average expected life (in years)</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6.30</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average expected volatility</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">65.00</font></td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Summary of Stock-Based Compensation Expense </i></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Total stock-based compensation expense included in the condensed consolidated statements of operations is allocated as follows (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended June 30,</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended June 30,</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Cost of revenue</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%">&#160;</td> <td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td> <td style="width: 1%; line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">20</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">50</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">49</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">46</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">69</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Selling and marketing</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">17</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Capitalized into inventory</font></td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; line-height: 107%">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">59</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">119</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">145</font></td> <td style="line-height: 107%">&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unrecognized stock-based compensation as of June 30, 2017 is as follows (in thousands):</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Unrecognized Stock-Based</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining </b></font><br /> <font style="font: 10pt Times New Roman, Times, Serif"><b>of Recognition</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Compensation</b></font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>(in years)</b></font></td> <td style="line-height: 107%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">142</font></td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="line-height: 107%">&#160;</td> <td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0.78</font></td> <td style="line-height: 107%">&#160;</td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Commitments and Contingencies </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. Management believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company&#8217;s consolidated financial position, operating results or cash flows.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>11. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 28, 2017, the Company entered into a $2.5 million term loan (the &#8220;Loan&#8221;) with North Stadium Investments, LLC (North Stadium), a company owned and controlled by the Company&#8217;s Chief Executive Officer and Chairman of the Board. The Loan bears interest at 10% per annum and requires the Company to make monthly interest only payments from September 5, 2017 through September 5, 2018. All principal and unpaid interest (if any) under the Loan is due and payable on July 28, 2018. The Loan is secured by substantially all of the assets of the Company but is junior to security interest in assets encumbered by the Hercules Term Loan. In connection with the Loan the Company also issued North Stadium a warrant to purchase up to 660,000 shares of the Company&#8217;s common stock at a purchase price of $0.42 per share, subject to a 5-year term.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consisted of the following (in thousands):</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Raw materials &#160; &#160; &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">739</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">761</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">WIP</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">106</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">75</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Finished goods &#160; &#160; &#160;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,798</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,377</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,643</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,213</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets consisted of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Developed technology</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">4,685</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">4,685</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Customer relationships</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,990</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,990</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Other patents and patent applications </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">562</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">562</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Trademarks</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">350</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">350</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,587</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,587</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(6,668</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(6,400</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,919</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,187</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued liabilities consisted of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Commissions &#160; &#160; &#160; &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">41</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">466</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Payroll and related expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">314</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">461</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Royalties &#160; &#160; &#160; &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">416</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest payable</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">76</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Final loan payment fees &#160; &#160; &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,573</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,333</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">164</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">431</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,235</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,183</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 0001269026 0.01 0.01 130000000 130000000 3807000 1000 P7Y8M12D P7Y6M0D P7Y8M12D 0.0092 0.0164 0.00 0.00 1.36 1.23 2017 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>New Accounting Pronouncement, Not Yet Adopted</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04 <i>Intangibles&#8212;Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</i>. The amendments in this guidance eliminate the requirement to calculate the implied fair value of goodwill used to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit&#8217;s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) updated accounting guidance on the following eight specific cash flow classification issues: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. Under existing U.S. GAAP, there is no specific guidance on the eight cash flow classification issues aforementioned. These updates are effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, with early adoption permitted. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016 the FASB updated the accounting guidance related to stock compensation. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as the well as classification in the statement of cash flows. The standard is effective for the Company for its annual period beginning January 1, 2018. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB updated the accounting guidance related to leases as part of a joint project with the International Accounting Standards Board (&#8220;IASB&#8221;) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for capital and operating leases with lease terms of more than 12 months. Additionally, this update will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The standard is effective for the Company for its annual period beginning January 1, 2020, and interim periods therein, with early adoption permitted. The Company is currently evaluating the potential impact this new standard may have on its financial statements, but believes the most significant change will relate to building leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, in addition to several amendments issued during 2016, the FASB updated the accounting guidance related to revenue from contracts with customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the preliminary stages of evaluating the impact that the new standard will have on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.</p> As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million at June 30, 2017. <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of Estimates </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the periods then ended. Actual results could differ from those estimates. The most significant estimates relate to inventory, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions used in estimating the common stock warrant liability as of June 30, 2017 and December 31, 2016 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>June 30, 2017</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2016</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%"><font style="font-size: 10pt">Weighted-average risk free interest rate &#160;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1.64</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><font style="font-size: 10pt">0.92</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average expected life (in years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.5</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected dividend yield &#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average expected volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">123</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">136</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> 36264881 11888000 8607000 5234000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. Basic and Diluted Net Loss per Common Share </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are primarily comprised of warrants for the purchase of common stock and stock options. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding because their effect would have been anti-dilutive due to the Company reporting a net loss. The Company had potentially dilutive securities, shares of common stock, totaling approximately 17.9 million and 1.5 million as of June 30, 2017 and 2016, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Organization </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amedica Corporation was incorporated in the state of Delaware on December 10, 1996. Amedica Corporation is a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, Amedica Corporation commercializes silicon nitride in the spine implant market and believes that its silicon nitride manufacturing expertise positions it favorably to introduce new and innovative devices in the medical and non- medical fields. Amedica Corporation also believes that it is the first and only company to commercialize silicon nitride medical implants. Amedica Corporation acquired US Spine, Inc. (&#8220;US Spine&#8221;), a Delaware spinal products corporation with operations in Florida, on September 20, 2010. Amedica Corporation and US Spine are collectively referred to as &#8220;Amedica&#8221; or &#8220;the Company in these condensed consolidated financial statements. The Company&#8217;s products are sold primarily in the United States.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of Presentation </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (&#8220;SEC&#8221;), and include all assets and liabilities of the Company and its wholly-owned subsidiary, US Spine. All material intercompany transactions and balances have been eliminated in consolidation. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on September 20, 2017. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The Company&#8217;s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity and Capital Resources </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company&#8217;s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company&#8217;s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company&#8217;s silicon nitride material are not well known, and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (&#8220;Hercules Technology&#8221;), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (&#8220;HT III&#8221; and, together with Hercules Technology, &#8220;Hercules&#8221;) as lender (the &#8220;Hercules Term Loan&#8221;). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company&#8217;s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company&#8217;s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Significant Accounting Policies </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no significant changes to the Company&#8217;s significant accounting policies as described in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016.</p> 17900000 1500000 268000 536000 369000 140000 116131 35.77 27.66 P5Y 889000 1102000 200000 1700000 2018-07-28 2018-01-01 2018-04-03 198000 -244000 -244000 Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments of approximately $500,000, with the remainder due at maturity. 500000 2500000 300000 840000 3000000 1000000 2000000 1000000 2000000 1000000 1000000 1000000 1.43 1.34 1.63 2.02 1.66 245000 106000 107000 140000 412000 268000 267000 244000 199000 1742718 274000 363000 227234000 231071000 -213135000 -217391000 14373000 14043000 26261000 22650000 4454000 6286000 2486000 3006000 5837000 8196000 3208000 4023000 -3526000 -4985000 -1724000 -2501000 7980000 11271000 4210000 5507000 3426000 5188000 1784000 2594000 2196000 2922000 1084000 1360000 2358000 3161000 1342000 1553000 738000 3253000 378000 2353000 -0.12 -0.71 -0.06 -0.40 35018881 11981865 36264881 12761814 -4256000 -8452000 -2106000 -5064000 293000 772000 268000 250000 10000 10000 519000 2365000 119000 145000 -2000 7000 400000 696000 354000 -711000 115000 219000 -170000 -296000 -475000 834000 -3430000 -2379000 508000 350000 23000 -508000 -327000 3324000 3424000 483000 -3624000 -3455000 -6330000 219000 938000 2480000 69000 60000 7421000 4097000 -409000 -130000 136784 -2000 6000 -4000 -1000 -730000 -3467000 -382000 -2563000 -4256000 -8452000 -2106000 -5064000 7213000 1409000 3000 -10000 -24000 -35000 8900000 4005000 360000 0.51 P8Y2M12D 2500000 2500000 3800000 732000 1383000 1910000 722000 1017000 EX-101.SCH 6 amda-20170630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Basic and Diluted Net Loss Per Common Share link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Inventories, Net link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Accrued Liabilities link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Equity link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Inventories, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Accrued Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Organization and Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Basic and Diluted Net Loss Per Common Share (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Inventories, Net (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Inventories, Net - Components of Inventory (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Fair Value Measurements (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Fair Value Measurements - Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Fair Value Measurements - Schedule of Assumptions Used in Estimating Fair Value (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Accrued Liabilities - Schedule of Accrued Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Debt (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Debt - Schedule of Outstanding Long-Term Debt (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Stock-Based Compensation - Summary of Stock Option Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Stock-Based Compensation - Schedule of Black-Scholes-Merton Option Pricing Model (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Stock-Based Compensation - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 amda-20170630_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 amda-20170630_def.xml XBRL DEFINITION FILE EX-101.LAB 9 amda-20170630_lab.xml XBRL LABEL FILE Finite Lived Intangible Assets By Major Class [Axis] Customer Relationships [Member] Developed Technology [Member] Other Patents And Patent Applications [Member] Indefinite Lived Intangible Assets By Major Class [Axis] Trademarks [Member] Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 1 [Member] Measurement Frequency [Axis] Fair Value, Measurements, Recurring [Member] Equity Components [Axis] Common Stock Warrants [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Debt Instrument [Axis] Hercules Term Loan [Member] Variable Rate [Axis] Prime Rate [Member] Income Statement Location [Axis] Cost of Revenue [Member] Research and Development [Member] General and Administrative [Member] Selling and Marketing [Member] Capitalized into Inventory [Member] Award Type [Axis] Employee Stock Option [Member] Range [Axis] Minimum [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Hercules and Riverside Debt Assignment [Member] Riverside Merchant Partners, LLC [Member] Riverside Debt [Member] Liability Class [Axis] Sale of Stock [Axis] Secondary Offering [Member] Common Stock [Member] Warrants [Member] Related Party Transaction [Axis] Underwriter [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Legal Entity [Axis] North Stadium Investments LLC [Member] Related Party Transactions By Related Party [Axis] Hercules Technology Capital, Inc. [Member] Agreement [Axis] Loan and Security Agreement [Member] Report Date [Axis] Closing Date [Member] First Amendment to Loan and Security Agreement [Member] Exchange Agreement [Member] Warrant [Member] First, Second and Third Exchange Note [Member] July 28, 2017 [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Trade accounts receivable, net of allowance of $22 and $22, respectively Prepaid expenses and other current assets Inventories, net Total current assets Inventories, net Property and equipment, net Intangible assets, net Goodwill Other long-term assets Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Accrued liabilities Debt Total current liabilities Deferred rent Other long-term liabilities Derivative liabilities Total liabilities Commitments and contingencies Stockholders' equity: Convertible preferred stock, $0.01 par value, 130,000,000 shares authorized; no shares issued and outstanding at June 30, 2017. Common stock, $0.01 par value, 250,000,000 shares authorized, 36,264,881 and 27,364,881 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively. Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Allowance of trade accounts receivable Convertible preferred stock, par value Convertible preferred stock, shares authorized Convertible preferred stock, shares issued Convertible preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Product revenue Costs of revenue Gross profit Operating expenses: Research and development General and administrative Sales and marketing Total operating expenses Loss from operations Other income (expenses): Interest expense Loss on extinguishment of debt Change in fair value of derivative liabilities Other income (expense) Total other expense, net Net loss before income taxes Provision for income taxes Net loss Net loss per share Basic and diluted Weighted average common shares outstanding: Basic and diluted Statement of Cash Flows [Abstract] Cash flow from operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense Amortization of intangible assets Amortization of lease incentive for tenant improvements Non-cash interest expense Loss on extinguishment of debt Stock based compensation Change in fair value of derivative liabilities (Gain) loss on disposal of equipment Provision for inventory reserve Changes in operating assets and liabilities: Trade accounts receivable Prepaid expenses and other current assets Inventories Accounts payable and accrued liabilities Net cash used in operating activities Cash flows from investing activities Purchase of property and equipment Proceeds from sale of property and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issuance of common stock, net of issuance costs Payments on long-term debt Issuance costs paid for debt Payments for capital lease Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Non-cash investing and financing activities Deferred financing costs included in accounts payable and accrued liabilities Debt converted to common stock Capital lease for property and equipment Supplemental cash flow information Cash paid for interest Accounting Policies [Abstract] Organization and Summary of Significant Accounting Policies Earnings Per Share [Abstract] Basic and Diluted Net Loss Per Common Share Inventory Disclosure [Abstract] Inventories, Net Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Fair Value Disclosures [Abstract] Fair Value Measurements Payables and Accruals [Abstract] Accrued Liabilities Debt Disclosure [Abstract] Debt Equity [Abstract] Equity Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-Based Compensation Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Organization Basis of Presentation Use of Estimates Liquidity and Capital Resources Significant Accounting Policies New Accounting Pronouncement, Not Yet Adopted Components of Inventory Schedule of Intangible Assets Fair Value Inputs, Liabilities, Quantitative Information [Table] Fair Value Inputs, Liabilities, Quantitative Information [Line Items] Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy Schedule of Assumptions Used in Estimating Fair Value Schedule of Accrued Liabilities Schedule of Outstanding Long-Term Debt Summary of Stock Option Activity Schedule of Black-Scholes-Merton Option Pricing Model Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Schedule of Unrecognized Compensation Cost, Nonvested Awards Statement [Table] Statement [Line Items] Concentration Risk Benchmark [Axis] Concentration Risk Type [Axis] Net loss Net cash used in operating activities Accumulated deficit Debt instrument, payment terms Term loan principal balance Dilutive securities Finished goods include consigned inventory Inventories, current Inventories, non - current Raw materials WIP Finished Goods Total inventory Amortization expenses Estimated amortization expense, 2021 Estimated amortization expense, 2022 Thereafter Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets by Major Class [Axis] Indefinite-lived Intangible Assets [Axis] Total intangibles Less accumulated amortization Total intangibles net of amortization Financial assets measured on recurring basis Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Derivative liability Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table] Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] Weighted-average risk free interest rate Weighted-average expected life (in years) Expected dividend yield Weighted average expected volatility Accrued Liabilities, Current [Abstract] Commissions Payroll and related expenses Royalties Interest payable Final loan payment fees Other Total accrued liabilities Related Party [Axis] Capitalized Into Inventory [Member] Short-term Debt, Type [Axis] Debt principal amount Debt maturity date Term loan fee amount Final payment fee for debt Percentage of loan bear interest rate Term loan, payment terms Debt instrument, periodic payment, principal Debt instrument, covenant description Debt principal balance Subordinated convertible promissory notes Warrant to purchase shares of common stock Warrant exercise price per share Payment of debt Gain on extinguishment of debt Debt conversion original debt amount Debt instrument converted shares Debt additional principal Common stock closing price per share Debt instrument conversion price Debt instrument premium amount Fair value of warrants Number of shares issued Number of shares reduced Debt beneficial conversion feature Financing costs Derivative liability Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Total debt, outstanding principal Total debt, unamortized discount and debt issuance costs Total debt, net carrying amount Current portion, outstanding principal Current portion, unamortized discount and debt issuance costs Current portion, net carrying amount Long-term debt, outstanding principal Long-term debt, unamortized discount and debt issuance costs Long-term debt Number of shares of common stock sold Number of warrant to purchase shares of common stock Price per unit Proceeds from issuance of equity Underwriting expenses Options, Outstanding at beginning of period Options, Granted Options, Exercised Options, Forfeited Options, Expired Options, Outstanding at end of period Options, Exercisable at end of period Options, Vested and expected to vest at end of period Weighted Average Exercise Price, Outstanding at beginning of period Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Exercised Weighted Average Exercise Price, Forfeited Weighted Average Exercise Price, Expired Weighted Average Exercise Price, Outstanding at end of period Weighted Average Exercise Price, Exercisable at end of period Weighted Average Exercise Price, Vested and expected to vest at end of period Weighted Average Remaining Contractual Terms (Years), Outstanding Weighted Average Remaining Contractual Terms (Years), Outstanding Weighted Average Remaining Contractual Terms (Years), Exercisable Weighted Average Remaining Contractual Terms (years), Vested and Expected Intrinsic Value, Outstanding at beginning of period Intrinsic Value, Outstanding at end of period Intrinsic Value, Exercisable at end of period Intrinsic Value, Vested and expected to vest at end of period Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Weighted-average risk-free interest rate Weighted-average expected life (in years) Expected dividend yield Weighted-average expected volatility Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] Total stock-based compensation expense Unrecognized stock-based compensation Weighted average remaining period of recognition (in years) Term loan Interest rate Term loan, due date Warrants to purchase shares of common stock Exercise price of warrants Warrant term Accrued final loan payment fees current. Agreement [Axis] Amendment and Exchange Agreement [Member] Capital lease for property and equipment. Capitalized into inventory. Closing Date [Member] Common stock [Member] Common stock closing price per share. Common stock warrants. Convertible Note [Member] Cost of revenue. Current face (par) amount of debt instrument at balance sheet date. Noncurrent face (par) amount of debt instrument at balance sheet date. Deferred financing costs included in accounts payable and accrued liabilities. Exchange Agreement [Member] First Amendment to Loan and Security Agreement [Member] First, Second and Third Exchange Note [Member] Hercules and Riverside Debt Assignment [Member] Hercules Technology Capital, Inc. [Member] Hercules Term Loan [Member] Initial Convertible Note [Member] July 28, 2017 [Member] Liquidity and capital resources [Policy Text Block] Loan and Security Agreement [Member] Magna August Note [Member] Magna Note [Member] New accounting pronouncement, not yet adopted [Policy Text Block] North Stadium Investments LLC [Member] Number of shares reduced. Organization [Policy Text Block] Other Patents And Patent Applications [Member] Provision for inventory reserve. Riverside Debt [Member] Riverside Merchant Partners, LLC [Member] Secondary Offering [Member] Securities Purchase Agreement [Member] Senior Convertible Debt One [Member] Senior Convertible Debt Two [Member] September 2015 Offering [Member] Series B Warrants [Member] Series C Warrants [Member] Settlement Agreement [Member] Settlement and Waiver Agreement [Member] Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Significant accounting policies [Policy Text Block] Underwriter [Member] Warrant term. Warrants [Member] Assets, Current Assets [Default Label] Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Weighted Average Number of Shares Outstanding, Basic and Diluted Gain (Loss) on Disposition of Property Plant Equipment Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Inventories Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Long-term Debt Repayments of Debt and Capital Lease Obligations Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Debt Disclosure [Text Block] Inventory, Net Finite-Lived Intangible Assets, Accumulated Amortization Debt Instrument, Unamortized Discount Debt Instrument Face Amount Current Debt Instrument, Unamortized Discount, Current Debt Instrument, Unamortized Discount, Noncurrent Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate EX-101.PRE 10 amda-20170630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2017
Oct. 31, 2017
Document And Entity Information    
Entity Registrant Name AMEDICA Corp  
Entity Central Index Key 0001269026  
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   36,264,881
Trading Symbol AMDA  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2017  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 3,460 $ 6,915
Trade accounts receivable, net of allowance of $22 and $22, respectively 1,974 1,620
Prepaid expenses and other current assets 354 239
Inventories, net 1,409 7,213
Total current assets 7,197 15,987
Inventories, net 5,234
Property and equipment, net 1,102 889
Intangible assets, net 2,919 3,187
Goodwill 6,163 6,163
Other long-term assets 35 35
Total assets 22,650 26,261
Current liabilities:    
Accounts payable 1,358 658
Accrued liabilities 2,235 3,183
Debt 3,967 7,012
Total current liabilities 7,560 10,853
Deferred rent 250 319
Other long-term liabilities 280 188
Derivative liabilities 517 528
Total liabilities 8,607 11,888
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 250,000,000 shares authorized, 36,264,881 and 27,364,881 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively. 363 274
Additional paid-in capital 231,071 227,234
Accumulated deficit (217,391) (213,135)
Total stockholders' equity 14,043 14,373
Total liabilities and stockholders' equity $ 22,650 $ 26,261
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Allowance of trade accounts receivable $ 22 $ 22
Convertible preferred stock, par value $ 0.01 $ 0.01
Convertible preferred stock, shares authorized 130,000,000 130,000,000
Convertible preferred stock, shares issued
Convertible preferred stock, shares outstanding
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 36,264,881 27,364,881
Common stock, shares outstanding 36,264,881 27,364,881
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Product revenue $ 3,208 $ 4,023 $ 5,837 $ 8,196
Costs of revenue 722 1,017 1,383 1,910
Gross profit 2,486 3,006 4,454 6,286
Operating expenses:        
Research and development 1,342 1,553 2,358 3,161
General and administrative 1,084 1,360 2,196 2,922
Sales and marketing 1,784 2,594 3,426 5,188
Total operating expenses 4,210 5,507 7,980 11,271
Loss from operations (1,724) (2,501) (3,526) (4,985)
Other income (expenses):        
Interest expense (378) (2,353) (738) (3,253)
Loss on extinguishment of debt (244) (244)
Change in fair value of derivative liabilities 35 10 24
Other income (expense) (4) (1) (2) 6
Total other expense, net (382) (2,563) (730) (3,467)
Net loss before income taxes (2,106) (5,064) (4,256) (8,452)
Provision for income taxes
Net loss $ (2,106) $ (5,064) $ (4,256) $ (8,452)
Net loss per share        
Basic and diluted $ (0.06) $ (0.40) $ (0.12) $ (0.71)
Weighted average common shares outstanding:        
Basic and diluted 36,264,881 12,761,814 35,018,881 11,981,865
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flow from operating activities    
Net loss $ (4,256) $ (8,452)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 293 772
Amortization of intangible assets 268 250
Amortization of lease incentive for tenant improvements 10 10
Non-cash interest expense 519 2,365
Loss on extinguishment of debt 244
Stock based compensation 119 145
Change in fair value of derivative liabilities (10) (24)
(Gain) loss on disposal of equipment 2 (7)
Provision for inventory reserve 400 696
Changes in operating assets and liabilities:    
Trade accounts receivable (354) 711
Prepaid expenses and other current assets (115) (219)
Inventories 170 296
Accounts payable and accrued liabilities (475) 834
Net cash used in operating activities (3,430) (2,379)
Cash flows from investing activities    
Purchase of property and equipment (508) (350)
Proceeds from sale of property and equipment 23
Net cash used in investing activities (508) (327)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 3,807 1
Payments on long-term debt (3,324) (3,424)
Issuance costs paid for debt (198)
Payments for capital lease (3)
Net cash provided by (used in) financing activities 483 (3,624)
Net decrease in cash and cash equivalents (3,455) (6,330)
Cash and cash equivalents at beginning of period 6,915 11,485
Cash and cash equivalents at end of period 3,460 5,155
Non-cash investing and financing activities    
Deferred financing costs included in accounts payable and accrued liabilities 69
Debt converted to common stock 2,480
Capital lease for property and equipment 60
Supplemental cash flow information    
Cash paid for interest $ 219 $ 938
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

 

Organization

 

Amedica Corporation was incorporated in the state of Delaware on December 10, 1996. Amedica Corporation is a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, Amedica Corporation commercializes silicon nitride in the spine implant market and believes that its silicon nitride manufacturing expertise positions it favorably to introduce new and innovative devices in the medical and non- medical fields. Amedica Corporation also believes that it is the first and only company to commercialize silicon nitride medical implants. Amedica Corporation acquired US Spine, Inc. (“US Spine”), a Delaware spinal products corporation with operations in Florida, on September 20, 2010. Amedica Corporation and US Spine are collectively referred to as “Amedica” or “the Company in these condensed consolidated financial statements. The Company’s products are sold primarily in the United States.

 

Basis of Presentation

 

These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include all assets and liabilities of the Company and its wholly-owned subsidiary, US Spine. All material intercompany transactions and balances have been eliminated in consolidation. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on September 20, 2017. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the periods then ended. Actual results could differ from those estimates. The most significant estimates relate to inventory, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants.

 

Liquidity and Capital Resources

 

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

 

For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company’s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company’s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.

 

In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company’s silicon nitride material are not well known, and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).

 

As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company’s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).

 

If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.

 

Significant Accounting Policies

 

There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

 

New Accounting Pronouncement, Not Yet Adopted

 

In January 2017, the FASB issued ASU 2017-04 Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance eliminate the requirement to calculate the implied fair value of goodwill used to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In August 2016, the Financial Accounting Standards Board (“FASB”) updated accounting guidance on the following eight specific cash flow classification issues: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. Under existing U.S. GAAP, there is no specific guidance on the eight cash flow classification issues aforementioned. These updates are effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, with early adoption permitted. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In March 2016 the FASB updated the accounting guidance related to stock compensation. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as the well as classification in the statement of cash flows. The standard is effective for the Company for its annual period beginning January 1, 2018. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In February 2016, the FASB updated the accounting guidance related to leases as part of a joint project with the International Accounting Standards Board (“IASB”) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for capital and operating leases with lease terms of more than 12 months. Additionally, this update will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The standard is effective for the Company for its annual period beginning January 1, 2020, and interim periods therein, with early adoption permitted. The Company is currently evaluating the potential impact this new standard may have on its financial statements, but believes the most significant change will relate to building leases.

 

In May 2014, in addition to several amendments issued during 2016, the FASB updated the accounting guidance related to revenue from contracts with customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the preliminary stages of evaluating the impact that the new standard will have on its financial statements.

 

The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Basic and Diluted Net Loss Per Common Share
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Basic and Diluted Net Loss Per Common Share

2. Basic and Diluted Net Loss per Common Share

 

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are primarily comprised of warrants for the purchase of common stock and stock options. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding because their effect would have been anti-dilutive due to the Company reporting a net loss. The Company had potentially dilutive securities, shares of common stock, totaling approximately 17.9 million and 1.5 million as of June 30, 2017 and 2016, respectively.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories, Net
6 Months Ended
Jun. 30, 2017
Inventory Disclosure [Abstract]  
Inventories, Net

3. Inventories, net

 

Inventories consisted of the following (in thousands):

    June 30, 2017     December 31, 2016  
Raw materials         $ 739     $ 761  
WIP     106       75  
Finished goods           5,798       6,377  
    $ 6,643     $ 7,213  

 

Finished goods included consigned inventory totaling approximately $2.6 million and $5.6 million as of June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017, inventories totaling $1,409 and $5,234 were classified as current and long-term, respectively. Inventories classified as current represent the carrying value of inventories at June 30, 2017 that management estimates will be sold by June 30, 2018. As of December 31, 2016, all inventories were classified as current.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

4. Intangible Assets

 

Intangible assets consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
Developed technology   $ 4,685     $ 4,685  
Customer relationships     3,990       3,990  
Other patents and patent applications     562       562  
Trademarks     350       350  
      9,587       9,587  
Less: accumulated amortization     (6,668 )     (6,400 )
    $ 2,919     $ 3,187  

 

Amortization expense is expected to approximate $268,000 for the remainder of 2017 $536,000 per year through 2021, $369,000 in 2022 and total $140,000 thereafter, until fully amortized.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements
6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

 

Financial Instruments Measured and Recorded at Fair Value on a Recurring Basis

 

The Company has issued certain warrants to purchase shares of common stock, which are considered mark-to-market liabilities and are re-measured to fair value at each reporting period in accordance with accounting guidance. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

 

  Level 1 - quoted market prices for identical assets or liabilities in active markets.
 

 

Level 2

 

-

 

observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

 

 

Level 3

 

-

 

unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

 

The Company classifies assets and liabilities measured at fair value in their entirety based on the lowest level of input that is significant to their fair value measurement. No financial assets were measured on a recurring basis as of June 30, 2017 and December 31, 2016. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2017 and December 31, 2016:

 

    Fair Value Measurements as of June 30, 2017  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                  
Common stock warrants   $ -     $ -     $ 517     $ 517  

 

    Fair Value Measurements as of December 31, 2016  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                  
Common stock warrants   $ -     $ -     $ 528     $ 528  

 

The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2017 and 2016.

 

The assumptions used in estimating the common stock warrant liability as of June 30, 2017 and December 31, 2016 were as follows:

 

    June 30, 2017     December 31, 2016  
Weighted-average risk free interest rate       1.64 %     0.92 %
Weighted-average expected life (in years)     1.8       2.5  
Expected dividend yield       0 %     0 %
Weighted-average expected volatility     123 %     136 %

 

Other Financial Instruments

 

The Company’s recorded values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded value of notes payable approximates the fair value as the interest rates are reflective of market interest rates.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Liabilities
6 Months Ended
Jun. 30, 2017
Payables and Accruals [Abstract]  
Accrued Liabilities

6. Accrued Liabilities

 

Accrued liabilities consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
Commissions           $ 41     $ 466  
Payroll and related expenses     314       461  
Royalties             103       416  
Interest payable     40       76  
Final loan payment fees           1,573       1,333  
Other     164       431  
    $ 2,235     $ 3,183  

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Debt

7. Debt

 

Hercules Term Loan

 

On June 30, 2014, the Company entered into a Loan and Security Agreement with Hercules which provided the Company with a $20 million term loan. The Hercules Term Loan matures on January 1, 2018. The Hercules Term Loan included a $200,000 closing fee, which was paid to Hercules on the closing date of the loan. The closing fee was recorded as a debt discount and is being amortized to interest expense over the life of the loan. The Hercules Term Loan also includes a non-refundable final payment fee of $1.7 million. The final payment fee is being accrued and recorded to interest expense over the life of the loan. The Hercules Term Loan bears interest at the rate of the greater of either (i) the prime rate plus 9.2%, and (ii) 12.5%, and was 12.7% as of June 30, 2017. Interest accrues from the closing date of the loan and interest payments are due monthly. Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments totaling approximately $500,000, with the remainder due at maturity. The Hercules Term Loan is secured by a first priority security interest in substantially all of its assets, including intellectual property, of the Company and contains covenants restricting payments to certain Company affiliates and certain financial reporting requirements.

 

On September 8, 2015, the Company entered into a Consent and First Amendment to Loan and Security Agreement (the “Amendment”) with Hercules. The Amendment modified the liquidity covenant to reduce the required minimum cash and cash equivalents balance by $500,000 for every $1.0 million in principal paid, up to a minimum of $2.5 million. Once the Hercules Term Loan principal balance is below $2.5 million the Company is only required to maintain a cash and cash equivalents balance equal to the outstanding principal balance on the Hercules Term loan. The minimum cash and cash equivalents balance required to maintain compliance with the minimum liquidity covenant as of June 30, 2017, was $2.5 million. The Company believes it will maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017. To maintain compliance beyond that date, the Company will likely require additional cash (see Note 11).

 

See discussion below with respect to the assignment of $3.0 million of the principal balance of the Hercules Term Loan to Riverside Merchant Partners, LLC (“Riverside”) and the subsequent agreement between the Company and Riverside to exchange the $3.0 million of the Hercules Term Loan held by Riverside for subordinated convertible promissory notes in the aggregate principal amount of $3.0 million.

  

Hercules and Riverside Debt Exchange

 

On April 4, 2016, the Company entered into an Assignment and Second Amendment to Loan and Security Agreement (the “Assignment Agreement”) with Riverside and Hercules, pursuant to which Hercules sold $1.0 million of the principal amount outstanding under the Hercules Term Loan to Riverside. In addition, pursuant to the terms of the Assignment Agreement, Riverside acquired an option to purchase an additional $2.0 million of the principal amount outstanding under the Hercules Term Loan from Hercules. On April 18, 2016, Riverside exercised and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan and on April 27, 2016, Riverside exercised the remainder of its option and purchased an additional $1.0 million of the principal amount of the Hercules Term Loan from Hercules.

 

Riverside Debt

 

On April 4, 2016, the Company entered into an exchange agreement (the “Exchange Agreement”) with Riverside, pursuant to which the Company agreed to exchange $1.0 million of the principal amount outstanding under the Hercules Term Loan held by Riverside for a subordinated convertible promissory note in the principal amount of $1.0 million (the “First Exchange Note”) and a warrant to purchase 100,000 shares of common stock of the Company at a fixed exercise price of $1.62 per share (the “First Exchange Warrant”) (the “Exchange”). All principal accrued under the Exchange Notes was convertible into shares of common stock at the election of the Holder at any time at a fixed conversion price of $1.43 per share (the “Conversion Price”). The closing stock price on April 4, 2016, was $1.63 and a beneficial conversion feature of $245,000 was recorded to equity and as a debt discount. The warrant value of $106,000 was recorded to equity and as a debt discount.

 

In addition, pursuant to the terms and conditions of the Exchange Agreement, the Company and Riverside had the option to exchange an additional $2.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of up to $2.0 million and an additional warrant to purchase 100,000 shares of common stock (the “Second Exchange Warrant”). The Exchange Agreement also provided that if the volume-weighted average price of the Company’s common stock was less than the Conversion Price, the Company would issue up to an additional 150,000 shares of common stock (the “True-Up Shares”) to Riverside, which was subsequently reduced to 140,000 shares of common stock.

 

On April 18, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Hercules Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Second Exchange Note”). The closing stock price on April 18, 2016, was $2.02 and a beneficial conversion feature of $412,000 was recorded to equity and as a debt discount. Additionally, on April 27, 2016, the Company and Riverside exercised their option to exchange an additional $1.0 million of the principal amount of the Term Loan for an additional subordinated convertible promissory note in the principal amount of $1.0 million (the “Third Exchange Note”) and an additional warrant to purchase 100,000 shares of the Company’s common stock at a fixed exercise price of $1.66 per share. The warrant value of $107,000 was recorded to equity and as a debt discount. The closing stock price on April 27, 2016, was $1.66 and a beneficial conversion feature of $268,000 was recorded to equity and as a debt discount. Financing costs were $267,000 and were recorded to interest expense. The unamortized deferred financing costs and debt discount of the Hercules Term Loan exchanged were $244,000 at the time of the exchange and were recorded as a loss on extinguishment of debt related to the debt exchange. The First Exchange Note, the Second Exchange Note and the Third Exchange Note are collectively referred to herein as the “Exchange Notes.”

 

Pursuant to the terms of the Exchange Notes, since the volume-weighted average price of the Company’s common stock was less than the Conversion Price on May 6, 2016, the Company issued an additional 140,000 shares of common stock to Riverside and recorded the value of the True-Up Shares of $199,000 to interest expense and equity.

 

All principal outstanding under each of the Exchange Notes was to be due on April 3, 2018 (the “Maturity Date”). Each of the Exchange Notes bore interest at a rate of 6% per annum, with the interest that would accrue on the initial principal amount of the Exchange Notes during the first 12 months being guaranteed and deemed earned as of the date of issuance. Prior to the Maturity Date, all interest accrued under the Exchange Notes was payable in cash or, if certain conditions were met, payable in shares of common stock at the Company’s option, at a conversion price of $1.34 per share. During 2016, the entire principal amount of the First and Second Exchange Notes, $300,000 of the Third Exchange Note, and the interest related to the First, Second, and Third Exchange Notes was converted into 1,742,718 shares of common stock. In July 2016, the Company paid Riverside $840,000 to redeem in full the remaining principal balance of the Third Exchange Note. The debt discounts associated with the converted debt was recorded to interest expense.

 

Long-term debt consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
          Unamortized Discount and     Net           Unamortized Discount and     Net  
    Outstanding Principal    

Debt

 Issuance Costs

    Carrying Amount     Outstanding Principal    

Debt

Issuance Costs

    Carrying Amount  
Hercules Term Loan   $ 4,097     $ (130 )   $ 3,967     $ 7,421     $ (409 )   $ 7,012  
Less: Current portion     (4,097 )     130       (3,967 )     (7,421 )     409       (7,012 )
Long-term debt   $ -     $ -     $ -     $ -     $ -     $ -  

 

Based on contractual principal payment obligations on the Hercules term loan as of June 30, 2017, before considering acceleration of maturity payments due to potential non-compliance with loan covenants, the entire principal balance is due January 1, 2018, and therefore current.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Equity

8. Equity

 

During the six months ended June 30, 2017, the Company completed a secondary offering in which the Company sold 8,900,000 shares of common stock and warrants to purchase 4,005,000 shares of common stock for $0.51 per unit (each unit consisting of one share of common stock and 0.45 warrants). The Company received approximately $3.8 million in proceeds from the offering, which was net of approximately $732,000 in total underwriting expenses, commission and other offering expenses. The warrants became exercisable on the closing date, expire on the five-year anniversary of the closing date, and have an initial exercise price per share equal to $0.55 per share, subject to adjustments for events of recapitalization, stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common stock.

 

On February 24, 2017, the underwriter in the 2017 secondary offering exercised its option to purchase additional warrants for 360,000 shares of the Company’s common stock.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

9. Stock-Based Compensation

 

A summary of the Company’s outstanding stock option activity for the six months ended June 30, 2017, is as follows:

 

          June 30, 2017        
                Weighted-Average        
          Weighted-     Remaining        
          Average     Contractual Life     Intrinsic  
    Options     Exercise Price     (Years)     Value  
As of December 31, 2016     137,347     $ 30.59       8.2     $  
Granted     -       -                  
Exercised     -       -                  
Forfeited     -       -                  
Expired     (563 )     765.40                  
As of June 30, 2017     136,784     $ 27.66       7.7       -  
Exercisable as of June 30, 2017     116,131     $ 35.77       7.5       -  
Expected to vest as of June 30, 2017     136,784     $ 27.66       7.7       -  

 

The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of a peer group of similar companies. The expected term was calculated utilizing the simplified method. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees during the six months ended June 30, 2016 (no options were granted for the six months ended June 30, 2017):

 

    Six Months Ended  
    June 30, 2016  
Weighted-average risk-free interest rate     1.86 %
Weighted-average expected life (in years)     6.30  
Expected dividend yield     0.00 %
Weighted-average expected volatility     65.00 %

 

Summary of Stock-Based Compensation Expense

 

Total stock-based compensation expense included in the condensed consolidated statements of operations is allocated as follows (in thousands):

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2017     2016     2017     2016  
Cost of revenue   $ 5     $ 3     $ 10     $ 7  
Research and development     24       20       50       49  
General and administrative     23       31       46       69  
Selling and marketing     7       2       13       17  
Capitalized into inventory     -       1       -       3  
    $ 59     $ 57     $ 119     $ 145  

 

Unrecognized stock-based compensation as of June 30, 2017 is as follows (in thousands):

 

          Weighted Average  
    Unrecognized Stock-Based     Remaining
of Recognition
 
    Compensation     (in years)  
Stock options   $ 142       0.78  
                 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

 

From time to time, the Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. Management believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results or cash flows.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

 

On July 28, 2017, the Company entered into a $2.5 million term loan (the “Loan”) with North Stadium Investments, LLC (North Stadium), a company owned and controlled by the Company’s Chief Executive Officer and Chairman of the Board. The Loan bears interest at 10% per annum and requires the Company to make monthly interest only payments from September 5, 2017 through September 5, 2018. All principal and unpaid interest (if any) under the Loan is due and payable on July 28, 2018. The Loan is secured by substantially all of the assets of the Company but is junior to security interest in assets encumbered by the Hercules Term Loan. In connection with the Loan the Company also issued North Stadium a warrant to purchase up to 660,000 shares of the Company’s common stock at a purchase price of $0.42 per share, subject to a 5-year term.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Organization

Organization

 

Amedica Corporation was incorporated in the state of Delaware on December 10, 1996. Amedica Corporation is a materials company focused on developing, manufacturing and selling silicon nitride ceramics that are used in medical implants and in a variety of industrial devices. At present, Amedica Corporation commercializes silicon nitride in the spine implant market and believes that its silicon nitride manufacturing expertise positions it favorably to introduce new and innovative devices in the medical and non- medical fields. Amedica Corporation also believes that it is the first and only company to commercialize silicon nitride medical implants. Amedica Corporation acquired US Spine, Inc. (“US Spine”), a Delaware spinal products corporation with operations in Florida, on September 20, 2010. Amedica Corporation and US Spine are collectively referred to as “Amedica” or “the Company in these condensed consolidated financial statements. The Company’s products are sold primarily in the United States.

Basis of Presentation

Basis of Presentation

 

These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include all assets and liabilities of the Company and its wholly-owned subsidiary, US Spine. All material intercompany transactions and balances have been eliminated in consolidation. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on September 20, 2017. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the periods then ended. Actual results could differ from those estimates. The most significant estimates relate to inventory, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants.

Liquidity and Capital Resources

Liquidity and Capital Resources

 

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

 

For the six months ended June 30, 2017 and 2016, the Company incurred net losses of $4.3 million and $8.5 million, respectively, and used cash in operations of $3.4 million and $2.4 million, respectively. The Company had an accumulated deficit of $217 million and $213 million as of June 30, 2017 and December 31, 2016, respectively. To date, the Company’s operations have been principally financed by proceeds received from the issuance of preferred and common stock, convertible debt and bank debt and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operating activities. The Company’s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Whether and when the Company can attain profitability and positive cash flows from operating activities or obtain additional financing is uncertain.

 

In 2016, the Company implemented certain cost saving measures, including workforce and office space reductions, and will continue to evaluate additional cost savings alternatives during 2017. These additional cost savings measures may include additional workforce and research and development reductions, as well as cuts to certain other operating expenses. In addition to these costs saving measures, an experienced and highly successful leader for the Sales and Marketing team was recruited and hired. This individual has subsequently hired additional experienced personnel in Sales and Marketing. The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of the Company’s silicon nitride material are not well known, and publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth of silicon nitride lateral lumbar implants and the newly developed pedicle screw system (known as Taurus).

 

As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million as of June 30, 2017. As of June 30, 2017, the Company’s cash balance was approximately $3.5 million. The Company believes it will be in position to maintain compliance with the liquidity covenant related to the Hercules Term Loan at least through October 2017, as once the Hercules Term Loan principal balance is reduced below $2.5 million the Company is only required to maintain a cash balance equal to the outstanding balance of the Hercules Term Loan from that point forward. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering. The Company is engaged in discussions with investment and banking firms to examine financing alternatives, including options to encourage the exercise of outstanding warrants and other lending alternatives. On July 28, 2017, the Company entered into a $2.5 million term loan that will assist the Company in its cash needs through November 2017 (see Note 11).

 

If the Company is unable to access additional funds prior to becoming non-compliant with the financial and liquidity covenants related to the Hercules Term Loan, the outstanding balance of the Hercules Term Loan would become immediately due and payable at the option of the lender. Although the Company is seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms, and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.

Significant Accounting Policies

Significant Accounting Policies

 

There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

New Accounting Pronouncement, Not Yet Adopted

New Accounting Pronouncement, Not Yet Adopted

 

In January 2017, the FASB issued ASU 2017-04 Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this guidance eliminate the requirement to calculate the implied fair value of goodwill used to measure goodwill impairment charge (Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2021. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests.

 

In August 2016, the Financial Accounting Standards Board (“FASB”) updated accounting guidance on the following eight specific cash flow classification issues: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. Under existing U.S. GAAP, there is no specific guidance on the eight cash flow classification issues aforementioned. These updates are effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, with early adoption permitted. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In March 2016 the FASB updated the accounting guidance related to stock compensation. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as the well as classification in the statement of cash flows. The standard is effective for the Company for its annual period beginning January 1, 2018. The guidance in this standard is not expected to have a material impact on the financial statements of the Company.

 

In February 2016, the FASB updated the accounting guidance related to leases as part of a joint project with the International Accounting Standards Board (“IASB”) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for capital and operating leases with lease terms of more than 12 months. Additionally, this update will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The standard is effective for the Company for its annual period beginning January 1, 2020, and interim periods therein, with early adoption permitted. The Company is currently evaluating the potential impact this new standard may have on its financial statements, but believes the most significant change will relate to building leases.

 

In May 2014, in addition to several amendments issued during 2016, the FASB updated the accounting guidance related to revenue from contracts with customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for the Company for its annual period beginning January 1, 2019, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the preliminary stages of evaluating the impact that the new standard will have on its financial statements.

 

The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories, Net (Tables)
6 Months Ended
Jun. 30, 2017
Inventory Disclosure [Abstract]  
Components of Inventory

Inventories consisted of the following (in thousands):

    June 30, 2017     December 31, 2016  
Raw materials         $ 739     $ 761  
WIP     106       75  
Finished goods           5,798       6,377  
    $ 6,643     $ 7,213  

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
Developed technology   $ 4,685     $ 4,685  
Customer relationships     3,990       3,990  
Other patents and patent applications     562       562  
Trademarks     350       350  
      9,587       9,587  
Less: accumulated amortization     (6,668 )     (6,400 )
    $ 2,919     $ 3,187  

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2017
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy

The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2017 and December 31, 2016:

 

    Fair Value Measurements as of June 30, 2017  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                  
Common stock warrants   $ -     $ -     $ 517     $ 517  

 

    Fair Value Measurements as of December 31, 2016  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                  
Common stock warrants   $ -     $ -     $ 528     $ 528  

Common Stock Warrants [Member]  
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
Schedule of Assumptions Used in Estimating Fair Value

The assumptions used in estimating the common stock warrant liability as of June 30, 2017 and December 31, 2016 were as follows:

 

    June 30, 2017     December 31, 2016  
Weighted-average risk free interest rate       1.64 %     0.92 %
Weighted-average expected life (in years)     1.8       2.5  
Expected dividend yield       0 %     0 %
Weighted-average expected volatility     123 %     136 %

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Liabilities (Tables)
6 Months Ended
Jun. 30, 2017
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
Commissions           $ 41     $ 466  
Payroll and related expenses     314       461  
Royalties             103       416  
Interest payable     40       76  
Final loan payment fees           1,573       1,333  
Other     164       431  
    $ 2,235     $ 3,183  

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Outstanding Long-Term Debt

Long-term debt consisted of the following (in thousands):

 

    June 30, 2017     December 31, 2016  
          Unamortized Discount and     Net           Unamortized Discount and     Net  
    Outstanding Principal    

Debt

 Issuance Costs

    Carrying Amount     Outstanding Principal    

Debt

Issuance Costs

    Carrying Amount  
Hercules Term Loan   $ 4,097     $ (130 )   $ 3,967     $ 7,421     $ (409 )   $ 7,012  
Less: Current portion     (4,097 )     130       (3,967 )     (7,421 )     409       (7,012 )
Long-term debt   $ -     $ -     $ -     $ -     $ -     $ -

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s outstanding stock option activity for the six months ended June 30, 2017, is as follows:

 

          June 30, 2017        
                Weighted-Average        
          Weighted-     Remaining        
          Average     Contractual Life     Intrinsic  
    Options     Exercise Price     (Years)     Value  
As of December 31, 2016     137,347     $ 30.59       8.2     $  
Granted     -       -                  
Exercised     -       -                  
Forfeited     -       -                  
Expired     (563 )     765.40                  
As of June 30, 2017     136,784     $ 27.66       7.7       -  
Exercisable as of June 30, 2017     116,131     $ 35.77       7.5       -  
Expected to vest as of June 30, 2017     136,784     $ 27.66       7.7       -  

Schedule of Black-Scholes-Merton Option Pricing Model

The following weighted average assumptions were used in the calculation to estimate the fair value of options granted to employees during the six months ended June 30, 2016 (no options were granted for the six months ended June 30, 2017):

 

    Six Months Ended  
    June 30, 2016  
Weighted-average risk-free interest rate     1.86 %
Weighted-average expected life (in years)     6.30  
Expected dividend yield     0.00 %
Weighted-average expected volatility     65.00 %

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total stock-based compensation expense included in the condensed consolidated statements of operations is allocated as follows (in thousands):

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2017     2016     2017     2016  
Cost of revenue   $ 5     $ 3     $ 10     $ 7  
Research and development     24       20       50       49  
General and administrative     23       31       46       69  
Selling and marketing     7       2       13       17  
Capitalized into inventory     -       1       -       3  
    $ 59     $ 57     $ 119     $ 145  

Schedule of Unrecognized Compensation Cost, Nonvested Awards

Unrecognized stock-based compensation as of June 30, 2017 is as follows (in thousands):

 

          Weighted Average  
    Unrecognized Stock-Based     Remaining
of Recognition
 
    Compensation     (in years)  
Stock options   $ 142       0.78  

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
Net loss $ 2,106 $ 5,064 $ 4,256 $ 8,452    
Net cash used in operating activities     3,430 2,379    
Accumulated deficit 217,391   $ 217,391   $ 213,135  
Debt instrument, payment terms     As discussed further in Note 7, in June 2014 the Company entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, (“HT III” and, together with Hercules Technology, “Hercules”) as lender (the “Hercules Term Loan”). The Hercules Term Loan has a liquidity covenant that requires the Company to maintain a cash balance of not less than $2.5 million at June 30, 2017.      
Cash and cash equivalents 3,460 $ 5,155 $ 3,460 $ 5,155 $ 6,915 $ 11,485
July 28, 2017 [Member]            
Term loan principal balance 2,500   2,500      
Hercules Term Loan [Member] | Minimum [Member]            
Term loan principal balance $ 2,500   $ 2,500      
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Basic and Diluted Net Loss Per Common Share (Details Narrative) - shares
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Earnings Per Share [Abstract]    
Dilutive securities 17,900,000 1,500,000
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories, Net (Details Narrative) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Finished goods include consigned inventory $ 2,600 $ 5,600
Inventories, current 1,409 7,213
Inventories, non - current $ 5,234
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Inventories, Net - Components of Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Raw materials $ 739 $ 761
WIP 106 75
Finished Goods 5,798 6,377
Total inventory $ 6,643 $ 7,213
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets (Details Narrative)
$ in Thousands
Jun. 30, 2017
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortization expenses $ 268
Estimated amortization expense, 2021 536
Estimated amortization expense, 2022 369
Thereafter $ 140
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]    
Total intangibles $ 9,587 $ 9,587
Less accumulated amortization (6,668) (6,400)
Total intangibles net of amortization 2,919 3,187
Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total intangibles 350 350
Developed Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total intangibles 4,685 4,685
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total intangibles 3,990 3,990
Other Patents And Patent Applications [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total intangibles $ 562 $ 562
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Details Narrative) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Fair Value Disclosures [Abstract]    
Financial assets measured on recurring basis
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements - Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 517 $ 528
Fair Value, Measurements, Recurring [Member] | Common Stock Warrants [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 517 528
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock Warrants [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock Warrants [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock Warrants [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 517 $ 528
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements - Schedule of Assumptions Used in Estimating Fair Value (Details) - Common Stock Warrants [Member]
6 Months Ended 12 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]    
Weighted-average risk free interest rate 1.64% 0.92%
Weighted-average expected life (in years) 1 year 9 months 18 days 2 years 6 months
Expected dividend yield 0.00% 0.00%
Weighted average expected volatility 123.00% 136.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Accrued Liabilities, Current [Abstract]    
Commissions $ 41 $ 466
Payroll and related expenses 314 461
Royalties 103 416
Interest payable 40 76
Final loan payment fees 1,573 1,333
Other 164 431
Total accrued liabilities $ 2,235 $ 3,183
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Apr. 27, 2016
Apr. 18, 2016
Apr. 04, 2016
Jun. 30, 2014
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jul. 31, 2016
May 06, 2016
Sep. 08, 2015
Warrant exercise price per share         $ 0.55   $ 0.55          
Payment of debt             $ 198        
Gain on extinguishment of debt         $ (244) $ (244)        
Number of shares issued         36,264,881   36,264,881   27,364,881      
Exchange Agreement [Member]                        
Debt maturity date             Apr. 03, 2018          
Percentage of loan bear interest rate         6.00%   6.00%          
Debt principal balance         $ 300   $ 300          
Debt instrument conversion price         $ 1.34   $ 1.34          
Hercules Term Loan [Member]                        
Debt principal amount         $ 4,097   $ 4,097   $ 7,421      
Term loan, payment terms             Principal payments commenced August 1, 2015 and are currently being made in equal monthly installments of approximately $500,000, with the remainder due at maturity.          
Debt instrument, periodic payment, principal             $ 500          
Hercules Term Loan [Member] | Prime Rate [Member]                        
Percentage of loan bear interest rate       9.20% 12.50%   12.50%          
Hercules Term Loan [Member] | Closing Date [Member]                        
Term loan fee amount         $ 200   $ 200          
Final payment fee for debt         $ 1,700   $ 1,700          
Percentage of loan bear interest rate         12.70%   12.70%          
Riverside Merchant Partners, LLC [Member]                        
Debt principal amount         $ 3,000   $ 3,000          
Subordinated convertible promissory notes         3,000   $ 3,000          
Riverside Merchant Partners, LLC [Member] | Hercules and Riverside Debt Assignment [Member]                        
Debt principal amount     $ 1,000                  
Debt additional principal $ 1,000 $ 1,000 2,000                  
Riverside Debt [Member]                        
Number of shares issued                     140,000  
Derivative liability                     $ 199  
First, Second and Third Exchange Note [Member] | Exchange Agreement [Member]                        
Debt principal balance                   $ 840    
Debt instrument converted shares             1,742,718          
First Amendment to Loan and Security Agreement [Member] | Hercules Term Loan [Member]                        
Debt principal amount         2,500   $ 2,500         $ 1,000
First Amendment to Loan and Security Agreement [Member] | Hercules Term Loan [Member] | Minimum [Member]                        
Debt principal amount                       500
Debt principal balance                       $ 2,500
Exchange Agreement [Member] | Hercules and Riverside Debt Assignment [Member]                        
Debt principal amount     $ 2,000                  
Warrant to purchase shares of common stock     100,000                  
Debt additional principal     $ 2,000                  
Number of shares issued     150,000                  
Number of shares reduced     140,000                  
Exchange Agreement [Member] | Hercules Term Loan [Member]                        
Debt conversion original debt amount 244                      
Debt beneficial conversion feature 268                      
Financing costs 267                      
Exchange Agreement [Member] | Riverside Debt [Member]                        
Debt principal amount     $ 1,000                  
Subordinated convertible promissory notes     $ 1,000                  
Common stock closing price per share     $ 1.63                  
Debt instrument conversion price     $ 1.43                  
Debt instrument premium amount     $ 245                  
Fair value of warrants     $ 106                  
Exchange Agreement [Member] | Riverside Debt [Member] | Warrant [Member]                        
Warrant to purchase shares of common stock     100,000                  
Warrant exercise price per share     $ 1.62                  
Exchange Agreement [Member] | Riverside Debt [Member] | Hercules Term Loan [Member]                        
Debt principal amount $ 1,000 1,000                    
Warrant to purchase shares of common stock 100,000                      
Warrant exercise price per share $ 1.66                      
Debt additional principal $ 1,000 $ 1,000                    
Common stock closing price per share $ 1.66 $ 2.02                    
Fair value of warrants   $ 107                    
Debt beneficial conversion feature   $ 412                    
Hercules Technology Capital, Inc. [Member] | Loan and Security Agreement [Member]                        
Debt principal amount       $ 20,000                
Debt maturity date       Jan. 01, 2018                
Hercules Term Loan [Member] | Riverside Merchant Partners, LLC [Member]                        
Debt principal amount         $ 3,000   $ 3,000          
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt - Schedule of Outstanding Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Debt Instrument [Line Items]    
Current portion, outstanding principal $ (4,097) $ (7,421)
Current portion, unamortized discount and debt issuance costs 130 409
Current portion, net carrying amount (3,967) (7,012)
Long-term debt, outstanding principal
Long-term debt, unamortized discount and debt issuance costs
Long-term debt
Hercules Term Loan [Member]    
Debt Instrument [Line Items]    
Total debt, outstanding principal 4,097 7,421
Total debt, unamortized discount and debt issuance costs (130) (409)
Total debt, net carrying amount $ 3,967 $ 7,012
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended
Jun. 30, 2017
Feb. 24, 2017
Warrant exercise price per share $ 0.55  
Proceeds from issuance of equity $ 3,800  
Underwriting expenses $ 732  
Secondary Offering [Member] | Underwriter [Member]    
Number of warrant to purchase shares of common stock   360,000
Secondary Offering [Member] | Common Stock [Member]    
Number of shares of common stock sold 8,900,000  
Price per unit $ 0.51  
Secondary Offering [Member] | Warrants [Member]    
Number of warrant to purchase shares of common stock 4,005,000  
Warrant exercise price per share $ 0.45  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation - Summary of Stock Option Activity (Details)
6 Months Ended
Jun. 30, 2017
USD ($)
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Options, Outstanding at beginning of period | shares 137,347
Options, Granted | shares
Options, Exercised | shares
Options, Forfeited | shares
Options, Expired | shares (563)
Options, Outstanding at end of period | shares 136,784
Options, Exercisable at end of period | shares 116,131
Options, Vested and expected to vest at end of period | shares 136,784
Weighted Average Exercise Price, Outstanding at beginning of period | $ / shares $ 30.59
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares
Weighted Average Exercise Price, Forfeited | $ / shares
Weighted Average Exercise Price, Expired | $ / shares 765.40
Weighted Average Exercise Price, Outstanding at end of period | $ / shares 27.66
Weighted Average Exercise Price, Exercisable at end of period | $ / shares 35.77
Weighted Average Exercise Price, Vested and expected to vest at end of period | $ / shares $ 27.66
Weighted Average Remaining Contractual Terms (Years), Outstanding 8 years 2 months 12 days
Weighted Average Remaining Contractual Terms (Years), Outstanding 7 years 8 months 12 days
Weighted Average Remaining Contractual Terms (Years), Exercisable 7 years 6 months
Weighted Average Remaining Contractual Terms (years), Vested and Expected 7 years 8 months 12 days
Intrinsic Value, Outstanding at beginning of period | $
Intrinsic Value, Outstanding at end of period | $
Intrinsic Value, Exercisable at end of period | $
Intrinsic Value, Vested and expected to vest at end of period | $
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation - Schedule of Black-Scholes-Merton Option Pricing Model (Details) - Employee Stock Option [Member]
6 Months Ended
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted-average risk-free interest rate 1.86%
Weighted-average expected life (in years) 6 years 3 months 19 days
Expected dividend yield 0.00%
Weighted-average expected volatility 65.00%
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense $ 59 $ 57 $ 119 $ 145
Cost of Revenue [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense 5 3 10 7
Research and Development [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense 24 20 50 49
General and Administrative [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense 23 31 46 69
Selling and Marketing [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense 7 2 13 17
Capitalized into Inventory [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Total stock-based compensation expense $ 1 $ 3
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Details) - Employee Stock Option [Member]
$ in Thousands
6 Months Ended
Jun. 30, 2017
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation $ 144
Weighted average remaining period of recognition (in years) 9 months 11 days
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
Jul. 28, 2017
Jun. 30, 2017
Exercise price of warrants   $ 0.55
Subsequent Event [Member] | North Stadium Investments LLC [Member]    
Term loan $ 2,500  
Interest rate 10.00%  
Term loan, due date Jul. 28, 2018  
Warrants to purchase shares of common stock 660,000  
Exercise price of warrants $ 0.42  
Warrant term 5 years  
EXCEL 52 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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

3_%LDV/55@NSA-CM1FU'&2-]YU8._3 M^"9_X?.T?^.V$]J1B_'XLK'_K3$>,)7D!D>HQP^V&A):'X[O\6SG,9L-;X;E M!['U&U=_ %!+ P04 " ".B5]+G57_ K0! #0 P &0 'AL+W=O--[4QBKAT;0-<[T%4462DHSO=M=,B4[3(HN^DRTR,WC9:3A9X@:EA/U] M!&G&G";TS?'4-:T/#E9DO6C@._@?_D2,A#7YS?UAU@[ MUG(6#NZ-_-55OLWI+245U&*0_LF,CS#7\XF2N?BO< &)\) )QBB-='$EY>"\ M4;,*IJ+$Z[1W.N[C=,-O9MHV@<\$OA!N8QPV!8J9?Q9>%)DU([%3[WL1GC@Y M<.Q-&9RQ%?$.DW?HO11IDK%+T)DAQPG"5Y!W!$/Q)0+?BG#D'^A\F[[?3' ? MZ?MU]/0? NFF0!H%TO]5^!&2I/N_8K!51Q78)LZ2(Z49=)SCE7<9USL>7^0= M/LWZ-V&;3CMR-A[?-7:_-L8#IK*[P@%J\7LMAH3:A^,-GNTT9)/A33__'[9\ MXN(/4$L#!!0 ( (Z)7TME].X5LP$ -(# 9 >&PO=V]R:W-H965T M:9M<--I(Y;YJ6V-X JR-("D(WFQLB&5>XS*/O9,I<#TYP!2>#[" E,W^.(/18 MX"U^K/QEOD9FEYA*4Y5HA TV!;[>'8Q;B8\!O#J-= MG%&HY*SUZ@)O@B 04+G P/QV@3L0(A!Y&2^)$\\I W!Y?F/_&FOWM9R9 MA3LMGGCMN@+O,:JA88-PCWK\!JF>:XQ2\=_A L*'!R4^1Z6%C2NJ!NNT3"Q> MBF2OT\Y5W,=TLT^P=0!- #H#]C$/F1)%Y??,L3(W>D1FZGW/PA-O#]3WI@K. MV(IXY\5;[[V4VRS+R240I9CC%$.7,7,$\>QS"KJ6XDC_@=-U^&Y5X2["=Q\4 M7J\39*L$623(_EOB6LS-IR1DT5,)IHW39%&E!Q4G>>&=!_:6QC=Y#Y^F_0%LB.V5XN;7"20..=W2-\># M:%H7'*S(.M[ #W _N[/Q%IM9*J% 6X&:&*AS>KL]GM(0'P,>!0QV<2:AD@OB M#Y1,Q7^#*T@?'I3X'"5*&U=2]M:AFEB\%,5?QUWH MN _CS3Z=8.N 9 (D,^ 0\[ Q453^F3M>9 8'8L;>=SP\\?:8^-Z4P1E;$>^\ M>.N]UV*;[C-V#413S&F,298QJK -'&:+"FQUW&2%]YY8&^3^";OX>.T?^>F$=J2 M"SK_LK'_-:(#+V5SXT>H]1]L-B34+ASW_FS&,1L-A]WT@]C\C8O?4$L#!!0 M ( (Z)7TNW.CHBLP$ -(# 9 >&PO=V]R:W-H965T/253\=_@ A+#@Q+,41KIXDK*WGFC)A:4HOCSN L=]V&\ MV:<3;!V03H!T!MS$/&Q,%)5_YIX7F34#L6/O.QZ>>'-(L3=E<,96Q#L4[]![ M*3;[)&.70#3%',>8=!DS1S!DGU.D:RF.Z3_P=!V^756XC?#M&X7_R;];)=A% M@MV'):[%O%?)%CU58)LX38Z4IM=QDA?>>6!OXR.RU_!QVK]SVPCMR-EX?-G8 M_]H8#R@EN<(1:O&#S8:$VH?C)SS;</*B5>LRVGC?'1AS10-:N"O308LWE;%:>#1MS5QG0901 MI!7CF\TUTT*V-$^C[V3SU/1>R19.EKA>:V'_'$&9(:-;^NJXEW7C@X/E:2=J M^ 7^=W>R:+&9I90:6B=-2RQ4&;W='HY)B(\!#Q(&MSB34,G9F*=@?"\SN@F" M0$'A X/ [0)WH%0@0AG/$R>=4P;@\OS*_C76CK6_-\ VF>O:43,7_@ LH# ]*,$=AE(LK*7KGC9Y84(H6+^,NV[@/XPW_/,'6 M 7P"\!EP$_.P,5%4_D5XD:?6#,2.O>]$>.+M@6-OBN",K8AW*-ZA]Y)O][N4 M70+1%',<8_@R9HY@R#ZGX&LICOP=G*_#=ZL*=Q&^^T=ALDZ0K!(DD2#YL,2U MF/U_2=BBIQIL':?)D<+T;9SDA7<>V%L>W^0M?)SVG\+6LG7D;#R^;.Q_98P' ME+*YPA%J\(/-AH+*A^,G/-MQS$;#FV[Z06S^QOE?4$L#!!0 ( (Z)7TM= MCF0T^0$ ,L% 9 >&PO=V]R:W-H965T-,?V14ETV()A^D#UT]J262C!C376ENE? *A\D.(TV MFX0*UG:DR+SOK(I,W@QO.SBK0-^$8.K7";@<VV,<] BZ]D5OH'Y MWI^5M>C,4K4".MW*+E!0Y^0Q/)X.#N\!+RT,>K$/7"47*5^=\;G*R<8E!!Q* MXQB87>[P!)P[(IO&SXF3S)(N<+E_9__H:[>U7)B&)\E_M)5IQK7M_#J,)VDXA>$! MT100S0%[KT-'(9_Y!V98D2DY!&J\^YZY)PZ/D;V;TCG]5?@SF[RVWGL1QDE& M[XYHPIQ&3+3$S AJV6>)"),X1?^$1WCX%LUPZ\.W2_4HQ@EV*,'.$^S^*C%= ME8AA]KA(C(K$",%A)8)@D@TNDJ B"4(0KD0PS'_N.T5%4H1@NQ+!,#M<9(^* M[!&">"6"81)T;KY;2@$UE\V#_C\9.UMG@4!NW3>U>C?-E-(SLI]%) MY_E=_ 902P,$% @ CHE?2R:&&HVV 0 T@, !D !X;"]W;W)K&UL=5/;;MP@$/T5Q <$K[W-965;RJ:J6JF15JG:/K/V MV$8!Q@6\3OX^@!W72MT78(8YY\P,0SZB>;8=@",O2FI;T,ZY_L"8K3I0W%YA M#]K?-&@4=]XT+;.] 5Y'D)(L39)KIKC0M,RC[V3*' (T*I8TKJ0;K4,TL M/A7%7Z9=Z+B/TTV6SK!M0#H#T@5P&W78)!0S_\P=+W.#(S%3[WL>GGAW2'UO MJN",K8AW/GGKO9=R=WV7LTL@FF..4TRZCEDBF&=?)-(MB6/Z#SS=AF>;&681 MGJW5L__H[S<)]I%@OR:X23Z4N!7S482M>JK M'&:+*EPT'&25]YE8._C([*_ MX=.T/W+3"FW)&9U_V=C_!M&!3R6Y\B/4^0^V&!(:%XXW_FRF,9L,A_W\@]CR MC&PO=V]R:W-H965T MWQ1 M@'$ K]._+V#'<5*_ #.<<^;"D(UHGFT+X,BKDMKFM'6N/S!FRQ:4L%?8@_8W M-1HEG#=-PVQO0%21I"3CN]T-4Z+3M,BB[V2*# MOCD>NZ9UP<&*K!<-_ +WNS\9;[%%I>H4:-NA)@;JG-[O#\C79U) MJ.2,^!R,[U5.=R$AD%"ZH"#\=H$'D#((^31>9DVZA S$]?E-_6NLW==R%A8> M4#YUE6MS>D=)!;48I'O$\1O,]5Q3,A?_ RX@/3QDXF.4*&U<23E8AVI6\:DH M\3KMG8[[.-U<)S-MF\!G E\(=S$.FP+%S+\()XK,X$C,U/M>A"?>'[CO31F< ML17QSB=OO?=2[&]YQBY!:,8<)PQ?8Q8$\^I+"+X5XLC_H_-M>K*981+IR3IZ MDFX+I)L":11(/Y28?"IQ"_,Y"%OU5(%IXC194N*@XR2OO,O WO/X)N_P:=I_ M"M-TVI(S.O^RL?\UH@.?RN[*CU#K/]AB2*A=.-[ZLYG&;#(<]O,/8LLW+OX! M4$L#!!0 ( (Z)7TO"%06ETP$ +D$ 9 >&PO=V]R:W-H965T'M*BTD&J%]T &/3&F= 9;HSI#H3HH@%.]9WL0-B3 M2BI.C355372G@)8^B#,21]&.<-H*G*?>=U)Y*GO#6@$GA73/.57O1V!RR/ * M7QW/;=T8YR!YVM$:?H+YU9V4M>4[K Y?[*_LW7;FLY4PT/ MDOUI2]-D>(]1"17MF7F6PR-,]6PQFHK_ 1=@%NZ4V!R%9-I_4=%K(_G$8J5P M^C:NK?#K,/%?P\(!\100WP20,9%7_I4:FJ=*#DB-O>^H^\6K0VQ[4SBG;X4_ ML^*U]5[R5;)-R<4139CCB(F7F!E!+/N<(@ZE.,:?PN-P^#JH<.W#UQ\4[L($ MFR#!QA-L/A D-R6&,/MPDFTPR39 \"5,L L2[/Z_S"1(D'Q6L(]NR@QA;O\E M65P=#JKV0Z-1(7OA!W;AG>?R/O97[Q]\'.HGJNI6:'26QEY@?\TJ*0U8*=&= M[5ACWY'98% 9MTWL7HW3-!I&=M-#0>;7*O\+4$L#!!0 ( (Z)7TLKX?55 MM0$ -(# 9 >&PO=V]R:W-H965TE6R(!9PW+Y]+^BZ=NL?X%[..?>#2SX9 M^^0Z $^>M>I=03OOAQ-CKNI "W=G!NCQIC%6"X^F;9D;+(@ZDK1B/$G>,RUD M3\L\^BZVS,WHE>SA8HD;M1;VSQF4F0IZH"^.1]EV/CA8F0^BA>_@?PP7BQ9; M56JIH7?2],1"4]#[P^F]&D:\A W)Y?U#_%VK&6JW#P8-0O6?NNH$=*:FC$J/RCF3[#4L\[ M2I;BO\(-%,)#)ABC,LK%E52C\T8O*IB*%L_S+ONX3_--FBZT?0)?"'PE'&,< M-@>*F7\47I2Y-1.Q<^\'$9[X<.+8FRHX8ROB'2;OT'LK#T>>LUL06C#G&<.W MF!7!4'T-P?="G/E_=+Y/3W&PO=V]R:W-H965T0..1T2]\=SZ)I77"P(NMX ]_ ?>].QEML5JF$ M FT%:F*@SNG=]G!, SX"?@@8[.),0B5GQ)=@/%0YW82$0$+I@@+WVP7N0GC(Q, M*C!-G"9+2NQUG.2%=Q[8NR2^R1_X..U/W#1"6W)&YU\V]K]&=.!3V5SY$6K] M!YL-";4+QUM_-N.8C8;#;OI!;/[&Q6]02P,$% @ CHE?2^NKY&O= 0 M 04 !D !X;"]W;W)K&UL=53;;IPP$/T5RQ\0 M \M>L@*D;*JJE1)IE:KILQ>&BV)C:ILE^?O8AJ64NB_8,SYSSLS@<3((^:9J M (W>.6M5BFNMNR,A*J^!4W4G.FC-22DDI]J8LB*JDT +%\09B8)@1SAM6IPE MSG>662)ZS9H6SA*IGG,J/T[ Q)#B$-\<+TU5:^L@6=+1"GZ _MF=I;'(S%(T M'%K5B!9)*%/\$!Y/>XMW@-<&!K78(UO)18@W:WPO4AS8A(!!KBT#-!3L5U/H.L4'C HH:<_TBQB^P53/%J.I M^">X C-PFXG1R 53[HOR7FG!)Q:3"J?OX]JT;ATF_EN8/R": J)5 !F%7.9? MJ*99(L6 Y-C[CMI?'!XCTYO<.ETKW)E)7AGO-0L/AX1<+=&$.8V8:(F9$<2P MSQ*13^(4_1,>^<,WW@PW+GRS5(\/?H+82Q [@OBO$N]7)7HP]X%?9.L5V7H( MPI6(#_.?5NR\(CL/P68EXL/$?I&]5V3O(=BN1'R8W4J$+*X@!UFYX5,H%WWK M!G_AG>?[(7)7^ ]\?!R>J:R:5J&+T&80W'4MA=!@4@GN3%=K\Q[-!H-2V^W> M[.4XE:.A13<].&1^];)/4$L#!!0 ( (Z)7TO*T*OAR@( %H* 9 M>&PO=V]R:W-H965T>>>^W8GIX)?64'C+GWUM0M MF_D'SKM)$+#- 3>(/9 .M^*?':$-XF)(]P'K*$9;16KJ( K#-&A0U?KSJ8H] MT_F4''E=M?B9>NS8-(C^6^":G&<^\-\#/ZK]@Z9B% PJ MVZK!+:M(ZU&\F_F/8/($%$$A?E?XS$;OGBSEA9!7.?BZG?FA=(1KO.%2 HG' M"2]Q74LEX>.O%O6'G)(X?G]77ZOB13$OB.$EJ?]46WZ8^;GO;?$.'6O^@YR_ M8%T0]#U=_3=\PK6 2RN_T]R$2!.B M@2!R?T:(-2'^("2?$A)-2.ZU!#4!WILAU83T7D*F"9E!"/KNJNDJ$4?S*25G MC_8KKD-R88-))A;$1@;5_*O_Q(PQ$3W-09%-@Y,4TIA%CXE&F#2]A)0V! R( M0!@87$0N%XO(HD>7"98V(C5LEC=%5K=%U@X1> EYLB&@R-W5QLZ>QTH@&0GD M1C\7/213D+:W 4(#M+1!,$P3HRLV*(F@H;2R07D"(W=-B;.FQ*H)A*:5'@-' M6>(D#@TK-BB*L\)M!3JM0,L*!$9[H9T$9'%AP$KHF 4;MG;!8A!#M^G4:3JU M^U<4AAT;(XX<=Y+,F22S!W-'?*]M8X10H' +&'K0H[*4'0Z,MY0W0A140NC?VT&$F MOB)QY6P =]2C0=GG!=U"]7:"T:G58+I7EQ3F;L.@QCLN M7S/Q3OO;3C_@I-,WN6"X3L[_ U!+ P04 " ".B5]+W(#GC> ! !K! M&0 'AL+W=OR!V%O:JDX-?:H&JQ[!;3R),XPB>-[S&DG4)%YVTD5 MF1P,ZP2<5*0'SJGZ>P FQQQMT)OAJ6M:XPRXR'K:P$\PO_J3LB<\JU0=!Z$[ M*2(%=8X>-_MCZO >\-S!J!?[R&5REO+%';Y5.8I=0,"@-$Z!VN4"1V#,"=DP M_DR::';IB,O]F_H7G[O-Y4PU'"7[W56FS=$#BBJHZ<#,DQR_PI3/%D53\M_A M LS"72361RF9]O]1.6@C^:1B0^'T-:R=\.L8;G;)1%LGD(E 9H+U_3]",A&2 M=X*O)@Z1^50_4T.+3,DQ4N&Q>NIZ8K-/;#%+9_2U\W&UL?53;CILP%/P5Y ]8@PW)-@*D)E75 M2JT4;=7VV8&3@-9@:CMA^_?UA46$6'W!/LJ0(W6 MPPYC5370,?4D!NC-REG(CFE3R@M6@P16.U+',8GC#>Y8VZ,R=[VC+'-QU;SM MX2@C=>TZ)O_N@8NQ0 EZ;[RTET;;!B[S@5W@!^B?PU&:"L\J==M!KUK11Q+. M!?J8[ Z9Q3O KQ9&M9A'-LE)B%=;?*T+%%M#P*'25H&9X08'X-P*&1M_)DTT M;VF)R_F[^F>7W60Y,04'P7^WM6X*](RB&L[LRO6+&+_ E"=#T13^&]R &[AU M8O:H!%?N&557I44WJ1@K'7OS8]N[8S9QO$KR",J6 MH#LK:=!*&K#RO++B,=EBER2-/ZRL/(*V)*%A*UG02A:PLMIEGST&)C1=67D4 MHF1E!"].G+T!OC-Y:7L5G80VA]<=L;,0&HQ<_&3T&G/IS 6'L[;3K9E+_^OY M0HMANE7P?+65_P!02P,$% @ CHE?2W+>,:OY 0 ;@4 !D !X;"]W M;W)K&UL?93M;ILP&(5O!7$!-6 ^T@B0%J9IDS8I MZK3NMP,O =5@9CNAN_O9AB(*[O[$7^>\?HYCG(Z,OX@&0#JO'>U%YC92#D>$ M1-E 1\0#&Z!7*S7C'9%JR*](#!Q(94P=18'GQ:@C;>_FJ9D[\SQE-TG;'L[< M$;>N(_SO"2@;,]=WWR:>VFLC]03*TX%]PJ#/W MDW\L8JTW@N<61K'J.SK)A;$7/?A69:ZG@8!"*74%HIH[%$"I+J0P_LPUW65+ M;5SWWZI_,=E5E@L14##ZNZUDD[D'UZF@)C8\D>O,X;_#':B2:Q*U M1\FH,+].>1.2=7,5A=*1UZEM>]..TTIRF&UV0S ;@L7@A_\UX-F -P8TD9FH MGXDD>\5 MA441+1*D !:*P$H1&#]>^7WLVPM@:P%L"H3O8OB;&),F,9K>:!+\N EBT<0? M@(16D- "LCFMTZ2)5IOX7KP!V6N2#TXTLG)$%@Z\X8AV>T3)XV$#LA?%.$GL M*+$5);:@A!N4>'?N<1QN>(N]*%F'FE#0ZN;KE^@'X=>V%\Z%2?41F:M>,R9! M%?0>5*Q&/7[+@$(M=3=1?3X] =- LF%^W=#RQ.;_ %!+ P04 " ".B5]+ MX?^#_M$! ")! &0 'AL+W=O>^TNG3 )7Q4@N\!/4 MK_$D=(07EJ9G,,B>#X& MD2?HL,Q-W@+>.EADJM]8#HY<_YJ@F]-B4)C""C4 MRC 0O=S@"2@U1-K&GYD3+9*F<+U_9_]B>]>]G(F$)TY_]XWJ2K1'00,MN5+U MS*>O,/>3H6!N_CO<@&JX<:(U:DZE_0WJJU2G%"UOEGHDA5"#X%PLU^).8OC@ZQGDUMDG84]DR;ESI[J^(H*_#- M$,V8H\/$'S#Y@L&:?Q&)O2*Q)4A6!%&2^@D2+T%B"=(/#G8;EPZSLYC!8?*] M7R3UBJ0>D?U&Q&&RE4B6_&<4F5F]<*_# M!8J/\\/'R]>G^@=02P,$% @ CHE?2]P#+*=N @ ,0D !D !X;"]W M;W)K&ULE9;;CILP$(9?!7'?!7,F(DC=5%4KM5*T MU;;73N($M 93VTFV;U_;$,1A##9F?$W41 BK?>*UF)I%U(V M"\<1VX)46#RQAM3JSI[Q"DLUY0='-)S@G0FJJ..Y;N14N*SM/#-K:YYG["AI M69,UM\2QJC#_]TPH.R]M9%\67LI#(?6"DV<-/I!?1+XV:ZYF3N^R*RM2BY+5 M%B?[I?T9+58HU@%&\;LD9S$86SJ5#6-O>O)]M[1=340HV4IM@=7E1%:$4NVD M./YVIG;_3!TX'%_L654F%]K>Q2259V+0JGP>WLM:W,]=_Z7,#C ZP*\/@ %-P/\ M+L"?!#@MF4GU"Y8XSS@[6[S]MQJL-P5:^*J86[UH:F?NJ6R%6CWEGH.;) $-D@ M!'7OK"CSQO33=+I+[JG&.'#[(JA_TRL6<-NAZ -%@1L/Q8\4)9Z].<-H=D[< M%K4PSN#LTA\3/S$_E+6P-DRJ8] <5GO&)%&&[I,J4*&^7_H))7NIA[$:\_80 M;R>2-=T'BM-_)>7_ 5!+ P04 " ".B5]+0B+S?J@! #. P &0 'AL M+W=OA&+5YL1V 2UZ5[&U).N>& M+:6V[D!Q>Z4'Z'&EU49QAZ4Y4CL8X$T@*4GS-/U&%1<]J8K0VYNJT"X/\/>8$5GE48HZ*W0?6*@+OT/,LR%)#/\3SB 1[IW@'K66 M-GR3^F2=5E$%K2C^.HVB#^,XK6RN(VV=D$="/A.RKPDL$M@%@4[.0M0'[GA5 M&#TF9OI9 _=W(MLR/,S:-\/9A35,:[%[KG*6%O3LA2+F?L+D2\Q'Q&X%L9DA M% W,+O)5%WG@LP4_8S?K FQ5@ 6!ZP\QLHL8GS'L,L>7D,D&79RLO^F_N#F* MWB8'[? GA:-LM7: &PO=V]R:W-H965T[/^M MEMF/@BXB$^;&;KKLW#-3K3*[QR*,PHP>DQX3GF$K%$$,D((<; Z")$ M782.'UVXB'"!"!6(G$!\(1!?E=%C4H=I'":AZ54A"":D?B3I_2Z6%0O,EH."$.!'23QV/,I16\72G6KW<^+HHW&HW_ M(Q"\U6@R)9!DPK&!@6Z:A9R=R?:2_,'DOFJ4MQ;:'._N$-X)H<$(!D]&L#3W M\KC@L--VFIJY["^G?J%%.UR\9+S]BW]02P,$% @ CHE?2W.RU1,( @ M"08 !D !X;"]W;W)K&UL?91A;YLP$(;_"N(' MU& @Z2*"U*2J-FF3HD[K/COD$E!MS&PG=/]^MB&,D%._8/MX[_5S!E_>2?6N M*P 3? C>Z'58&=.N"-%E!8+I!]E"8]\?)#BA4;0@@M5- M6.0^ME-%+L^&UPWL5*#/0C#U=P-<=NLP#J^!U_I4&1<@1=ZR$_P$\ZO=*;LB MH\NA%M#H6C:!@N,Z?(I7VZ73>\%;#9V>S -7R5[*=[?X=EB'D0,"#J5Q#LP. M%]@"Y\[(8OP9/,-Q2Y9NF"_NS\.UNMMM%+ M09,O.;DXHT&SZ35THHEO%=M[!4VC44,LP8A!,8P-O3>8;8$H,GR'!"TT\?G) M#6*,&Z2H0>H-TAN#&>0&TR2S0C!-BH-D*$B&&&0S$$RSF(%@FB4.LD!!%HC! MXPP$T\S^K^WGFAN0)0JRO#?(HAD(IIG_QIB&SD#(Y&8)4"??A'10RG/C&^ D M.O:Y)^IOYG]YWR1_,'6J&QWLI;'WV]_"HY0&+$KT8+].9?ORN.!P-&ZZM'/5 M=Z=^860[-%XR=O_B'U!+ P04 " ".B5]+[GT[ 30" '!P &0 'AL M+W=O?;PRVBX'Q=U$#2.^CI9W8^+64 M_1HA<:BA)>*%]="I-R?&6R+5D)^1Z#F0HPEJ*8J"($4M:3J_+,S%_MT#9L/%#_S;QVIQKJ2=06?3D##]!_NIW7(W0[')L6NA$PSJ/ MPVGC?PK7U4KKC>"M@4'<]3U=R9ZQ=SWX=MSX@08""@>I'8AJKE !I=I(8?R9 M//TYI0Z\[]_#Q\6/U1/\3X1JKQ3SH2;-VYIVJ5JC9:QDEN$!7;31IMJ,F MNM<\*BJ'(IDE2 ',%)&3(C+Q^"$^=AM@IP$V!O*5,6HRH^F,)@ZM.AR2 M-'5SQ$Z.V,&16ARC)KE+@L/8 EEJXC1T@R1.D,0!DED@R2))&%C?OEIJXO#) MBJ1.D-0!DEL@Z3))8'$L)=D3C,R)D3DP5A9&MER/)+,7Q"'"&+M14#A)'4W4WT^GLWC0+)^NG;0?/>5 M_P!02P,$% @ CHE?2P04NCP:!@ 2"0 !D !X;"]W;W)K&ULE5K;4N-&$/T5E]^#-5=)E*$JW-;L0A6UJ23/ @2XUK8< M2<#F[R/)8Z^GIX^DO&#+G+[,Y9SN&7O^690_JK<\KR<_UZM-=39]J^OMZ6Q6 M/;WEZZPZ*;;YIOG/2U&NL[IY+%]GU;;,L^?.:+V:R2BRLW6VW$S/Y]UG#^7Y MO'BO5\M-_E!.JO?U.BO_O?95$SW'WQ?OK[5[0>S\_DV>\W_R.L_MP]E M\S0[>'E>KO--M2PVDS)_.9O^+D[OXZ@UZ!!_+?//ZNC]I!W*8U'\:!]NG\^F M49M1OLJ?ZM9%UKQ\Y)?Y:M5Z:O+XQSF='F*VAL?O]]YONL$W@WG,JORR6/V] M?*[?SJ;)=/*ORTWW^NG\[\UX ^D,Y,% Z%X#Y0S46 /M#/18 ^,,S"\#TVM@ MG8$=&R%V!O%8@\09)&.G-74&Z=@((MJO7#3:Y+#88K3)?KG%T7JK?I/]@@NZ MXK/=7NPV]U569^?SLOBQ/N:&P?B(+R'"QCYD,>CD=MC)5\8) M&= W;D#$S1V'27S,/8=)#YA9L\J'I9;\4LO.@S[V$$=D:G>8I,-L.DQT8LB0 M%@,@+Q?%YZ*87 0)$V(47:(=)#[*1*0)GXCF$]%,(B3*38BAB7S102*_24WV M_V+8S^V 'V]$AA^1849$V'JSPYBC,,HV?$T2N@9C@5]#8!/5!WK)6SYYRR0/ MAA_S'F+& ]W ',;R41(^2L)X(*R^X3"$U8M^C)=)RF>2,AY2DDD:["H5$>8O M^C%>)FTU9&M)%.:24(5QH&/U$">*4F4(Y>>#:IM@\@'[40#1%(QJ)E0@'.AX M\G24!A5G#.HK@XJU1%D#>16,OB:*YL.!T!0#^12,?B:4;B)4-0/W%E UP"C0=2RS0J-"1D#GOH654@-J*:T>H M]#F0M\%-(#4J;%I"U#V#PA170$Q4*"8J AV? C*AN&9#TFQ#:L-&3 %F*^[P ME-) JH KQ7#ZT"G5"0 M8 "Q#7=(""*%-[WB1*-(@-:&H;40-%+8V$L-^&@ IPW#:4$WA.$*-KA',.B& ME2&^0+,".&TX3E-A-2&G^\J% ;0V7,D.UCKF=A4HMP;PVC"\%NCZ&O#:C.#U MA1G@]>[ XU!T_L"--&"_'5'8+^S_*^P6\-]RG7U$8['\!WO8 OY;KK6GQ[G=GAQT/G_P%0 M2P,$% @ CHE?2\&0J:EC @ L0@ !D !X;"]W;W)K&ULC99AKYHP%(;_"N'[O:4%1 V23)=E2[;DYBYW^URU"KF%LK;* MW;]?6Y!H.9I]D;:\[^ESD'-*W@GYKDK&=/!1\T:MPE+K=HF0VI6LINI9M*PQ M=PY"UE2;J3PBU4I&]\Y4[:#?$O-MA !@,9#3AY:(@'0^P94$_F4OU,-2UR M*;I ]O]62^U+@9>Q>9@[N^B>G;MGLE5F]5S$>)ZCLPTT:-:]AEQIR*UB RC2 M48(,P$A!0 KB_/$-Q0(.$(,!8A<@N0Y (B^-7I,Y3>,T3TFTR+Q4 %66$ S# M)"!, L!@#Z;7I%?;X-@#WDPUAA<&24&0% #Q_KIU.MGD*5[,_*<"J+(($QAF M!L+, )C8@X$T'LE#R0U&!F)D@#_Q,""-A_%0&UL MC57;CILP$/T5Q >JDNI M[4:09RV]L&],?V\/TJR"D>54U:Q1E6@\R:>#>4H MQ+-=?#YM?&0]8IP5VE)0,]S8GG%NF8P?OP92?]2TAM/Y*_M'%[P)YD@5VPO^ MLSKI>&(U"<.6^7G%56M0#BW&E MIB_]6#5N[/J3A QFL$$X&(2C@='^FP$9#,B;0>2"[SUSH7Z@FN:9%)TG^]MJ MJ?TI\",QR2SLILN=.S/1*K-[RTFXSH*;)1HPNQX33C!X1 2&?90((8E=>&<> MOA?8WR,(0; $ :,@CB":2B1H%D6/21VF<1CT$,>P2@2J1':=R H460$B!"9(0(($((AFU]ICXFDN5@@M92,% M=5) 9^'2UB#!&B!8S=*YOG,T7:-E3S&"2PD!4LF\EA#T&R[4$UZH60P(I0L4 M8$UN(H3BY;S Q8G_ISHQ5)[1_*:#R;-6,WEQ'4!YA;@VKOU, M=L,/;>_ ]02P,$% @ CHE?2SP2&ULE9?1;ILP&(5?!7&_@&UL2)5$:CI- MF[1)5:=MUS1Q$E3 #)RD>_L90QESCJ7M)F#G^/]LR#FQ5U?5OG0G*77P6I5U MMPY/6C=W4=3M3K+*NX5J9&V^.:BVRK5IML>H:UJ9[^V@JHQH'(NHRHLZW*QL MWV.[6:FS+HM:/K9!=ZZJO/VUE:6ZKD,2OG4\%<>3[CNBS:K)C_*KU-^:Q]:T MHJG*OJADW16J#EIY6(?WY&Y+TWZ 57POY+6;W0?]4IZ5>ND;G_;K,.YG)$NY MTWV)W%PN\D&695_)S./G6#23:[OM,^"ON= MF7QG>B\;QI:KZ-(7&C7;04-G&C(I(E-]0E"$V-*;X2R)<0$&Y\AL 3;G)QDN MD, "B2V0_#4#XBQRT'"KJ0<(2UF28@Z'' XXU.$ #<4, 1D",)C# !H/(X6, M%# 2AP$T'D8&&1E@<(>1W;R3=UPP3%E"RA)0A$-9@C\*6'A#U.V"V)QRX) MB#P_.H*3@( HX&X4()$/@X. )=S-PF0R(?!64" T;D;!J-H.7L]J> +WP\! M)P(!=N=N)(RB.8FF"R$\))P+! 0#=X-A%,U)C"]23U@3G T$A -WPV$49?^V M)HK#@8)PX&XX0)'G;X[B9* @&6XY2.0Q*\6Q0$$L"->L4.3;..!0H,#OPK41 M$GG7@U.! L,+UT=(Y+$KQ:E @>&%:R(D\F%P*E"0"L)U$!+Y,#@2*(@$X=H' MB5Q,--NK5K(]VEUZ%^S4N;9'A%GO=!*XIW:O^T<^'".^Y.VQJ+O@66FS8[;[ MVH-26IJIF'^D,#B9D\O4*.5!][>IN6^'[?O0T*H9CR;1=#[:_ 902P,$% M @ CHE?2X9OA4/E 0 @4 !D !X;"]W;W)K&UL=53MCILP$'P5Q .,B#]'H'Q(_8U_3;PV5:U, M F5)1RKX">I7=Q(Z0C-+T3!H9<-;3T"9^D^;PS$V> MX:V"0B[UG.CES_FZ" M;T7J!\804,B582!ZN< S4&J(M(V/B=.?)4WA] DK24_7*AZ\P]1/YWM3\=[@ U7#C1&ODG$K[Z^6]5)Q-+-H*(Y_CVK1V M'2;^:YF[ $\%>"[ D>UE%++.OQ!%LD3PP1/CV7?$_,6; ]9GDYND/0K[39N7 M.GO)PEV1BN1>TP8_^32\.FI^]["]02P,$% M @ CHE?2Y%0O'WD @ ,PP !D !X;"]W;W)K&ULE9=O;]HP$,:_2I0/T,3Y1T" 5"C3)FU2U6G;:Q<,1$WBS#;0??O9CIL& M^T+3-TULGGM\]R-L MPD(NV2'@#2-XIX.J,HC", LJ7-3^9QU]CZG=GJL#^_9O[ M%UV\+.89<[*FY9]B)XX+/_>]'=GC4RF>Z.4K,06EOF>J_T[.I)1RE8D\8TM+ MKO]ZVQ,7M#(N,I4*O[;7HM;7B_%_"X,#(A,0=0'R[%L!L0F(WP.2FP&)"4C& MGI":@-0Z(6AKUS ?L,#+.:,7C[7/0X/58X=FJ?RZMFI3?SOZ,\F3R]WS,IXD M\^"LC(QFU6JBGB;+KB4/K@1UBD FT&4105FL(B<\NCY@[2JRB97#AR:;FR97 M:<8@K%C'QU>P4M@@ 0T2;9!<&5@H5ZUFHC6UUJ13"P8@L6&X$H0LFPV@20;* M2<%R4J"< : 9:)"-!SH!#28C@+::M$_+XNDJ8@NGJT"A1=.5#*#(P4IRH)(< M-IB"!M/Q+%$(]X)P!$TCZM<960UC#6E"NV.XFM1&"FB2Z4!) ^T- 24-68"] MZ1Y%GP +]PT4CP$;N]!B&ZRKB9$-UM4DF0W6U61#5.!.AH!6EH<#%G#W0.DG MP,+] V5CP&8W?IF&JRN);*RN!,4V5D ST 00W,\0T-#R@5CM=A/N?:0& M)FM_A69K!.P_J(E8#UCO]NTX_0.S0U%S[YD*.:;I86I/J2 R\_!./@M'.<%W MBY+LA;J=R'O6CK'M0M#&C.A!]W_"\C]02P,$% @ CHE?2V*!5/K+ 0 M.00 !D !X;"]W;W)K&UL;53;CILP$/T5RQ^P M#@:R401(FUVM6JF5HJW:/CLP7+2^4-N$[=_7-H32E)?8,YPYYXSM238J_6Y: M (L^!)$' HK6=@;KG",W#N MB9R-7S,G7B1]X7I_8W\-O;M>+LS L^(_N\JV.3Y@5$'-!F[?U/@)YGY2C.;F MO\ 5N(-[)TZC5-R$7U0.QBHQLS@K@GU,:R?#.L[\M[+M CH7T*6 3KU,0L'Y M"[.LR+0:D9[.OF?^BJ,C=6=3^F0XBO#-F3RWB \W(U1/-F-.$H2M,M""( M8U\DZ);$B?Y73J/]-D&\Z3$.!/':X_ZP39!L$B2!(/FGR?BNR0GS&#!R:C)) MMD7239%T0R2Y$]G"I'= M-.BBK'M X9IKI2PX*[L'YZ5U<[P$'&KKMX]NKZ?7/ 56]?.@DN7?HO@#4$L# M!!0 ( (Z)7TM%:,ZA!P( !$& 9 >&PO=V]R:W-H965T0/6!/NB0A2DZIJI5:*MNKVV4DF :W!U';"]N]K M&T().VE?L,>69JE8".SI2S6G@^PFM6=60(G=K.UGDXJ)YUNI2UTS^W@ 7W9HLR&WA MN3J7VB[0(F_9&;Z#_M'NI(GHJ'*L:FA4)1I/PFE-/BQ6VZ7%.\!+!9V:S#U; MR5Z(5QM\.:Z);Q,"#@=M%9@9KK %SJV02>/7H$E&2TN&;28^))OY+$]Q]U+$-] MLO]OGTV&;)_H03MM/4S&5_2_6!%NUP =/Q+U#\ 5!+ P04 " ".B5]+ M6'Q)4U9# "0$ $ % 'AL+W-H87)E9%-T&UL[7UI<]M(EN#G MSE^!Z'7/2A$02R1U5G5WA-I'C69\C65/14?'?H#(E(@R"+ !T#([YL?ON_(" M$B0E5_7,QM:'[SCTW3)E^71=G\Z?>+MEU]_]UWS6RAEUDSJE:Z MA-_<5?4R:^&?]?UWS:K6V;Q9:-TNB^\FQ\=GWRVSO/Q]LB[SOZ_U\VI=MG_Z M_?3RXO=__F.3__F/[9]?5+/U4I=MDI7SY&79YNTFN2YYS;PJDZ.D662U;O[X M7?OG/WZ'[_![9\F;JFP7#;PSU_/N;_]M78Z2Z7&:3(['Y]U?OINU\,MQ_)=V M/U?1_70?ER<^Z/N\:>L,WGN;+77WJ:LW+U]!\?'1?PR^\%[7>86'F2BL_7=4TOY,T,CO17G=6#7S\Z&D^.IN,!J+S*"UTGS^&]^ZKN M@>1FF17X^P]Z5=5M7MX#@)>KK.P]:&!<+9> 4C=M-?N<)C>$5\F[==NT@'SP M>O>UCW6&/TYN-LO;JNA?ZHNK09C+T07TK^#'/0S^C\FNMPEPT7>?5X F9:/G M<*:RJ8I\#B":)W_)BJR<:3@:$& #M//IYD5R\.PP>9;D9?)Q4:T;.&EOM1=Z M9@GB;.@RLZ:!-;_O_3IK%D2[,_R+_OLZ_Y(5\'SO(PA,G62S&?* )JGU3,.C MMX5.DU*W2767P&56#[1_^,>SR826A?^G\'"STK,V_Z*+WMV^K_4JR^>)_KI" MB#3T5M4N "]FP=:[+UZ77^"759WKAK;0VW#5PAUL70,9X_?-*IOI/_T>.%^C MZR_Z]W].^EL$5ED# N+6$$0KO.7H1Z]+P,7[', B7XP^]6-5S1_RHH>2[^C8 M157>'[6Z7@XXRC9X@9'?UVO 1F^-/L;= M[H#WUI?O-#PT3_#!72#8NDX-&(A8M>TIWM:6!Y"KY"W>*./>#.02< U=SB(/ M$^]95,5 R?_0\S29GJ63LY/TXF),VYF#]&)8WY)UB8@"K05F_0 ML :]O 6(&O80$N.H=_?S>8YR$D"&5'D$;&>6K7( 801+ULMU07QKKN_R63Z M$4T$9#LOB3:_SYO[<=*#]QDBVT*W.3#FP[TYZTT+JQ%+!Y;V*B]AS1S%0M40 ME)*_7=VBVC!K_T\//#XS;(=X9^0T7X#3$/\ AB1T(HAD4>A1;_4P["EO,\H] MYQPG\OC0_B./;MUP%-S%C 19&@,Y T?9N#W/]95 ^*CKN[Z M1"_G!X9D)'J//WX 29O5,]8[YO")HB*)VON,+C7JU/A8-E_F)>GHR+EZ= HZ M"_.,959_UFU,&2064_5VUWWN-1[MKJZ6YEFXR;B0RAG>!V:EP]Y!01O0@%.M M^5CT6X"!^BMN:9TW"\-KYA$!^WP!JH5&[+G+2:J MP;P%E:_ W=]JL*VT6;?-OO:_#,CV)6^07<*C6Y\TJPY^#6Z$Z;3[Q%^R)I\Q M/N7%NNU3SD\ZOU\@M6; LC( XTR(OT?U$7&^!]F3'OT*>/[3R)Y>OX/7 ]1# MJ8Z2.GJA5_.?UXWH+6V%0J4"Z02LN#30@I_BWTFS7^/^80>QE7LG?J&!G8.D M(QDW@+M72[39_L'/ #RKN:[ZX5"9PTA#IP <1>1H]4EVN#Y$GC+%P9N#Q>J M\HA.E.\@+E+5DML,#PZ7C<]$70 '/V9Y><@0@YW-\V95-4@$=T[7WX72;(EL M$K$AXI3;=.!/4"*TF M.1 0'NX%#UQBKF>U4#XOMX_S8=!+@5;/K;[/RQ*_C!A 'IM'O:_1D!IZTV,W M%D?@^7U.:^U<]S!?"/"\8CUGU,N>2)IH@:.IB@HX/ FLWD>I_OF]BZ6KWH]2 M;M:K54%\&$U[*Z/R88 M1$$@C M!]QX$;\PBCSRR1?$=CY(]OZUB"P?O7BWU'!XEKW#%FF+RD-'URD_X MBD&94@TJ"_B%%[K('D#E0"JVQOD8-/KQY>79*+IF#E@*>BU $FS/AF195FX MOC,B/I19K$/#5E-XL%S?P='7M<'51A<%_%TU@$J ,4F9MS70;S(#7K[,9Z G M+( *<$^&'_(F"I3#8$:+D$)D!:43Y$N[88$_!_T#]X3?SV>Z@>VW"?G1T#L6 M.8I"'-4UVM!@NC5)=T<,K*2!DVCS<='H:0NWNLCAJ++CO.VO$)X>-0/0.0#E M5V*Q-RIO07W^ ANZ+39(-H"B9 RAWO0@!RTKT:?E8&9C!B[X5 F,P?[@+M?% MO(E?']Q997>N9.=XJ;CB75XW?+:JA/V8NQ5RMJ#JG[-S0P.?G@%A(P?Z=)/< M(%!3!4;B*#GXE_]U,9D<_V!^3/\<_W"8P@U;!,5;0#<0FXJ(=QZ:Y^W"LX\0 M/J#[PLZR%/'Q1J]:QNP)VZK'=G\JV%_IMD8(.*N*POBF$NM1 &@ 691W9 M<@),1GZ!X)3X@=Q7@PL:W7WFZ>[JSKIR&JO%CT [MRO@FN/S'QIW? ))5HYR7FZ#MQ*O39V<*WOT3E'MX,>J.X^X8YF0"36U_;RZXS-2W*' M-JC;*H,F-R^?>QA"%$("##W^ VJL^::Y$'H+'GM8P UOCJJ'$CU%Z]LFG^? M>U.+!H HL*CA=HH$B*6*.@,=?L:'(G[ 7CX?0D!G2X"AL%X'6WAGE,!!!D!$ ML0O:<26G)RT-N <8!\J3=RS]JZHM*V#H8"S,P'!8HPE9XB,%H843[S%$VWJ+ MF9,Z@&CP*LC?1MVS)P06A]\C<\A9>X*/ M,*30E%G7+*78R*B$ MEUBY:\QZ +$%*"9Y.1+"W$6.'B15 T9\@<(HP6"YH-G/ZW+F6"-^,EC(D'T4 M'UB4:%N'(*;+<5P!3T".._MT>>8/11XU>Q%@4 MX"XOX!=VLT@9,<9]SEPQ"EQEOM3D7Y,E>RWY>YTXA&">N5AFG$< ZIT%T,<=1)@D@SKH;3Y'TR M_441 2U'V/$WWL4H^<2&[TL@D"7Q9CP-,PGK+8DB3HX:%?$F#(\/\X]D3_[A M%(/1S2CY\>KJO>'[<#VD2C0>AP! J67V&2[+;ISX EB?RQ63'VN6=W=PEW+) M"".DAR5;/1@VC@L0]N49]LHVLP3F6N\=%;QCY>L4OK,!/Y>*KI5D%J@$8N8YW#TFJW_=E$U'J@899=@#P9XZD!9 M:XRML88J[J64C;NCOD\K5>01*(">YB*A.]XX>V #KXV8@4'81@*@SI $@Z:N M6<%\G0,&S',Q&8U%^4$WU;J>"=(^AHU&M!I"'0-EHSI@H%SN?DWP8 Z$!P-U M];YBNQH$:%VFH%_DLP4]K5$S%IZ*C+KP7(\,$L7&4=L6-L3G(Y,0B @KN-": MR?1VW0!G;AI6A>85B?[6Z42H[71=LW>%H0"060U=R]T:C!2M-!$'.75XH[,* M'=1R170=!6R7\"/R0BQV6V$30EQ%3K4M2<=B-(1QHW=@*8Q.\-U1H>_YZNCE:B>BC)"?[B5G@!NP< M- 4I)F%NW M."NGSTY&4]"%P#(6_>'9Q>C4_" ,DO-%DVTLGB!?P\"UIJ,3\ZKBI!?W@T[ MW9=4H+8BM2)/[H;2.84&#A5L<3+V]DR?[D-@5\0_^5C1O:0QO<(_F$^?)$A( M?O -L?-O9=R;[)3&^T.$PG7]&W<\ILM=4N/!(HI ]Z2H]>5G^Z^4S+\$I%A# M,:F6=%.Z")9JK7S7F&H*G<& -==D9 /ORG'OA-6(_EM9BUG1D"C,V20U'"0'D;VV+.?L,OU"0A8[T'5!6G:&#)'.)'W?KDH1;7:WO M19459L^N&#CG3PM-(4*$R@-(01^J:H8HW=(..$3LR.*J M6S8IO/U9=RJ SG(OLF8BY&^ A=3+3Q+85!=LPL#Q9P]5_1F$XXPU@.H.*!+= M(=D,^3.B&-('!FD,RY)T!>%OG] MA(LYZA,7"W+A1:HZ@D"9-WH?PW)I2?M#I;DFL5&$V])H65UZI1 M]?JXR!LR*+[D<]3!%O @NA9 8X43P\?H.1]6WJ84_*VIRE(72-61CX<<&SF* M\4\)LV #UJ[=@&T!Z' GX>A9 ;8U>NJ YV8(,&*KP.!7Z]LB;Q:P _BN6.3& MI[KAWXH4YQUP!G9RI[.6T"!TL'A&3]2,=C[DH(UX6(6 MO-<'4F$7NE@QXTE 50%5N3&^!>O:60&59[,%ZD'Z 4F>I$W3!QPZ0L%@Z !L M)L%1L"9(R-.W*-%#WV]\LLS8Y8VJDM'0[^OJ 3V1=[USHS3%W)%BO;P%E23P M9)-:IQ_@"H4R #M6Z%4LM&J USXDS:8![2,Y(#CA@3]FZWK='(*>WY!5LFY0 M';A;UY)5P;;C.6Z793*0](GRP:0I%$*:.LC_LPX9T5\WY.P4$,'39/.F:S1:7>0'. ^^T<'&+X& M&)H7&.7ZOT>6H$"'L!:,$8*L$EC;UK^O%G%5!&G&TDKS":DDEP05*U/=. MMREFB#:J^\.X A9\"%D>D==7,@H!84'5M%\*"=OJE?; ><,"2E.L MIWH((=N&_(0B)G)W\VWW!8]DA9)3^"FSWH4.'%!,&3CG"I0V(AFPB.==-;X) MC68.\C3"6XL-)X#.B0KQ8=*J*=H+FW*B$(]#RIC1MTBU*D'%1OL\%T@&OHTN M^@#-M^0:I2^C[J)K(\24!SM=W@,/("^0L#/2^0D;.-)MBWI0&T=@W>7UDG0$ M_35;8L#&BX%[.HW/L2OC!H*72K2@X9O$%/57#&VQ/>U?B/$V>$4 A3C]_&^, MDG?(9@%>DXL(,75YK8]$RC%>NB4B%32:F[9C-I(:3GA4DI%C4/PM9B89'$\. M&JW%<3@&_G-]U\72=6DN.J-[]D2?8DT;R 9,?H] 8O8FUX>&1IM'8DZZYB= M95V";793;-JE ;6;!A[$W4UY>_D2XV_,C.;B([.I"ZV$$XRCP@D7#.NT"VM0 M./@H@!^A%SIV>JH^YWP;2X7L%XMU*>LJ"$.Q!9 IHPO)F)JH*>//@!-F7[*\ M,!?A&RN8PB7A8(WF!OM'^4F @*CYK'-_J8HO.G#786Y#G<_8H#&W &/C2F_\%/G8UA)H(*/ MJ"C8"= C-[&4;PE;;ZDKV.:8TD71[M^T>C&W2]_'8PQO(XOW[?[S)*WH(FZ1^MKLH*[54. MKP'32/ZJX?#SBASR8%C]6P9?!.W?<;175S=_,04?5S>?Z#='QR?*U1F1MC2> M_&!JB@C*G.Q[\+%:@1"8GAX??@_P1GYRMS'NU8^8.HGGL"]>P_&!QR/ZP%ZN MUO=@BG@6M2M_\,YT@VP$!&*C_E+!_ZP>B/NV:MQZ)4$P]]X]L"YF.PS[NPH# ML&1I8IYN@B8$V5 NZ:CC!R6@--\G!^-#PE=%7N0->W*%5W3RJLE*_2$YF!QV MW+[_T'4%#)><+_1B7@)=KR7=KA9)U/L-,69YS60ZJ5J^C$0BJG.Q5V7R-$;M:1TT;L6E7CKJT;U MY!;#XO H+'1RZ'QWUED;@@3V#>*:D@B++%\BV$YWOV43GSC"KP#AM+>4(3]? M1T#U0O(!!IZ&3Y\=HIH"K/9VS1I%X'$T?&H)=D8U%_U%PXOJX/P0N$=)/E7, MEA$(DW._D00("0OXR05DN20'%X@G%(1#?I?/V:XGWNQYKXBKK5:%YZ!O.7XW M1VF.1U$V%#=*/I$]H[]*.-Q&VE(VOY@Y._SO$@J3QPZJ@/NO:KH4^)F>CY1D MGQ =J6#$_CC8Y259&B;%;.[29(0@CU_ZH3$,KZ=$(PJX M)(8>YZ(9P$/+O&VUJ-'VB,2'Q'8* _8RC0ZO14(L2,>4"R)J%DO?8E:ULI&QT@S,$X:CG; MF$@+,B_C?%]B7E#E); V&,/!@"/(IW]0J(/6\>/Q](,@K8MA:8P&ZA2AO% ] M+O-9;Y(@8^H6[ U:B^PXM/#N36B/N:$XY.QMIR;@HZT2Z=OY9L_:#^3ZN_1S MV]V&Z**C=9/!2%\N*U0HQ*)%&=$XA) M)O))?4F+7I"\Y:0;7 C^C7T5^ <^3W@"5:N]J!J3BG9*BV2[M/",&#%VX&&) MNAA&N:HP2NBQ +HXQ#![*+3HB%](O"W&'5+0GUH_Z3B2L"%9DX(-R '0I+I= MY\QJ^19$YA!+.2$?L1]":?07=LJ:3AV-$HW?A8=V,Z(DQHB,GYPP G5'3(HW MBBNH]R _ZL9D331KC(5HL(M4*7=0%$Y3,6L)]='N[3?9:VR5F9%D@]3:92%Q MRC.JQ3;-63+I'#W+-Q0YOH!7+G.4C?<5(@D@&A9743XV:C#$[UR&L#T.@;<4 MTC$.7DK :&Q>E].;X4T^/<:JN,T(BY1&228:_K"PF6B8Q-/;3X=@,(9?XBX! MJ[[H(]!%5ZPY-EL@0C%2=F#$7@"P0BK*V*]29DL_K^?WUB'G M*(D8G$C2ORV[!V1R"$+[XGI *27-\5>1[[OT1M)@%H" "KTWJ%[#-D&_02Y: MZU:"3!R(0_/]>ADXD:HW&.!_D^$9MS$' ?8A>[V$_?R0R7FNL'M*0+4Z2+AA"R0&$9S+)0,=I@ MS02[%E*?39@]D&@ ")'\K0!G41"B6Q>6S6NYYX9=4NA]DHU&,T%3%4G*)1GL M%,6_9%*L(A2))PF]MF%U!QA!?,*5[S9I/-!E/B.61*JM\!PN&G[!1<,)%JA1 M4?9[;%LD[89B]<8OL[JDL#P^2$]L*3J:<%' P*=6]E.*%^)GRU[-,XF\K)A) MIM#M1E'(VR"+YR%0\EVOR3WG5A[W:YTZ^- MDU-Y"IDGZ%6^9 M32&OHFYD3[C'"9)O.X'B5?UZON'#.!3'3![SS;:F;(7-$1^$70AR!O;J>G&= MH'"P)K->2D%0HM4DK&!S-HIA-^"5MP8+9J;+B0F5<+(;DGH6I @NK:9VFYY<7R5DZ M/3]7S^#_9R=3?"?%],/.H[;6A;9\SQ4+ @L5OR0,QYV%>8VG_@\&;FEG7N-5 M_\54Y1Y4[7:>C=.3XTOY=#J9G@"GJ;7U?% BLFLA8%%MTX"0(:;/75&T+@:@#8H?[$\@+FP+4NKR69\E) M>G9Q:OZOGHMQ8;WWS2)?-@UJ^O=!7G#F=\\X )H\NT@.\2\GQ\?)(9#I)+T< M(VE/TS$L$S3;D.0]4M\]=YE'E>K9Y.R"&I(9D55KS*:8LT AT#T[G9[1(RC. M*?!E(N)@V ,TGTW/+NGW.>9A2OL_HCD@N!-N=T82C((3:8+Z*":; N]7T4)&U\:2_0=>T%>^01CBQ_T%BU MAQD=K;\,A4<_V+(VK@3M*O%BVYM,2ZLLM)6R>L*0V!-3M796K.:61T=M=22% MTMTB&C;TCI9F_W#S7O\@['^ MI.5UTJTI>VUB<;P%RCR6G#86Z?EDUE+*2M9 M:W,(.H$;*4TG>QTI&XP&1ER?%TX-O([RI^1ZH&EA-,DZ.DK^OJU;/[5YK"M=#$#" MR%XQ-=1\5P4@XFZA7& KO&SIHERO5C% G,))N3"-*Y3LU.#ZR#D F^A^X H9&I[/*DIZD8VKZ,:_5T,, M/;;$"\K^8 ^SH4NA)/G_-*%F:"K29G2CGL=JY$#Z'LE_IR@P\<\=FXKI([_N MQB87\J>/]_.<*I#%KV)*[>_0FQJ6R_G7;3BNV27^WNS4J&51)/9NUZNJW+.Z MB_'39PF&_XIV;-8+'!0""4^2[$T03%T^']^E4O[4]5O4>?,9!)[NYGB,1V13(9G:J7Y@%RHV ?HPTV(DF.<=&M M*WZI4(\E0(PG4WA\/#V#/UF)C2M 'K[8%*E:]""^X\;&H[)(JZ74]3KRFT?O MVP#)5U=[+#)4//(::_3KECMDE50P8>K8_?U*(K?VONV^T701.#-"W[O!1K2K M.^E:PBT44":I\+E^HUTYX>OA%D_O>5,L@^AY-.$'5=IX,VOL*=3_E/V9#^!? MT*AR3420]YR,\8^S,P4GJBLQ$$V4RA983\^).XVOIZ?D4_IQ.IV*5C8',3J9CLI(FTU.QDJ:] M1M_45&LO._5\E-##D739=V7 54ZBJRU,M$3E/'DV.7:I\B;+>:@D0BU-'5$9S[R(G,PZ>^A;;-&9H#] WI@G M#YGTG(,3VE5$$3*/H_JM3(:PW::WF"GW8G*E* [EWV&DG0)[%#U"(43V@[$? MI:-3T!@RP8IJ_A+R4?^K:N"DE)TKQ\5/8T(V4#F8"X1_=]P9R2$=E>N.1^=A M:4;_,;=AIC_%E""G?-S>AV[I%F6$6TAL'S^G$# ,/8*8&"41M8/\T%AL2WEV M5:R;Y'(T^0/'X@YR>&0,0D?^C=<#_SS_0[S>Q9(L']1+&!S" !<.%$IW;6O0 MO4R: ;K)LH"4AZFHX9]W'#_H 9GT@1,K,N-\7]O'#0P6W%] MBQYZ\953_.^.PZTR9L#E>>!KU$9KS>V[J,]?&NO()&UF&N57$$A&.V9+&P![ MA:'V];L[D!NVZ8?YM3,,7 @3"UYYW>9X>J-TZTL$ION&D?L*X*4&VD"#VSC MH'[5F'W))D\%_)4ORZV\K.;D$55,>_W"L4HJE00'))".17?+]7*XLZ5-G;IU MR,19@4#H&V0BCHGG7HD4N4729+WB$O3-50OO66^U79Z6VU5EM M/2?36*3XJK\;^72X<\>G]X=M=+.QHC>S9.2"0[:F."4?N5X(;]^*ZI7@_9(% M=VIWP1WU=HA]\U9OJE+Z'_1Z/_!6I:3$N$K\^ER$,I8Y*5?F=*.U5S=*?OG]L\2?N@H7=EDNI<;7B2659AC-DNBW3?H\HW2??"IV*'B96>:H[0V(6H M;1;L 62^-*J;!7,4J $=AA+9-!'?2'8/6[TGP6P!)BE.'<".W"[" Y#":OO\ M 1^^@J6*Y,3$AH9Y<(F1&'./PFL1H9[&B-U2]H&0)SM0^77'*8;1L:M(ZY*V M[$DI#A8PSQYZ&6AY+&AMLT^CR*;L1H*V!^%&*(G Y)#B/V+G2[UKL$TYT9&] M,DEHUO6?^958"IC-+W@D4L*3\VV[Z 6E4/D1^/V*.^R K$--CR,BRSZR*&%8TMQ%%C%*"/@6OC_W&9;Z M94FCQ]-(@\D&N9KJ<#672!=A9?Y.??"P[F>!A,+(-0I 1=\Z^7QR&K.*I>(1 MM9Y2W)(Z_I7\$E*BS%$LWMG9Q$MFVK*YGW@G=G_XJ.I@V<3ZP_3?XI[O!!=TJ5H71<=/:BT><=G1=O.&74'?YD.G#X MY^[Y]_A\V([!&'RT(24+]NB&-"L \%3NTJO:\K8CW4]8[3TY)>4Y]>/NTGFY1/3!5BM1G*RX<*PF9 MW39QH78S.Z3B8,%]]91M%,TV"VY-^5D_X8>VT.X0;OLH* K)$ $R)IK?*J>8 MD*/'#]S@DSE6A$NHKH3>KG*< M.:G+;"PFOS_87SY)0-KPG%9.HKSJS4BCX"HOQ V[V='+">V(5BY0H>=LC@NY^Z:!)&;V M<\EYDK%P#]5W$85TS8*^<89Y>ZJK3SH3@P M7F)28'SQ6Q[X)_TNB'^9Z-+9'XA980G8T@N1V&-ZN8!LYAB?K^U;-2 3.EMP M:2.*@R>V9%X&1/^.H"-29X. M EMSM=5,,P%K,^NJJJF@RC4BM7:!I'"UJ?_.=J.N*U98"*>)E%A&;;CIB2]- M7G3K2SE[;? 67MEI-3$^TZ3JV50$H,'^/L=)+3MR&1(AOZ.OI/()?CRR3F ' M2Z\O-4[/3R;I.:#XD,IZ;1J']1@!A:P=63^[,#G+%.D!!*)Y'FO >>*BL8Q MU/#AF7L'$H!4.6]3>/ 9W+GJX*T3[(N]U,!'NE\SE^.0)TA=^]!TKV+;] M4KWS6)8-VRIRG-D1=3QJ]KFIB[AB?'ORF[$V@YC$?WR)^7@'X^EQ2?F]FJ5,<$U5%7N8PP54.>(G#Y(#7.$QPB0-Z M/SE4G>MP^7?A?[8HTM1FKP,>* %85=T6^;WI-]X)DKE^=I% ?&KFLYIT<Z6>RU9G*;\AG8EAT3=MX'B ?WB!1ERTDVEB>4$MNQPH/7D9 M'?W-/]V2I',!8HR?>;%OFF$:]&RE(VM22S J7V'A[,8V541^T'>^4B3B(KW< M[KO@% J;^6\M"(4ZY>FV-]$F>G8\.AT3(U^#W$P.*(.?_AH.VL&._.RNBWW_ M>'1R:C=Q&!8[VS3]7OO1BS \W>T'98#C)P/)>,O.4N?3B2D7X2H1DJ0/F& / M7,JDA:6T;QG)Y!IIV#MPC:D]TZBA(L:EM5.YN5\_ RG%U_/:=2'#"G',L<1V M%B0)9"Y@_\6LG)ML6:N\=.PWYRRU,7"\N%/W"VQA>/LSATO]H1%*$@+L/!)I M9B(%/3('Q&9]-N8'#1!H:__E]?QJL'"M,QP"?Q2V@\&X9 ZW"^>7C_/H%D,Z MV]1P<@:YUCDG?EM.>['<*AFU-I(U$9)RC@4OO!.$QWH&.!=.3,_VL+R#G. > MEZ&!P4?,DI]O&1C\(IA*XS^9?!!-AF13RDJ_-'BR@U:'^=7E*!G:0W(%J&+' M5,:.YO?T]$N*33O]C2WMVL$!$ZX6B&<[NY3B*S;4W _@\*(2*?D=&F)6JKW& M_+5K^#=VQ)NI=Y*\_=+0#%MJ!W_E#&=*F%=A&:/+R!Y/S]/I"0KP*1#497(Q MFJ X53^2SC\'P7JD7EI,PG^]XNY8]GG)Y-07*?GYV.3HY5I( 4TZ+3 M\XL36'URCMZ/\]&Y6UN*4R)O@6XYGJ)B,3T=G9_#6Z?\55M[]X5,B'T_&&29 MN")08EDV01G53A($P>T+9[LGCQ&9.Z[V_2]%!LAV,UM4H$@DR]LBQYY+5$'EO40=N%8:<.B^KM8K*I)G3B>]:,ST#J] $O4J,C%< MPX(U+OY:1M 'C5,]C^*)/L'&\?WJQ4 >*U+O"J>GG_%+Z @V]-449"HDR,;GZZYT_Z%F@[/]TQYV#/' MM+=K]B[N.$L.L-N'OQM9;T^>!5;,#3SPAA]X2?U8@P_$2S)BMS0>79P]JA;C M;#0]'B[$&!WO78 M/]Z5!V3.N!+9RH:D:TI^Q#+*X!KP0G)ZG)Q MDHJ)@4 &]^!L\"DQ0CCXD(\U5B;C)SZX7E J4"X<.JL;OQL)'6,"6'Q^T9OS MC5IYZV;I/3>-:6,SNK<^O%_!!8X0WK[,*S)!D%&B'PG^W_7S&F4;F13.L09X M2G-;:79XS_G2:-%0;Q\:Q<;YXMB39N>SK8O6V$G>J#9Q/ '!KKU.LXVV^Z-,3E?'YW7>YJ[;(E54 MF./K3ZJ*C6(S'9U2KX^B;0,5-'GJCX^WF98OO\3*]GL/;,. ,:C'O>??[3T( M0&6=+&?K./'=X?XX$?9SO*7QH#=M-L_72^KX(5::Y)L&OZ<1VJ:]'7$9-\%Y1U.G>!#+\P7VYRYI_]1V)^$4Y.YO+GH93=2U$OVKKBKN M@/N*'7II3J8VHCM6H JO^,([N:NDP'2T:(T$KFQJZ8-&P%3E#@O\O"[%Y1\M MO)!W@0KQ*Y[%QND@9X^PAD,N2'2$Z/N+T'G*M'TN\\CP%' CQU94=+_P/SM\-MJV[]8FS* M/2K6V M96H\;+8=[%K,!*2/MX6%K3(Y!U(XO+\]&T351_GI]DPQ%TP JUN!% MYR!7%]#F^@[MW-JH$=+80G7'4@%)9\M\YG5F<-TCYF2U!).JJ,8"995F(T;F M@^4THT%:3UZUID=8&CL*91N@N4H*3'] F BR!H>OFX^;O@JXA; K'PJW_H@Q M__0T6ZTE+YC(C4;EK1VR(1,-6YK5R%T1^:!E);7LR9F\*L#4G6=I='3WL=V?"O97NJTE6Z/_0%:N M=@K7,:%^X);RBT#!*D4;B5L7:F>+2\O![/$)).A/=XWV8F.KHXT=B3^^9\*( M\I7H0](\9%V:@>V[)AHKSVB*3#2.=-$A)/6_# MB:[$6AG4NGGYW,,JHBH9$UG85B'=)@Z1JD"D\8<%8,5&YC*@7,WG>883J WJ ML(PW')+ENJ4DKX<]\Q". OD0D@ZJPJX=;,EW@=/HXR!",_2!-6\3% "I;N+I M0=?Q$KT'54O98'Y_;A[H7-@AFK2!:'/X;;?H=8!__)QUD+<5-94SJ37^8'*9 MTPC'DZF0I%:P:P=,.1.S,[8$1:R:+5/.<:=T+SE-EFJYTI_K]Q OO%G5!V'X M2$9?N]8MWK.'P+JQF7!&??Z,!"+O4+$1-MMK"FIE.903/0]CK*64#7ANP'H'=:KSV>W3C=P_3UMA:N=>M[72;!5":KT'GX.8'4.8Q9>64/->,$ M@E3/[2SZZFY(WG#S63^ YHTT&F@TU,_7"OE+AT2'=F1\B91C9[J.>#YJX3W( M3TM& NR=0L$K@_0SXBC<>]>X9+ CO 458WAO2H #)>;3@2#SW1^ATPC0'=DXDQ&4WQSE ]I'YMJY+)\R!#-#[HI@(CLH_C M.QZ7,0#;52CO_E1$A2+$ZX2@^W.WF=WIR(!U$\'"IS$V84-G(!5,1-TAK&+K MS1]JU>F_AZ^*9'1./^/P8[UK7FF>3F,5,!H(Z 0MY911TR#&O I4&6HLLL;\ M:>EE;G-]T+>+CEYOC'IG2H^C-V%D!NW[SS;=(UFGH^=I5/Z0$2\]KS.9WEY M9*R]]'7#%!3BJM:!VLX@TM*-7(]RED3?G8R MFH:=B2^QV"LK@^:O M<\JUY_H3D)GA%K$K\X[FR?WAA+T-5/W& "ZUP!W,IT]Q[Q5F0"2[QFQ*4-#I MDQQO_HT[#M7E36E0UT'IH M7B%"XX0@&C 8DIX=^T0'2\DIH>V40_CI%PI<<-.])E6#K2@D7=3T?\EXU"K/ M(?:2;7A4K7'Y*#M_%(!D-$K;5<-?4!,.-E9OZ&\4568<:,(LV%IV96M@R-#PR)E(9##D MT96(W73MY#I@\#2V&]OKHSTIYK]Q^FYDJ'DZ#=D@F8SO ( 3EQR>Q#;4-28:]_SZZSO0_ M\N%$TTZ3P+<<><%S"#:=' CNTED5!BH9V6"&Y'ANM[@ZI$\VUQ'R;QA18EN\ MOKY.D]?O4[>MC_@SXST6\7U/PD(-'31-.F=RE9AF!T'5O6]' MJEL*^!B'G-K5'^N1/:J2W3VJ" \KJ?Z+56M$:P=,3?I^SJR.#WYTHQ..0 M,F;T+5*M2E"QT;JW=92^9Z2+/K:XCKYLDZU[X\UT>9_=LP_)-?>2:8&YS7NP MVCAUZLRQRI/JOC.:'N;T,%^G\3FVR2W"ETJTH#&!B=,9)148O9?>A=@\;Y?^ M7XB'T?_&Z!&Y($F8"Z(N6=GW7Q=)U:2XZHWOVNQ2PIKTR=8BW8/POV77O:G"\ ;)>,WARFW4)MME- ML6F7!M1N&C #'68X@CA?8H"0F5$W>T.L*Y..?.<)%XPA85K;_:(#'P7P(_1" MQTY/U7<5Y-^90>\6ZU+651"&8@L@4T87DC$U45/&G^%803MA(!Q>A?E1)EZM M:8@@>5?Y22QK3NU*0!95\248+>!::-+X,+D%."OY@+JG".P64H9@<\K;,$_@ M&]AI*GT&T2:0#GY8\VLF:8G'QHPR(CZTH-8_30PK"538KBD*=@(TUJ5T-X[B MC1+NB@TW]V=\"JV)Y0\\G%D=[7V7!@X9[TWRM7J MG(\.4Z#)CKW[;YT;_HGA(+5O".(MJ*7^2?U1B2ERH.2O&F#!8R"_Z64JG)7J M/<=;:1ZMY#%=W7RBWQP=GR@WL8GTMO'DAV X%'?E/OA8K4 <34^/#[]/;CB9 M?F,\LNOV7+]6MS?DGV4ESY:YZ4=<&48 MC9OW&N;)"R._Q2DQ"!C8]_30C^6$$R--+J&BULLT 0J[B)@T6:]4#18Z.8P4 M%H8@@7V#XH WQ!F\\-;I[K=LCA@G-BC*Y7=+&5+VM154="0-8N!I^/39(2I, MP/1OUV;BC#_E2#@F%XF()J7A175P?NAW4C$0IC"#F8(H 0H_IX)LJ.3@ O&$ M@HG(>7ERT%U.4L+SHQ%_=2/(7/,=/4>]@@K6;4C1#&3O3P(.IT]:_.\2"I/' M#JJ ^Z^X'S3\3'/9#"4YSC,S4N&?-688:41M'SANCT@\'3-.O7'(*#+]F6K= MQ.M0"$9#EF%6JHP*1R\=E418+AN?^JUB4[]M^:<-)(H_3$;7V\*EIK,:-Z*6 M^AU.#96"!<.Z?#3TR$1%UL&43$S&S[XB1=UQ 9YQ 7*QR9IJ*. )N@?43+K] MPE/C6+(^R0Y">:F>ELJ]J<,?%[_.^.J+$#?4KX8;21NU+5M"D;)R", !S?.?B"?@<8GBS5/-JV+ M*_'-<'\%!IMIHT1SX,FQ9'O==%NXM1Z-T\9D5\I/?Z.V3L5*Q%!5^V9U! 6V@V@[= :?RE'F5-4_LGVXD1_%SD68E0BB>J1,.B$?;)[3Y^5G1Q)/)%E4L $Y !IWM^N<62W?@LB %5)1 M<4.5,ELRPQ0YMB-I M, M 0'6K6;V&;>!FF[-OF"D62 MWPSKZ?EO;<]+2:Z&TP!L[CDNZ'B0[YVQV0\!]R%VL8O]]-W=<*FY?D!+&DNO M!!8S8H'",IAEH6*TP?(2=BVD/ILP>R#1P(->$8!SC8(0'=8R>U+ M;-![HLF#>J%SL-GCN M&CJ?''RD>7"]ZBG<(1A2HC#:6?1[S8?[?V3L_,YAY(/ N9G!%]:%9M!L'V$^ M!*+?QH\__Z:9@JG_O3"-/D/7S>\]I3YO[U&'G$-)-7T"HA] M3'#>0G\JXAMO@&TXUKL[U!M,D]?^^%KOZ7\UPTWW0JZ/ 9EUA^V&EJ'Z[QBV M2[AD\%;]-FSW:<-V8QT1L(Z#WOS)O/FW-[2_K9A[Y>7A?Y+:T9=N\JV#0'<1 MQ+3?QN;^&F-S]YCMNI=XVCT3-LY#?AOF.CC,=1^P^\U&J6\G1;GQ]5ZUP[Y- M5A^M+_W69/57:[*Z;YN_85SI-&1*N'<=U@918[W]:/2W_GW_'_?OV\9^HEWX M!,40J$AW;[ 57TR@[]?A3?UR'=Z2IW5X4[]U>+,=WK8APTL3?+MAWUW00M3G M5BG6WU!]4_^B%[K-\J))WJ)9A AP"-?V MZ>9%(1)0C;TF*_H01A M?'(>KT 8GUQ$"Q"2?T(! FU*Z@]P'V'YP> AL?S /X\5 M'B3_M-*#MEMWD/2H(DB;'G1#V'G<_23][J.1,YM5D_]*WLC8[:$/H8^-*Z5> M8"JK9C/H-4Y- N&6&.<)#Z*,$B6W2.MW[I;$V,8VU=GM=/\&HN\XN$V!'MF- M]Z6>.Q&P=1L22-[Z3 D .=KK23S443(0,[#'W?^0@:N_^\N?KM\/ @4S.WLO ML"ZR!2X]OW_D?K9O&*AA9*E!SMASX?C^;N/5Z V@$*VYXQZ7QRFC8/R$=R81 M1;_6E#.Y&QQ'R=: QQ/N%^^KU4>O*9^QO^ VC[NY3)L,W'.H<(_4>)QAYVIV ML,2VEURD8XC;N!",)T.&'K:AF ]!*&;H<799O9>PS%4YE[\G5WY89NCMP;#) M-IX4N3]3(,(W9B,'5#,91 KVW4"(9?^,8,I3$-8V3(^%![;MQX=FZGW:$Y*/"Q'XB]N0F40TO$7_F_8P^1^PA^E_PQZV4 M@9P ]1^WD_$DL);WW&BZA192>EYZ)2*[Q +T[;2Q;URGM_G1V4G/68)!G]X/ M]_;E]#[!O6DNC>=I?)',LTV/DTSX]>1,GNL)];ASJ+_WX^/!O2=;/$?]:YW& MEAI/SV(_CH6C.J@8"U@]FM]&5DFM?W^XK[<77NK^:EN(J:>&FDA31$<* DXQ M^1B)/$4E>5PER?KQMW@P:HQR?MV?ADE?MK)3G.]XX#J30]]A'F_8P.<]SKH67B*Z\O& M+EW'>FKD3.UEI$Y0'&_L07*3!JE>EMK39-P*FR>UN7[X#=!W89W9G;8+ISSC MSQMTRU-!T3U$9= .!T;Q\'3@\R.W?3XSIT@=U![G70%X+'7R 6,=0Y=R.9I$ MQ,=D=-K_Z?9O/9>BBA?;ON;\1L!8!S" N;#'@,D/&*-6V.9Y?YMN<.L;C=WN M89'W6=V6E$".)!P /3"_+W>S$Z\4>Q Q M.DL/*JC^A%W:4V16K;__Q[*^'BNAP%#4)\\I!#RA4M7Y?6Z;"L0Y M KWC5<=ZKTN_JP%/![71Z\<^=YQF3]()4OY,2=D.9:5+$B"ZEC3K(\X)@_"[ MR2K\10X#OS%(\S2,'5[W$<@0"]F$P21OW7W(M*>BXBB6\9!NM9VBGRQ'"""A M636<6/8$ZXKSLAP2;;.X.TE5:=!.9U!X]-Y:>WEG^9=/A6G%C[Q%;\U_XEFWYZ^P!1IEY_8M;FZ_T[M.EO[(#@=V9 L$>J=@G@NT-4Z21=;*S2?M)R M^RX"A]SN;0Q,]<8I)WV0&JF"H[T?MZO=*>5#69!'O0&4W7Q'Q[SVB:PY1(OK M?Y)(F ;<,FN]RCSL%LPI3?\UH$/:-4P"XJW)>XLX'.V?5 MU%%V[U,&Z8N/?OL_.1\HDR[X84;COJMU4WDZ>:![WJ;#C4>O[V[Z&Q;QL> ; MEO$QY)MV8[#G&Q;9@5G?#JPAK/N&E1^)D8_XDLLC\U.9/U)/!4E5#D#67?!" M'/\3&R"81 ,$Y_+-8I7_3Q<;U(QG4_KG=QUO/?G0DB3RT%76ZEH&V)UKVU3V.>\3WOZ9?.R'Z" MZ??-UYCV4X/WR-O9E1#>=XUPMO4'R;8>PLH@Z?J%EW0]](*?@'T59I .8KZ7 MC.U:Q@\Z=;JIV2X?[BGZ\S?D9S^"V'<@S5Y)W(/BPI*T%1?"\"B;WO7L& ZM MNYCZ.$K(_5'.O[C!2J%*D]7:=W0%D<8MKK;N3GT[:W X]%9?D0V(1(31%KX9 MS1_P0F<8[O3ADQW(^_:YKVS_\74$L#!!0 M ( (Z)7TMN6+5_,P( "$* - >&PO+*<.?WUTXM?DHRQD:TC_1+= M/2<]]]Q9Y!0W>LO@H0+0J.-,- FNM*[?!T&35_VME?KZ%?+K M[,UL%CZ>7Q_B9RYPCI'G^)0G.%J^Q<&?DUZ$O^8UL0/J2TL=]#6D<2'%5,H" M>\#D)AS0AK $WQ!&UXK:4P7AE&T]/+= )IE42)L>&FV119HG'XZ\9]O;\W J MI'*Y?0;_N^ZW'P0&SPJDC.WUV@)I7!.M08E;X[C-#OPIA'I[M:V-PE*1;33W M#?!;W6*2K*7*08UI(CQ :UV./N"N3WV$\28F15#*:INC>GKQ8ZR;MLGGN7-CR*%]5T(_7'UI0C MG&_O#MPK*&CG_*X8!1AV4M=L^X'14G#PQ?PV871DPC0F0QY4246?#)^]*ID! M0&&T :5IMHM\5Z1>0:>'Z]05QVJ>OT#-_[K/)0A0A.V*-G?_E+O\GQ4OWOV] M9/>OV-M1-&ZI4Q3T:NM:)Z# MUV/?%0F^LT\:MC=A>D/4$L#!!0 ( (Z)7TO8F%-H4 , .D: / M>&PO=V]R:V)O;VLN>&ULQ9E=;]HP%$#_BI6G31H+<4*_5"JUI9.0NK824]]- MXH#5Q*:V0[?]^CFA:)<"=WNY\$3B.-='QK['=B[?C'V9&O/"?M:5=L-H[OWB M(HY=/I>U<%_-0NKPI#2V%C[]\K_86*]"A;H1ZYH>%\,H"==>^/#. M4CDUK63$[(4*#^RX2%IP.LA;HPNIG2Q8N'*F4D7@*-B-J(3.)0.0'('DQX1, M 62*0*9'@9RT..%5 )DAD-DQ(0< ]!-GDE3U\+^8J9D M$S4#D"<(Y DMY(UP*N_H1JIJVDY\""W=&^?8D[1PXIPBD*>TD&.]#!6,5=)] M:?D U1E"=49-Y86>M6VR:^="%@98YPC6.2W6-Z$L>Q95(]EW*5QCVVF[ 9?T ML43=I\6[SG/;A&%VK\145:$ MA%@*$V_REU[(%5W&K4,DMR5_3 <)N0_J6OENG'>Y+%C!*SV3.O\PO# =),0^ MF#13)U^;=BEUM_PX)3$%),0.0$65G$),3 +)@2W /H4E<27=9PB(^2 YM!!V M$F)J2([CAC4G7"9CCN"'=\2NKN28+/@!9+$3"MU@$%MC7YY^!X68F$XXL4[0 MA,,SB(E9A1-;!5T;<[C+X)A7.+%7MO/B2'JA*L<>A+4"8F*6X<26V<+L=4/4 MZ"X#&8B)68:36V8KB>6#" M28F%LP_SO4\A)N:$Y-F:>C-@\6X<">Y<; M&6:>K#-/O/X:5,A2:5D\A"9<*,]%E3]9UOZL#K:R0;L-+9NJN@UEC_K>B.[[ M31MC_>GIZ@]02P,$% @ CHE?2TP22UJJ 0 1/$ W,Q/_%?74B]>V+Q#B MF@3SC]TMU;=OFDLC:*8'^7F)!&7F"X$/2]R\VRH-9=OXHNS\[%Q7C=]&10C= MJS$^*VR=^I>VLTW_S;%U=1KZ6Y>;+LU.:6X-Q_'"N/&,:+<9SYSM#]O([0\4 MS3Y3E]NPCSR6F7UKLZ_:-N%&Q=^" MR-P.XND@A@?)=)# @Y+IH 0>-)\.FL.#%M-!"WC0MX$'KZ: U M/(AB1<88GZ1AC=>:%*X)[S4I8!->;%+()KS9I*!->+5)89OP;I,"-^'E)H5N MPMM-"MZ$UYL5O1FO-RMZ\Q/.VMIA&Z\W*WHS7F]6]&:\WJSHS7B]6=&;\7JS MHC?C]69%;\;KS8K>C-=;%+T%K[@M>;U'TEB>\*]%>EN#U%D5OP>LMBMZ" MUUL4O06OMRAZ"UYO4?06O-ZBZ"UXO1-%[P2O=Z+HG>#U3D9Z^R)U]O 17-GD M_M$E5\/OUHS@]N%2V<=G#%/O[A\I'?HMU@S7AS^68>IOA+GZ@V7W U!+ P04 M " ".B5]+X8_)5JL! "W&0 $P %M#;VYT96YT7U1Y<&5S72YX;6S- MF=]NPB 4AU_%]':Q"#CW)^K-MMO-9'L!UAXML2T$T.G;CU9=,M,E+FKRNRF% M ^=\4/+==/RQM>1[FZJL_20I0K"/C/FLH$KYU%BJ8V1N7*5"[+H%LRI;J@4Q M,1B,6&;J0'7HAR9',AT_TURMRM![VHTWJ2>)LK;4F0K:U&Q=YT=)^_N$J:.R MG>,+;?U-G)#T7C8QBX]CDR1&?<).J'"\L.G'=6]K4U_O MPWX9MVS?NP[\)^A9VYQWZI?C$" <$H1C",)Q"\(Q N&X ^&X!^%X .'@ Q00 M%*-R%*5R%*=R%*ER%*MR%*UR%*]R%+%R%+,*%+,*%+,*%+,*%+,*%+,*%+,* M%+,*%+,*%+,*%+-*%+-*%+-*%+-*%+-*%+-*%+-*%+-*%+-*%+-*%+,.4&PO=&AE;64O=&AE;64Q+GAM;%!+ M 0(4 Q0 ( (Z)7TM7]>3Y9 ( !4( 8 " ?<( !X M;"]W;W)K&PO=V]R:W-H965T&UL4$L! A0#% @ CHE?2VP2\(]/ @ 0 @ !@ ( ! MA \ 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ MCHE?2\Q^IQ"S 0 T@, !@ ( !.!L 'AL+W=O&PO=V]R M:W-H965T&UL4$L! A0#% @ CHE?2Y5\81.T 0 T@, M !@ ( !\R 'AL+W=O&UL4$L! A0#% @ CHE?2^3_A?JT M 0 T@, !D ( !R"0 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ CHE?2S]TIU6T 0 T@, !D M ( !B"H 'AL+W=O&PO=V]R M:W-H965T&UL M4$L! A0#% @ CHE?2UV.9#3Y 0 RP4 !D ( !2# M 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ MCHE?2\(5!:73 0 N00 !D ( !438 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ CHE?2^NKY&O= 0 M 04 !D ( !-3P 'AL+W=O&PO=V]R:W-H965T-X $ &L$ 9 " 4I! !X;"]W;W)K&UL4$L! A0#% @ CHE?2PS,MASB 0 Y@0 !D M ( !84, 'AL+W=O&PO=V]R:W-H M965T&UL4$L! M A0#% @ CHE?2]P#+*=N @ ,0D !D ( !LDD 'AL M+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ CHE? M2W.RU1,( @ "08 !D ( !F5 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ CHE?2\&0J:EC @ L0@ M !D ( !E%L 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ CHE?2X9OA4/E 0 @4 !D M ( !_F, 'AL+W=O0" S# &0 @ $:9@ >&PO=V]R:W-H965T M&UL4$L! A0# M% @ CHE?2T5HSJ$' @ $08 !D ( !-VL 'AL+W=O M&PO&PO M&PO7W)E;',O=V]R:V)O;VLN M>&UL+G)E;'-02P$"% ,4 " ".B5]+X8_)5JL! "W&0 $P M @ &ZN 6T-O;G1E;G1?5'EP97-=+GAM;%!+!08 ,@ R ) - "6 %N@ ! end XML 53 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 54 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 56 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 87 203 1 false 39 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://amedica.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://amedica.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://amedica.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://amedica.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://amedica.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://amedica.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies Organization and Summary of Significant Accounting Policies Notes 6 false false R7.htm 00000007 - Disclosure - Basic and Diluted Net Loss Per Common Share Sheet http://amedica.com/role/BasicAndDilutedNetLossPerCommonShare Basic and Diluted Net Loss Per Common Share Notes 7 false false R8.htm 00000008 - Disclosure - Inventories, Net Sheet http://amedica.com/role/InventoriesNet Inventories, Net Notes 8 false false R9.htm 00000009 - Disclosure - Intangible Assets Sheet http://amedica.com/role/IntangibleAssets Intangible Assets Notes 9 false false R10.htm 00000010 - Disclosure - Fair Value Measurements Sheet http://amedica.com/role/FairValueMeasurements Fair Value Measurements Notes 10 false false R11.htm 00000011 - Disclosure - Accrued Liabilities Sheet http://amedica.com/role/AccruedLiabilities Accrued Liabilities Notes 11 false false R12.htm 00000012 - Disclosure - Debt Sheet http://amedica.com/role/Debt Debt Notes 12 false false R13.htm 00000013 - Disclosure - Equity Sheet http://amedica.com/role/Equity Equity Notes 13 false false R14.htm 00000014 - Disclosure - Stock-Based Compensation Sheet http://amedica.com/role/Stock-basedCompensation Stock-Based Compensation Notes 14 false false R15.htm 00000015 - Disclosure - Commitments and Contingencies Sheet http://amedica.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 15 false false R16.htm 00000016 - Disclosure - Subsequent Events Sheet http://amedica.com/role/SubsequentEvents Subsequent Events Notes 16 false false R17.htm 00000017 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) Sheet http://amedica.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies Organization and Summary of Significant Accounting Policies (Policies) Policies http://amedica.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 17 false false R18.htm 00000018 - Disclosure - Inventories, Net (Tables) Sheet http://amedica.com/role/InventoriesNetTables Inventories, Net (Tables) Tables http://amedica.com/role/InventoriesNet 18 false false R19.htm 00000019 - Disclosure - Intangible Assets (Tables) Sheet http://amedica.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://amedica.com/role/IntangibleAssets 19 false false R20.htm 00000020 - Disclosure - Fair Value Measurements (Tables) Sheet http://amedica.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://amedica.com/role/FairValueMeasurements 20 false false R21.htm 00000021 - Disclosure - Accrued Liabilities (Tables) Sheet http://amedica.com/role/AccruedLiabilitiesTables Accrued Liabilities (Tables) Tables http://amedica.com/role/AccruedLiabilities 21 false false R22.htm 00000022 - Disclosure - Debt (Tables) Sheet http://amedica.com/role/DebtTables Debt (Tables) Tables http://amedica.com/role/Debt 22 false false R23.htm 00000023 - Disclosure - Stock-Based Compensation (Tables) Sheet http://amedica.com/role/Stock-basedCompensationTables Stock-Based Compensation (Tables) Tables http://amedica.com/role/Stock-basedCompensation 23 false false R24.htm 00000024 - Disclosure - Organization and Summary of Significant Accounting Policies (Details Narrative) Sheet http://amedica.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetailsNarrative Organization and Summary of Significant Accounting Policies (Details Narrative) Details http://amedica.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies 24 false false R25.htm 00000025 - Disclosure - Basic and Diluted Net Loss Per Common Share (Details Narrative) Sheet http://amedica.com/role/BasicAndDilutedNetLossPerCommonShareDetailsNarrative Basic and Diluted Net Loss Per Common Share (Details Narrative) Details http://amedica.com/role/BasicAndDilutedNetLossPerCommonShare 25 false false R26.htm 00000026 - Disclosure - Inventories, Net (Details Narrative) Sheet http://amedica.com/role/InventoriesNetDetailsNarrative Inventories, Net (Details Narrative) Details http://amedica.com/role/InventoriesNetTables 26 false false R27.htm 00000027 - Disclosure - Inventories, Net - Components of Inventory (Details) Sheet http://amedica.com/role/InventoriesNet-ComponentsOfInventoryDetails Inventories, Net - Components of Inventory (Details) Details 27 false false R28.htm 00000028 - Disclosure - Intangible Assets (Details Narrative) Sheet http://amedica.com/role/IntangibleAssetsDetailsNarrative Intangible Assets (Details Narrative) Details http://amedica.com/role/IntangibleAssetsTables 28 false false R29.htm 00000029 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) Sheet http://amedica.com/role/IntangibleAssets-ScheduleOfIntangibleAssetsDetails Intangible Assets - Schedule of Intangible Assets (Details) Details 29 false false R30.htm 00000030 - Disclosure - Fair Value Measurements (Details Narrative) Sheet http://amedica.com/role/FairValueMeasurementsDetailsNarrative Fair Value Measurements (Details Narrative) Details http://amedica.com/role/FairValueMeasurementsTables 30 false false R31.htm 00000031 - Disclosure - Fair Value Measurements - Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Details) Sheet http://amedica.com/role/FairValueMeasurements-ScheduleOfFinancialLiabilitiesMeasuredAtFairValueOnRecurringBasisByLevelWithinFairValueHierarchyDetails Fair Value Measurements - Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Details) Details 31 false false R32.htm 00000032 - Disclosure - Fair Value Measurements - Schedule of Assumptions Used in Estimating Fair Value (Details) Sheet http://amedica.com/role/FairValueMeasurements-ScheduleOfAssumptionsUsedInEstimatingFairValueDetails Fair Value Measurements - Schedule of Assumptions Used in Estimating Fair Value (Details) Details 32 false false R33.htm 00000033 - Disclosure - Accrued Liabilities - Schedule of Accrued Liabilities (Details) Sheet http://amedica.com/role/AccruedLiabilities-ScheduleOfAccruedLiabilitiesDetails Accrued Liabilities - Schedule of Accrued Liabilities (Details) Details 33 false false R34.htm 00000034 - Disclosure - Debt (Details Narrative) Sheet http://amedica.com/role/DebtDetailsNarrative Debt (Details Narrative) Details http://amedica.com/role/DebtTables 34 false false R35.htm 00000035 - Disclosure - Debt - Schedule of Outstanding Long-Term Debt (Details) Sheet http://amedica.com/role/Debt-ScheduleOfOutstandingLong-termDebtDetails Debt - Schedule of Outstanding Long-Term Debt (Details) Details 35 false false R36.htm 00000036 - Disclosure - Equity (Details Narrative) Sheet http://amedica.com/role/EquityDetailsNarrative Equity (Details Narrative) Details http://amedica.com/role/Equity 36 false false R37.htm 00000037 - Disclosure - Stock-Based Compensation - Summary of Stock Option Activity (Details) Sheet http://amedica.com/role/Stock-basedCompensation-SummaryOfStockOptionActivityDetails Stock-Based Compensation - Summary of Stock Option Activity (Details) Details 37 false false R38.htm 00000038 - Disclosure - Stock-Based Compensation - Schedule of Black-Scholes-Merton Option Pricing Model (Details) Sheet http://amedica.com/role/Stock-basedCompensation-ScheduleOfBlack-scholes-mertonOptionPricingModelDetails Stock-Based Compensation - Schedule of Black-Scholes-Merton Option Pricing Model (Details) Details 38 false false R39.htm 00000039 - Disclosure - Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) Sheet http://amedica.com/role/Stock-basedCompensation-ScheduleOfEmployeeServiceShare-basedCompensationAllocationOfRecognizedPeriodCostsDetails Stock-Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) Details 39 false false R40.htm 00000040 - Disclosure - Stock-Based Compensation - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Details) Sheet http://amedica.com/role/Stock-basedCompensation-ScheduleOfUnrecognizedCompensationCostNonvestedAwardsDetails Stock-Based Compensation - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Details) Details 40 false false R41.htm 00000041 - Disclosure - Subsequent Events (Details Narrative) Sheet http://amedica.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://amedica.com/role/SubsequentEvents 41 false false All Reports Book All Reports amda-20170630.xml amda-20170630.xsd amda-20170630_cal.xml amda-20170630_def.xml amda-20170630_lab.xml amda-20170630_pre.xml http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/dei/2014-01-31 true true ZIP 58 0001493152-17-012211-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-17-012211-xbrl.zip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�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