0001571049-17-008413.txt : 20171103 0001571049-17-008413.hdr.sgml : 20171103 20171103161627 ACCESSION NUMBER: 0001571049-17-008413 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171103 DATE AS OF CHANGE: 20171103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Semler Scientific, Inc. CENTRAL INDEX KEY: 0001554859 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 261367393 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36305 FILM NUMBER: 171176601 BUSINESS ADDRESS: STREET 1: 2330 N.W. EVERETT STREET CITY: PORTLAND STATE: OR ZIP: 97210 BUSINESS PHONE: 408-627-4557 MAIL ADDRESS: STREET 1: 2330 N.W. EVERETT STREET CITY: PORTLAND STATE: OR ZIP: 97210 10-Q 1 t1702865_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

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

 

For the Quarterly Period Ended September 30, 2017

 

OR

 

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

 

For the Transition Period from ___ to ___

 

Commission File Number 001-36305

 

 

 

SEMLER SCIENTIFIC, INC.

(Exact name of Registrant as specified in its Charter)

 

 

 

Delaware 26-1367393
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
   
2330 N.W. Everett  
Portland, Oregon 97210
(Address of principal executive offices) (Zip Code)

 

Registrant's Telephone Number, Including Area Code: (877) 774-4211

 

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 þ  No ¨   

 

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ  No ¨

 

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

 

Large Accelerated Filer ¨   Accelerated Filer ¨
         
Non-Accelerated Filer ¨   Smaller Reporting Company x
(Do not check if a smaller reporting company)        
Emerging growth company x      

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

As of November 2, 2017, there were 5,463,568 shares of the issuer’s common stock, $0.001 par value per share, outstanding.

 

 

 

 

 

TABLE OF CONTENTS

 

      Page
Part I.   Financial Information 1
       
Item 1.   Financial Statements 1
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3.   Quantitative and Qualitative Disclosures about Market Risk 19
Item 4.   Controls and Procedures 20
       
Part II.   Other Information 21
       
Item 1.   Legal Proceedings 21
Item 1A.   Risk Factors 21
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 21
Item 3.   Defaults upon Senior Securities 21
Item 4.   Mine Safety Disclosures 21
Item 5.   Other Information 21
Item 6.   Exhibits 21
       
Signatures     22

 

i

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This quarterly report on Form 10-Q contains forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements.

 

In some cases, you can identify forward-looking statements by terminology, such as “expects,” “anticipates,” “intends,” “estimates,” “plans,” “believes,” “seeks,” “may,” “should,” “continue,” “could” or the negative of such terms or other similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this report.

 

You should read this quarterly report and the documents that we reference herein and therein and have filed as exhibits to this report, completely and with the understanding that our actual future results may be materially different from what we expect. You should assume that the information appearing in this quarterly report is accurate as of the date of this report only. Because the risk factors referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statements. These risks and uncertainties, along with others, are described above under the heading “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 17, 2017. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of the information presented in this quarterly report, and particularly our forward-looking statements, by these cautionary statements.

 

ii

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Semler Scientific, Inc.

Condensed Statements of Operations

(In thousands of U.S. Dollars, except share and per share data)

 

   (Unaudited)   (Unaudited) 
   For the three months ended
September 30		   For the nine months ended
September 30		 
   2017   2016   2017   2016 
                 
Revenue  $3,607   $1,982   $8,239   $5,118 
                     
Operating expenses:                    
Cost of revenue   724    398    1,855    1,348 
Engineering and product development   432    183    1,345    634 
Sales and marketing   1,350    950    3,502    2,952 
General and administrative   1,025    706    2,765    2,236 
Total operating expenses   3,531    2,237    9,467    7,170 
Income (loss) from operations   76    (255)   (1,228)   (2,052)
                     
Interest expense   (42)   (40)   (190)   (81)
Interest expense– related parties   (75)   (65)   (158)   (194)
Loss on extinguishment of loans   -    -    (179)   - 
Other expense   -    (2)   (8)   (7)
Other expense   (117)   (107)   (535)   (282)
                     
Net loss  $(41)  $(362)  $(1,763)  $(2,334)
                     
Net loss per share, basic and diluted  $(0.01)  $(0.07)  $(0.33)  $(0.46)
                     
Weighted average number of shares used in computing basic and diluted loss per share   5,463,568    5,123,568    5,346,178    5,123,568 

 

See accompanying notes to unaudited condensed financial statements.

 

1

 

Semler Scientific, Inc.

Condensed Balance Sheets

(In thousands of U.S. Dollars, except share and per share data)

 

   (Unaudited)
September 30,		   December 31, 
   2017   2016 
         
Assets          
           
Current assets:          
Cash  $578   $622 
Trade accounts receivable, net of allowance for doubtful accounts of $35 and $87, respectively   1,477    877 
Prepaid expenses and other current assets   158    93 
Total current assets   2,213    1,592 
           
Assets for lease, net   1,173    875 
Property and equipment, net   470    590 
Long-term deposits   15    15 
Total assets  $3,871   $3,072 
           
Liabilities and Stockholders' Deficit          
           
Current liabilities:          
Accounts payable  $647   $450 
Accrued expenses   2,880    2,185 
Deferred revenue   875    513 
Accrued interest   143    - 
Loans payable net of debt discount of $23 and $0, respectively   1,033    81 
Total current liabilities   5,578    3,229 
           
Long-term liabilities:          
           
Deferred rent, less current portion   13    35 
Accrued interest, less current portion   -    71 
Accrued interest – related parties   22    124 
Loans payable net of debt discount of $0 and $65, respectively, less current portion   36    938 
Related party loans payable net of debt discount of $17 and $156, respectively   1,810    1,594 
Total long-term liabilities   1,881    2,762 
           
Stockholders' deficit:          
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,488,568 and 5,148,568 shares issued, and 5,463,568 and 5,123,568 outstanding (treasury shares of 25,000 and 25,000), respectively   5    5 
Additional paid-in capital   23,093    21,998 
Accumulated deficit   (26,686)   (24,922)
           
Total stockholders' deficit   (3,588)   (2,919)
           
Total liabilities and stockholders' deficit  $3,871   $3,072 

 

See accompanying notes to unaudited condensed financial statements.

 

2

 

Semler Scientific, Inc.

Condensed Statements of Cash Flows

(In thousands of U.S. Dollars) 

 

   (Unaudited)
Nine months ended September 30		 
   2017   2016 
     
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(1,763)  $(2,334)
           
Reconciliation of Net Loss to Net Cash Provided by (Used in) Operating Activities:          
Amortization of debt discount   138    133 
Accretion of non-cash interest   109    - 
Loss on extinguishment of debt   179    - 
Depreciation   409    336 
Gain on disposal of property and equipment   (1)   - 
Loss on disposal of assets for lease   200    149 
Allowance for doubtful accounts   7    66 
Stock-based compensation expense   253    222 
Changes in Operating Assets and Liabilities:          
Trade accounts receivable   (607)   315 
Prepaid expenses and other current assets   (65)   (80)
Accounts payable   197    (558)
Accrued expenses   763    130 
Deferred revenue   362    (285)
Net Cash Provided by (Used in) Operating Activities   181    (1,906)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Additions to property and equipment   (24)   (140)
Proceeds from disposal of property and equipment   2    - 
Purchase of assets for lease   (764)   (415)
Net Cash Used in Investing Activities   (786)   (555)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from issuance of common stock   475    - 
Proceeds from stock option exercise   78    - 
Proceeds from loans payable   114    2,590 
Payments of loans payable   (106)   (17)
Net Cash Provided by Financing Activities   561    2,573 
           
(DECREASE) INCREASE IN CASH   (44)   112 
CASH, BEGINNING OF PERIOD   622    405 
           
CASH, END OF PERIOD  $578   $517 
Cash paid for interest  $10   $3 
Supplemental disclosure of noncash financing activities:          
Reclassification of accrued interest to debt upon extinguishment  $162   $- 
Fair value of warrants issued to lenders  $288   $322 

 

See accompanying notes to unaudited condensed financial statements

 

3

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands of U.S. Dollars, except share and per share data)

 

1.Basis of Presentation

 

Semler Scientific, Inc., a Delaware corporation (“Semler” or “the Company”), prepared the unaudited interim financial statements included in this report in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 17, 2017 (the “Annual Report”). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year.

 

Emerging Growth Company Election

 

The JOBS Act provides that an emerging growth company, such as the Company, can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies. The Company elected to avail itself of this exemption. As a result, its financial statements may not be comparable to other public companies that comply with public company effective dates. In the future, the Company may elect to opt out of the extended period for adopting new accounting standards. If it does so, it would need to disclose such decision and it would be irrevocable.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The amendment in this ASU provides guidance on the revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The core principle of this update provides guidance to identify the performance obligations under the contract(s) with a customer and how to allocate the transaction price to the performance obligations in the contract. It further provides guidance to recognize revenue when (or as) the entity satisfies a performance obligation. This standard will replace most existing revenue recognition guidance. ASU No. 2014-09 is effective for the Company’s year ending December 31, 2018. On August 8, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU No. 2014-09 by one year, and permits early adoption as long as the adoption date is not before the original public entity effective date. Since the issuance of ASU 2014-09, the FASB has issued several amendments which clarify certain points, including ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients. The Company will adopt the new standard in the first quarter of fiscal year 2019. The Company is currently evaluating the method of adoption and effect the new standard will have on its financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a Company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about the company’s ability to continue as a going concern within one year from the date the financial statements are issued. This standard is effective for annual periods ending after December 15, 2016, and for interim periods within annual periods beginning after December 15, 2016 with early adoption permitted. The Company adopted the new standard in the first quarter of fiscal year 2017. The adoption of this standard has not had a material impact on its financial statements.

 

4

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, to reduce complexity and simplify the reporting of deferred income tax liabilities and assets. Current GAAP requires an entity to separate deferred income tax liabilities into current and noncurrent amounts in a classified balance sheet. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendment of this Update. This standard is effective for the Company’s annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Company will adopt the new standard in fiscal year 2018. The Company maintains full valuation allowances on all deferred tax balances, and therefore, the adoption of this standard is not anticipated to have a material impact on its financial statements.

 

In January 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). Under the new guidance in ASU No. 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged, however, certain targeted improvements were made. ASU No. 2016-02 also simplifies the accounting for sale and leaseback transactions. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. ASU No. 2016-02 is effective for the Company’s annual periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company will adopt the new standard in the first quarter of fiscal year 2020. The Company is currently evaluating the impact that this new standard will have on its financial statements.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The amendments in ASU No. 2016-09 are intended to simplify several aspects of the accounting for employee share-based payment transactions including requiring excess benefits and deficiencies to be recognized as a component of income tax expense rather than equity, allowing an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur, and classification of certain items in the statement of cash flows. The standard is effective for the Company’s annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018, with early adoption permitted.  The Company adopted this standard in the first quarter of fiscal year 2017.  The adoption of this standard did not have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU No. 2017-09”). ASU No. 2017-09 is intended to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in ASU No. 2016-09 to a change to the terms or conditions of a share-based payment award. The amendments in ASU No. 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This ASU is the final version of Proposed ASU 2016-360, Compensation -Stock Compensation (Topic 718) - Scope of Modification Accounting, which has been deleted. The amendments in ASU No. 2017-09 are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. This ASU is not expected to have a material impact on the Company’s financial statements.

 

2.Going Concern

 

The Company has incurred recurring losses since inception and expects to continue to incur losses as a result of costs and expenses related to the Company’s marketing and other promotional activities, as well as continued research and development of its products. As of September 30, 2017, the Company has negative working capital of $3,365, cash of $578 and stockholders’ deficit of $3,588. The Company’s principal sources of cash have included the issuance of equity securities, and to a lesser extent, borrowings under loan agreements and revenue from leasing its product. To increase revenue, the Company’s operating expenses will continue to grow and, as a result, the Company will need to generate significant additional revenues to achieve profitability. The Company also had $2,880 of accrued expenses as of September 30, 2017, which includes an aggregate of $2,412 of deferred fees and compensation payable no later than January 1, 2018.

 

5

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

The Company’s financial statements as of September 30, 2017 have been prepared under the assumption that the Company will continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to attain further operating efficiencies and, ultimately, to generate additional revenue. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company can give no assurances that additional capital that the Company is able to obtain, if any, will be sufficient to meet the Company’s needs. The foregoing conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

3.Assets for Lease, net

 

Assets for lease consist of the following:

 

   September 30,
2017		   December 31,
2016		 
   (Unaudited)     
Assets for lease  $1,804   $1,361 
Less: accumulated depreciation   (631)   (486)
Assets for lease, net  $1,173   $875 

 

Depreciation expense amounted to $81 for each of the three months ended September 30, 2017 and 2016, respectively. Depreciation expense amounted to $266 and $243 for the nine months ended September 30, 2017 and 2016, respectively. Reduction to accumulated depreciation for returned items was $30 and $91 for the three months ended September 30, 2017 and 2016, respectively. Reduction to accumulated depreciation for returned items was $121 and $208 for the nine months ended September 30, 2017 and 2016, respectively.

 

4.Property and Equipment, net

 

Capital assets consist of the following:

 

   September 30,
2017		   December 31,
2016		 
   (Unaudited)     
Capital assets  $783   $760 
Less: accumulated depreciation   (313)   (170)
Capital assets, net  $470   $590 

 

Depreciation expense amounted to $47 and $33 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense amounted to $143 and $92 for the nine months ended September 30, 2017 and 2016, respectively.

 

 6 

 

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

5.Accrued Expenses

 

Accrued expenses consist of the following:

 

   September 30,
2017		   December 31,
2016		 
   (Unaudited)     
Offering costs(1)  $172   $227 
Compensation(2)   2,240    1,481 
Board of directors fees(3)   132    191 
Miscellaneous accruals   336    286 
Total accrued expenses  $2,880   $2,185 

 

 

  

(1)Accumulated offering costs accrued pertain to consulting fees associated with securing equity financing for the Company prior to the initial public offering. Prior to becoming Chief Executive Officer (“CEO”), the Company’s current CEO performed consulting services for the Company, which included managing finance, sales, marketing, operational and strategic planning for the Company, as well as assistance and strategic guidance in securing financing. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. The Company began making monthly payments on these delayed consulting fees during the quarter ended September 30, 2017.

 

(2)Three employees agreed to further defer amounts accrued to them as of December 31, 2016. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.

 

(3)Two members of the Company’s board of directors agreed to further defer fees earned from August 2016 to July 2017. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.

 

6.Facilities Leases

 

The Company recognized facilities lease expenses of $17 and $16 for the three months ended September 30, 2017 and 2016, respectively. The Company recognized facilities lease expenses of $50 and $53 for the nine months ended September 30, 2017 and 2016, respectively.

 

On September 23, 2014, the Company entered into a 36-month lease agreement for office space for the sales and marketing team located in Menlo Park, CA. The lease term commenced February 1, 2015 and is effective through January 31, 2018. Payments required under the terms of the lease are $17.0 per month from February 2015 to January 2016, $17.5 per month from February 2016 to January 2017, and $18.0 per month from February 2017 to January 2018. The Company anticipates total future lease payments of $54.0 for the year ended December 31, 2017 and $18.0 for the year ended December 31, 2018. On July 15, 2015, the Company entered into a 30-month sublease agreement for the Menlo Park office space, which commenced August 1, 2015 and is effective through the term of the lease, January 31, 2018. Payments required to the Company under the terms of the sublease are $15.5 per month from August 2015 to July 2016, $16.0 per month from August 2016 to July 2017, and $16.5 per month from August 2017 to January 2018. The Company anticipates receipt of total future sublease payments of $49.5 for the year ended December 31, 2017 and $16.5 for the year ended December 31, 2018.

 

 7 

 

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

7.Loans Payable

 

   September 30, 2017   December 31, 2016 
Lender  Long-term   Short-term   Long-term   Short-term 
Loans from Related Parties                    
Chang Family Trust   1,082         1,000      
Chang Family Trust   495         500      
Glenhill Concentrated Long Master Fund, LLC   250         250      
                     
Other Loans                    
Accredited Investor        700    700      
Accredited Investor        160    160      
Accredited Investor        80    80      
Ascentium Capital, LLC        37         22 
Ascentium Capital, LLC   23    25    42    24 
Royal Bank America Leasing, L.P.        43         25 
Ascentium Capital, LLC   13    11    21    10 
                     
Total   1,863    1,056    2,753    81 
Debt Discounts   (17)   (23)   (221)   - 
Total, net of debt discounts   1,846    1,033    2,532    81 

 

Loans from Related Parties

 

On January 15, 2016, the Company entered into a loan agreement with the Chang Family Trust, one of its significant stockholders, is co-trustee. Pursuant to the loan agreement, the Company obtained a $1,000 unsecured loan, which initially had a 24-month term, at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $1,000 of principal plus all accrued and unpaid interest at maturity. The Company may prepay the notes at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default, and the Company agreed not to incur additional indebtedness in excess of $50 without the lender’s prior consent, which is not to be unreasonably withheld. In connection therewith, the Company issued the Chang Family Trust a two-year warrant to purchase 114,286 shares of its common stock at an exercise price of $1.75 per share. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On January 21, 2016, the Company entered into a second loan agreement with the Chang Family Trust. Pursuant to this loan agreement, the Company obtained a $500 unsecured loan, which initially had a 24-month term at a fixed interest rate of 5% per annum. Under this loan agreement, the Company will pay $500 of principal plus all accrued and unpaid interest at maturity. The Company may prepay the notes at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default, and the Company agreed not to incur additional indebtedness in excess of $50 without the lender’s prior consent, which is not to be unreasonably withheld. In connection therewith, the Company issued the Chang Family Trust a two-year warrant to purchase 114,286 shares of its common stock at an exercise price of $1.75 per share. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On May 2, 2017, the Company entered into an amendment regarding the outstanding promissory notes and warrants issued in January 2016 to the Chang Family Trust. As amended, the maturity date for each note has now been extended by 12 months to January 2019, and the interest rate on the $500 note has been increased to 10.0% per annum for the final 12 months of its term. In each case, interest will accrue on the unpaid principal and accrued interest as of the original two-year maturity date in the final year term of the notes. The other terms of the notes remain unchanged. Additionally, as issued, the warrants were not exercisable, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 19.99% of the Company’s common stock. This condition was removed by the amendments, and accordingly, stockholder approval is no longer required. In connection with the foregoing amendment, the Company issued the Chang Family Trust a warrant to purchase 134,616 shares of its common stock at an exercise price of $2.60 per share. In accordance with FASB Accounting Standards Codification (“ASC”) 815, these warrants were classified within permanent equity. The warrant expires January 21, 2022, three years after the latest maturity date of the promissory notes, as amended. As part of the amendment, the fair value of the warrants are considered in the calculation when determining whether an amendment resulted in a modification or extinguishment of the original loans and in accordance with FASB ASC 470, the Company recorded the amendment as an extinguishment of the original loans which resulted in a loss on extinguishment of $179 as recorded in the statements of operations.

 

On November 21, 2016, the Company entered into a loan agreement with Glenhill Concentrated Long Master Fund, LLC, one of its significant stockholders. Pursuant to the loan agreement, the Company obtained a $250 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $250 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 28,378 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

Other Loans

 

On March 31, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $700 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $700 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 79,459 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

8

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

On April 5, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $160 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $160 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 18,162 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On May 20, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $80 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $80 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 9,081 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

The Company uses the Black-Scholes pricing model to determine the fair value of warrants. The fair value of each warrant is estimated on the date of grant. The fair value of warrants issued in conjunction with the related party loans during 2017 was $288. The fair value of all warrants issued in conjunction with the related party loans and other loans during 2016 was $407. The fair value of the warrants granted is estimated on the date of grant using the Black-Scholes pricing model and the following assumptions for the periods presented:

 

   Three months ended September 30,   Nine months ended September 30, 
   2017   2016   2017   2016 
Expected term (in years)   -    2    4.75    2 
Risk-free interest rate   -%   0.73 – 0.89    1.27%   0.73 – 0.89 
Expected volatility   -%   98.1 – 99.0    104.6%   97.7 – 99.0 
Expected dividend rate   -%   0    0%   0 

 

The assumptions are based on the following for each of the years presented:

 

Valuation Method — The Company estimates the fair value of warrants using the Black-Scholes pricing model.

 

Expected Term — The Company uses the amount of time the warrants are exercisable per the contractual terms of the award.

 

Volatility — The Company derives this number from the historical stock volatility of the Company’s stock over a period approximately equal to the expected term of the warrants.

 

Risk-free Interest Rate — The risk-free interest rate is based on median U.S. Treasury zero coupon issues with remaining terms similar to the expected term on the warrants.

 

Expected Dividend — The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

 

9

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

On July 1, 2016, the Company entered into a software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $39 loan for a 12-month term at a fixed interest rate of 8.9% per annum. to finance its upfront software licensing fee. The Company had no obligation to make any payments during the first three months, and agreed to pay $4.6 of principal and accrued interest for each of the last 9 months of the term. The loan was prepayable at any time prior to maturity without penalty. The agreement provided for customary events of default. This loan was paid in full by maturity in accordance with its terms and is no longer outstanding.

 

On July 8, 2016, the Company entered into an additional software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $74 loan for a 36-month term at a fixed interest rate of 8.9% per annum. Under the loan agreement, the Company agreed to make monthly payments of $2.4 of principal and accrued interest. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On July 11, 2016, the Company entered into a secured equipment financing agreement with Royal Bank America Leasing, L.P. Pursuant to the agreement, the Company obtained a $160 loan for a 36-month term at a fixed interest rate of 7.3% per annum, which is secured by related equipment. The loan is to be disbursed in three installments. The first installment was for $41. The second installment was for $54, and the third installment for $65 will be disbursed in July 2018. Under the loan agreement, the Company paid $3.5 of principal and accrued interest for each of the first 12 months, will pay $4.8 of principal and accrued interest for each of months 13-24, and will pay $5.7 of principal and accrued interest for each of months 25-36. The loan may be prepaid at any time only in accordance with the agreement. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On October 2, 2016, the Company entered into a secured equipment financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $33 loan for a 36-month term at a fixed interest rate of 9.1% per annum. Under the loan agreement, the Company agreed to make monthly payments of $1.0 of principal and accrued interest. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On April 1, 2017, the Company entered into a software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $63 loan for a 12-month term at a fixed interest rate of 10.3% per annum. to finance its upfront software licensing fee. The Company agreed to pay $5.6 of principal and accrued interest for each month of the term. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

For the three months ended September 30, 2017 and 2016, interest expense was $117 and $105, respectively, which included amortization of the debt discount of $17 and $50, respectively. For the nine months ended September 30, 2017 and 2016, interest expense was $348 and $275, respectively, which included amortization of the debt discount of $138 and $133, respectively.

 

Indemnification Obligations

 

The Company enters into agreements with customers, partners, lenders, consultants, lessors, contractors, sales representatives and parties to certain transactions in the ordinary course of the Company’s business. These agreements may require the Company to indemnify the other party against third party claims alleging that its product infringes a patent or copyright. Certain of these agreements require the Company to indemnify the other party against losses arising from: a breach of representations or covenants, claims relating to property damage, personal injury or acts or omissions of the Company, its employees, agents or representatives. The Company has also agreed to indemnify the directors and certain of the officers and employees in accordance with the by-laws of the Company. These indemnification provisions will vary based upon the nature and terms of the agreements. In many cases, these indemnification provisions do not contain limits on the Company’s liability, and the occurrence of contingent events that will trigger payment under these indemnities is difficult to predict. As a result, the Company cannot estimate its potential liability under these indemnities. The Company believes that the likelihood of conditions arising that would trigger these indemnities is remote and, historically, the Company had not made any significant payments under such indemnification provisions. Accordingly, the Company has not recorded any liabilities relating to these agreements. In certain cases, the Company has recourse against third parties with respect to the aforesaid indemnities, and the Company believes it maintains adequate levels of insurance coverage to protect the Company with respect to potential claims arising from such agreements.

 

10

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

8.Net Loss Per Common Share

 

Because the Company was in a loss position for each of the periods presented, diluted net loss per share is the same as basic net loss per share for each period as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:

 

   Three months ended September 30,   Nine months ended September 30, 
   2017   2016   2017   2016 
Weighted average shares outstanding:                    
Common stock warrants   885,982    722,988    780,566    671,516 
Options   1,919,100    2,069,517    2,105,235    2,041,515 
Total   2,805,082    2,792,505    2,885,801    2,713,031 

 

9.Stock Option Plan

 

The Company’s stock-based compensation program is designed to attract and retain employees while also aligning employees' interests with the interests of its stockholders. Stock options have been granted to employees under the stockholder-approved 2007 Key Person Stock Option Plan (“2007 Plan”) or the stockholder-approved 2014 Stock Incentive Plan (“2014 Plan”). Stockholder approval of the 2014 Plan became effective in September 2014. The 2014 Plan originally provided that the aggregate number of shares of common stock that may be issued pursuant to awards granted under the 2014 Plan may not exceed 450,000 shares (the “Share Reserve”), however in October 2015, the stockholders approved a 1,500,000 increase to the Share Reserve. In addition, the Share Reserve automatically increases on January 1st of each year, for a period of not more than 10 years, beginning on January 1st of the year following the year in which the 2014 Plan became effective and ending on (and including) January 1, 2024, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year. The Company’s Board of Directors may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of common stock than would otherwise occur. On January 1, 2015, the Share Reserve increased by 188,640 shares due to the automatic 4% increase. On January 1, 2016, the Share Reserve increased by 204,943 shares due to the automatic 4% increase. On January 1, 2017, the Share Reserve increased by 204,943 shares due to the automatic 4% increase. The Share Reserve is currently 2,548,526 shares for the year ending December 31, 2017.

 

In light of stockholder approval of the 2014 Plan, the Company no longer grants equity awards under the 2007 Plan. As of September 30, 2017, 0 shares of an aggregate total of 407,500 shares were available for future stock-based compensation grants under the 2007 Plan and 871,875 shares of an aggregate total of 2,548,526 shares were available for future stock-based compensation grants under the 2014 Plan.

 

Aggregate intrinsic value represents the difference between the closing market value as of September 30, 2017 of the underlying common stock and the exercise price of outstanding, in-the-money options. A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2017 is as follows:

 

   Options Outstanding 
   Number of
Stock Options
Outstanding		   Weighted
Average
Exercise Price		   Weighted
Average
Remaining
Contractual
Term (In Years)		   Aggregate
Intrinsic Value
 (in thousands)		 
Balance, January 1, 2017   2,049,517   $2.58    7.66   $306 
Options granted   175,000    2.00           
Options exercised   (150,000)   0.52           
Options forfeited/canceled   (155,417)   3.46           
Balance, September 30, 2017   1,919,100   $2.62    7.61   $3,125 
Exercisable as of September 30, 2017   1,468,831   $2.71    7.36   $2,262 

 

11

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

The total compensation cost related to unvested stock option awards not yet recognized was $715 as of September 30, 2017. The weighted average period over which the total unrecognized compensation cost related to these unvested stock awards will be recognized is 2.5 years. The estimated grant date fair value of option shares vested during the three months ended September 30, 2017 and 2016 was $89 and $87, respectively. The estimated grant date fair value of option shares vested during the nine months ended September 30, 2017 and 2016 was $253 and $222, respectively. There were no options granted during the three months ended September 30, 2017 or 2016. The weighted average grant date fair value of options granted during the nine months ended September 30, 2017 and 2016 was $1.54 and $1.43, respectively, or an aggregate grant date fair value of $269 and 229, respectively

 

On January 20, 2017, the Compensation Committee of the Company’s Board of Directors granted, and the full Board ratified, an option to acquire an aggregate of 125,000 shares under the 2014 Plan to the Company’s CEO. This option vests 25% on the one-year anniversary of the grant date and monthly thereafter for 36 months, such that the option is vested in full on the four-year anniversary of the grant date. Also on January 20, 2017, the Company’s Compensation Committee granted, and the full Board ratified, options to each of the then-seated non-employee Directors to acquire 5,000 shares, for an aggregate of 15,000 shares, under the 2014 Plan. These options vest on the one-year anniversary of their grant date. On January 20, 2016, the Company’s Compensation Committee granted, and the full Board ratified, options to each of the then-seated non-employee Directors to acquire 5,000 shares, for an aggregate of 15,000 shares, under the 2014 Plan. These options vested on the one-year anniversary of their grant date.

 

Determining the Fair Value of Stock Options

 

The Company uses the Black-Scholes pricing model to determine the fair value of stock options. The fair value of each option grant is estimated on the date of the grant. The following assumptions for the periods presented were:

 

   Three months ended September 30,   Nine months ended September 30, 
   2017   2016   2017   2016 
Expected term (in years)   -    -    5    5 
Risk-free interest rate   -%   -%   1.94 – 2.02%   1.21%
Expected volatility   -%   -%   104.0 – 106.2%   80.4%
Expected dividend rate   -%   -%   0%    0%

 

The assumptions are based on the following for each of the periods presented:

 

Valuation Method — The Company estimates the fair value of its stock options using the Black-Scholes option pricing model.

 

Expected Term — The Company estimates the expected term consistent with the simplified method identified by the SEC. The Company elected to use the simplified method because of its limited history of stock option exercise activity and its stock options meet the criteria of the “plain-vanilla” options as defined by the SEC. The simplified method calculates the expected term as the average of the vesting and contractual terms of the award.

 

Volatility — The Company derives this number from the historical stock volatility of the Company’s stock over a period approximately equal to the expected term of the options.

 

Risk-free Interest Rate — The risk-free interest rate is based on median U.S. Treasury zero coupon issues with remaining terms similar to the expected term on the options.

 

Expected Dividend — The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

 

Forfeiture — Beginning in the first quarter of 2017, the Company implemented ASU 2016-09 as described in Note 1, and elected to true-up calculations at the time of forfeiture, rather than creating an estimate at the time of option issuance.

 

12

 

Semler Scientific, Inc.

Notes to Condensed Financial Statements

Unaudited

(In thousands, except share and per share data)

 

The Company has recorded an expense of $89 and $87 as it relates to stock-based compensation for the three months ended September 30, 2017 and 2016, respectively. The Company has recorded an expense of $253 and $222 as it relates to stock-based compensation for the nine months ended September 30, 2017 and 2016, respectively:

 

   Three months ended September 30,   Nine months ended September 30 
   2017   2016   2017   2016 
Cost of Revenue  $1   $1   $1   $1 
Engineering and Product Development   12    16    36    35 
Sales and Marketing   24    27    70    70 
General and Administrative   52    43    146    116 
Total  $89   $87   $253   $222 

 

10.Issuance of Common Stock

 

On January 23, 2017, the Company issued and sold 40,000 shares of its common stock to Glenhill Concentrated Long Master Fund, LLC, one of its significant stockholders, pursuant to a stock purchase agreement for $100,000, which was paid in cash. On February 13, 2017, the Company issued and sold an aggregate of 150,000 shares of its common stock to two accredited investors, including GPG RM Investment, LLC, an affiliate of one of its significant stockholders, pursuant to separate stock purchase agreements for an aggregate purchase price of $375,000, which was paid in cash.

 

13

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion and analysis should be read together with our condensed unaudited financial statements and the related notes appearing elsewhere in this quarterly report on Form 10-Q and with the audited financial statements and notes for the fiscal year ended December 31, 2016, and the information under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on March 17, 2017, or the Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” in our Annual Report.

 

Overview

 

 

We are an emerging growth company providing technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. Our mission is to develop, manufacture and market innovative proprietary products and services that assist our customers in evaluating and treating chronic diseases. In 2011, we began commercializing our first patented and U.S. Food and Drug Administration, or FDA, cleared product, which measured arterial blood flow in the extremities to aid in the diagnosis of peripheral arterial disease, or PAD. In March 2015, we received FDA 510(k) clearance for the next generation version of our product, QuantaFlo™, which we began commercializing in August 2015. In April 2015, we launched our multi-test service platform, WellChec™, to more comprehensively evaluate our customers’ patients for chronic disease. In October 2016, we shifted our marketing focus for WellChec™ from direct contracts as the primary WellChec™ service provider to contracts to supply our software and equipment to vendors who employ medical professionals to do annual wellness visits for health insurance plans. We believe our products and services position us to provide valuable information to our customer base of healthcare professionals, which in turn permit them to better guide patient care.

 

In the three months ended September 30, 2017, we had total revenue of $3,607,000 and a net loss of $41,000 compared to total revenue of $1,982,000 and a net loss of $362,000 in the same period in 2016. In the nine months ended September 30, 2017, we had total revenue of $8,239,000 and a net loss of $1,763,000 compared to total revenue of $5,118,000 and a net loss of $2,334,000 in the same period in 2016.

 

Emerging Growth Company Elections

 

The JOBS Act provides that an emerging growth company, such as our company, can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies. We have elected to avail ourselves of this exemption. As a result, our financial statements may not be comparable to other public companies that comply with public company effective dates. In the future, we may elect to opt out of the extended period for adopting new accounting standards. If we do so, we would need to disclose such decision and it would be irrevocable.

 

Factors Affecting Future Results

  

We have not identified any factors that have a recurring effect that are necessary to understand period to period comparisons as appropriate, nor any one-time events that have an effect on the financials. Also, given our relatively limited operating history, we have not yet definitively identified any seasonality. Our customer base has recently expanded to include home risk assessment service providers, almost all of whom compensate us on a fee-per-test model. Our revenues may be affected by seasonality in their business as we only generate revenues when such customers use our vascular testing devices. Although we believe such customers perform more services in the latter half of the year than the first half, we have not yet identified any true seasonality arising from the use of our QuantaFlo™ device on a fee-per-test model by such customers.

 

14

 

Results of Operations

 

Three Months Ended September 30, 2017 Compared to Three Months Ended September 30, 2016

 

Revenue

 

We had revenue of $3,607,000 for the three months ended September 30, 2017, an increase of $1,625,000, or 82%, compared to $1,982,000 in the same period in 2016. Our revenue is primarily generated from our vascular testing systems, which we license to customers for a fixed fee, or receive fees based on usage. For licenses, we recognize revenue monthly for each unit installed with a customer. The average amount recognized each month per unit of product in the field is affected by the mix of units rented by direct customers or distributors, by price changes and by discounts. The primary reason for the increase in revenue was that the total number of installed units in the field generating monthly license revenue grew 31%, and the average amount of revenue recognized per unit increased 15% as compared to the same period in 2016. We believe that growth in the number of monthly invoices is predominately due to our sales and marketing efforts, which added new customers to an established customer base. The change in the average amount of revenue recognized per unit was due to changes in the mix of customers licensing units and the migration to QuantaFlo™ from its lower-priced, predecessor product. We recognized $772,000 of revenue from per-use fees, testing services and other sales during the three months ended September 30, 2017, an increase of $677,000, compared to $95,000 in the same period in 2016.

 

Operating expenses

 

We had total operating expenses of $3,531,000 for the three months ended September 30, 2017, an increase of $1,294,000, or 58%, compared to $2,237,000 in the same period in 2016. The primary reasons for the increase were higher sales and marketing expenses, cost of revenue, general and administrative expense and engineering and product development expense. The changes in the various components of our operating expenses are described below.

 

Cost of revenue

 

We had cost of revenue of $724,000 for the three months ended September 30, 2017, an increase of $326,000, or 82%, from $398,000 for the same period in the previous year. The change was primarily due to an increase of $109,000 in aggregate depreciation of our vascular testing systems in the field, which corresponds to an increase in the total number of monthly depreciation charges for vascular testing systems of 31% and an increase in average depreciation per unit per month of 34%, an increase of $101,000 associated with employees who oversee manufacturing and fulfillment operations as we increased headcount to fulfill increased orders, an increase of $64,000 due to re-allocation of customer support costs from general and administrative expense to cost of revenue, a higher cost of units that were retired of $44,000 and an increase in the aggregate of building lease, freight, and other miscellaneous items of $31,000, partially offset by a decrease in event expenses of $23,000.

 

Engineering and product development expense

 

We had engineering and product development expense of $432,000 for the three months ended September 30, 2017, an increase of $249,000, or 136%, compared to $183,000 in the same period in 2016. We continued to focus our efforts on enhancing product capabilities and customizing software and equipment for our clients to meet their cybersecurity and data analysis needs, which led to increased consulting costs of $154,000, and increased headcount of $95,000.

 

Sales and marketing expense

 

We had sales and marketing expense of $1,350,000 for the three months ended September 30, 2017, an increase of $400,000, or 42%, compared to $950,000 in the same period in 2016. The change was primarily due to higher personnel related expenses (including sales commissions) of $397,000 as we increased customer orders as well as higher miscellaneous expense of $8,000, partially offset by lower stock-based compensation expense of $3,000 and lower expenses for trade shows of $2,000, as compared to the same period in 2016.

 

General and administrative expense

 

We had general and administrative expense of $1,025,000 for the three months ended September 30, 2017, an increase of $319,000, or 45%, compared to $706,000 in the same period in 2016. The change was primarily due to higher salaries and fees for employees, directors, and consultants of $115,000, higher patent and legal expenses of $111,000, higher costs for merchant fees and other expenses of $69,000, higher public company expenses of $29,000, higher insurance premium fees of $28,000, higher audit, taxes and associated expense of $24,000, and higher costs associated with stock-based compensation expense of $8,000, which changes were partially offset by lower expense for uncollectable accounts of $46,000, lower technical support costs of $17,000, and lower travel expenses of $2,000.

 

Other expense

 

We had total other expense of $117,000 for the three months ended September 30, 2017, an increase of $10,000, or 9%, compared to $107,000 in the same period in 2016. The change was primarily due increased interest expense of $12,000, partially offset by lower other expense of $2,000.

 

15

 

Net loss

 

For the foregoing reasons, we had a net loss of $41,000, or $0.01 per share, for the three months ended September 30, 2017, a decrease of $321,000, or 89%, compared to a net loss of $362,000, or $0.07 per share, for the same period in 2016.

 

Nine Months Ended September 30, 2017 Compared to Nine Months Ended September 30, 2016

 

Revenue

 

We had revenue of $8,239,000 for the nine months ended September 30, 2017, an increase of $3,121,000, or 61%, compared to $5,118,000 in the same period in 2016. The primary reason for the increase in revenue was that the total number of installed units in the field generating monthly license revenue grew 22%, and the average amount of revenue recognized per unit increased 14% as compared to the same period in 2016. We believe that growth in the number of monthly invoices is predominately due to our sales and marketing efforts, which added new customers to an established customer base. Change in the average amount of revenue recognized per unit was due to changes in the mix of customers licensing units and the migration to QuantaFlo™ from its lower-priced, predecessor product. We recognized $1,158,000 of revenue from per-use fees, testing services and other sales during the nine months ended September 30, 2017, an increase of $976,000, compared to $182,000 in the same period in 2016. We did not recognize any revenue from WellChec™ during the nine months ended September 30, 2017, compared to a reduction in revenue of $162,000 in the same period in 2016.

 

Operating expenses

 

We had total operating expenses of $9,467,000 for the nine months ended September 30, 2017, an increase of $2,297,000, or 32%, compared to $7,170,000 in the same period in 2016. The primary reasons for the increase were higher engineering and product development expense, general and administrative expense, sales and marketing expense and cost of revenue. The changes in the various components of our operating expenses are described below.

 

Cost of revenue

 

We had cost of revenue of $1,855,000 for the nine months ended September 30, 2017, an increase of $507,000, or 38%, from $1,348,000 for the same period in the previous year. The change was primarily due to an increase of $238,000 associated with employees who oversee manufacturing and fulfillment operations as we increased headcount to fulfill increased orders, an increase of $185,000 in aggregate depreciation of our vascular testing systems in the field, which corresponds to an increase in the total number of monthly depreciation charges for vascular testing systems of 22% and an increase in average depreciation per unit per month of 18%, an increase in the aggregate of building lease, freight, and other miscellaneous items of $69,000, an increase of $64,000 due to re-allocation of customer support costs from general and administrative expense to cost of revenue, and a higher cost of units that were retired of $51,000, partially offset by a decrease in event expenses of $100,000.

 

Engineering and product development expense

 

We had engineering and product development expense of $1,345,000 for the nine months ended September 30, 2017, an increase of $711,000, or 112%, compared to $634,000 in the same period in 2016. In 2017, we began focusing our efforts on enhancing product capabilities and customizing software and equipment for our clients to meet their cybersecurity and data analysis needs. This change in focus led to increased consulting costs of $628,000, increased headcount of $72,000 and increased other expense of $11,000.

 

Sales and marketing expense

 

We had sales and marketing expense of $3,502,000 for the nine months ended September 30, 2017, an increase of $550,000, or 19%, compared to $2,952,000 in the same period in 2016. The change was primarily due to higher personnel related expenses (including sales commissions) of $567,000 commensurate with increased orders and $50,000 in other expense, partially offset by lower travel expenses of $56,000 and lower trade show expense of $11,000, as compared to the same period in 2016.

 

General and administrative expense

 

We had general and administrative expense of $2,765,000 for the nine months ended September 30, 2017, an increase of $529,000, or 24%, compared to $2,236,000 in the same period in 2016. The change was primarily due to higher salaries and fees for employees, directors and consultants of $155,000, higher merchant fees and other expenses of $128,000, higher patent and legal expenses of $124,000, higher insurance premium fees of $94,000, higher technical support costs of $61,000, higher audit, taxes and associated expense of $43,000, higher costs associated with stock-based compensation expense of $30,000, which changes were partially offset by lower expense for uncollectable accounts of $59,000, lower public company expenses of $43,000 and lower travel expenses of $4,000.

 

16

 

Other expense

 

We had total other expense of $535,000 for the nine months ended September 30, 2017, an increase of $253,000, or 90%, compared to $282,000 in the same period in 2016. This increase was primarily due to inclusion of a loss on the extinguishment of loans payable of $179,000, as well as increased interest expense of $73,000. The loss on the extinguishment of loans payable arose due to the May 2017 amendment of our loans from Mr. Chang, which was treated as an extinguishment for accounting purposes. The increase in interest expense was primarily due to an increase in our outstanding indebtedness, as we had $2,328,000 of loans payable net of debt discount (including $1,336,000 due to a related party) at September 30, 2016, compared to $1,846,000 of long-term loans payable, net of debt discount (including $1,810,000, net of debt discount due to related parties) and $1,033,000 of loans payable, net of debt discount, current portion (including $0 due to related parties) at September 30, 2017.

 

Net loss

 

For the foregoing reasons, we had a net loss of $1,763,000, or $0.33 per share, for the nine months ended September 30, 2017, a decrease of $571,000, or 24%, compared to a net loss of $2,334,000, or $0.46 per share, for the same period in 2016.

 

Liquidity and Capital Resources

 

We had cash of $578,000 at September 30, 2017 compared to $622,000 at December 31, 2016, and total current liabilities of $5,578,000 at September 30, 2017 compared to $3,229,000 at December 31, 2016. As of September 30, 2017 we had negative working capital of approximately $3,365,000.

 

In January 2016, we borrowed an aggregate of $1,500,000 from the Chang Family Trust, one of our significant stockholders and the family trust of one of our former Directors, Mr. William H.C. Chang, pursuant to two separate promissory notes and also issued two 2-year warrants to acquire an aggregate 228,572 shares of our common stock at an exercise price of $1.75 per share. In May 2017 we amended the terms of these loans to extend their maturity dates and issued an additional warrant to acquire an additional 134,616 shares, which expires three years after the last maturity date of the loans as amended. On March 31, 2016, we borrowed $700,000 from an accredited investor pursuant to a promissory note and also issued a 2-year warrant to acquire an aggregate 79,459 shares of our common stock at $1.85 per share. On April 5, 2016, we borrowed $160,000 from the same accredited investor pursuant to a promissory note and also issued a 2-year warrant to acquire an aggregate of 18,162 shares of our common stock at $1.85 per share. On May 20, 2016, we borrowed $80,000 from the same accredited investor pursuant to a promissory note and also issued a 2-year warrant to acquire an aggregate of 9,081 shares of our common stock at $1.85 per share. In July 2016 and November 2016 we entered into software and equipment financing arrangements. On November 21, 2016, we borrowed $250,000 from an accredited investor pursuant to a promissory note and also issued a 2-year warrant to acquire an aggregate of 28,378 shares of our common stock at $1.85 per share (see “—Description of Indebtedness”).

 

On January 23, 2017, we issued and sold 40,000 shares of our common stock to Glenhill Concentrated Long Master Fund, LLC, one of our significant stockholders, pursuant to a stock purchase agreement for $100,000, which was paid in cash. On February 13, 2017, we issued and sold an aggregate of 150,000 shares of our common stock to two accredited investors, including GPG RM Investment, LLC, an affiliate of one of our significant stockholders, pursuant to separate stock purchase agreements for an aggregate purchase price of $375,000, which was paid in cash.

 

We have incurred recurring losses since inception and expect to continue to incur losses as a result of costs and expenses related to our marketing and other promotional activities, continued research and development of our products and services. Our principal sources of cash have included the issuance of equity, including our February 2014 initial public offering of common stock, and to a lesser extent, recent private placement offerings of common stock, borrowings under loan agreements, the issuance of promissory notes, and revenue from leasing our product and selling our testing services. We expect that our operating expenses will continue to grow in order to grow our revenues and, as a result, we will need to generate significant additional net revenues to achieve profitability. For these reasons, our independent registered public accountants’ report for the year ended December 31, 2016 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.”

 

17

 

Although we do not have any current capital commitments, we expect that we may increase our expenditures to continue our efforts to grow our business and commercialize our products and services. Accordingly, we currently expect to make additional expenditures in both sales and marketing, and invest in our corporate infrastructure. We also expect to invest in our research and development efforts. We do not have any definitive plans as to the exact amounts or particular uses at this time, and the exact amounts and timing of any expenditure may vary significantly from our current intentions. However, in order to execute on our business plan, and given our current available cash, we anticipate that we will need to raise additional capital. To improve operating cash flow, in 2015, we implemented measures to reduce expenses and renegotiated longer payment terms in our existing contracts, which carried through 2016. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on acceptable terms or whether or not we will generate sufficient revenues to become profitable and have positive operating cash flow. If we are unable to raise sufficient additional funds when necessary, we may need to curtail making additional expenditures and could be required to scale back our business plans, or make other changes until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

 

Operating activities

 

We generated $181,000 of net cash from operating activities for the nine months ended September 30, 2017. Non-cash adjustments to reconcile net loss to net cash provided by operating activities were $1,294,000 in the nine months ended September 30, 2017. These non-cash adjustments primarily reflect depreciation of $409,000, stock-based compensation expense of $253,000, loss on disposal of assets for lease of $200,000, loss on extinguishment of debt of $179,000, amortization of debt discount costs of $138,000, accretion of non-cash interest of $109,000, and allowance for doubtful accounts of $7,000, all partially offset by gain on disposal of asset for lease of $1,000. Cash provided by changes in operating assets and liabilities was $650,000 in the nine months ended September 30, 2017. These changes in operating assets and liabilities included cash provided by accrued expenses of $763,000, deferred revenue of $362,000, and trade accounts payable of $197,000, partially offset by cash used in trade accounts receivable of $607,000, prepaid expenses and other current assets of $65,000.

 

For the same period in 2016, we used $1,906,000 of net cash in operating activities. Non-cash adjustments to reconcile net loss to net cash used in operating activities were $906,000 in the nine months ended September 30, 2016. These non-cash adjustments primarily reflect depreciation of $336,000, loss on disposal of assets for lease of $149,000, stock-based compensation expense of $222,000, amortization of deferred financing costs and debt discounts of $133,000, and allowance for doubtful accounts of $66,000. Cash used by changes in operating assets and liabilities was $478,000 in the nine months ended September 30, 2016. These changes in operating assets and liabilities included cash used in primarily from trade accounts payable of $558,000, deferred revenue of $285,000 and prepaid expenses and other current assets of $80,000, partially offset by net cash provided by trade accounts receivable of $315,000 and accrued expenses of $130,000.

 

Investing activities

 

We used $786,000 of net cash in investing activities for the nine months ended September 30, 2017, primarily from purchases of assets for lease of $764,000, fixed asset purchases of $24,000, partially offset by proceeds from disposal of fixed assets of $2,000. We used $555,000 of net cash in investing activities for the same period in 2016, primarily from purchases of assets for lease of $415,000 and fixed asset purchases of $140,000.

 

Financing activities

 

We generated $561,000 in net cash from financing activities during the nine months ended September 30, 2017 due to proceeds from sales of common stock of $553,000 ($78,000 of which was related to proceeds from exercise of stock options), and proceeds from loans payable of $114,000, partially offset by payments of loans payable of $106,000. We generated $2,573,000 in net cash from financing activities in the same period of 2016 due to proceeds from loans payable of $2,590,000, partially offset by payments of loans payable of $17,000.

 

Description of Indebtedness 

 

In January 2016, we borrowed an aggregate of $1.5 million from the Chang Family Trust, one of our significant stockholders and the family trust of our former director, William H.C. Chang, pursuant to two separate 2-year promissory notes. We amended the terms of the notes in May 2017 to extend the maturity date by one year. The notes bear simple interest ($1.0 million at a rate of 10% per annum, and $0.5 million at 5% per annum) and mature January 21, 2019, as amended, with all interest payable at maturity. We may prepay the notes at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default, and we agreed not to incur additional indebtedness in excess of $50,000 without the lender’s prior consent, which is not to be unreasonably withheld. In connection therewith, we issued the Chang Family Trust a two-year warrant to purchase an aggregate of 228,372 shares of our common stock at an exercise price of $1.75 per share. We amended the warrants in May 2017 to remove the requirement that stockholder approval be obtained if such exercise would result in beneficial ownership of more than 19.99%. In connection with the May 2017 amendment of such notes and warrants, we issued the Chang Family Trust warrants to acquire an aggregate of 134,616 shares of our common stock at $2.60 per share, which warrants expire January 21, 2022, three years after the maturity date of the notes, as amended.

 

18

 

In March 2016, we borrowed an aggregate of $700,000 from an accredited investor, pursuant to a two-year promissory note. The note bears simple interest at a rate of 10% per annum and matures in two years, with all principal and accrued but unpaid interest payable at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, we issued a two-year warrant to purchase an aggregate of 79,459 shares of our common stock at an exercise price of $1.85 per share. The warrants may not be exercised, however, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 4.99% of our common stock.

 

In April 2016, we borrowed an aggregate of $160,000 from an accredited investor, pursuant to a two-year promissory note. The note bears simple interest at a rate of 10% per annum and matures in two years, with all principal and accrued but unpaid interest payable at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, we issued a two-year warrant to purchase an aggregate of 18,162 shares of our common stock at an exercise price of $1.85 per share. The warrants may not be exercised, however, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 4.99% of our common stock.

 

In May 2016, we borrowed an aggregate of $80,000 from an accredited investor, pursuant to a two-year promissory note. The note bears simple interest at a rate of 10% per annum and matures in two years, with all principal and accrued but unpaid interest payable at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, we issued a two-year warrant to purchase an aggregate of 9,081 shares of our common stock at an exercise price of $1.85 per share. The warrants may not be exercised, however, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 4.99% of our common stock.

 

In November 2016, we borrowed an aggregate of $250,000 from an accredited investor, pursuant to a two-year promissory note. The note bears a simple interest rate of 10% per annum and matures in two years, with all principal and accrued but unpaid interest payable at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, we issued a two-year warrant to purchase an aggregate of 28,378 shares of our common stock at an exercise price of $1.85 per share. The warrants may not be exercised, however, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 4.99% of our common stock

 

In addition to the above, we have also entered into other debt financing arrangements, including equipment and software financing arrangements. See Note 7 to our financial statements appearing elsewhere in this interim report on Form 10-Q for description of our outstanding indebtedness.

 

Off-Balance Sheet Arrangements

 

As of each of September 30, 2017 and December 31, 2016, we had no off-balance sheet arrangements.

 

Commitments and Contingencies

 

As of each of September 30, 2017 and December 31, 2016, other than employment/consulting agreements with key executive officers and our facilities lease obligation, we had no material commitments other than the liabilities reflected in our financial statements.

 

JOBS Act

 

In April 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have irrevocably elected to avail ourselves of this extended transition period, and, as a result, we will not adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

19

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

In evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our management, with the participation of our chief executive officer and our vice president, finance, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q. Based on that evaluation, our chief executive officer and our vice president, finance concluded that our disclosure controls and procedures were not effective, at the reasonable assurance level, as of the end of the period covered by this report to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 (1) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) is accumulated and communicated to management, including our chief executive officer and our vice president, finance as appropriate to allow timely decisions regarding required disclosure, due to the existence of the material weaknesses in our internal control over financial reporting.

 

Changes in Internal Control over Financial Reporting

 

In an effort to remediate the material weaknesses in our internal control over financial reporting, in both 2016 and early 2017, we adopted and implemented further policies and procedures with respect to the review, supervision, and monitoring of our accounting and reporting functions. We continue to asses our procedures to improve our internal control over financial reporting. Other than these changes, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during our third fiscal quarter ended September 30, 2017.

 

20

 

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

Not applicable.

 

Item 1A. Risk Factors.

 

Not applicable.

 

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.

 

Not applicable.

 

Item 6. Exhibits.

 

Exh. No.   Exhibit Name
31.1   Rule 13a-14(a) Certification of Principal Executive Officer of Registrant
31.2   Rule 13a-14(a) Certification of Principal Financial Officer of Registrant
32.1   Section 1350 Certification
     
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema
101.CAL   XBRL Taxonomy Extension Calculation Linkbase
101.DEF   XBRL Taxonomy Extension Definition Linkbase
101.LAB   XBRL Taxonomy Extension Label Linkbase
101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

21

 

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.

 

November 3, 2017 SEMLER SCIENTIFIC, INC.
   
  By: /s/ Douglas Murphy-Chutorian, M.D.
    Douglas Murphy-Chutorian, M.D.
    Chief Executive Officer
     
  By: /s/ Daniel Conger
    Daniel Conger
    Vice President, Finance
    Principal Accounting Officer

 

22

 

 EX-31.1 2 t1702865_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Douglas Murphy-Chutorian, M.D., certify that:

 

1.            I have reviewed this quarterly report on Form 10-Q of Semler Scientific, Inc., a Delaware 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(s) 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(s) 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.

 

Dated: November 3, 2017  
  /s/ Douglas Murphy-Chutorian, M.D.
  Douglas Murphy-Chutorian, M.D
  Chief Executive Officer

 

 

 

 EX-31.2 3 t1702865_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

I, Daniel Conger, certify that:

 

1.            I have reviewed this quarterly report on Form 10-Q of Semler Scientific, Inc., a Delaware 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(s) 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(s) 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.

 

Dated: November 3, 2017  
   
  /s/  Daniel Conger
  Daniel Conger, Vice President, Finance
  (Principal Accounting Officer)

 

 

 

 EX-32.1 4 t1702865_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

SECTION 1350 CERTIFICATION

 

Each of the undersigned, Douglas Murphy-Chutorian, M.D., Chief Executive Officer of Semler Scientific, Inc., a Delaware corporation (the “Company”), and Daniel Conger, Vice-President, Finance of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge (1) the quarterly report on Form 10-Q of the Company for the period ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  /s/ Douglas Murphy-Chutorian, M.D.
  Name: Douglas Murphy-Chutorian, M.D.
  Title: Chief Executive Officer
  (Principal Executive Office)
  Dated: November 3, 2017
   
  /s/  Daniel Conger
  Name: Daniel Conger
  Title: Vice President, Finance
  (Principal Accounting Officer)
  Dated: November 3, 2017

 

This certification accompanies and is being “furnished” with this Report, shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

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Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company&#8217;s annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 17, 2017 (the &#8220;Annual Report&#8221;). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. 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This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies. The Company elected to avail itself of this exemption. As a result, its financial statements may not be comparable to other public companies that comply with public company effective dates. In the future, the Company may elect to opt out of the extended period for adopting new accounting standards. If it does so, it would need to disclose such decision and it would be irrevocable.</p> <p style="widows: 2; text-transform: none; text-indent: 30.15pt; margin: 0px 0px 0px 5.85pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; margin-right: 0px; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Recently Issued Accounting Pronouncements</b></p> <p style="widows: 2; text-transform: none; text-indent: -1.35pt; margin: 0px 0px 0px 5.85pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 27pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09,&#160;<i>Revenue from Contracts with Customers</i>. 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Pursuant to the agreement, the Company obtained a $33 loan for a 36-month term at a fixed interest rate of 9.1% per annum. Under the loan agreement, the Company agreed to make monthly payments of $1.0 of principal and accrued interest. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 27pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">On April 1, 2017, the Company entered into a software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $63 loan for a 12-month term at a fixed interest rate of 10.3% per annum. to finance its upfront software licensing fee. The Company agreed to pay $5.6 of principal and accrued interest for each month of the term. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 27pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 27pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">For the three months ended September 30, 2017 and 2016, interest expense was $117 and $105, respectively, which included amortization of the debt discount of $17 and $50, respectively. For the nine months ended September 30, 2017 and 2016, interest expense was $348 and $275, respectively, which included amortization of the debt discount of $138 and $133, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #231f20; margin-right: 0px; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Indemnification Obligations</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 5.85pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 27pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company enters into agreements with customers, partners, lenders, consultants, lessors, contractors, sales representatives and parties to certain transactions in the ordinary course of the Company&#8217;s business. These agreements may require the Company to indemnify the other party against third party claims alleging that its product infringes a patent or copyright. Certain of these agreements require the Company to indemnify the other party against losses arising from: a breach of representations or covenants, claims relating to property damage, personal injury or acts or omissions of the Company, its employees, agents or representatives. The Company has also agreed to indemnify the directors and certain of the officers and employees in accordance with the by-laws of the Company. These indemnification provisions will vary based upon the nature and terms of the agreements. In many cases, these indemnification provisions do not contain limits on the Company&#8217;s liability, and the occurrence of contingent events that will trigger payment under these indemnities is difficult to predict. As a result, the Company cannot estimate its potential liability under these indemnities. The Company believes that the likelihood of conditions arising that would trigger these indemnities is remote and, historically, the Company had not made any significant payments under such indemnification provisions. Accordingly, the Company has not recorded any liabilities relating to these agreements. In certain cases, the Company has recourse against third parties with respect to the aforesaid indemnities, and the Company believes it maintains adequate levels of insurance coverage to protect the Company with respect to potential claims arising from such agreements.</p> Accumulated offering costs accrued pertain to consulting fees associated with securing equity financing for the Company prior to the initial public offering. Prior to becoming Chief Executive Officer ("CEO"), the Company's current CEO performed consulting services for the Company, which included managing finance, sales, marketing, operational and strategic planning for the Company, as well as assistance and strategic guidance in securing financing. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. The Company began making monthly payments on these delayed consulting fees during the quarter ended September 30, 2017. Three employees agreed to further defer amounts accrued to them as of December 31, 2016. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. Two members of the Company's board of directors agreed to further defer fees earned from August 2016 to July 2017. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. smlr:Investor EX-101.SCH 6 smlr-20170930.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Condensed Balance Sheets link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Condensed Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Going Concern link:presentationLink link:definitionLink link:calculationLink 008 - 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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Nov. 02, 2017
Document And Entity Information [Abstract]    
Entity Registrant Name Semler Scientific, Inc.  
Entity Central Index Key 0001554859  
Trading Symbol smlr  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,463,568
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q3  
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Condensed Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 3,607 $ 1,982 $ 8,239 $ 5,118
Operating expenses:        
Cost of revenue 724 398 1,855 1,348
Engineering and product development 432 183 1,345 634
Sales and marketing 1,350 950 3,502 2,952
General and administrative 1,025 706 2,765 2,236
Total operating expenses 3,531 2,237 9,467 7,170
Income (loss) from operations 76 (255) (1,228) (2,052)
Interest expense (42) (40) (190) (81)
Interest expense - related parties (75) (65) (158) (194)
Loss on extinguishment of loans     (179)  
Other expense   (2) (8) (7)
Other expense (117) (107) (535) (282)
Net loss $ (41) $ (362) $ (1,763) $ (2,334)
Net loss per share, basic and diluted (in dollars per share) $ (0.01) $ (0.07) $ (0.33) $ (0.46)
Weighted average number of shares used in computing basic and diluted loss per share (in shares) 5,463,568 5,123,568 5,346,178 5,123,568
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Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 578 $ 622
Trade accounts receivable, net of allowance for doubtful accounts of $35 and $87, respectively 1,477 877
Prepaid expenses and other current assets 158 93
Total current assets 2,213 1,592
Assets for lease, net 1,173 875
Property and equipment, net 470 590
Long-term deposits 15 15
Total assets 3,871 3,072
Current liabilities:    
Accounts payable 647 450
Accrued expenses 2,880 2,185
Deferred revenue 875 513
Accrued interest 143  
Loans payable net of debt discount of $23 and $0, respectively 1,033 81
Total current liabilities 5,578 3,229
Long-term liabilities:    
Deferred rent, less current portion 13 35
Accrued interest, less current portion   71
Accrued interest - related parties 22 124
Loans payable net of debt discount of $0 and $65, respectively, less current portion 36 938
Related party loans payable net of debt discount of $17 and $156, respectively 1,810 1,594
Total long-term liabilities 1,881 2,762
Stockholders' deficit:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,488,568 and 5,148,568 shares issued, and 5,463,568 and 5,123,568 outstanding (treasury shares of 25,000 and 25,000), respectively 5 5
Additional paid-in capital 23,093 21,998
Accumulated deficit (26,686) (24,922)
Total stockholders' deficit (3,588) (2,919)
Total liabilities and stockholders' deficit $ 3,871 $ 3,072
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Condensed Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts on trade accounts receivable (in dollars) $ 35 $ 87
Debt discount on loans payable, current 23 0
Debt discount on loans payable, noncurrent 0 65
Debt discount on related party loans payable, noncurrent $ 17 $ 156
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 5,488,568 5,148,568
Common stock, shares outstanding 5,463,568 5,123,568
Treasury stock, shares 25,000 25,000
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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,763) $ (2,334)
Reconciliation of Net Loss to Net Cash Provided by (Used in) Operating Activities:    
Amortization of debt discount 138 133
Accretion of non-cash interest 109  
Loss on extinguishment of debt 179  
Depreciation 409 336
Gain on disposal of property and equipment (1)  
Loss on disposal of assets for lease 200 149
Allowance for doubtful accounts 7 66
Stock-based compensation expense 253 222
Changes in Operating Assets and Liabilities:    
Trade accounts receivable (607) 315
Prepaid expenses and other current assets (65) (80)
Accounts payable 197 (558)
Accrued expenses 763 130
Deferred revenue 362 (285)
Net Cash Provided by (Used in) Operating Activities 181 (1,906)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property and equipment (24) (140)
Proceeds from disposal of property and equipment 2  
Purchase of assets for lease (764) (415)
Net Cash Used in Investing Activities (786) (555)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 475  
Proceeds from stock option exercise 78  
Proceeds from loans payable 114 2,590
Payments of loans payable (106) (17)
Net Cash Provided by Financing Activities 561 2,573
(DECREASE) INCREASE IN CASH (44) 112
CASH, BEGINNING OF PERIOD 622 405
CASH, END OF PERIOD 578 517
Cash paid for interest 10 3
Supplemental disclosure of noncash financing activities:    
Reclassification of accrued interest to debt upon extinguishment 162  
Fair value of warrants issued to lenders $ 288 $ 322
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Basis of Presentation
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation
1. Basis of Presentation

 

Semler Scientific, Inc., a Delaware corporation (“Semler” or “the Company”), prepared the unaudited interim financial statements included in this report in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 17, 2017 (the “Annual Report”). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year.

 

Emerging Growth Company Election

 

The JOBS Act provides that an emerging growth company, such as the Company, can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies. The Company elected to avail itself of this exemption. As a result, its financial statements may not be comparable to other public companies that comply with public company effective dates. In the future, the Company may elect to opt out of the extended period for adopting new accounting standards. If it does so, it would need to disclose such decision and it would be irrevocable.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The amendment in this ASU provides guidance on the revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The core principle of this update provides guidance to identify the performance obligations under the contract(s) with a customer and how to allocate the transaction price to the performance obligations in the contract. It further provides guidance to recognize revenue when (or as) the entity satisfies a performance obligation. This standard will replace most existing revenue recognition guidance. ASU No. 2014-09 is effective for the Company’s year ending December 31, 2018. On August 8, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU No. 2014-09 by one year, and permits early adoption as long as the adoption date is not before the original public entity effective date. Since the issuance of ASU 2014-09, the FASB has issued several amendments which clarify certain points, including ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients. The Company will adopt the new standard in the first quarter of fiscal year 2019. The Company is currently evaluating the method of adoption and effect the new standard will have on its financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a Company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about the company’s ability to continue as a going concern within one year from the date the financial statements are issued. This standard is effective for annual periods ending after December 15, 2016, and for interim periods within annual periods beginning after December 15, 2016 with early adoption permitted. The Company adopted the new standard in the first quarter of fiscal year 2017. The adoption of this standard has not had a material impact on its financial statements.

 

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, to reduce complexity and simplify the reporting of deferred income tax liabilities and assets. Current GAAP requires an entity to separate deferred income tax liabilities into current and noncurrent amounts in a classified balance sheet. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendment of this Update. This standard is effective for the Company’s annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Company will adopt the new standard in fiscal year 2018. The Company maintains full valuation allowances on all deferred tax balances, and therefore, the adoption of this standard is not anticipated to have a material impact on its financial statements.

 

In January 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). Under the new guidance in ASU No. 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged, however, certain targeted improvements were made. ASU No. 2016-02 also simplifies the accounting for sale and leaseback transactions. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. ASU No. 2016-02 is effective for the Company’s annual periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company will adopt the new standard in the first quarter of fiscal year 2020. The Company is currently evaluating the impact that this new standard will have on its financial statements.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The amendments in ASU No. 2016-09 are intended to simplify several aspects of the accounting for employee share-based payment transactions including requiring excess benefits and deficiencies to be recognized as a component of income tax expense rather than equity, allowing an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur, and classification of certain items in the statement of cash flows. The standard is effective for the Company’s annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018, with early adoption permitted.  The Company adopted this standard in the first quarter of fiscal year 2017.  The adoption of this standard did not have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU No. 2017-09”). ASU No. 2017-09 is intended to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in ASU No. 2016-09 to a change to the terms or conditions of a share-based payment award. The amendments in ASU No. 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This ASU is the final version of Proposed ASU 2016-360, Compensation -Stock Compensation (Topic 718) - Scope of Modification Accounting, which has been deleted. The amendments in ASU No. 2017-09 are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. This ASU is not expected to have a material impact on the Company’s financial statements.
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Going Concern
 9 Months Ended
Sep. 30, 2017
Going Concern [Abstract]  
Going Concern
2. Going Concern

 

The Company has incurred recurring losses since inception and expects to continue to incur losses as a result of costs and expenses related to the Company’s marketing and other promotional activities, as well as continued research and development of its products. As of September 30, 2017, the Company has negative working capital of $3,365, cash of $578 and stockholders’ deficit of $3,588. The Company’s principal sources of cash have included the issuance of equity securities, and to a lesser extent, borrowings under loan agreements and revenue from leasing its product. To increase revenue, the Company’s operating expenses will continue to grow and, as a result, the Company will need to generate significant additional revenues to achieve profitability. The Company also had $2,880 of accrued expenses as of September 30, 2017, which includes an aggregate of $2,412 of deferred fees and compensation payable no later than January 1, 2018.

  

The Company’s financial statements as of September 30, 2017 have been prepared under the assumption that the Company will continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to attain further operating efficiencies and, ultimately, to generate additional revenue. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company can give no assurances that additional capital that the Company is able to obtain, if any, will be sufficient to meet the Company’s needs. The foregoing conditions raise substantial doubt about the Company’s ability to continue as a going concern.
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Assets for Lease, net
 9 Months Ended
Sep. 30, 2017
Leases, Capital [Abstract]  
Assets for Lease, net
3. Assets for Lease, net

 

Assets for lease consist of the following:

 

    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Assets for lease   $ 1,804     $ 1,361  
Less: accumulated depreciation     (631 )     (486 )
Assets for lease, net   $ 1,173     $ 875  

 

Depreciation expense amounted to $81 for each of the three months ended September 30, 2017 and 2016, respectively. Depreciation expense amounted to $266 and $243 for the nine months ended September 30, 2017 and 2016, respectively. Reduction to accumulated depreciation for returned items was $30 and $91 for the three months ended September 30, 2017 and 2016, respectively. Reduction to accumulated depreciation for returned items was $121 and $208 for the nine months ended September 30, 2017 and 2016, respectively.
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Property and Equipment, net
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
4. Property and Equipment, net

 

Capital assets consist of the following:

 

    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Capital assets   $ 783     $ 760  
Less: accumulated depreciation     (313 )     (170 )
Capital assets, net   $ 470     $ 590  

 

Depreciation expense amounted to $47 and $33 for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense amounted to $143 and $92 for the nine months ended September 30, 2017 and 2016, respectively.
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Accrued Expenses
 9 Months Ended
Sep. 30, 2017
Accrued Liabilities, Current [Abstract]  
Accrued Expenses
5. Accrued Expenses

 

Accrued expenses consist of the following:

 

    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Offering costs(1)   $ 172     $ 227  
Compensation(2)     2,240       1,481  
Board of directors fees(3)     132       191  
Miscellaneous accruals     336       286  
Total accrued expenses   $ 2,880     $ 2,185  

 

 

  

(1) Accumulated offering costs accrued pertain to consulting fees associated with securing equity financing for the Company prior to the initial public offering. Prior to becoming Chief Executive Officer (“CEO”), the Company’s current CEO performed consulting services for the Company, which included managing finance, sales, marketing, operational and strategic planning for the Company, as well as assistance and strategic guidance in securing financing. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. The Company began making monthly payments on these delayed consulting fees during the quarter ended September 30, 2017.

 

(2) Three employees agreed to further defer amounts accrued to them as of December 31, 2016. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.

 

(3) Two members of the Company’s board of directors agreed to further defer fees earned from August 2016 to July 2017. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.
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Facilities Leases
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Facilities Leases
6. Facilities Leases

 

The Company recognized facilities lease expenses of $17 and $16 for the three months ended September 30, 2017 and 2016, respectively. The Company recognized facilities lease expenses of $50 and $53 for the nine months ended September 30, 2017 and 2016, respectively.

 

On September 23, 2014, the Company entered into a 36-month lease agreement for office space for the sales and marketing team located in Menlo Park, CA. The lease term commenced February 1, 2015 and is effective through January 31, 2018. Payments required under the terms of the lease are $17.0 per month from February 2015 to January 2016, $17.5 per month from February 2016 to January 2017, and $18.0 per month from February 2017 to January 2018. The Company anticipates total future lease payments of $54.0 for the year ended December 31, 2017 and $18.0 for the year ended December 31, 2018. On July 15, 2015, the Company entered into a 30-month sublease agreement for the Menlo Park office space, which commenced August 1, 2015 and is effective through the term of the lease, January 31, 2018. Payments required to the Company under the terms of the sublease are $15.5 per month from August 2015 to July 2016, $16.0 per month from August 2016 to July 2017, and $16.5 per month from August 2017 to January 2018. The Company anticipates receipt of total future sublease payments of $49.5 for the year ended December 31, 2017 and $16.5 for the year ended December 31, 2018.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Loans Payable
7. Loans Payable

 

    September 30, 2017     December 31, 2016  
Lender   Long-term     Short-term     Long-term     Short-term  
Loans from Related Parties                                
Chang Family Trust     1,082               1,000          
Chang Family Trust     495               500          
Glenhill Concentrated Long Master Fund, LLC     250               250          
                                 
Other Loans                                
Accredited Investor             700       700          
Accredited Investor             160       160          
Accredited Investor             80       80          
Ascentium Capital, LLC             37               22  
Ascentium Capital, LLC     23       25       42       24  
Royal Bank America Leasing, L.P.             43               25  
Ascentium Capital, LLC     13       11       21       10  
                                 
Total     1,863       1,056       2,753       81  
Debt Discounts     (17 )     (23 )     (221 )     -  
Total, net of debt discounts     1,846       1,033       2,532       81  

 

Loans from Related Parties

 

On January 15, 2016, the Company entered into a loan agreement with the Chang Family Trust, one of its significant stockholders, is co-trustee. Pursuant to the loan agreement, the Company obtained a $1,000 unsecured loan, which initially had a 24-month term, at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $1,000 of principal plus all accrued and unpaid interest at maturity. The Company may prepay the notes at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default, and the Company agreed not to incur additional indebtedness in excess of $50 without the lender’s prior consent, which is not to be unreasonably withheld. In connection therewith, the Company issued the Chang Family Trust a two-year warrant to purchase 114,286 shares of its common stock at an exercise price of $1.75 per share. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On January 21, 2016, the Company entered into a second loan agreement with the Chang Family Trust. Pursuant to this loan agreement, the Company obtained a $500 unsecured loan, which initially had a 24-month term at a fixed interest rate of 5% per annum. Under this loan agreement, the Company will pay $500 of principal plus all accrued and unpaid interest at maturity. The Company may prepay the notes at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default, and the Company agreed not to incur additional indebtedness in excess of $50 without the lender’s prior consent, which is not to be unreasonably withheld. In connection therewith, the Company issued the Chang Family Trust a two-year warrant to purchase 114,286 shares of its common stock at an exercise price of $1.75 per share. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On May 2, 2017, the Company entered into an amendment regarding the outstanding promissory notes and warrants issued in January 2016 to the Chang Family Trust. As amended, the maturity date for each note has now been extended by 12 months to January 2019, and the interest rate on the $500 note has been increased to 10.0% per annum for the final 12 months of its term. In each case, interest will accrue on the unpaid principal and accrued interest as of the original two-year maturity date in the final year term of the notes. The other terms of the notes remain unchanged. Additionally, as issued, the warrants were not exercisable, absent receipt of stockholder approval, if after such exercise the holder would be the beneficial owner of more than 19.99% of the Company’s common stock. This condition was removed by the amendments, and accordingly, stockholder approval is no longer required. In connection with the foregoing amendment, the Company issued the Chang Family Trust a warrant to purchase 134,616 shares of its common stock at an exercise price of $2.60 per share. In accordance with FASB Accounting Standards Codification (“ASC”) 815, these warrants were classified within permanent equity. The warrant expires January 21, 2022, three years after the latest maturity date of the promissory notes, as amended. As part of the amendment, the fair value of the warrants are considered in the calculation when determining whether an amendment resulted in a modification or extinguishment of the original loans and in accordance with FASB ASC 470, the Company recorded the amendment as an extinguishment of the original loans which resulted in a loss on extinguishment of $179 as recorded in the statements of operations.

 

On November 21, 2016, the Company entered into a loan agreement with Glenhill Concentrated Long Master Fund, LLC, one of its significant stockholders. Pursuant to the loan agreement, the Company obtained a $250 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $250 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 28,378 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

Other Loans

 

On March 31, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $700 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $700 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 79,459 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On April 5, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $160 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $160 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 18,162 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On May 20, 2016, the Company entered into a loan agreement with an accredited investor. Pursuant to the loan agreement, the Company obtained a $80 unsecured loan for a 24-month term at a fixed interest rate of 10% per annum. Under the loan agreement, the Company will pay $80 of principal plus all accrued but unpaid interest at maturity. The notes may be prepaid at any time prior to maturity without penalty. The notes must be repaid prior to maturity in the event of default. In connection therewith, the Company issued the accredited investor a two-year warrant to purchase 9,081 shares of common stock at an exercise price of $1.85 per share. The warrants may not be exercised absent receipt of stockholder approval if after such exercise the holder would be the beneficial owner of more than 4.99% of the Company’s common stock. The relative fair value of this warrant was recorded as a debt discount on the Company’s balance sheet and partially offsets the total balance due for loans payable. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

The Company uses the Black-Scholes pricing model to determine the fair value of warrants. The fair value of each warrant is estimated on the date of grant. The fair value of warrants issued in conjunction with the related party loans during 2017 was $288. The fair value of all warrants issued in conjunction with the related party loans and other loans during 2016 was $407. The fair value of the warrants granted is estimated on the date of grant using the Black-Scholes pricing model and the following assumptions for the periods presented:

 

    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Expected term (in years)     -       2       4.75       2  
Risk-free interest rate     - %     0.73 – 0.89       1.27 %     0.73 – 0.89  
Expected volatility     - %     98.1 – 99.0       104.6 %     97.7 – 99.0  
Expected dividend rate     - %     0       0 %     0  

 

The assumptions are based on the following for each of the years presented:

 

Valuation Method — The Company estimates the fair value of warrants using the Black-Scholes pricing model.

 

Expected Term — The Company uses the amount of time the warrants are exercisable per the contractual terms of the award.

 

Volatility — The Company derives this number from the historical stock volatility of the Company’s stock over a period approximately equal to the expected term of the warrants.

 

Risk-free Interest Rate — The risk-free interest rate is based on median U.S. Treasury zero coupon issues with remaining terms similar to the expected term on the warrants.

 

Expected Dividend — The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

 

On July 1, 2016, the Company entered into a software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $39 loan for a 12-month term at a fixed interest rate of 8.9% per annum. to finance its upfront software licensing fee. The Company had no obligation to make any payments during the first three months, and agreed to pay $4.6 of principal and accrued interest for each of the last 9 months of the term. The loan was prepayable at any time prior to maturity without penalty. The agreement provided for customary events of default. This loan was paid in full by maturity in accordance with its terms and is no longer outstanding.

 

On July 8, 2016, the Company entered into an additional software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $74 loan for a 36-month term at a fixed interest rate of 8.9% per annum. Under the loan agreement, the Company agreed to make monthly payments of $2.4 of principal and accrued interest. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On July 11, 2016, the Company entered into a secured equipment financing agreement with Royal Bank America Leasing, L.P. Pursuant to the agreement, the Company obtained a $160 loan for a 36-month term at a fixed interest rate of 7.3% per annum, which is secured by related equipment. The loan is to be disbursed in three installments. The first installment was for $41. The second installment was for $54, and the third installment for $65 will be disbursed in July 2018. Under the loan agreement, the Company paid $3.5 of principal and accrued interest for each of the first 12 months, will pay $4.8 of principal and accrued interest for each of months 13-24, and will pay $5.7 of principal and accrued interest for each of months 25-36. The loan may be prepaid at any time only in accordance with the agreement. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On October 2, 2016, the Company entered into a secured equipment financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $33 loan for a 36-month term at a fixed interest rate of 9.1% per annum. Under the loan agreement, the Company agreed to make monthly payments of $1.0 of principal and accrued interest. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

On April 1, 2017, the Company entered into a software license financing agreement with Ascentium Capital, LLC. Pursuant to the agreement, the Company obtained a $63 loan for a 12-month term at a fixed interest rate of 10.3% per annum. to finance its upfront software licensing fee. The Company agreed to pay $5.6 of principal and accrued interest for each month of the term. The loan may be prepaid at any time prior to maturity without penalty. The agreement provides for customary events of default. As of the date of this filing, the Company is in compliance with all terms of this loan.

 

For the three months ended September 30, 2017 and 2016, interest expense was $117 and $105, respectively, which included amortization of the debt discount of $17 and $50, respectively. For the nine months ended September 30, 2017 and 2016, interest expense was $348 and $275, respectively, which included amortization of the debt discount of $138 and $133, respectively.

 

Indemnification Obligations

 

The Company enters into agreements with customers, partners, lenders, consultants, lessors, contractors, sales representatives and parties to certain transactions in the ordinary course of the Company’s business. These agreements may require the Company to indemnify the other party against third party claims alleging that its product infringes a patent or copyright. Certain of these agreements require the Company to indemnify the other party against losses arising from: a breach of representations or covenants, claims relating to property damage, personal injury or acts or omissions of the Company, its employees, agents or representatives. The Company has also agreed to indemnify the directors and certain of the officers and employees in accordance with the by-laws of the Company. These indemnification provisions will vary based upon the nature and terms of the agreements. In many cases, these indemnification provisions do not contain limits on the Company’s liability, and the occurrence of contingent events that will trigger payment under these indemnities is difficult to predict. As a result, the Company cannot estimate its potential liability under these indemnities. The Company believes that the likelihood of conditions arising that would trigger these indemnities is remote and, historically, the Company had not made any significant payments under such indemnification provisions. Accordingly, the Company has not recorded any liabilities relating to these agreements. In certain cases, the Company has recourse against third parties with respect to the aforesaid indemnities, and the Company believes it maintains adequate levels of insurance coverage to protect the Company with respect to potential claims arising from such agreements.
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Net Loss Per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Loss Per Common Share
8. Net Loss Per Common Share

 

Because the Company was in a loss position for each of the periods presented, diluted net loss per share is the same as basic net loss per share for each period as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:

 

    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Weighted average shares outstanding:                                
Common stock warrants     885,982       722,988       780,566       671,516  
Options     1,919,100       2,069,517       2,105,235       2,041,515  
Total     2,805,082       2,792,505       2,885,801       2,713,031  
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Plan
9. Stock Option Plan

 

The Company’s stock-based compensation program is designed to attract and retain employees while also aligning employees' interests with the interests of its stockholders. Stock options have been granted to employees under the stockholder-approved 2007 Key Person Stock Option Plan (“2007 Plan”) or the stockholder-approved 2014 Stock Incentive Plan (“2014 Plan”). Stockholder approval of the 2014 Plan became effective in September 2014. The 2014 Plan originally provided that the aggregate number of shares of common stock that may be issued pursuant to awards granted under the 2014 Plan may not exceed 450,000 shares (the “Share Reserve”), however in October 2015, the stockholders approved a 1,500,000 increase to the Share Reserve. In addition, the Share Reserve automatically increases on January 1st of each year, for a period of not more than 10 years, beginning on January 1st of the year following the year in which the 2014 Plan became effective and ending on (and including) January 1, 2024, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year. The Company’s Board of Directors may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of common stock than would otherwise occur. On January 1, 2015, the Share Reserve increased by 188,640 shares due to the automatic 4% increase. On January 1, 2016, the Share Reserve increased by 204,943 shares due to the automatic 4% increase. On January 1, 2017, the Share Reserve increased by 204,943 shares due to the automatic 4% increase. The Share Reserve is currently 2,548,526 shares for the year ending December 31, 2017.

 

In light of stockholder approval of the 2014 Plan, the Company no longer grants equity awards under the 2007 Plan. As of September 30, 2017, 0 shares of an aggregate total of 407,500 shares were available for future stock-based compensation grants under the 2007 Plan and 871,875 shares of an aggregate total of 2,548,526 shares were available for future stock-based compensation grants under the 2014 Plan.

 

Aggregate intrinsic value represents the difference between the closing market value as of September 30, 2017 of the underlying common stock and the exercise price of outstanding, in-the-money options. A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2017 is as follows:

 

    Options Outstanding  
    Number of
Stock Options
Outstanding		     Weighted
Average
Exercise Price		     Weighted
Average
Remaining
Contractual
Term (In Years)		     Aggregate
Intrinsic Value
 (in thousands)		  
Balance, January 1, 2017     2,049,517     $ 2.58       7.66     $ 306  
Options granted     175,000       2.00                  
Options exercised     (150,000 )     0.52                  
Options forfeited/canceled     (155,417 )     3.46                  
Balance, September 30, 2017     1,919,100     $ 2.62       7.61     $ 3,125  
Exercisable as of September 30, 2017     1,468,831     $ 2.71       7.36     $ 2,262  

  

The total compensation cost related to unvested stock option awards not yet recognized was $715 as of September 30, 2017. The weighted average period over which the total unrecognized compensation cost related to these unvested stock awards will be recognized is 2.5 years. The estimated grant date fair value of option shares vested during the three months ended September 30, 2017 and 2016 was $89 and $87, respectively. The estimated grant date fair value of option shares vested during the nine months ended September 30, 2017 and 2016 was $253 and $222, respectively. There were no options granted during the three months ended September 30, 2017 or 2016. The weighted average grant date fair value of options granted during the nine months ended September 30, 2017 and 2016 was $1.54 and $1.43, respectively, or an aggregate grant date fair value of $269 and 229, respectively

 

On January 20, 2017, the Compensation Committee of the Company’s Board of Directors granted, and the full Board ratified, an option to acquire an aggregate of 125,000 shares under the 2014 Plan to the Company’s CEO. This option vests 25% on the one-year anniversary of the grant date and monthly thereafter for 36 months, such that the option is vested in full on the four-year anniversary of the grant date. Also on January 20, 2017, the Company’s Compensation Committee granted, and the full Board ratified, options to each of the then-seated non-employee Directors to acquire 5,000 shares, for an aggregate of 15,000 shares, under the 2014 Plan. These options vest on the one-year anniversary of their grant date. On January 20, 2016, the Company’s Compensation Committee granted, and the full Board ratified, options to each of the then-seated non-employee Directors to acquire 5,000 shares, for an aggregate of 15,000 shares, under the 2014 Plan. These options vested on the one-year anniversary of their grant date.

 

Determining the Fair Value of Stock Options

 

The Company uses the Black-Scholes pricing model to determine the fair value of stock options. The fair value of each option grant is estimated on the date of the grant. The following assumptions for the periods presented were:

 

    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Expected term (in years)     -       -       5       5  
Risk-free interest rate     - %     - %     1.94 – 2.02 %     1.21 %
Expected volatility     - %     - %     104.0 – 106.2 %     80.4 %
Expected dividend rate     - %     - %     0 %      0 %

 

The assumptions are based on the following for each of the periods presented:

 

Valuation Method — The Company estimates the fair value of its stock options using the Black-Scholes option pricing model.

 

Expected Term — The Company estimates the expected term consistent with the simplified method identified by the SEC. The Company elected to use the simplified method because of its limited history of stock option exercise activity and its stock options meet the criteria of the “plain-vanilla” options as defined by the SEC. The simplified method calculates the expected term as the average of the vesting and contractual terms of the award.

 

Volatility — The Company derives this number from the historical stock volatility of the Company’s stock over a period approximately equal to the expected term of the options.

 

Risk-free Interest Rate — The risk-free interest rate is based on median U.S. Treasury zero coupon issues with remaining terms similar to the expected term on the options.

 

Expected Dividend — The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

 

Forfeiture — Beginning in the first quarter of 2017, the Company implemented ASU 2016-09 as described in Note 1, and elected to true-up calculations at the time of forfeiture, rather than creating an estimate at the time of option issuance.

 

The Company has recorded an expense of $89 and $87 as it relates to stock-based compensation for the three months ended September 30, 2017 and 2016, respectively. The Company has recorded an expense of $253 and $222 as it relates to stock-based compensation for the nine months ended September 30, 2017 and 2016, respectively:

 

    Three months ended September 30,     Nine months ended September 30  
    2017     2016     2017     2016  
Cost of Revenue   $ 1     $ 1     $ 1     $ 1  
Engineering and Product Development     12       16       36       35  
Sales and Marketing     24       27       70       70  
General and Administrative     52       43       146       116  
Total   $ 89     $ 87     $ 253     $ 222  
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Issuance of Common Stock
 9 Months Ended
Sep. 30, 2017
Stockholders' Equity Note [Abstract]  
Issuance of Common Stock
10. Issuance of Common Stock

 

On January 23, 2017, the Company issued and sold 40,000 shares of its common stock to Glenhill Concentrated Long Master Fund, LLC, one of its significant stockholders, pursuant to a stock purchase agreement for $100,000, which was paid in cash. On February 13, 2017, the Company issued and sold an aggregate of 150,000 shares of its common stock to two accredited investors, including GPG RM Investment, LLC, an affiliate of one of its significant stockholders, pursuant to separate stock purchase agreements for an aggregate purchase price of $375,000, which was paid in cash.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies and Estimates (Policies)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

 

Semler Scientific, Inc., a Delaware corporation (“Semler” or “the Company”), prepared the unaudited interim financial statements included in this report in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 17, 2017 (the “Annual Report”). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The amendment in this ASU provides guidance on the revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The core principle of this update provides guidance to identify the performance obligations under the contract(s) with a customer and how to allocate the transaction price to the performance obligations in the contract. It further provides guidance to recognize revenue when (or as) the entity satisfies a performance obligation. This standard will replace most existing revenue recognition guidance. ASU No. 2014-09 is effective for the Company’s year ending December 31, 2018. On August 8, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU No. 2014-09 by one year, and permits early adoption as long as the adoption date is not before the original public entity effective date. Since the issuance of ASU 2014-09, the FASB has issued several amendments which clarify certain points, including ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients. The Company will adopt the new standard in the first quarter of fiscal year 2019. The Company is currently evaluating the method of adoption and effect the new standard will have on its financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a Company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about the company’s ability to continue as a going concern within one year from the date the financial statements are issued. This standard is effective for annual periods ending after December 15, 2016, and for interim periods within annual periods beginning after December 15, 2016 with early adoption permitted. The Company adopted the new standard in the first quarter of fiscal year 2017. The adoption of this standard has not had a material impact on its financial statements.

 

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, to reduce complexity and simplify the reporting of deferred income tax liabilities and assets. Current GAAP requires an entity to separate deferred income tax liabilities into current and noncurrent amounts in a classified balance sheet. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendment of this Update. This standard is effective for the Company’s annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. The Company will adopt the new standard in fiscal year 2018. The Company maintains full valuation allowances on all deferred tax balances, and therefore, the adoption of this standard is not anticipated to have a material impact on its financial statements.

 

In January 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). Under the new guidance in ASU No. 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged, however, certain targeted improvements were made. ASU No. 2016-02 also simplifies the accounting for sale and leaseback transactions. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. ASU No. 2016-02 is effective for the Company’s annual periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company will adopt the new standard in the first quarter of fiscal year 2020. The Company is currently evaluating the impact that this new standard will have on its financial statements.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The amendments in ASU No. 2016-09 are intended to simplify several aspects of the accounting for employee share-based payment transactions including requiring excess benefits and deficiencies to be recognized as a component of income tax expense rather than equity, allowing an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur, and classification of certain items in the statement of cash flows. The standard is effective for the Company’s annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018, with early adoption permitted.  The Company adopted this standard in the first quarter of fiscal year 2017.  The adoption of this standard did not have a material impact on its financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU No. 2017-09”). ASU No. 2017-09 is intended to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in ASU No. 2016-09 to a change to the terms or conditions of a share-based payment award. The amendments in ASU No. 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This ASU is the final version of Proposed ASU 2016-360, Compensation -Stock Compensation (Topic 718) - Scope of Modification Accounting, which has been deleted. The amendments in ASU No. 2017-09 are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. This ASU is not expected to have a material impact on the Company’s financial statements.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Assets for lease, net (Tables)
 9 Months Ended
Sep. 30, 2017
Leases, Capital [Abstract]  
Schedule of assets for lease
    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Assets for lease   $ 1,804     $ 1,361  
Less: accumulated depreciation     (631 )     (486 )
Assets for lease, net   $ 1,173     $ 875  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment, net (Tables)
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Capital assets   $ 783     $ 760  
Less: accumulated depreciation     (313 )     (170 )
Capital assets, net   $ 470     $ 590  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2017
Accrued Liabilities, Current [Abstract]  
Schedule of accrued expenses
    September 30, 
2017		     December 31, 
2016		  
    (Unaudited)        
Offering costs(1)   $ 172     $ 227  
Compensation(2)     2,240       1,481  
Board of directors fees(3)     132       191  
Miscellaneous accruals     336       286  
Total accrued expenses   $ 2,880     $ 2,185  

 

 

  

(1) Accumulated offering costs accrued pertain to consulting fees associated with securing equity financing for the Company prior to the initial public offering. Prior to becoming Chief Executive Officer (“CEO”), the Company’s current CEO performed consulting services for the Company, which included managing finance, sales, marketing, operational and strategic planning for the Company, as well as assistance and strategic guidance in securing financing. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. The Company began making monthly payments on these delayed consulting fees during the quarter ended September 30, 2017.

 

(2) Three employees agreed to further defer amounts accrued to them as of December 31, 2016. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.

 

(3) Two members of the Company’s board of directors agreed to further defer fees earned from August 2016 to July 2017. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Loans Payable
    September 30, 2017     December 31, 2016  
Lender   Long-term     Short-term     Long-term     Short-term  
Loans from Related Parties                                
Chang Family Trust     1,082               1,000          
Chang Family Trust     495               500          
Glenhill Concentrated Long Master Fund, LLC     250               250          
                                 
Other Loans                                
Accredited Investor             700       700          
Accredited Investor             160       160          
Accredited Investor             80       80          
Ascentium Capital, LLC             37               22  
Ascentium Capital, LLC     23       25       42       24  
Royal Bank America Leasing, L.P.             43               25  
Ascentium Capital, LLC     13       11       21       10  
                                 
Total     1,863       1,056       2,753       81  
Debt Discounts     (17 )     (23 )     (221 )     -  
Total, net of debt discounts     1,846       1,033       2,532       81  
Schedule of relative fair value of the warrants granted using the Black-Scholes pricing model
    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Expected term (in years)     -       2       4.75       2  
Risk-free interest rate     - %     0.73 – 0.89       1.27 %     0.73 – 0.89  
Expected volatility     - %     98.1 – 99.0       104.6 %     97.7 – 99.0  
Expected dividend rate     - %     0       0 %     0  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Schedule of common stock equivalents excluded from the computation of diluted net loss per share
    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Weighted average shares outstanding:                                
Common stock warrants     885,982       722,988       780,566       671,516  
Options     1,919,100       2,069,517       2,105,235       2,041,515  
Total     2,805,082       2,792,505       2,885,801       2,713,031  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation activity
    Options Outstanding  
    Number of
Stock Options
Outstanding		     Weighted
Average
Exercise Price		     Weighted
Average
Remaining
Contractual
Term (In Years)		     Aggregate
Intrinsic Value
 (in thousands)		  
Balance, January 1, 2017     2,049,517     $ 2.58       7.66     $ 306  
Options granted     175,000       2.00                  
Options exercised     (150,000 )     0.52                  
Options forfeited/canceled     (155,417 )     3.46                  
Balance, September 30, 2017     1,919,100     $ 2.62       7.61     $ 3,125  
Exercisable as of September 30, 2017     1,468,831     $ 2.71       7.36     $ 2,262  
Schedule of weighted-average Black-Scholes fair value assumptions
    Three months ended September 30,     Nine months ended September 30,  
    2017     2016     2017     2016  
Expected term (in years)     -       -       5       5  
Risk-free interest rate     - %     - %     1.94 – 2.02 %     1.21 %
Expected volatility     - %     - %     104.0 – 106.2 %     80.4 %
Expected dividend rate     - %     - %     0 %      0 %
Schedule of stock-based compensation based on the role and responsibility of the recipient in the Company
    Three months ended September 30,     Nine months ended September 30  
    2017     2016     2017     2016  
Cost of Revenue   $ 1     $ 1     $ 1     $ 1  
Engineering and Product Development     12       16       36       35  
Sales and Marketing     24       27       70       70  
General and Administrative     52       43       146       116  
Total   $ 89     $ 87     $ 253     $ 222  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern (Detail Textuals) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Going Concern [Abstract]        
Working capital deficit $ 3,365      
Cash 578 $ 622 $ 517 $ 405
Stockholders' deficit (3,588) (2,919)    
Accrued expenses 2,880 $ 2,185    
Deferred fees and compensation payable $ 2,412      
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Assets for Lease, net - Summary of assets for lease (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Leases, Capital [Abstract]    
Assets for lease $ 1,804 $ 1,361
Less: accumulated depreciation (631) (486)
Assets for lease, net $ 1,173 $ 875
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Assets for Lease, net (Detail Textuals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Leases, Capital [Abstract]        
Depreciation expense $ 81 $ 81 $ 266 $ 243
Reduction to accumulated depreciation for returned items $ 30 $ 91 $ 121 $ 208
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment, net (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Property, Plant and Equipment [Abstract]    
Capital assets $ 783 $ 760
Less: accumulated depreciation (313) (170)
Capital assets, net $ 470 $ 590
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment, net (Detail Textuals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 47 $ 33 $ 143 $ 92
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses - Summary of accrued expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Accrued Liabilities, Current [Abstract]    
Offering costs [1] $ 172 $ 227
Compensation [2] 2,240 1,481
Board of directors fees [3] 132 191
Miscellaneous accruals 336 286
Total accrued expenses $ 2,880 $ 2,185
[1] Accumulated offering costs accrued pertain to consulting fees associated with securing equity financing for the Company prior to the initial public offering. Prior to becoming Chief Executive Officer ("CEO"), the Company's current CEO performed consulting services for the Company, which included managing finance, sales, marketing, operational and strategic planning for the Company, as well as assistance and strategic guidance in securing financing. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018. The Company began making monthly payments on these delayed consulting fees during the quarter ended September 30, 2017.
[2] Three employees agreed to further defer amounts accrued to them as of December 31, 2016. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.
[3] Two members of the Company's board of directors agreed to further defer fees earned from August 2016 to July 2017. The Company agreed to further delay and continue to accrue these amounts and increase the balance owed by 1% per month beginning January 1, 2017 to be paid no later than January 1, 2018.
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Details textuals)
 9 Months Ended
Sep. 30, 2017
Accrued Liabilities, Current [Abstract]  
Percentage increase in balance owed 1.00%
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Facilities Leases (Detail Textuals) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 15, 2015
Sep. 23, 2014
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property Subject to or Available for Operating Lease [Line Items]            
Lease expense     $ 17,000 $ 16,000 $ 50,000 $ 53,000
Lease Agreement            
Property Subject to or Available for Operating Lease [Line Items]            
Term specified for lease agreement   36 months        
Future lease payments for December 31, 2017     54,000   54,000  
Future lease payments for December 31, 2018     18,000   18,000  
Lease Agreement | Lease term from February 2015 to January 2016            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         17,000  
Lease Agreement | Lease term from February 2016 to January 2017            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         17,500  
Lease Agreement | Lease term from February 2017 to January 2018            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         18,000  
Sub Lease Agreement            
Property Subject to or Available for Operating Lease [Line Items]            
Term specified for lease agreement 30 months          
Future lease payments for December 31, 2017     49,500   49,500  
Future lease payments for December 31, 2018     $ 16,500   16,500  
Sub Lease Agreement | Lease term from August 2015 to July 2016            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         15,500  
Sub Lease Agreement | Lease term from August 2016 to July 2017            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         16,000  
Sub Lease Agreement | August 2017 to January 2018            
Property Subject to or Available for Operating Lease [Line Items]            
Payments required per month under terms of lease agreement         $ 16,500  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Detail) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Line of Credit Facility [Line Items]    
Long-term, Total $ 1,863 $ 2,753
Long-term, Debt Discounts (17) (221)
Long-term, Total, net of debt discounts 1,846 2,532
Short-term, Total 1,056 81
Short-term, Debt Discounts (23)  
Short-term, Total, net of debt discounts 1,033 81
Chang Family Trust    
Line of Credit Facility [Line Items]    
Long-term, Total 1,082 1,000
Chang Family Trust    
Line of Credit Facility [Line Items]    
Long-term, Total 495 500
Glenhill Concentrated Long Master Fund, LLC    
Line of Credit Facility [Line Items]    
Long-term, Total 250 250
Accredited investor    
Line of Credit Facility [Line Items]    
Long-term, Total   700
Short-term, Total 700  
Accredited Investor    
Line of Credit Facility [Line Items]    
Long-term, Total   160
Short-term, Total 160  
Accredited Investor    
Line of Credit Facility [Line Items]    
Long-term, Total   80
Short-term, Total 80  
Ascentium Capital, LLC    
Line of Credit Facility [Line Items]    
Short-term, Total 37 22
Ascentium Capital, LLC    
Line of Credit Facility [Line Items]    
Long-term, Total 23 42
Short-term, Total 25 24
Royal Bank America Leasing, L.P.    
Line of Credit Facility [Line Items]    
Short-term, Total 43 25
Ascentium Capital, LLC    
Line of Credit Facility [Line Items]    
Long-term, Total 13 21
Short-term, Total $ 11 $ 10
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Details 1)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]      
Expected term (in years) 2 years 4 years 9 months 2 years
Risk-free interest rate   1.27%  
Expected volatility   104.60%  
Expected dividend rate 0.00% 0.00% 0.00%
Minimum      
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]      
Risk-free interest rate 0.73%   0.73%
Expected volatility 98.10%   0.89%
Maximum      
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]      
Risk-free interest rate 0.89%   0.89%
Expected volatility 99.00%   99.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Detail Textuals) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
May 02, 2017
Apr. 01, 2017
Oct. 02, 2016
Jul. 11, 2016
Jul. 08, 2016
Jul. 01, 2016
Apr. 05, 2016
Jan. 15, 2016
Nov. 21, 2016
May 20, 2016
Mar. 31, 2016
Jan. 21, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Commitments And Contingencies [Line Items]                                  
Number of warrant issued to purchase common stock 134,616                                
Exercise price per warrants $ 2.60                                
Interest expense                         $ 117,000 $ 105,000 $ 348,000 $ 275,000  
Amortization of debt discount                         17,000 $ 50,000 138,000 $ 133,000  
Fair value of all warrants                         $ 288,000   $ 288,000   $ 407,000
loss on extinguishment $ 179,000                                
Ascentium Capital, LLC | Software license financing agreement                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan   $ 63,000                              
Debt Instrument, Term   12 months                              
Loan rate of interest   10.30%                              
Loan principal and interest payment   $ 5,600                              
Ascentium Capital, LLC | Secured equipment financing agreement                                  
Commitments And Contingencies [Line Items]                                  
Secured Debt     $ 33,000                            
Debt Instrument, Term     36 months                            
Loan rate of interest     9.10%                            
Loan principal and interest payment     $ 1,000                            
Chang Family Trust | Promissory Notes                                  
Commitments And Contingencies [Line Items]                                  
Debt Instrument, Term 2 years                                
Loan rate of interest 10.00%                                
Minimum percentage holding required by holder to retain exercising rights more than 19.99%                                
Extended maturity of debt 12 months                                
Promissory note face value $ 500,000                                
Fixed interest rate 8.9% | Ascentium Capital, LLC | Software license financing agreement                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan         $ 74,000 $ 39,000                      
Debt Instrument, Term         36 months 12 months                      
Loan rate of interest         8.90% 8.90%                      
Loan principal and interest payment         $ 2,400 $ 4,600                      
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan       $ 160,000                          
Debt Instrument, Term       36 months                          
Loan rate of interest       7.30%                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | First installment                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       $ 41,000                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | Second installment                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       54,000                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | Third installment                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       65,000                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | First 12 months                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       3,500                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | Each of months 13-24                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       4,800                          
Fixed interest rate 7.3% | Royal Bank America Leasing, L.P. | Secured equipment financing agreement | Each of months 25-36                                  
Commitments And Contingencies [Line Items]                                  
Loan principal and interest payment       $ 5,700                          
Unsecured Debt | Fixed rate of interest 10%                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan               $ 1,000,000                  
Debt Instrument, Term               24 months                  
Loan rate of interest               10.00%                  
Loan principal and interest payment               $ 1,000,000                  
Additional indebtedness limit               $ 50,000                  
Term of warrant               2 years                  
Number of warrant issued to purchase common stock               114,286                  
Exercise price per warrants               $ 1.75                  
Unsecured Debt | Fixed rate of interest 10% | Accredited investor                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan             $ 160,000     $ 80,000 $ 700,000            
Debt Instrument, Term             24 months     24 months 24 months            
Loan rate of interest             10.00%     10.00% 10.00%            
Loan principal and interest payment             $ 160,000     $ 80,000 $ 700,000            
Term of warrant             2 years     2 years 2 years            
Number of warrant issued to purchase common stock             18,162     9,081 79,459            
Exercise price per warrants             $ 1.85     $ 1.85 $ 1.85            
Minimum percentage holding required by holder to retain exercising rights             more than 4.99%     more than 4.99% more than 4.99%            
Unsecured Debt | Fixed rate of interest 10% | Glenhill Concentrated Long Master Fund, LLC                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan                 $ 250,000                
Debt Instrument, Term                 24 months                
Loan rate of interest                 10.00%                
Loan principal and interest payment                 $ 250,000                
Term of warrant                 2 years                
Number of warrant issued to purchase common stock                 28,378                
Exercise price per warrants                 $ 1.85                
Minimum percentage holding required by holder to retain exercising rights                 more than 4.99%                
Unsecured Debt | Fixed rate of interest 5%                                  
Commitments And Contingencies [Line Items]                                  
Unsecured loan                       $ 500,000          
Debt Instrument, Term                       24 months          
Loan rate of interest                       5.00%          
Loan principal and interest payment                       $ 500,000          
Additional indebtedness limit                       $ 50,000          
Term of warrant                       2 years          
Number of warrant issued to purchase common stock                       114,286          
Exercise price per warrants                       $ 1.75          
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Common Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Weighted average shares outstanding:        
Total 2,805,082 2,792,505 2,885,801 2,713,031
Common stock warrants        
Weighted average shares outstanding:        
Total 885,982 722,988 780,566 671,516
Options        
Weighted average shares outstanding:        
Total 1,919,100 2,069,517 2,105,235 2,041,515
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan - Summary of stock-based compensation activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Number of Stock Options Outstanding    
Balance, January 1, 2017 2,049,517  
Options granted 175,000  
Options exercised (150,000)  
Options forfeited/canceled (155,417)  
Balance, September 30, 2017 1,919,100 2,049,517
Exercisable as of September 30, 2017 1,468,831  
Weighted Average Exercise Price    
Balance, January 1, 2017 $ 2.58  
Options granted 2.00  
Options exercised 0.52  
Options forfeited/canceled 3.46  
Balance, September 30, 2017 2.62 $ 2.58
Exercisable as of September 30, 2017 $ 2.71  
Weighted Average Remaining Contractual Term, Options Outstanding (in years) 7 years 7 months 10 days 7 years 7 months 28 days
Weighted Average Remaining Contractual Term, Options Exercisable (in years) 7 years 4 months 10 days  
Aggregate Intrinsic Value, Options Outstanding $ 3,125 $ 306
Aggregate Intrinsic Value, Options Exercisable $ 2,262  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan - Weighted-average Black-Scholes fair value assumptions (Details 1)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 5 years 5 years
Risk free interest rate   1.21%
Expected volatility   80.40%
Expected dividend rate 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate 1.94%  
Expected volatility 104.00%  
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk free interest rate 2.02%  
Expected volatility 106.20%  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan - Stock-based compensation (Details 2) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 89 $ 87 $ 253 $ 222
Cost of Revenue        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 1 1 1 1
Engineering and Product Development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 12 16 36 35
Sales and Marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 24 27 70 70
General and Administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 52 $ 43 $ 146 $ 116
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Option Plan (Detail Textuals) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 01, 2015
Jan. 31, 2017
Jan. 20, 2017
Jan. 31, 2016
Oct. 31, 2015
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Total unrecognized compensation cost related to non-vested stock options           $ 715   $ 715  
Weighted average period of unvested stock awards               2 years 6 months  
Total estimated grant date fair value of options vested           89 $ 87 $ 253 $ 222
Weighted average grant date fair value of options granted               $ 1.54 $ 1.43
Aggregate grant date fair value               $ 269 $ 229
Stock-based compensation expense           $ 89 $ 87 $ 253 $ 222
2007 Key Person Stock Option Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for future stock-based compensation grants           0   0  
Aggregate number of common shares reserved for future issuance           407,500   407,500  
2014 Stock Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for future stock-based compensation grants           871,875   871,875  
Aggregate number of common shares reserved for future issuance           2,548,526   2,548,526  
2014 Stock Incentive Plan | Stock options                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Aggregate number of share reserve           450,000   450,000  
Maximum term of stock option grants         10 years        
Number of share reserve increased 188,640 204,943   204,943 1,500,000        
Percentage of shares reserve increased 4.00% 4.00%   4.00% 4.00%        
2014 Stock Incentive Plan | Stock options | Board of Directors                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for future stock-based compensation grants     125,000            
Percentage of shares vested on one year anniversary     25.00%            
Number of years in options fully vested     4 years            
2014 Stock Incentive Plan | Stock options | Non Employee Directors                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for future stock-based compensation grants     5,000            
Aggregate number of share reserve     15,000            
Number of years in options fully vested     1 year            
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Issuance of Common Stock (Detail Textuals) - Stock Purchase Agreement
$ in Thousands
 1 Months Ended
Feb. 13, 2017
USD ($)
Investor
shares
Jan. 23, 2017
USD ($)
Investor
shares
Glenhill Concentrated Long Master Fund, LLC    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of common stock issued | shares   40,000
Proceeds from issuance of common stock | $   $ 100,000
Number of investors in stock repurchase programme | Investor   1
Accredited Investors    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of common stock issued | shares 150,000  
Proceeds from issuance of common stock | $ $ 375,000  
Number of investors in stock repurchase programme | Investor 2  
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