Delaware | 001-35376 | 77-0312442 | ||||
(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||
of incorporation or organization) | Identification No.) |
999 18th Street, Suite 1350S |
Denver, Colorado 80202 |
(Address of principal executive offices, zip code) |
(303) 640-3838 |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.0001 per share | GLOW | NYSE American |
Exhibit No. | Description |
Press release of Glowpoint, Inc. dated May 15, 2019. |
GLOWPOINT, INC. | |||
Date: | May 15, 2019 | By: | /s/ Peter Holst |
Name: Peter Holst | |||
Title: Chief Executive Officer | |||
• | Cash of $1.6 million, working capital of $2.3 million and no debt as of March 31, 2019. |
• | Revenue of $2.6 million, net loss of $0.6 million, and adjusted EBITDA (“AEBITDA”) of negative $0.1 million. AEBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Information” below for additional information regarding this non-GAAP financial measure, and “GAAP to Non-GAAP Reconciliation” later in this release for a reconciliation of this non-GAAP financial measure to net loss. |
• | Stockholders’ equity of $6.2 million as of March 31, 2019. |
• | As previously announced, in April 2019 the Company regained full compliance with the NYSE American’s continued listing standards. |
• | As previously announced, in April 2019 the Company and SharedLabs, Inc. mutually agreed to the terminate the previously announced Merger Agreement. SharedLabs has agreed to work with the Company in good faith to reach a resolution with respect to the Company’s rights in connection with the termination of the Merger Agreement, including the payment by SharedLabs of fees and expenses in connection therewith. To the extent it is necessary, the Company expects to utilize available legal remedies in order to pursue the payment by SharedLabs of any such amounts. |
March 31, 2019 | December 31, 2018 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash | $ | 1,589 | $ | 2,007 | |||
Accounts receivable, net | 1,442 | 1,371 | |||||
Prepaid expenses and other current assets | 619 | 547 | |||||
Total current assets | 3,650 | 3,925 | |||||
Property and equipment, net | 610 | 728 | |||||
Goodwill | 2,795 | 2,795 | |||||
Intangibles, net | 467 | 499 | |||||
Other assets | 89 | 15 | |||||
Total assets | $ | 7,611 | $ | 7,962 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 207 | $ | 222 | |||
Accrued expenses and other liabilities | 1,159 | 910 | |||||
Total current liabilities | 1,366 | 1,132 | |||||
Stockholders’ equity: | |||||||
Preferred stock Series A-2, convertible; $.0001 par value; $7,500 stated value; 7,500 shares authorized, 32 shares issued and outstanding and liquidation preference of $323 and $308 at March 31, 2019 and December 31, 2018, respectively | — | — | |||||
Preferred stock Series B, convertible; $.0001 par value; $1,000 stated value; 2,800 shares authorized, no shares issued and outstanding and liquidation preference of $0 at March 31, 2019 and 75 shares issued and outstanding and liquidation preference of $75 at December 31, 2018 | — | — | |||||
Preferred stock Series C, convertible; $.0001 par value; $1,000 stated value; 1,750 shares authorized, 475 shares issued and outstanding and liquidation preference of $475 at March 31, 2019 and 525 shares issued and outstanding and liquidation preference of $525 at December 31, 2018 | — | — | |||||
Common stock, $.0001 par value; 150,000,000 shares authorized; 5,173,900 issued and 5,040,500 outstanding at March 31, 2019 and 5,113,700 issued and 4,981,200 outstanding at December 31, 2018 | 5 | 5 | |||||
Treasury stock, 133,400 and 132,500 shares at March 31, 2019 and December 31, 2018, respectively | (497 | ) | (496 | ) | |||
Additional paid-in capital | 185,008 | 184,994 | |||||
Accumulated deficit | (178,271 | ) | (177,673 | ) | |||
Total stockholders’ equity | 6,245 | 6,830 | |||||
Total liabilities and stockholders’ equity | $ | 7,611 | $ | 7,962 |
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 2,594 | $ | 3,474 | |||
Operating expenses: | |||||||
Cost of revenue (exclusive of depreciation and amortization) | 1,675 | 2,147 | |||||
Research and development | 213 | 250 | |||||
Sales and marketing | 33 | 177 | |||||
General and administrative | 1,112 | 898 | |||||
Impairment charges | — | 650 | |||||
Depreciation and amortization | 159 | 232 | |||||
Total operating expenses | 3,192 | 4,354 | |||||
Loss from operations | (598 | ) | (880 | ) | |||
Interest and other expense, net | — | (405 | ) | ||||
Net loss | (598 | ) | (1,285 | ) | |||
Preferred stock dividends | 15 | 3 | |||||
Net loss attributable to common stockholders | $ | (613 | ) | $ | (1,288 | ) | |
Net loss attributable to common stockholders per share: | |||||||
Basic and diluted net loss per share | $ | (0.12 | ) | $ | (0.28 | ) | |
GAAP to Non-GAAP Reconciliation: | |||||||
Net loss | $ | (598 | ) | $ | (1,285 | ) | |
Depreciation and amortization | 159 | 232 | |||||
Interest and other expense, net | — | 405 | |||||
Income tax expense | — | — | |||||
EBITDA | (439 | ) | (648 | ) | |||
Stock-based compensation | 29 | 50 | |||||
Merger expenses | 261 | — | |||||
Impairment charges | — | 650 | |||||
Adjusted EBITDA | $ | (149 | ) | $ | 52 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (598 | ) | $ | (1,285 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 159 | 232 | |||||
Bad debt expense (recovery) | (4 | ) | 5 | ||||
Amortization of debt discount, net of gain on extinguishment | — | 104 | |||||
Stock-based compensation | 29 | 50 | |||||
Impairment charges | — | 650 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (67 | ) | (80 | ) | |||
Prepaid expenses and other current assets | (72 | ) | 19 | ||||
Other assets | 24 | — | |||||
Accounts payable | (15 | ) | (28 | ) | |||
Accrued expenses and other liabilities | 136 | (139 | ) | ||||
Net cash used in operating activities | (408 | ) | (472 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (9 | ) | (48 | ) | |||
Net cash used in investing activities | (9 | ) | (48 | ) | |||
Cash flows from financing activities: | |||||||
Principal payments under borrowing arrangements | — | (1,832 | ) | ||||
Proceeds from Series C Preferred Stock issuance, net of expenses of $223 | — | 1,527 | |||||
Purchase of treasury stock | (1 | ) | (53 | ) | |||
Net cash used in financing activities | (1 | ) | (358 | ) | |||
Decrease in cash and cash equivalents | (418 | ) | (878 | ) | |||
Cash at beginning of period | 2,007 | 3,946 | |||||
Cash at end of period | $ | 1,589 | $ | 3,068 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for interest | $ | — | $ | 316 | |||
Non-cash investing and financing activities: | |||||||
Accrued preferred stock dividends | $ | 15 | $ | 3 |