(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer ☐ | Accelerated filer ☐ | ||||
Smaller reporting company | |||||
Emerging growth company |
PART I - FINANCIAL INFORMATION | ||||||||
Item 1. Financial Statements | ||||||||
Condensed Consolidated Balance Sheets at September 30, 2023 (unaudited) and December 31, 2022 | ||||||||
Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 | ||||||||
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 | ||||||||
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 | ||||||||
Notes to unaudited Condensed Consolidated Financial Statements | ||||||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Item 4. Controls and Procedures | ||||||||
PART II - OTHER INFORMATION | ||||||||
Item 1. Legal Proceedings | ||||||||
Item 1A. Risk Factors | ||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Item 3. Defaults Upon Senior Securities | ||||||||
Item 4. Mine Safety Disclosures | ||||||||
Item 5. Other Information | ||||||||
Item 6. Exhibits | ||||||||
Signatures |
September 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventory, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Intangibles, net | |||||||||||
Operating lease - right of use asset, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of deferred revenue | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities: | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Deferred revenue, net of current portion | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 11) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock Series F, convertible; $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization and casualty loss) | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses (gains): | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Impairment charges | |||||||||||||||||||||||
Casualty loss (gain), net of insurance proceeds | ( | ||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Interest and other expense, net | |||||||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Interest and other (income) expense, net | ( | ( | ( | ||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax (benefit) expense | ( | ||||||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Preferred stock dividends | |||||||||||||||||||||||
Induced conversion of warrants | |||||||||||||||||||||||
Warrant modification | |||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss attributable to common stockholders per share: | |||||||||||||||||||||||
Basic and diluted net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average number of shares of common stock: | |||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Series F Preferred Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from private placement, net of fees and amounts held in escrow | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise, net of fees | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Release of escrow from March 2023 private placement | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Fees associated with Series F Preferred Stock issuance | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Conversions of Series F Preferred Stock | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Series F Preferred Stock dividends | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock exchanged for pre-funded warrants | — | — | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Conversions of Series F Preferred Stock | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Series F Preferred Stock dividends | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ |
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Forfeiture of unvested stock options | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Bad debt (recovery) expense | ( | ||||||||||
Non-cash lease expense from right-of-use asset | |||||||||||
Stock-based compensation | |||||||||||
Forfeiture of unvested stock options | ( | ||||||||||
Casualty loss, net of insurance proceeds | |||||||||||
Impairment charges - property and equipment | |||||||||||
Impairment charges - intangible assets | |||||||||||
Impairment charges - right of use asset | |||||||||||
Impairment charges - goodwill | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Other assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other current liabilities | ( | ||||||||||
Deferred revenue | ( | ( | |||||||||
Lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ||||||||||
Proceeds from sale of equipment | |||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from private placement, net of issuance costs | |||||||||||
Net proceeds from exercise of common stock warrants | |||||||||||
Net cash provided by financing activities | |||||||||||
Increase (decrease) in cash | ( | ||||||||||
Cash at beginning of period | |||||||||||
Cash at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Preferred stock dividends | $ | $ | |||||||||
Warrant modification | $ | $ | |||||||||
Common stock issued for conversion of Preferred Stock and accrued dividends | $ | $ | |||||||||
Induced exercise of common stock warrants | $ | $ | |||||||||
Lease liability and right of use asset | $ | $ |
As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Developed technology | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
Total | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Compensation costs | $ | $ | |||||||||
Customer deposits | |||||||||||
Professional fees | |||||||||||
Taxes and regulatory fees | |||||||||||
Other accrued expenses and liabilities | |||||||||||
Rent expense | |||||||||||
Accrued preferred stock dividends | |||||||||||
Accrued expenses and other liabilities | $ | $ | |||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Assets | |||||||||||||||||
Operating lease, right-of-use asset, net | $ | $ | |||||||||||||||
Liabilities | |||||||||||||||||
Current portion of operating lease liabilities | $ | $ | |||||||||||||||
Operating lease liabilities, net of current portion | |||||||||||||||||
Total operating lease liabilities | $ | $ |
Remaining Lease Payments | ||||||||
2023 | $ | |||||||
2024 | ||||||||
Total lease payments | ||||||||
Effect of discounting(1) | ||||||||
Total lease liability | $ |
Right-of-Use Asset | Operating Lease Liabilities | |||||||||||||
Balance at December 31, 2021 | $ | $ | ||||||||||||
Additions | ||||||||||||||
Non-cash lease expense and payments | ( | ( | ||||||||||||
Impairment charges | ( | |||||||||||||
Balance at December 31, 2022 | ||||||||||||||
Non-cash lease expense and payments | ( | ( | ||||||||||||
Balance at September 30, 2023 | $ | $ |
Issued Shares as of December 31, 2021 | ||||||||
Issued Shares as of December 31, 2022 | ||||||||
Issuances from Preferred Stock conversions | ||||||||
Issuances related to warrant exercises | ||||||||
Issuances related to stock compensation | ||||||||
Common shares exchanged for prepaid warrants | ( | |||||||
Issued Shares as of September 30, 2023 | ||||||||
Less Treasury Shares: | ||||||||
Outstanding Shares as of September 30, 2023 |
Issue Date | Warrants Outstanding | Exercise Price | Expiration Date | |||||||||||||||||
June 28, 2021 | $ | January 4, 2024 | ||||||||||||||||||
June 28, 2021 | $ | December 31, 2024 | ||||||||||||||||||
March 31, 2023 | $ | September 30, 2028 | ||||||||||||||||||
July 3, 2023 | $ | None | ||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||||
Number of Warrants | Weighted Average Exercise Price | Number of Warrants | Weighted Average Exercise Price | |||||||||||||||||||||||
Warrants outstanding and exercisable, December 31, 2021 | $ | $ | ||||||||||||||||||||||||
Warrants outstanding and exercisable, December 31, 2022 | $ | |||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||
Exercised | ( | ( | $ | |||||||||||||||||||||||
Expired | ( | ( | $ | |||||||||||||||||||||||
Warrants outstanding and exercisable, September 30, 2023 | $ | $ |
Series F Preferred Stock Shares | Accrued Dividends | Weighted Average Conversion Price | Common Shares Issued from Conversions | |||||||||||
March 31, 2023 Issuance | $ | |||||||||||||
Q2 2023 Accrued Dividends | ||||||||||||||
Q2 2023 Conversions | ( | ( | $ | |||||||||||
June 30, 2023 Balance | $ | |||||||||||||
Q3 2023 Accrued Dividends | ||||||||||||||
Q3 2023 Conversions | ( | ( | $ | |||||||||||
September 30, 2023 Balance | $ | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Stock Based Compensation | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Options | $ | $ | $ | $ | |||||||||||||||||||
RSU | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Stock Based Compensation | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Research and Development | $ | $ | $ | $ | ( | ||||||||||||||||||
General & Administrative | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Outstanding | Exercisable | ||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||||||||||||||
Options outstanding and exercisable, December 31, 2021 | $ | $ | |||||||||||||||||||||
Vested | |||||||||||||||||||||||
Expired | ( | ( | |||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Options outstanding and exercisable, December 31, 2022 | |||||||||||||||||||||||
Vested | |||||||||||||||||||||||
Expired | ( | ( | |||||||||||||||||||||
Options outstanding and exercisable, September 30, 2023 | $ | $ | |||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||||||||||
Range of price | Number of Options | Weighted Average Remaining Contractual Life (In Years) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Less: deemed dividend | ( | ( | |||||||||||||||||||||
Less: induced conversion on warrants | ( | ||||||||||||||||||||||
Less: warrant modification | ( | ||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average number of shares of common stock for basic and diluted net loss per share | |||||||||||||||||||||||
Basic and diluted net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Unvested restricted stock awards | |||||||||||
Outstanding stock options | |||||||||||
Common stock issuable upon conversion of Series F Preferred Stock | |||||||||||
Common stock issuable upon conversion of Series F Preferred Warrants | |||||||||||
Common stock issuable upon conversion of Common Stock warrants |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit | $ | $ | $ | $ | |||||||||||||||||||
Gross profit % | % | % | % | ||||||||||||||||||||
Allocated operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Unallocated operating expenses | |||||||||||||||||||||||
Total operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Interest and other (income) expense, net | ( | ( | |||||||||||||||||||||
Net income (loss) before tax | ( | ( | ( | ||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit | $ | $ | $ | $ | |||||||||||||||||||
Gross profit % | % | % | % | ||||||||||||||||||||
Allocated operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Unallocated operating expenses | |||||||||||||||||||||||
Total operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Interest and other expense (income), net | ( | ( | |||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Gross profit (loss)% | % | ( | % | % | |||||||||||||||||||
Allocated operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Unallocated operating expenses | |||||||||||||||||||||||
Total operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Interest and other income, net | ( | ( | ( | ||||||||||||||||||||
Net income (loss) before tax | ( | ( | ( | ||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit | $ | $ | $ | $ | |||||||||||||||||||
Gross profit % | % | % | % | ||||||||||||||||||||
Allocated operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Unallocated operating expenses | |||||||||||||||||||||||
Total operating expenses | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Interest and other expense (income), net | ( | ||||||||||||||||||||||
Net income (loss) before tax | ( | ( | ( | ||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Domestic | $ | $ | $ | $ | |||||||||||||||||||
Foreign | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | % | $ | % | |||||||||||||||||||
Network services | % | % | |||||||||||||||||||||
Professional and other services | % | % | |||||||||||||||||||||
Total Managed Services revenue | $ | % | $ | % | |||||||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | % | $ | % | |||||||||||||||||||
Professional services | % | % | |||||||||||||||||||||
Licensing | % | % | |||||||||||||||||||||
Total Collaboration Products revenue | % | % | |||||||||||||||||||||
Total revenue | $ | % | $ | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | % | $ | % | |||||||||||||||||||
Network services | % | % | |||||||||||||||||||||
Professional and other services | % | % | |||||||||||||||||||||
Total Managed Services revenue | $ | % | $ | % | |||||||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | % | $ | % | |||||||||||||||||||
Professional services | % | % | |||||||||||||||||||||
Licensing | % | % | |||||||||||||||||||||
Total Collaboration Products revenue | % | % | |||||||||||||||||||||
Total revenue | $ | % | $ | % |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Managed Services | % | % | ||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Managed Services | % | % | ||||||||||||||
As of September 30, 2023 | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Segment | % of Accounts Receivable | % of Accounts Receivable | |||||||||||||||
Customer A | Managed Services | % | % | ||||||||||||||
Customer B | Collaboration Products | % | % | ||||||||||||||
Customer C | Collaboration Products | % | % | ||||||||||||||
Customer D | Collaboration Products | % | % | ||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 603 | $ | 269 | $ | — | $ | 872 | |||||||||||||||
Cost of revenues | 398 | 250 | — | 648 | |||||||||||||||||||
Gross profit | $ | 205 | $ | 19 | $ | — | $ | 224 | |||||||||||||||
Gross profit % | 34 | % | 7 | % | 26 | % | |||||||||||||||||
Allocated operating expenses | $ | — | $ | 151 | $ | — | $ | 151 | |||||||||||||||
Unallocated operating expenses | — | — | 998 | 998 | |||||||||||||||||||
Total operating expenses | $ | — | $ | 151 | $ | 998 | $ | 1,149 | |||||||||||||||
Income (loss) from operations | $ | 205 | $ | (132) | $ | (998) | $ | (925) | |||||||||||||||
Interest and other (income) expense, net | (35) | 5 | — | (30) | |||||||||||||||||||
Net income (loss) before tax | 240 | (137) | (998) | (895) | |||||||||||||||||||
Income tax expense | — | — | — | — | |||||||||||||||||||
Net income (loss) | $ | 240 | $ | (137) | $ | (998) | $ | (895) |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 797 | $ | 388 | $ | — | $ | 1,185 | |||||||||||||||
Cost of revenues | 552 | 289 | — | 841 | |||||||||||||||||||
Gross profit | $ | 245 | $ | 99 | $ | — | $ | 344 | |||||||||||||||
Gross profit % | 31 | % | 26 | % | 29 | % | |||||||||||||||||
Allocated operating expenses | $ | — | $ | 6,425 | $ | — | $ | 6,425 | |||||||||||||||
Unallocated operating expenses | — | — | 1,079 | 1,079 | |||||||||||||||||||
Total operating expenses | $ | — | $ | 6,425 | $ | 1,079 | $ | 7,504 | |||||||||||||||
Income (loss) from operations | $ | 245 | $ | (6,326) | $ | (1,079) | $ | (7,160) | |||||||||||||||
Interest and other expense (income), net | 1 | (6) | — | (5) | |||||||||||||||||||
Income (loss) before income taxes | 244 | (6,320) | (1,079) | (7,155) | |||||||||||||||||||
Income tax benefit | — | (3) | — | (3) | |||||||||||||||||||
Net income (loss) | $ | 244 | $ | (6,317) | $ | (1,079) | $ | (7,152) |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 38 | 4 | % | $ | 69 | 6 | % | |||||||||||||||
Network services | 557 | 64 | % | 716 | 60 | % | |||||||||||||||||
Professional and other services | 8 | 1 | % | 12 | 1 | % | |||||||||||||||||
Total Managed Services revenue | $ | 603 | 69 | % | $ | 797 | 67 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 268 | 31 | % | $ | 385 | 33 | % | |||||||||||||||
Professional services | 1 | — | % | — | — | % | |||||||||||||||||
Licensing | — | — | % | 3 | — | % | |||||||||||||||||
Total Collaboration Products revenue | 269 | 31 | % | 388 | 33 | % | |||||||||||||||||
Total revenue | $ | 872 | 100 | % | $ | 1,185 | 100 | % |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cost of Revenue | |||||||||||
Managed Services | $ | 398 | $ | 552 | |||||||
Collaboration Products | 250 | 289 | |||||||||
Total cost of revenue | $ | 648 | $ | 841 |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Operating expenses (gains): | |||||||||||||||||||||||
Research and development | $ | 5 | $ | 232 | $ | (227) | (98) | % | |||||||||||||||
Sales and marketing | 81 | 282 | (201) | (71) | % | ||||||||||||||||||
General and administrative | 977 | 1,229 | (252) | (21) | % | ||||||||||||||||||
Impairment charges | — | 5,169 | (5,169) | (100) | % | ||||||||||||||||||
Depreciation and amortization | 86 | 592 | (506) | (85) | % | ||||||||||||||||||
Total operating expenses | $ | 1,149 | $ | 7,504 | $ | (6,355) | (85) | % |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,933 | $ | 933 | $ | — | $ | 2,866 | |||||||||||||||
Cost of revenues | 1,288 | 956 | — | 2,244 | |||||||||||||||||||
Gross profit (loss) | $ | 645 | $ | (23) | $ | — | $ | 622 | |||||||||||||||
Gross profit (loss)% | 33 | % | (2) | % | 22 | % | |||||||||||||||||
Allocated operating expenses | $ | 3 | $ | 61 | $ | — | $ | 64 | |||||||||||||||
Unallocated operating expenses | — | — | 3,777 | 3,777 | |||||||||||||||||||
Total operating expenses | $ | 3 | $ | 61 | $ | 3,777 | $ | 3,841 | |||||||||||||||
Income (loss) from operations | $ | 642 | $ | (84) | $ | (3,777) | $ | (3,219) | |||||||||||||||
Interest and other income, net | (69) | (25) | — | (94) | |||||||||||||||||||
Net income (loss) before tax | 711 | (59) | (3,777) | (3,125) | |||||||||||||||||||
Income tax expense | 7 | 31 | — | 38 | |||||||||||||||||||
Net income (loss) | $ | 704 | $ | (90) | $ | (3,777) | $ | (3,163) |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 2,573 | $ | 1,477 | $ | — | $ | 4,050 | |||||||||||||||
Cost of revenues | 1,722 | 1,078 | — | 2,800 | |||||||||||||||||||
Gross profit | $ | 851 | $ | 399 | $ | — | $ | 1,250 | |||||||||||||||
Gross profit % | 33 | % | 27 | % | 31 | % | |||||||||||||||||
Allocated operating expenses | $ | 57 | $ | 17,954 | $ | — | $ | 18,011 | |||||||||||||||
Unallocated operating expenses | — | — | 3,954 | 3,954 | |||||||||||||||||||
Total operating expenses | $ | 57 | $ | 17,954 | $ | 3,954 | $ | 21,965 | |||||||||||||||
Income (loss) from operations | $ | 794 | $ | (17,555) | $ | (3,954) | $ | (20,715) | |||||||||||||||
Interest and other expense (income), net | 7 | (6) | — | 1 | |||||||||||||||||||
Net income (loss) before tax | 787 | (17,549) | (3,954) | (20,716) | |||||||||||||||||||
Income tax expense | 8 | — | — | 8 | |||||||||||||||||||
Net income (loss) | $ | 779 | $ | (17,549) | $ | (3,954) | $ | (20,724) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 148 | 5 | % | $ | 264 | 7 | % | |||||||||||||||
Network services | 1,758 | 61 | % | 2,260 | 56 | % | |||||||||||||||||
Professional and other services | 27 | 1 | % | 49 | 1 | % | |||||||||||||||||
Total Managed Services revenue | $ | 1,933 | 67 | % | $ | 2,573 | 64 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 932 | 33 | % | $ | 1,467 | 36 | % | |||||||||||||||
Professional services | 1 | — | % | — | — | % | |||||||||||||||||
Licensing | — | — | % | 10 | — | % | |||||||||||||||||
Total Collaboration Products revenue | 933 | 33 | % | 1,477 | 36 | % | |||||||||||||||||
Total revenue | $ | 2,866 | 100 | % | $ | 4,050 | 100 | % | |||||||||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cost of Revenue | |||||||||||
Managed Services | $ | 1,288 | $ | 1,722 | |||||||
Collaboration Products | 956 | 1,078 | |||||||||
Total cost of revenue | $ | 2,244 | $ | 2,800 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Operating expenses (gains): | |||||||||||||||||||||||
Research and development | $ | 16 | $ | 1,634 | $ | (1,618) | (99) | % | |||||||||||||||
Sales and marketing | 241 | 1,161 | (920) | (79) | % | ||||||||||||||||||
General and administrative | 3,723 | 4,104 | (381) | (9) | % | ||||||||||||||||||
Impairment charges | 2 | 12,715 | (12,713) | (100) | % | ||||||||||||||||||
Casualty loss (gain), net of insurance proceeds | (400) | 533 | (933) | (175) | % | ||||||||||||||||||
Depreciation and amortization | 259 | 1,818 | (1,559) | (86) | % | ||||||||||||||||||
Total operating expenses | $ | 3,841 | $ | 21,965 | $ | (18,124) | (83) | % |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
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4.6 | ||||||||
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4.13 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
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10.6 | ||||||||
31.1* | ||||||||
31.2* |
32.1** | ||||||||
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 |
OBLONG, INC. | ||||||||
November 14, 2023 | By: | /s/ Peter Holst | ||||||
Peter Holst | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
November 14, 2023 | By: | /s/ David Clark | ||||||
David Clark | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, convertible, stated value | $ 5,263,100 | $ 5,263,100 |
Preferred stock, convertible, shares authorized (in shares) | 42,000 | 42,000 |
Preferred stock, shares issued (in shares) | 5,146 | 0 |
Preferred stock, shares outstanding (in shares) | 5,146 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 4,294,455 | 2,070,861 |
Common stock, shares outstanding (in shares) | 4,286,902 | 2,063,308 |
Treasury stock, shares (in shares) | 7,553 | 7,553 |
Business Description and Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Business Description and Significant Accounting Policies | Note 1 - Business Description and Significant Accounting Policies Business Description Oblong, Inc. (“Oblong” or “we” or “us” or the “Company”) was formed as a Delaware corporation in May 2000 and is a provider of patented multi-stream collaboration technologies and managed services for video collaboration and network applications. Basis of Presentation The Company's fiscal year ends on December 31 of each calendar year. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared on substantially the same basis as our annual Consolidated Financial Statements for the fiscal year ended December 31, 2022. In the opinion of the Company's management, these interim Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2022 year-end Condensed Consolidated Balance Sheet data in this document was derived from audited consolidated financial statements. The Condensed Consolidated Financial Statements and notes included in this quarterly report on Form 10-Q do not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company's audited consolidated financial statements as of and for the year ended December 31, 2022 and notes thereto included in the Company's fiscal 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 21, 2023 (the “2022 Annual Report”). The results of operations and cash flows for the interim periods included in these Condensed Consolidated Financial Statements are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. On January 3, 2023, the Company effected a 1-for-15 reverse stock split of its Common Stock. All Common Stock share information (including treasury share information) in our Condensed Consolidated Financial Statements and has been adjusted for this stock split retrospectively for all periods represented herein. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Oblong and our 100%-owned subsidiaries (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, and (ii) Oblong Industries, Inc. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries. Segments The Company currently operates in two segments: (1) “Collaboration Products” which represents the business surrounding our Mezzanine™ product offerings, and (2) “Managed Services” which represents the business surrounding managed services for video collaboration and network solutions. See Note 10 - Segment Reporting for further discussion. Use of Estimates Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability of intangible assets, the inputs used in the valuation of intangible assets in connection with our impairment test, and the inputs used in the fair value of equity-based awards. Significant Accounting Policies The significant accounting policies used in preparation of these Condensed Consolidated Financial Statements are disclosed in our 2022 Annual Report, and there have been no changes to the Company’s significant accounting policies during the nine months ended September 30, 2023. Recently Issued Accounting Pronouncements In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” as amended, which introduced an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The Company adopted the new guidance, as of January 1, 2023, and it did not have a material impact on the Condensed Consolidated Financial Statements. Casualty Loss In June 2022, the Company discovered that $533,000 of inventory was stolen from the Company’s warehouse in City of Industry, California, and we recorded a casualty loss in operating expenses. During the three months ended June 30, 2023, we recorded a recovery payment from one of our insurance policies of $400,000 as an offset to this casualty loss and in other current assets as of June 30, 2023. We received this recovery payment on July 21, 2023.
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Liquidity |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2 - Liquidity As of September 30, 2023, we had $6,766,000 in cash and working capital of $6,297,000. For the nine months ended September 30, 2023, we incurred a net loss of $3,163,000 and used $2,288,000 of net cash in operating activities. We believe that our existing cash will be sufficient to fund our operations and meet our working capital requirements for at least the next 12 months from the filing date of this Report with the SEC.
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Note 3 - Intangible Assets and Goodwill Intangible Assets The following table presents the components of net intangible assets for our Collaboration Products reporting segment (in thousands):
At each reporting period, we determine if there was a triggering event that may result in an impairment of our intangible assets. During the three months ended September 30, 2023, we considered the decline in our stock price to be a triggering event for an impairment test of intangible assets, and during the three months ended March 31, 2023, we considered the declines in revenue for the Collaboration Products reporting segment to be a triggering event for an impairment test of intangible assets for this segment. As the undiscounted cash flows were less than the carrying values of the assets, the company calculated the fair value of the assets. Based on the fair value of the asset group, which was determined using a market approach, no impairment charges were recorded for the three or nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, we considered the declines in revenue for the Collaboration Products reporting segment and the decline in the Company’s market capitalization to be triggering events for an impairment test of intangible assets for this reporting unit. Based on the corresponding recoverability tests of the asset group for this reporting unit, it was determined that the carrying value exceeded the gross cash flows of the asset group. The recoverability test consisted of comparing the estimated undiscounted cash flows expected to be generated by those assets to the respective carrying amounts, and involves significant judgements and assumptions, related primarily to the future revenue and profitability of the assets. Based on the fair value of the asset group, which was determined using a market approach, we recorded impairment charges of $5,132,000 for the three and nine months ended September 30, 2022. Related amortization expense for the three months ended September 30, 2023 and 2022 was $86,000 and $580,000, respectively. Related amortization expense for the nine months ended September 30, 2023 and 2022 was $259,000 and $1,740,000, respectively. Future amortization expense will be as follows (in thousands):
Goodwill During 2022, goodwill was written down to zero with impairment charges of $7,367,000 during the nine months ended September 30, 2022.
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Accrued Expenses and Other Current Liabilities |
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Accrued Expenses and Other Current Liabilities | Note 4 - Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Note 5 - Leases We lease one facility in City of Industry, California, providing warehouse space. This lease expires in February 2024. We currently operate out of remote employment sites with a remote office located at 25587 Conifer Road, Suite 105-231, Conifer, Colorado 80433. Lease expenses including common charges and net of sublet proceeds, for the three months ended September 30, 2023 and 2022, were $35,000 and $92,000, respectively. Lease expenses, including common charges and net of sublet proceeds, for the nine months ended September 30, 2023 and 2022, were $123,000 and $307,000, respectively. Sublease proceeds for the three months ended September 30, 2023 and 2022, were zero and $15,000, respectively. Sublease proceeds for the nine months ended September 30, 2023 and 2022, were $27,000 and $125,000, respectively. The following provides balance sheet information related to leases as of September 30, 2023 and December 31, 2022 (in thousands):
During the three months ended September 30, 2023 and 2022, payments of $26,000 and $110,000 were made on leases, respectively. During the nine months ended September 30, 2023 and 2022, payments of $199,000 and $408,000 were made on leases, respectively. The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands):
(1) The effect of discounting is less than $1,000 due to the term remaining on the lease. The following table provides a reconciliation of activity for our right-of-use (“ROU”) assets and lease liabilities (in thousands):
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Note 6 - Capital Stock Common Stock The Company’s common stock, par value $0.0001 per share (the “Common Stock”), is listed on the Nasdaq Capital Market (“Nasdaq”), under the ticker symbol “OBLG”. As of September 30, 2023, we had 150,000,000 shares of our Common Stock authorized, with 4,294,455 and 4,286,902 shares issued and outstanding, respectively. As of the filing of this report, the Company has 14,955,475 and 14,947,922 shares of Common Stock issued and outstanding, respectively. See Note 12 - Subsequent Events for further information. On April 18, 2023, the Company issued 339,498 shares of Common Stock in relation to certain warrant exercises discussed below, and 177,564 shares of Common Stock related to vested restricted stock units discussed in Note 8 - Stock Based Compensation. On May 28, 2023, in relation to the departure of certain directors, 42 restricted stock awards and 1,929 restricted stock units became fully vested and 1,971 shares of the Company’s common stock were issued. See Note 8 - Stock Based Compensation for further detail. During the three and nine months ended September 30, 2023, 1,229 and 1,404 shares of Series F Preferred Stock, plus accrued dividends, were converted to 1,964,750 and 2,111,337 shares of the Company’s common stock, respectively. See Note 7 - Preferred Stock, for further detail. On June 30, 2023, the Company entered into an exchange agreement (the “Exchange Agreement”) with entities affiliated with Foundry Group (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 406,776 shares of the Company’s common stock owned by the Exchanging Stockholders for pre-funded warrants (the “Exchange Warrants”) to purchase an aggregate of 406,776 shares of Common Stock (subject to adjustment in the event of stock splits, recapitalizations and other similar events affecting Common Stock), with an exercise price of $0.0001 per share. The Exchange Warrants are exercisable at any time, except that the Exchange Warrants will not be exercisable by the Exchanging Stockholders if, upon giving effect or immediately prior thereto, the Exchanging Stockholders would beneficially own more than 4.99% of the total number of issued and outstanding Common Stock, which percentage may change at the holders’ election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company. The holders of the Exchange Warrants will not have the right to vote on any matter except to the extent required by Delaware law. The shares were exchanged in July 2023, and the returned shares were added back to the authorized and unissued share balance of the Company. Common Stock activity for the nine months ended September 30, 2023 is presented below. The Company did not issue any shares of Common Stock during the year ended December 31, 2022.
Common Stock Warrants On January 3, 2023, the Company and all the holders of the Series A Warrants agreed to amend the terms of the Series A Warrants, issued on June 28, 2021, to extend the termination date from January 4, 2023 to January 4, 2024. All other terms of the Series A Warrants remain in full force and effect. The modification resulted in an incremental value adjustment, and deemed dividend, of $25,000, which was recorded within additional paid-in capital during the three months ended March 31, 2023. On March 30, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which we issued and sold, in a private placement (the “Private Placement”) (i) 6,550 shares of our newly designated Series F Preferred Stock, $0.0001 par value per share (the “Series F Preferred Stock”), (ii) preferred warrants (the “Preferred Warrants”) to acquire 32,750 shares of Series F Preferred Stock, and (iii) common warrants (“Common Warrants” and with the Preferred Warrants the “Investor Warrants”) to acquire up to 3,830,417 shares of Common Stock. Please refer to Note 7 - Preferred Stock for further discussion on the Series F Preferred Stock and Preferred Warrants. In connection with the Private Placement, pursuant to an engagement letter dated March 30, 2023, between the Company and Dawson James Securities, Inc. (the “Placement Agent”), the Company agreed to (i) pay the Placement Agent a cash fee equal to 8% of the aggregate gross proceeds raised in the Private Placement, and (ii) grant to the Placement Agent warrants (the “Placement Agent Warrants”) to purchase 306,433 shares of Common Stock. On March 31, 2023, the Company issued the Common Warrants and the Placement Agent Warrants to purchase an aggregate of 4,136,850 shares of the Company’s Common Stock. The Common Warrants and Placement Agent Warrants have a term of 5 years, commencing six months and one day from the date of issuance, and are initially exercisable for $1.71 per share. The exercise price is subject to customary adjustments for stock splits, stock dividends, stock combination, recapitalization, or other similar transactions involving the Common Stock, and subject to price-based adjustment, on a full ratchet basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable exercise price for the Common Warrants (subject to certain exceptions). The Common Warrants and Placement Agent Warrants are exercisable for cash, provided that if there is no effective registration statement available permitting the resale of the common shares, they may be exercised on a cashless basis. Exercise of the Common Warrants and Placement Agent Warrants is subject to certain limitations, including a 4.99% beneficial ownership limitation. The fair value of the warrants was recorded within additional paid-in capital during the three months ended March 31, 2023. On April 18, 2023, the Company entered into warrant exercise inducement offer letters with certain holders of outstanding warrants to purchase shares of the Company’s common stock originally issued on October 21, 2020, December 6, 2020, and June 28, 2021, (such holders the “Exercising Holders” and such warrants the “Existing Warrants”) pursuant to which the Exercising Holders agreed to exercise, for cash, Existing Warrants to purchase, in the aggregate, 339,498 shares of the Company’s common stock (the “Existing Warrant Shares”), in exchange for the Company’s agreement to lower the exercise price of the Existing Warrants to $1.71. The Company received net proceeds of $534,000 from the exercise of the Existing Warrants in April 2023 (net of $46,000 of financing costs). The inducement resulted in an incremental value adjustment, and deemed dividend, of $751,000, which was recorded within additional paid-in capital during the three months ended June 30, 2023. Following this transaction, 667, 1,934, and 1,000 warrants remained outstanding of the warrants issued on October 21, 2020, December 6, 2020, and June 28, 2021, respectively. On April 23, 2023, the 667 unexercised warrants issued on October 21, 2020 expired. On June 7, 2023, the 1,934 unexercised warrants issued on December 6, 2020 expired. On October 6, 2023, the Company and Investors holding a majority of the outstanding shares of the Preferred Stock agreed to waive any and all provisions, terms, covenants and obligations in the Certificate of Designations or Common Warrants to the extent such provisions permit the conversion or exercise of the Preferred Stock and the Common Warrants, respectively, to occur at a price below $0.2792. Notwithstanding anything to the contrary in the Common Warrants, the “Exercise Price” as set forth in the Common Warrant shall in no event be less than $0.2792 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events). Warrants outstanding as of September 30, 2023 are as follows:
Warrant activity for the nine months ended September 30, 2023 is presented below. There was no warrant activity during the year ended December 31, 2022.
Treasury Shares The Company maintains treasury stock for the Common Stock shares bought back by the Company when withholding shares to cover taxes on transactions related to equity awards. There were no treasury stock transactions during the nine months ended September 30, 2023 or the year ended December 31, 2022.
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Note 7 - Preferred Stock Our Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. As of September 30, 2023, we had 1,983,250 designated shares of preferred stock and 5,146 shares of preferred stock issued and outstanding. As of December 31, 2022, we had no shares of preferred stock issued or outstanding. As of the filing of this report, the Company has 2,278 shares of Series F Preferred Stock issued and outstanding. See Note 12 - Subsequent Events for further information. Series F Preferred Stock On March 30, 2023, the Company entered into the Purchase Agreement with Investors, pursuant to which we issued and sold, in a Private Placement (i) 6,550 shares of our newly designated Series F Preferred Stock, (ii) Preferred Warrants to acquire 32,750 shares of Series F Preferred Stock, and (iii) Common Warrants to acquire up to 3,830,417 shares of Common Stock. Please refer to Note 6 - Capital Stock for further discussion on the Common Warrants. The terms of the Series F Preferred Stock are as set forward in the Certificate of Designations of Series F Preferred Stock of Oblong, Inc. (the “Certificate of Designations”), which was filed and became effective with the Secretary of State of the State of Delaware on March 31, 2023. The Private Placement closed on March 31, 2023, in exchange for gross and net proceeds of $6,386,000 and $5,435,000, respectively. All of the Preferred Shares and Investor Warrants were issued at the Closing, but part of the purchase price equivalent to $4,000,000 was placed into an escrow account with American Stock Transfer & Trust Company (the “Escrow”), to be released upon our obtaining stockholder approval permitting the issuance of more than 19.99% of our outstanding shares of Common Stock at less than the Minimum Price (as defined under the Nasdaq Rules) in accordance with Nasdaq listing standards and as otherwise may be required (the “Stockholder Approval”). The Company received the Stockholder Approval via a Special Meeting of Stockholders held on May 18, 2023, and the funds were released from escrow. During the nine months ended September 30, 2023, the Company recorded $5,435,000 in net proceeds. The financing fees associated with the Purchase Agreement were $951,000. The Series F Preferred Shares are convertible into fully paid and non-assessable shares of the Company’s Common Stock at the election of the holder at any time at an initial conversion price of $1.71 (the “Conversion Price”). The holders of the Series F Preferred Shares may also elect to convert their shares at an alternative conversion price equal to the lower of (i) 80% of the applicable Conversion Price as in effect on the date of the conversion, (ii) 80% of the closing price on the trading day immediately preceding the delivery of the conversion notice, and (iii) the greater of (a) the Floor Price (as defined in the Certificate of Designations) and (b) the quotient of (x) the sum of the five lowest Closing Bid Prices (as defined in the Certificate of Designations) for trading days in the 30 consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable Conversion Notice, divided by (y) five. The Conversion Price is subject to customary adjustments for stock splits, stock dividends, stock combination recapitalization, or other similar transactions involving the Common Stock, and subject to price-based adjustment, on a full ratchet basis, in the event of any issuances of our common stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). On October 6, 2023, the Company and Investors holding a majority of the outstanding shares of the Preferred Stock agreed to waive any and all provisions, terms, covenants and obligations in the Certificate of Designations or Common Warrants to the extent such provisions permit the conversion or exercise of the Preferred Stock and the Common Warrants, respectively, to occur at a price below $0.2792. Notwithstanding anything to the contrary in the Certificate of Designations, each of the “Alternate Conversion Price” and the “Floor Price” as set forth in the Certificate of Designations shall in no event be less than $0.2792 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events). Under the Certificate of Designations, the Series F Preferred Shares have an initial stated value of $1,000 per share (the “Stated Value”). The holders of the Series F Preferred Shares are entitled to dividends of 9% per annum, which will be payable in arrears quarterly. Accrued dividends may be paid, at our option, in cash and if not paid, shall increase the stated value of the Series F Preferred Shares. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designations), the Series F Preferred Shares will accrue dividends at the rate of 20% per annum (the “Default Rate”). The Series F Preferred Shares have no voting rights, other than with respect to certain matters affecting the rights of the Series F Preferred Shares. On matters with respect to which the holders of the Series F Preferred Shares have a right to vote, holders of the Preferred Shares will have voting rights on an as-converted basis. Our ability to settle conversions is subject to certain limitations set forth in the Certificate of Designations. Further, the Certificate of Designations contains a certain beneficial ownership limitation after giving effect to the issuance of shares of common stock issuable upon conversion of the Series F Preferred Shares. The Certificate of Designations includes certain Triggering Events (as defined in the Certificate of Designations), including, among other things, (i) the failure to file and maintain an effective registration statement covering the sale of the holder’s securities registrable pursuant to the Registration Rights Agreement, (ii) the failure to pay any amounts due to the holders of the Series F Preferred Shares when due, and (iii) if Peter Holst ceases to be the chief executive officer of the Company other than because of his death, and a qualified replacement, reasonably acceptable to a majority of the holders of the Series F Preferred Shares, is not appointed within thirty (30) business days. In connection with a Triggering Event, the Default Rate is triggered. We are subject to certain affirmative and negative covenants regarding the incurrence of indebtedness, acquisition transactions, the existence of liens, the repayment of indebtedness, the payment of cash in respect of dividends (other than dividends pursuant to the Certificate of Designations), maintenance of properties and the transfer of assets, among other matters. During the three and nine months ended September 30, 2023, 1,229 and 1,404 shares of Series F Preferred Stock, plus accrued dividends, were converted to 1,964,750 and 2,111,337 shares of the Company’s common stock, respectively. There were 5,146 shares of Series F Preferred Stock outstanding and accrued dividends of $235,502 as of September 30, 2023. Series F Preferred Stock transactions are summarized in the table below:
Series F Preferred Stock Warrants The Preferred Warrants are exercisable for Series F Preferred Shares at an exercise price of $975. The exercise price is subject to customary adjustments for stock splits, stock dividends, stock combination recapitalizations or other similar transactions involving the Common Stock. The Preferred Warrants expire three years from the date of issuance and are exercisable for cash. For each Preferred Warrant exercised, the Investors shall receive Common Warrants to purchase a number of shares of Common Stock equal to 100% of the number of shares of Common Stock the Investors would receive if the Series F Preferred Shares issuable upon exercise of such Warrant were converted at the applicable Conversion Price. The fair value of the Preferred Warrants was recorded within additional paid-in capital during the nine months ended September 30, 2023. As of September 30, 2023, no Preferred Warrants have been exercised.
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Note 8 - Stock Based Compensation 2019 Equity Incentive Plan On December 19, 2019, the Oblong, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) was approved by the Company’s stockholders at the Company’s 2019 Annual Meeting of Stockholders. The 2019 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and cash incentive awards to certain key service providers of the Company and its subsidiaries. As of December 31, 2022, the share pool available for new grants under the 2019 Plan was 177,567. On April 18, 2023, 177,564 restricted stock units were granted to certain members of the board, reducing the share pool available for new grants under the 2019 Plan to 3. A summary of stock compensation expense by category, for the three and nine months ended September 30, 2023 and 2022, is as follows:
A summary of stock compensation by department, for the three and nine months ended September 30, 2023 and 2022 is as follows:
Stock Options During the nine months ended September 30, 2023, no stock options were granted, 3,336 stock options vested, and 6,668 vested stock options expired. During the nine months ended September 30, 2022, no stock options were granted, 501 vested stock options expired, and 10,000 unvested stock options were forfeited. A summary of stock options granted, expired, and forfeited under our plans, and options outstanding as of, and changes made during the nine months ended September 30, 2023 and year ended December 31, 2022 is presented below:
Additional information as of September 30, 2023 is as follows:
The intrinsic value of vested and unvested options was not significant for all periods presented. Stock compensation expense related to stock options for the three months ended September 30, 2023 and 2022 was $31,000. Stock compensation expense related to stock options for the nine months ended September 30, 2023 was $93,000, and net stock compensation expense related to stock options for the nine months ended September 30, 2022 was $30,000, made up of $114,000 in expense offset by $84,000 related to forfeiture credits. The remaining unrecognized stock-based compensation expense for options as of September 30, 2023 is $92,000, which will be recognized over a weighted average period of 0.75 years. Restricted Stock Awards On May 28, 2023, in relation to the departure of certain directors, 42 restricted stock awards became fully vested and were delivered in shares of the Company’s common stock. The awards were issued in 2014 and vested over the lesser of ten years, a change in control, or separation from the company. As of September 30, 2023, there were no unvested restricted stock awards outstanding and there is no unrecognized stock-based compensation expense for restricted stock awards. There was no stock compensation expense related to restricted stock awards during the three and nine months ended September 30, 2023 and 2022. Restricted Stock Units On April 18, 2023, 177,564 restricted stock units (“RSUs”) were granted to certain board members. These RSUs vested immediately upon issuance. The closing price per share of the Company’s common stock was $2.14 on the day prior to the grant date, resulting in a total fair value of $380,000 which was included in general and administrative expense, as stock-based compensation expense, upon issuance. On May 28, 2023, in relation to the departure of certain directors, 1,929 fully vested RSUs were delivered in shares of the Company’s common stock, in accordance with the terms of the RSUs. As of September 30, 2023, there were no unvested RSUs outstanding and there was no remaining unrecognized stock-based compensation expense for RSUs. There was no stock compensation expense related to RSUs for the three and nine months ended September 30, 2023 and 2022.
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Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Note 9 - Net Loss Per Share On January 3, 2023, the Company effected a 1-for-15 reverse stock split for its Common Stock. All Common Stock share information in the following net loss per share discussion and tables are shown as adjusted for this stock split retrospectively for all periods represented herein. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or unvested restricted stock. Unvested restricted stock, although classified as issued and outstanding at September 30, 2022, is considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested restricted stock does not contain non-forfeitable rights to dividends and dividend equivalents. Unvested RSUs are not included in calculations of basic net loss per share, as they are not considered issued and outstanding at time of grant. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, preferred stock, warrants, RSUs, and unvested restricted stock, to the extent they are dilutive. For the three and nine months ended September 30, 2023 and 2022, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net loss). The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):
The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss):
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Note 10 - Segment Reporting The Company currently operates in two segments: (1) “Managed Services”, which represents the business surrounding managed services for video collaboration and network applications; and (2) “Collaboration Products” which represents the business surrounding our Mezzanine™ product offerings. Certain information concerning the Company’s segments for the three and nine months ended September 30, 2023 and 2022 is presented in the following tables (in thousands):
Unallocated operating expenses in Corporate include costs for the three and nine months ended September 30, 2023 and 2022 that are not specific to a particular segment but are general to the group; included are expenses incurred for administrative and accounting staff, general liability and other insurance, professional fees and other similar corporate expenses. For the three months ended September 30, 2023, 11% of our revenue was attributable to the United Kingdom. For the three months ended September 30, 2022, 10% of our revenue was attributable to Singapore. For the nine months ended September 30, 2023 and 2022, there was no material revenue attributable to any individual foreign country. Revenue by geographic area is allocated as follows (in thousands):
Disaggregated information for the Company’s revenue has been recognized in the accompanying Condensed Consolidated Statements of Operations and is presented below according to contract type (in thousands):
The Company considers a significant customer to be one that comprises more than 10% of the Company’s consolidated revenues or accounts receivable. The loss of or a reduction in sales or anticipated sales to our most significant or several of our smaller customers could have a material adverse effect on our business, financial condition and results of operations. Concentration of revenues was as follows:
Concentration of accounts receivable was as follows:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 - Commitments and Contingencies From time to time, we are subject to various legal proceedings arising in the ordinary course of business, including proceedings for which we have insurance coverage. As of the date hereof, we are not party to any legal proceedings that we currently believe will have a material adverse effect on our business, financial position, results of operations or liquidity. COVID-19 On March 11, 2020, the World Health Organization (“WHO”) announced that infections of the novel Coronavirus (COVID-19) had become pandemic, and on March 13, 2020, the U.S. President announced a National Emergency relating to the disease. In May 2023, the WHO declared COVID-19 over as a global health emergency. Customers generally use our Mezzanine™ products in traditional office and operating center environments such as conference rooms or other presentation spaces. Revenue declines for our Collaboration Products business are primarily attributable to the aftermath of the COVID-19 pandemic on our existing and target customers as they continue to evaluate behavioral changes in how and when employees choose to work from traditional office environments, resulting in delayed buying decisions for our Collaboration Products. Continuation of the ongoing effects of the COVID-19 pandemic, could cause further disruptions to our operations and the operations of our customers, suppliers and logistics partners and could significantly adversely affect our near-term and long-term revenues, earnings, liquidity and cash flows.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsAs of the filing of this Report, the Company has 14,955,475 and 14,947,922 shares of common stock issued and outstanding, respectively, and 2,278 shares of Series F Convertible Preferred Stock issued and outstanding. From October 1, 2023 through the filing of this Report, the Company has issued 10,661,020 shares of common stock pursuant to conversions of its Series F Convertible Preferred Stock. |
Business Description and Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company's fiscal year ends on December 31 of each calendar year. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared on substantially the same basis as our annual Consolidated Financial Statements for the fiscal year ended December 31, 2022. In the opinion of the Company's management, these interim Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2022 year-end Condensed Consolidated Balance Sheet data in this document was derived from audited consolidated financial statements. The Condensed Consolidated Financial Statements and notes included in this quarterly report on Form 10-Q do not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company's audited consolidated financial statements as of and for the year ended December 31, 2022 and notes thereto included in the Company's fiscal 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 21, 2023 (the “2022 Annual Report”). The results of operations and cash flows for the interim periods included in these Condensed Consolidated Financial Statements are not necessarily indicative of the results to be expected for any future period or the entire fiscal year.
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Principles of Consolidation | Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Oblong and our 100%-owned subsidiaries (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, and (ii) Oblong Industries, Inc. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries.
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Segments | Segments The Company currently operates in two segments: (1) “Collaboration Products” which represents the business surrounding our Mezzanine™ product offerings, and (2) “Managed Services” which represents the business surrounding managed services for video collaboration and network solutions. See Note 10 - Segment Reporting for further discussion.
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Use of Estimates | Use of Estimates Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability of intangible assets, the inputs used in the valuation of intangible assets in connection with our impairment test, and the inputs used in the fair value of equity-based awards.
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” as amended, which introduced an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The Company adopted the new guidance, as of January 1, 2023, and it did not have a material impact on the Condensed Consolidated Financial Statements.
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Intangible Assets and Goodwill (Tables) |
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Schedule of Intangible Assets | The following table presents the components of net intangible assets for our Collaboration Products reporting segment (in thousands):
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Schedule of Future Amortization Expense | Future amortization expense will be as follows (in thousands):
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Accrued Expenses and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balance Sheet Information | The following provides balance sheet information related to leases as of September 30, 2023 and December 31, 2022 (in thousands):
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Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands):
(1) The effect of discounting is less than $1,000 due to the term remaining on the lease.
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Schedule Of Operating Lease Liability and Right Of Use Assets | The following table provides a reconciliation of activity for our right-of-use (“ROU”) assets and lease liabilities (in thousands):
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Capital Stock (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Activity | Common Stock activity for the nine months ended September 30, 2023 is presented below. The Company did not issue any shares of Common Stock during the year ended December 31, 2022.
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Schedule of Warrants Activity | Warrants outstanding as of September 30, 2023 are as follows:
Warrant activity for the nine months ended September 30, 2023 is presented below. There was no warrant activity during the year ended December 31, 2022.
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Preferred Stock (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Series F Preferred Stock Transactions | Series F Preferred Stock transactions are summarized in the table below:
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Stock Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Expense | A summary of stock compensation expense by category, for the three and nine months ended September 30, 2023 and 2022, is as follows:
A summary of stock compensation by department, for the three and nine months ended September 30, 2023 and 2022 is as follows:
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Schedule of Options Granted, Exercised, Expired and Forfeited | A summary of stock options granted, expired, and forfeited under our plans, and options outstanding as of, and changes made during the nine months ended September 30, 2023 and year ended December 31, 2022 is presented below:
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Schedule of Shares Outstanding and Exercisable, By Exercise Price Range | Additional information as of September 30, 2023 is as follows:
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Net Loss Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss):
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | Certain information concerning the Company’s segments for the three and nine months ended September 30, 2023 and 2022 is presented in the following tables (in thousands):
Concentration of revenues was as follows:
Concentration of accounts receivable was as follows:
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Schedule of Revenue from External Customers by Geographic Areas | Revenue by geographic area is allocated as follows (in thousands):
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Schedule of Disaggregated Revenue Information | Disaggregated information for the Company’s revenue has been recognized in the accompanying Condensed Consolidated Statements of Operations and is presented below according to contract type (in thousands):
|
Business Description and Significant Accounting Policies (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Jan. 03, 2023 |
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
|
Accounting Policies [Abstract] | |||||
Number of operating segments | segment | 2 | ||||
Stockholders' equity note, stock split, conversion ratio | 0.06667 | ||||
Casualty loss (gain), net of insurance proceeds | $ 533 | $ 0 | $ 533 | ||
Insurance recoveries | $ 400 |
Liquidity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Cash | $ 6,766 | $ 4,143 | $ 6,766 | $ 4,143 | $ 3,085 | $ 9,000 | ||||
Working capital | 6,297 | 6,297 | ||||||||
Net loss | $ 895 | $ 1,049 | $ 1,219 | $ 7,152 | $ 9,033 | $ 4,539 | 3,163 | 20,724 | ||
Net cash used in operating activities | $ 2,288 | $ 4,876 |
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 690 | $ 690 |
Accumulated Amortization | (345) | (86) |
Net Carrying Amount | 345 | 604 |
Developed technology | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 486 | 486 |
Accumulated Amortization | (243) | (61) |
Net Carrying Amount | 243 | 425 |
Trade names | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 204 | 204 |
Accumulated Amortization | (102) | (25) |
Net Carrying Amount | $ 102 | $ 179 |
Intangible Assets and Goodwill - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment charges - intangible assets | $ 0 | $ 5,132,000 | $ 0 | $ 5,132,000 | |
Amortization expense | $ 86,000 | $ 580,000 | 259,000 | 1,740,000 | |
Goodwill | $ 0 | ||||
Impairment charges - goodwill | $ 0 | $ 7,367,000 |
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 87 | |
2024 | 258 | |
Total | $ 345 | $ 604 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Compensation costs | $ 296 | $ 707 |
Customer deposits | 167 | 128 |
Professional fees | 21 | 57 |
Taxes and regulatory fees | 41 | 59 |
Other accrued expenses and liabilities | 12 | 14 |
Rent expense | 202 | 109 |
Accrued preferred stock dividends | 235 | 0 |
Accrued expenses and other liabilities | $ 974 | $ 1,074 |
Leases - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
facility
|
Sep. 30, 2022
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||
Non-cash lease expense | $ 35,000 | $ 92,000 | $ 123,000 | $ 307,000 |
Sublease income | 0 | 15,000 | 27,000 | 125,000 |
Operating lease, payments | $ 26,000 | $ 110,000 | $ 199,000 | $ 408,000 |
City of Industry, California | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of facilities | facility | 1 |
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Leases [Abstract] | ||||
Operating lease - right of use asset, net | $ 41 | $ 41 | $ 142 | $ 659 |
Current portion of operating lease liabilities | 43 | 219 | ||
Operating lease liabilities, net of current portion | 0 | 17 | ||
Total operating lease liabilities | $ 43 | $ 43 | $ 236 | $ 728 |
Leases - Table Operating Lease Future Minimum Rental Commitment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Leases [Abstract] | ||||
2023 | $ 26 | |||
2024 | 17 | |||
Total lease payments | 43 | |||
Effect of discounting | 0 | |||
Total lease liability | $ 43 | $ 43 | $ 236 | $ 728 |
Leases - Summary of Activity for Our Right of Use Assets And Lease Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Right-of-Use Asset | ||||
Beginning balance | $ 142 | $ 142 | $ 659 | $ 659 |
Additions | 11 | |||
Non-cash lease expense and payments | (101) | (101) | (290) | (349) |
Impairment charges | 0 | (179) | (179) | |
Ending balance | 41 | 41 | 142 | |
Operating Lease Liabilities | ||||
Beginning balance | 236 | 236 | $ 728 | 728 |
Additions | 11 | |||
Non-cash lease expense and payments | (193) | (503) | ||
Impairment charges | 0 | |||
Ending balance | $ 43 | $ 43 | $ 236 |
Capital Stock - Warrants Outstanding (Details) - $ / shares |
Sep. 30, 2023 |
Jul. 03, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 28, 2021 |
---|---|---|---|---|---|---|
Class of Warrant or Right [Line Items] | ||||||
Warrants issued (in shares) | 4,544,626 | |||||
Exercise price (in dollars per share) | $ 1.73 | $ 66.34 | $ 66.34 | |||
Series A Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants issued (in shares) | 250 | |||||
Exercise price (in dollars per share) | $ 60.00 | |||||
Series B Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants issued (in shares) | 750 | |||||
Exercise price (in dollars per share) | $ 66.00 | |||||
Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants issued (in shares) | 406,776 | 4,136,850 | ||||
Exercise price (in dollars per share) | $ 0.0001 | $ 1.71 |
Net Loss Per Share - Narrative (Details) |
9 Months Ended | |
---|---|---|
Jan. 03, 2023 |
Sep. 30, 2023
shares
|
|
Earnings Per Share [Abstract] | ||
Stockholders' equity note, stock split, conversion ratio | 0.06667 | |
Weighted-average shares common stock outstanding, potentially dilutive securities or unvested restricted stock (in shares) | 0 |
Net Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Numerator: | ||||||||
Net loss | $ (895) | $ (1,049) | $ (1,219) | $ (7,152) | $ (9,033) | $ (4,539) | $ (3,163) | $ (20,724) |
Less: deemed dividend | (133) | 0 | (282) | 0 | ||||
Less: induced conversion on warrants | 0 | 0 | (751) | 0 | ||||
Less: warrant modification | 0 | 0 | (25) | 0 | ||||
Net loss attributable to common stockholders | $ (1,028) | $ (7,152) | $ (4,221) | $ (20,724) | ||||
Denominator: | ||||||||
Weighted-average number of shares of common stock - basic (in shares) | 3,463 | 2,065 | 2,676 | 2,065 | ||||
Weighted-average number of shares of common stock - diluted (in shares) | 3,463 | 2,065 | 2,676 | 2,065 | ||||
Basic net loss per share (in dollars per share) | $ (0.30) | $ (3.46) | $ (1.58) | $ (10.04) | ||||
Diluted net loss per share (in dollars per share) | $ (0.30) | $ (3.46) | $ (1.58) | $ (10.04) |
Subsequent Events (Details) - shares |
1 Months Ended | |||
---|---|---|---|---|
Nov. 08, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 4,294,455 | 2,070,861 | ||
Common stock, shares outstanding (in shares) | 4,286,902 | 2,063,308 | ||
Preferred stock, shares issued (in shares) | 5,146 | 0 | ||
Preferred stock, shares outstanding (in shares) | 5,146 | 0 | ||
Series F Preferred Stock | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, shares outstanding (in shares) | 5,146 | 6,375 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 14,955,475 | |||
Common stock, shares outstanding (in shares) | 14,947,922 | |||
Conversions of Series F Preferred Stock (in shares) | 10,661,020 | |||
Subsequent Event | Series F Preferred Stock | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, shares issued (in shares) | 2,278 | |||
Preferred stock, shares outstanding (in shares) | 2,278 |
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