QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page | ||||||
PART I |
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Item 1 |
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3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Item 2 |
30 | |||||
Item 3 |
40 | |||||
Item 4 |
40 | |||||
PART II |
41 | |||||
Item 1 |
41 | |||||
Item 1A |
42 | |||||
Item 6 |
43 | |||||
44 |
March 31, |
December 31, |
|||||||
2021 |
2020 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $ |
||||||||
Inventory, net |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
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Property and equipment, net of accumulated depreciation of $ |
||||||||
Operating lease assets |
||||||||
Other assets |
||||||||
Intangible assets, net of accumulated amortization of $ |
||||||||
Goodwill |
||||||||
Total assets |
$ | $ | ||||||
Liabilities and Stockholders’ Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued and other expenses |
||||||||
Notes payable - current portion |
||||||||
Lease payable - current portion |
||||||||
Deferred revenue |
||||||||
Total current liabilities |
||||||||
Lease payable, long-term portion |
||||||||
Notes payable, long-term portion |
||||||||
Deferred revenue, long-term portion |
||||||||
Deferred tax |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 7) |
||||||||
Stockholders’ equity: |
||||||||
Preferred stock, $ . |
||||||||
Common stock, $ a s of March 31, 2021 and . |
||||||||
Outstanding . |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Treasury stock at cost, |
( |
) | ( |
) | ||||
Total stockholders’ equity |
||||||||
Total liabilities and stockholders’ equity |
$ | $ | ||||||
Three Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
Revenue: |
||||||||
Products |
$ | $ | ||||||
Service and supplies |
||||||||
Total revenue |
||||||||
Cost of revenue: |
||||||||
Products |
||||||||
Service and supplies |
||||||||
Amortization and depreciation |
||||||||
Total cost of revenue |
||||||||
Gross profit |
||||||||
Operating expenses: |
||||||||
Engineering and product development |
||||||||
Marketing and sales |
||||||||
General and administrative |
||||||||
Amortization and depreciation |
||||||||
Total operating expenses |
||||||||
Loss from operations |
( |
) | ( |
) | ||||
Interest expense |
( |
) | ( |
) | ||||
Other income |
||||||||
Loss on extinguishment of debt |
— | ( |
) | |||||
Loss on fair value of convertible debentures |
— | ( |
) | |||||
Other expense, net |
( |
) | ( |
) | ||||
Loss before income tax expense |
( |
) | ( |
) | ||||
Tax expense |
( |
) | ||||||
Net loss and comprehensive loss |
$ | ( |
) | $ | ( |
) | ||
Net loss per share: |
||||||||
Basic |
$ | ( |
) | $ | ( |
) | ||
Diluted |
$ | ( |
) | $ | ( |
) | ||
Weighted average number of shares used in computing loss per share: |
||||||||
Basic |
||||||||
Diluted |
||||||||
For the three months ended March 31, |
||||||||
2021 |
2020 |
|||||||
(in thousands) | ||||||||
Cash flow from operating activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used for operating activities: |
||||||||
Amortization |
||||||||
Depreciation |
||||||||
Bad debt provision |
— | |||||||
Stock-based compensation |
||||||||
Amortization of debt discount and debt costs |
||||||||
Loss on extinguishment of debt |
— | |||||||
Deferred tax expense |
— | |||||||
Change in fair value of convertible debentures |
— | |||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
( |
) | ||||||
Inventory |
||||||||
Prepaid and other assets |
( |
) | ( |
) | ||||
Accounts payable |
( |
) | ( |
) | ||||
Accrued expenses |
( |
) | ( |
) | ||||
Deferred revenue |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total adjustments |
( |
) | ||||||
|
|
|
|
|||||
Net cash used for operating activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash flow from investing activities: |
||||||||
Additions to patents, technology and other |
— | ( |
) | |||||
Additions to property and equipment |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used for investing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash flow from financing activities: |
||||||||
Issuance of common stock pursuant to stock option plans |
||||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan |
— | |||||||
Proceeds from issuance of common stock, net |
— | |||||||
Principal repayment of debt financing |
— | ( |
) | |||||
Repayment on line of credit |
— | ( |
) | |||||
Proceeds from notes payable |
— | |||||||
Debt issuance costs |
— | ( |
) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
|
|
|||||
Increase (decrease in cash and equivalents) |
( |
) | ||||||
Cash and cash equivalents, beginning of period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period |
$ | $ | ||||||
|
|
|
|
|||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid |
$ | $ | ||||||
|
|
|
|
|||||
Taxes paid |
$ | — | $ | |||||
|
|
|
|
|||||
Issuance of common stock upon conversion of debentures |
— | |||||||
|
|
|
|
|||||
Right-of-use |
$ | — | $ | |||||
|
|
|
|
Common Stock |
Additional |
||||||||||||||||||||||||
Number of |
Paid-in |
Accumulated |
Treasury |
Stockholders’ |
|||||||||||||||||||||
Shares Issued |
Par Value |
Capital |
Deficit |
Stock |
Equity |
||||||||||||||||||||
Balance at December 31, 2020 |
$ | $ | $ | ( |
) | ( |
) | $ | |||||||||||||||||
Issuance of common stock relative to vesting of restricted stock |
— | — | — | — | — | ||||||||||||||||||||
Issuance of common stock, net |
— | — | |||||||||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | |||||||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan |
— | — | — | ||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | |||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ |
Common Stock |
Additional |
|||||||||||||||||||||||
Number of |
Paid-in |
Accumulated |
Treasury |
Stockholders’ |
||||||||||||||||||||
Shares Issued |
Par Value |
Capital |
Deficit |
Stock |
Equity |
|||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | $ | ( |
) | $ |
( |
) |
$ |
|||||||||||||||
Issuance of common stock relative to vesting of restricted stock |
— | — | — | — | — | |||||||||||||||||||
Issuance of common stock pursuant to stock option plans |
— | — | ||||||||||||||||||||||
Issuance of stock upon conversion of Debentures |
— | — | ||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Balance at March 31, 2020 |
$ | $ | $ | ( |
) | $ |
( |
) | $ |
Three months ended March 31, 2021 |
||||||||||||
Reportable Segments |
||||||||||||
Detection |
Therapy |
Total |
||||||||||
Major Goods/Service Lines |
||||||||||||
Products |
$ | $ | $ | |||||||||
Service contracts |
||||||||||||
Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
Timing of Revenue Recognition |
||||||||||||
Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
Sales Channels |
||||||||||||
Direct sales force |
$ | $ | $ | |||||||||
OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ |
Three months ended March 31, 2020 |
||||||||||||
Reportable Segments |
||||||||||||
Detection |
Therapy |
Total |
||||||||||
Major Goods/Service Lines |
||||||||||||
Products |
$ | $ | $ | |||||||||
Service contracts |
||||||||||||
Supply and source usage agreements |
— | |||||||||||
Professional services |
— | |||||||||||
Other |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
Timing of Revenue Recognition |
||||||||||||
Goods transferred at a point in time |
$ | $ | $ | |||||||||
Services transferred over time |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
Sales Channels |
||||||||||||
Direct sales force |
$ | $ | $ | |||||||||
OEM partners |
— | |||||||||||
Channel partners |
— | |||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ |
Balance at March 31, 2021 |
Balance at December 31, 2020 |
|||||||
Receivables, which are included in ‘Trade accounts receivable’ |
$ | $ | ||||||
Current contract assets, which are included in “Prepaid and other assets” |
||||||||
Non-current contract assets, which are included in “other assets” |
||||||||
Contract liabilities, which are included in “Deferred revenue” |
Contract liabilities |
March 31, 2021 |
December 31, 2020 |
||||||
Short term |
$ | $ | ||||||
Long term |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, 2021 |
||||
Balance at beginning of period |
$ | |||
Deferral of revenue |
||||
Recognition of deferred revenue |
( |
) | ||
Balance at end of period |
$ | |||
Three Months Ended |
||||||||
March 31, |
||||||||
2021 |
2020 |
|||||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
Shares used in the calculation of basic and diluted net loss per share |
||||||||
Diluted shares used in the calculation of net loss per share |
||||||||
Net loss per share - basic and diluted |
$ | ( |
) | $ | ( |
) | ||
As of |
||||||||
March 31, |
||||||||
2021 |
2020 |
|||||||
Stock options |
||||||||
Restricted stock |
||||||||
Total |
||||||||
March 31, 2021 |
December 31, 2020 |
|||||||
Raw materials |
$ | $ | ||||||
Work in process |
||||||||
Finished Goods |
||||||||
Inventory Gross |
||||||||
Inventory Reserve |
( |
) | ( |
) | ||||
Inventory Net |
$ | $ | ||||||
Input |
December 31, 2019 |
February 21, 2020 |
||||||
Company’s stock price |
$ | $ | ||||||
Conversion price |
||||||||
Remaining term (years) |
||||||||
Equity volatility |
% | N/A | ||||||
Risk free rate |
% | N/A | ||||||
1 Probability of default event |
% | N/A | ||||||
1 Utilization of Forced Conversion (if available) |
% | % | ||||||
1 Exercise of Default Redemption (if available) |
% | N/A | ||||||
1 Effective discount rate |
% | N/A |
1 |
Represents a Level 3 unobservable input, as defined in Note 8 - Fair Value Measurements, below. |
Convertible Debentures |
December 31, 2019 |
February 21, 2020 |
||||||
Fair value, in accordance with fair value option |
$ | $ | ||||||
|
|
|
|
|||||
Principal value outstanding |
$ | $ | ||||||
|
|
|
|
Fiscal Year |
Amount Due |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
|
|
|||
Total |
$ |
Three Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
Cash interest expense |
$ | $ | ||||||
Interest on convertible debentures |
— |
|||||||
Accrual of notes payable final payment |
||||||||
Amortization of debt costs |
||||||||
|
|
|
|
|||||
Total interest expense |
$ | $ | ||||||
|
|
|
|
Lease Cost |
Classification |
Three Months Ended March 31, 2021 |
||||
Operating lease cost - Right of Use Asset |
Operating expenses |
$ | ||||
Operating lease cost - Variable |
Operating expenses |
|
||||
Finance lease costs |
|
|
|
|
|
|
Amortization of leased assets |
Amortization and depreciation |
|||||
Interest on lease liabilities |
Interest expense |
|||||
|
|
|||||
Total |
$ |
Three Months Ended March 31, 2021 |
||||
Cash paid from operating cash flows for operating leases |
$ | |||
|
|
|
| |
As of March 31, 2021 |
||||
Weighted-average remaining lease term of operating leases (in years) |
||||
Weighted-average discount rate for operating leases |
% |
Three Months Ended March 31, 2021: |
Operating Leases |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
|
|
|||
Total lease payments |
||||
Less: imputed interest |
( |
) | ||
|
|
|||
Total lease liabilities |
||||
Less: current portion of lease liabilities |
( |
) | ||
|
|
|||
Long-term lease liabilities |
$ | |||
|
|
March 31, | ||||
2021 |
2020 | |||
Average risk-free interest rate |
||||
Expected dividend yield |
||||
Expected life |
||||
Expected volatility |
||||
Weighted average exercise price |
$ |
$ | ||
Weighted average fair value |
$ |
$ |
Three Months Ended |
||||||||
March 31, |
||||||||
2021 |
2020 |
|||||||
Cost of revenue |
$ | $ | ||||||
Engineering and product development |
||||||||
Marketing and sales |
||||||||
General and administrative |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Remaining expense |
$ | |||
Weighted average term |
As of |
||||||||
March 31, |
||||||||
Aggregate intrinsic value |
2021 |
2020 |
||||||
Stock options |
$ | $ | ||||||
Restricted stock |
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. |
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value. |
Fair Value Measurements as of December 31, 2020 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Money market accounts |
$ | — | — | $ | ||||||||||||
Total Assets |
$ | — | — | $ | ||||||||||||
Fair Value Measurements (in thousands) as of March 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Money market accounts |
$ | — | — | $ | ||||||||||||
Total Assets |
$ | — | — | $ | ||||||||||||
• | significant underperformance relative to historical or projected future operating results; |
• | significant changes in the manner or use of the assets or the strategy for the Company’s overall business; |
• | significant negative industry or economic trends; |
• | significant decline in the Company’s stock price for a sustained period; and |
• | a decline in the Company’s market capitalization below net book value. |
Consolidated reporting unit |
Detection |
Therapy |
Total |
|||||||||||||
Accumulated Goodwill |
$ | $ | — | $ | — | $ | ||||||||||
Accumulated impairment |
( |
) | — | — | ( |
) | ||||||||||
Fair value allocation |
( |
) | — | |||||||||||||
Acquisition of DermEbx and Radion |
— | — | ||||||||||||||
Acquisition measurement period adjustments |
— | — | ||||||||||||||
Acquisition of VuComp |
— | — | ||||||||||||||
Sale of MRI assets |
— | ( |
) | ( |
) | |||||||||||
Impairment |
— | — | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2020 and March 31, 2021 |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
• | A significant decrease in the market price of a long-lived asset (or asset group); |
• | A significant adverse change in the extent or manner in which a long-lived asset (or asset group) is being used or in its physical condition; |
• | A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (or asset group), including an adverse action or assessment by a regulator; |
• | An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (or asset group); and |
• | A current operating period, or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (or asset group). |
Three Months Ended | ||||||||
March 31, | ||||||||
2021 | 2020 | |||||||
Segment revenues: |
||||||||
Detection |
$ | $ | ||||||
Therapy |
||||||||
|
|
|
|
|||||
Total Revenue |
$ | $ | ||||||
|
|
|
|
|||||
Segment gross profit: |
||||||||
Detection |
$ | $ | ||||||
Therapy |
||||||||
|
|
|
|
|||||
Segment gross profit |
$ | $ | ||||||
|
|
|
|
|||||
Segment operating income (loss): |
||||||||
Detection |
$ | $ | ( |
) | ||||
Therapy |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Segment operating income (loss) |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
General, administrative, depreciation and amortization expense |
$ | ( |
) | $ | ( |
) | ||
Interest expense |
( |
) | ( |
) | ||||
Other income |
||||||||
Loss on extinguishment of debt |
— | ( |
) | |||||
Fair value of convertible debentures |
— | ( |
) | |||||
|
|
|
|
|||||
Loss before income tax |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended March 31, |
||||||||||||||||
2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection revenue |
||||||||||||||||
Product revenue |
$ | 4,161 | $ | 3,100 | $ | 1,061 | 34.2 | % | ||||||||
Service and supplies revenue |
1,558 | 1,376 | 182 | 13.2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal |
5,719 | 4,476 | 1,243 | 27.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Therapy revenue |
||||||||||||||||
Product revenue |
1,396 | 695 | 701 | 100.9 | % | |||||||||||
Service and supplies revenue |
1,529 | 1,380 | 149 | 10.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal |
2,925 | 2,075 | 850 | 41.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue |
$ | 8,644 | $ | 6,551 | $ | 2,093 | 31.9 | % | ||||||||
|
|
|
|
|
|
|
|
Three months ended March 31, |
||||||||||||||||
2021 |
2020 |
Change |
% Change |
|||||||||||||
Products |
$ | 1,409 | $ | 1,017 | $ | 392 | 38.5 | % | ||||||||
Service and supplies |
867 | 927 | (60 | ) | (6.5 | )% | ||||||||||
Amortization and depreciation |
79 | 97 | (18 | ) | (18.6 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cost of revenue |
$ | 2,355 | $ | 2,041 | $ | 314 | 15.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
$ | 6,289 | $ | 4,510 | $ | 1,779 | 39.4 | % | ||||||||
Three months ended March 31, |
||||||||||||||||
2021 |
2020 |
Change |
% Change |
|||||||||||||
Detection gross profit |
$ | 4,725 | $ | 3,467 | $ | 1,258 | 36.3 | % | ||||||||
Therapy gross profit |
1,564 | 1,043 | 521 | 50.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
$ | 6,289 | $ | 4,510 | $ | 1,779 | 39.4 | % | ||||||||
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Gross profit % |
72.8 | % | 68.8 | % |
Three months ended March 31, |
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2021 | 2020 | Change $ | Change % | |||||||||||||
Operating expenses: |
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Engineering and product development |
$ | 2,192 | $ | 2,211 | $ | (19 | ) | (0.9 | )% | |||||||
Marketing and sales |
3,424 | 3,608 | (184 | ) | (5.1 | )% | ||||||||||
General and administrative |
2,151 | 2,532 | (381 | ) | (15.0 | )% | ||||||||||
Amortization and depreciation |
55 | 52 | 3 | 5.8 | % | |||||||||||
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Total operating expenses |
$ | 7,822 | $ | 8,403 | $ | (581 | ) | (6.9 | )% | |||||||
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Three months ended March 31, |
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2021 | 2020 | Change $ | Change % | |||||||||||||
Interest expense |
$ | (112 | ) | $ | (130 | ) | $ | 18 | (13.8 | )% | ||||||
Loss on extinguishment of debt |
— | (341 | ) | 341 | (100.0 | )% | ||||||||||
Other income |
2 | 42 | (40 | ) | (95.2 | )% | ||||||||||
Loss on fair value of debentures |
— | (7,464 | ) | 7,464 | (100.0 | )% | ||||||||||
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$ | (110 | ) | $ | (7,893 | ) | $ | 7,783 | (98.6 | )% | |||||||
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Tax expense |
$ | — | $ | (26 | ) | $ | 26 | (100.0 | )% |
For the three months ended March 31, |
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2021 |
2020 |
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(in thousands) | ||||||||
Net cash used for operating activities |
$ | (3,563 | ) | $ | (1,416 | ) | ||
Net cash used for investing activities |
(262 | ) | (156 | ) | ||||
Net cash provided by financing activities |
23,546 | 515 | ||||||
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Increase (decrease) in cash and equivalents |
$ | 19,721 | $ | (1,057 | ) | |||
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors: |
Item 6. |
Exhibits |
* | Filed herewith |
** | Furnished herewith |
iCAD, Inc. |
(Registrant) |
Date: May 4, 2021 | By: | /s/ Michael Klein | ||||||
Name: | Michael Klein | |||||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
Date: May 4, 2021 | By: | /s/ R. Scott Areglado | ||||||
Name: | R. Scott Areglado | |||||||
Title: | Chief Financial Officer (Principal Financial Officer) |