VIVEVE MEDICAL, INC.

CIK:0000879682|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue	$ 1,684	$ 1,616	$ 5,120	$ 4,720
Cost of revenue	1,138	1,502	3,960	4,059
Gross profit	546	114	1,160	661
Operating expenses:
Research and development	1,800	2,695	5,861	6,804
Selling, general and administrative	3,408	2,911	10,454	9,423
Total operating expenses	5,208	5,606	16,315	16,227
Loss from operations	(4,662)	(5,492)	(15,155)	(15,566)
Gain on forgiveness of Paycheck Protection Program loan	0	0	0	1,358
Modification of warrants	0	0	0	(373)
Interest expense, net	(292)	(255)	(846)	(734)
Other expense, net	(22)	(78)	(83)	(196)
Net loss from consolidated companies	(4,976)	(5,825)	(16,084)	(15,511)
Impairment loss on investment in unconsolidated limited liability company	0	0	(455)	0
Loss from investment in unconsolidated limited liability company	0	(33)	(122)	(188)
Comprehensive and net loss	(4,976)	(5,858)	(16,661)	(15,699)
Series B convertible preferred stock dividends	(1,347)	(1,190)	(3,918)	(3,463)
Net loss attributable to common stockholders	$ (6,323)	$ (7,048)	$ (20,579)	$ (19,162)
Net loss per share of common stock:
Basic and diluted (in dollars per share)	$ (0.59)	$ (0.67)	$ (1.93)	$ (1.93)
Weighted average shares used in computing net loss per share of common stock:
Basic and diluted (in shares)	10,665,410	10,591,834	10,642,263	9,916,834

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (4,976,000)	$ (5,886,000)	$ (5,858,000)	$ (5,791,000)	$ (16,661,000)	$ (15,699,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts					10,000	104,000
Depreciation and amortization					568,000	884,000
Stock-based compensation					2,737,000	2,765,000
Non-cash interest expense					504,000	446,000
Amortization of operating lease right-of-use assets and accretion of operating lease liabilities					(2,000)	15,000
Impairment loss on investment in unconsolidated limited liability company	(0)		(0)		455,000	(0)
Loss from investment in unconsolidated limited liability company	0		33,000		122,000	188,000
Loss on disposal of property and equipment					20,000	40,000
Modification of warrants	(0)		(0)		(0)	373,000
Gain on forgiveness of Paycheck Protection Program loan	0		0		0	(1,358,000)
Changes in assets and liabilities:
Accounts receivable					(321,000)	152,000
Inventory					115,000	1,423,000
Prepaid expenses and other current assets					(167,000)	213,000
Other assets					(161,000)	(3,000)
Accounts payable					(372,000)	411,000
Accrued liabilities					1,011,000	71,000
Other noncurrent liabilities					(863,000)	324,000
Net cash used in operating activities					(13,005,000)	(9,651,000)
Cash flows from investing activities:
Purchase of property and equipment					(301,000)	(162,000)
Net cash used in investing activities					(301,000)	(162,000)
Cash flows from financing activities:
Proceeds from January 2021 Offering, net of issuance costs					0	25,122,000
Proceeds from exercise of common warrants					0	179,000
Proceeds from purchase of common shares under Purchase Agreement with LPC					0	704,000
Proceeds from issuance of common shares from employee stock purchase plan					51,000	21,000
Net cash provided by financing activities					51,000	25,955,000
Net increase (decrease) in cash and cash equivalents					(13,255,000)	16,142,000
Cash and cash equivalents - beginning of period		$ 19,162,000		$ 6,523,000	19,162,000	6,523,000	$ 6,523,000
Cash and cash equivalents - end of period	$ 5,907,000		$ 22,665,000		5,907,000	22,665,000	$ 19,162,000
Supplemental disclosure:
Cash paid for interest					0	0
Cash paid for income taxes					0	0
Supplemental disclosure of cash flow information as of end of period:
Forgiveness of Paycheck Protection Program loan					0	1,358,000
Issuance of Series B convertible preferred stock in settlement of dividends					3,909,000	3,460,000
Issuance of note payable in settlement of accrued interest					502,000	443,000
Net transfer of equipment between inventory and property and equipment					(258,000)	(319,000)
Operating cash outflows from operating leases					209,000	195,000
Purchase Agreement with LPC [Member]
Cash flows from financing activities:
Transaction costs					$ 0	$ (71,000)

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,907,000	$ 19,162,000
Accounts receivable, net of allowance for doubtful accounts of $15 and $66 as of September 30, 2022 and December 31, 2021, respectively	860,000	549,000
Inventory	1,615,000	1,472,000
Prepaid expenses and other current assets	1,222,000	1,055,000
Total current assets	9,604,000	22,238,000
Property and equipment, net	1,009,000	1,554,000
Investment in unconsolidated limited liability company	0	577,000
Other assets	1,541,000	1,544,000
Total assets	12,154,000	25,913,000
Current liabilities:
Accounts payable	1,108,000	1,480,000
Accrued liabilities	4,101,000	3,053,000
Note payable, current portion	5,628,000	0
Total current liabilities	10,837,000	4,533,000
Note payable, noncurrent portion	0	5,124,000
Other noncurrent liabilities	133,000	1,190,000
Total liabilities	10,970,000	10,847,000
Commitments and contingences (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value; 75,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 10,698,857 and 10,619,846 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	1,000	1,000
Additional paid-in capital	259,697,000	256,918,000
Accumulated deficit	(258,514,000)	(241,853,000)
Total stockholders’ equity	1,184,000	15,066,000
Total liabilities and stockholders’ equity	12,154,000	25,913,000
Series B Preferred Stock [Member]
Stockholders’ equity:
Convertible preferred stock	0	0
Series C Preferred Stock [Member]
Stockholders’ equity:
Convertible preferred stock	$ 0	$ 0