AVISTAR COMMUNICATIONS CORP

CIK:0001111632|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenue:
Product	$ 853	$ 474
Patent licensing	100	106
Services, maintenance and support	1,543	810
Total revenue	2,496	1,390
Costs and expenses:
Cost of product revenues	112	95
Cost of services, maintenance and support revenues	964	273
Research and development	1,116	1,443
Sales and marketing	645	910
General and administrative	1,049	1,061
Total costs and expenses	3,886	3,782
Loss from operations	(1,390)	(2,392)
Other income (expense), net	(51)	(27)
Loss before provision for income taxes	(1,441)	(2,419)
Provision for income taxes	2	2
Net loss	$ (1,443)	$ (2,421)
Net loss per share - basic and diluted (in dollars per share)	$ (0.04)	$ (0.06)
Weighted average shares used in calculating basic and diluted net loss per share (in shares)	40,816	39,246

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash Flows from Operating Activities:
Net loss	$ (1,443)	$ (2,421)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	30	30
Compensation on equity awards issued to consultants and employees	300	305
Provision for doubtful accounts	(9)	5
Changes in assets and liabilities:
Accounts receivable	1,225	(384)
Inventories	0	1
Prepaid expenses and other current assets	(117)	97
Other assets	(20)	55
Accounts payable	258	109
Deferred revenue and customer deposits	(996)	(535)
Accrued liabilities and other	(8)	(68)
Other long term liabilities	0	(14)
Net cash used in operating activities	(780)	(2,820)
Cash Flows from Investing Activities:
Purchase of property and equipment	(64)	(1)
Net cash used in investing activities	(64)	(1)
Cash Flows from Financing Activities:
Proceeds from line of credit	0	1,000
Proceeds from related party convertible debt issuance	0	3,000
Net proceeds from issuance of common stock	25	54
Taxes paid related to net share settlement of equity awards	(40)	0
Net cash provided by (used in) financing activities	(15)	4,054
Net increase (decrease) in cash and cash equivalents	(859)	1,233
Cash and cash equivalents, beginning of period	2,722	1,817
Cash and cash equivalents, end of period	$ 1,863	$ 3,050

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 1,863	$ 2,722
Accounts receivable, net of allowance for doubtful accounts of $0 and $9 at March 31, 2012 and December 31, 2011, respectively	544	1,760
Inventories	16	16
Prepaid expenses and other current assets	469	352
Total current assets	2,892	4,850
Property and equipment, net	185	151
Other assets	182	162
Total assets	3,259	5,163
Current liabilities:
Line of credit	6,000	6,000
Related party convertible debt	3,000	0
Accounts payable	718	460
Deferred revenue and customer deposits	6,338	7,198
Accrued liabilities and other	989	1,037
Total current liabilities	17,045	14,695
Long-term liabilities:
Related party convertible debt	0	3,000
Deferred revenue, non-current	224	360
Other long-term liabilities	45	45
Total liabilities	17,314	18,100
Commitments and contingencies (Note 9)
Stockholders' equity (deficit):
Common stock, $0.001 par value; 250,000,000 shares authorized at March 31, 2012 and December 31, 2011; 42,039,851 and 41,924,392 shares issued at March 31, 2012 and December 31, 2011, respectively	42	42
Less: treasury common stock, 1,182,875 shares at March 31, 2012 and December 31, 2011, at cost	(53)	(53)
Additional paid-in-capital	105,484	105,159
Accumulated deficit	(119,528)	(118,085)
Total stockholders' equity (deficit)	(14,055)	(12,937)
Total liabilities and stockholders' equity (deficit)	$ 3,259	$ 5,163