Uni-Pixel

CIK:0001171012|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 1,325	$ 957	$ 2,622	$ 1,807
Cost of revenues	5,629	3,947	9,970	8,197
Gross margin	(4,304)	(2,990)	(7,348)	(6,390)
Selling, general and administrative expenses	2,635	1,870	4,607	3,722
Research and development	2,979	1,013	5,848	1,940
Operating loss	(9,918)	(5,873)	(17,803)	(12,052)
Other income (expense)
Debt issuance cost amortization expense	(229)		(292)	(526)
Gain (loss) on change in warrant liability	334	(271)	1,176	(679)
Incremental cost of warrant exchange	(1,416)		(1,416)
Accretion of discount on convertible notes				(1,291)
Interest income (expense), net	45		26	(9)
Other income (expense), net	(1,266)	(271)	(507)	(2,505)
Net loss	(11,184)	(6,144)	(18,310)	(14,557)
Deemed dividend – accretion on Series A-1 preferred stock	(2,136)		(2,698)
Net loss attributable to common shareholders	$ (13,320)	$ (6,144)	$ (21,008)	$ (14,557)
Basic
Net loss	$ (0.18)	$ (0.16)	$ (0.33)	$ (0.38)
Net loss attributable to common shareholders	(0.22)	(0.16)	(0.38)	(0.38)
Diluted
Net loss	(0.18)	(0.16)	(0.33)	(0.38)
Net loss attributable to common shareholders	$ (0.22)	$ (0.16)	$ (0.38)	$ (0.38)
Weighted average number of basic common shares outstanding	61,044,291	39,363,684	55,418,000	37,995,835
Weighted average number of diluted common shares outstanding	61,044,291	39,363,684	55,418,000	37,995,835

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net loss	$ (18,310)	$ (14,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,562	2,548
Restricted stock issuance	537	562
Stock compensation expense	206	333
Amortization of debt issuance costs	292	526
Accretion of discount on convertible note		1,291
Incremental cost of warrant exchange	1,416
Net (decrease) increase in fair value of derivative liabilities	(1,176)	679
Change in operating assets and liabilities:
Decrease (increase) in accounts receivable	89	17
(Increase) decrease in inventory	(876)	251
(Increase) decrease in prepaid assets and other current assets	(177)	5
(Decrease) increase in accounts payable	1,647	437
Decrease in long-term liabilities	(169)	(132)
Decrease in accrued expenses and other liabilities	499	(98)
Net cash used in operating activities	(13,460)	(8,138)
Cash flows from investing activities
Purchase of property and equipment	(403)	(208)
Proceeds from sale of property and equipment	76
Net cash used in investing activities	(327)	(208)
Cash flows from financing activities
Decrease in cash restricted for convertible notes payable		4,098
Proceeds on long-term debt	433
Proceeds from issuance of common stock, net	9,076	8,389
Proceeds from redeemable convertible preferred stock and warrants issued, net	2,698	2,391
Payments on capital lease	(8)
Proceeds from exercise of warrants	2,711
Proceeds from exercise of stock options, net		1
Payments on long-term debt	(351)
Payments on note payable		(2,867)
Net cash provided by financing activities	14,559	12,012
Net increase in cash and cash equivalents	772	3,666
Cash and cash equivalents, beginning of period	1,558	7,618
Cash and cash equivalents, end of period	2,330	11,284
Supplemental disclosures of cash flow information:
Cash paid for interest	33	8
Cash paid for income taxes
Supplemental disclosures of non-cash financing information:
Issuance of common stock to convert notes and interest	2,900	1,675
Deemed dividend – accretion on Series A-1 preferred stock	2,698
Beneficial conversion feature assigned to equity	$ 460

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 2,330	$ 1,558
Accounts receivable, net	999	1,087
Inventory	1,642	765
Prepaid licenses, net	3,179	4,635
Prepaid expenses	469	359
Total current assets	8,619	8,404
Property and equipment, net	1,065	1,115
Other long-term assets	196	132
Prepaid licenses, net of current portion		729
Total assets	9,880	10,380
Current liabilities
Accounts payable	5,133	3,486
Accrued liabilities	1,538	1,101
Derivative liability	2,589	658
Total current liabilities	9,260	5,245
Long term liabilities	234	350
Long term debt	892	809
Total liabilities	10,386	6,404
Commitments and contingencies
Redeemable convertible preferred stock, 10,000,000 shares authorized; 100 shares issued and outstanding ($100 face amount)	90
Shareholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 71,088,689 shares issued and outstanding at June 30, 2017 and 45,122,841 shares issued and outstanding at December 31, 2016	71	45
Additional paid-in capital	198,968	182,558
Accumulated deficit	(199,635)	(178,627)
Total shareholders' equity	(596)	3,976
Total liabilities and shareholders' equity	$ 9,880	$ 10,380