MACROSOLVE INC
CIK:0001178727|SEC Filings
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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| Income Statement [Abstract] | ||||||||||||
| Revenue | $ 250 | $ 3,796 | $ 4,229 | $ 7,937 | ||||||||
| Cost of goods sold | 104 | 1,795 | 1,214 | 6,259 | ||||||||
| Gross profit | 146 | 2,001 | 3,015 | 1,678 | ||||||||
| Operating expenses | ||||||||||||
| Research and development | [1] | 46 | 74 | 152 | 1,782 | |||||||
| Sales and marketing | [1] | 27 | 105 | |||||||||
| General and administrative | [1] | 1,040 | 2,672 | 4,705 | 13,848 | |||||||
| Depreciation and amortization | 69 | 702 | 206 | 1,705 | ||||||||
| Impairment | (1,090) | 896 | 14,685 | |||||||||
| (Gain) loss on sales (ID, DWXC, SKS) | [2] | (454) | [3] | 2,564 | [3] | |||||||
| Loss on lease abandonment | 305 | 11,634 | ||||||||||
| Gain on the sale of assets | (8,441) | |||||||||||
| Total operating expenses, net | 1,155 | 2,690 | 5,505 | 37,882 | ||||||||
| Loss from operations | (1,009) | (689) | (2,490) | (36,204) | ||||||||
| Other expense | ||||||||||||
| Interest expense | (415) | (755) | (1,238) | (2,982) | ||||||||
| Other expense | (42) | |||||||||||
| Loss on extinguishment of debt | (512) | (1,130) | ||||||||||
| Loss on inducement of debt conversions | (1,946) | |||||||||||
| Total other expense | (415) | (1,267) | (3,226) | (4,112) | ||||||||
| Loss from continuing operations | (1,424) | (1,956) | (5,716) | (40,316) | ||||||||
| Income from discontinued operations, net of tax | 747 | |||||||||||
| Net loss | (1,424) | (1,956) | (5,716) | (39,569) | ||||||||
| Dividend on preferred stock | (185) | (185) | (555) | (493) | ||||||||
| Net loss attributable to common stockholders | $ (1,609) | $ (2,141) | $ (6,271) | $ (40,062) | ||||||||
| Net loss per share | ||||||||||||
| Basic from continuing operations (in Dollars per share) | $ (0.6) | $ (2.21) | $ (2.37) | $ (45.92) | ||||||||
| Basic from discontinued operations (in Dollars per share) | $ 0.84 | |||||||||||
| Weighted average number of common shares outstanding | ||||||||||||
| Weighted average number of common shares outstanding basic (in Shares) | 2,695,571 | 967,615 | 2,651,169 | 888,619 | ||||||||
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Current assets: | ||
| Cash | $ 2,038 | $ 1,868 |
| Accounts receivable, net | 38 | 1,126 |
| Inventory, net | 3,766 | 3,966 |
| Prepaid expenses | 3,414 | 3,571 |
| Note and obligation receivable - current | 1,300 | 650 |
| Other current assets | 160 | 150 |
| Assets held for sale - current | 651 | |
| Total current assets | 10,716 | 11,982 |
| Property and equipment, net | 268 | 377 |
| Operating lease right-of-use assets | 258 | 97 |
| Intangible assets, net | 1,133 | 1,428 |
| Goodwill | 6,612 | 7,310 |
| Note and obligation receivable - long-term | 1,300 | 1,350 |
| Assets held for sale - long-term | 2,374 | |
| Total assets | 20,287 | 24,918 |
| Current liabilities: | ||
| Accounts payable | 3,622 | 3,656 |
| Accrued interest | 1,431 | 477 |
| Accrued liabilities | 4,137 | 3,006 |
| Accrued payroll | 2,542 | 1,758 |
| Contract liabilities - current | 1,443 | 3,232 |
| Accrued warranty liability - current | 494 | 488 |
| Operating lease liabilities - current | 1,921 | 1,321 |
| Debt - current, net of unamortized discounts and debt issuance costs | 12,366 | 11,536 |
| Liabilities held for sale - current | 2,342 | |
| Total current liabilities | 28,056 | 27,916 |
| Debt - long-term | 1,895 | |
| Contract liabilities - long-term | 54 | 152 |
| Operating lease liabilities - long-term | 9,378 | 9,816 |
| Liabilities held for sale - long-term | 140 | |
| Total liabilities | 37,748 | 39,919 |
| Commitments and contingencies (Note 17) | ||
| Stockholders’ Deficiency | ||
| Preferred stock, $0.0001 par value, 100,000,000 shares authorized; Series A Cumulative Redeemable Perpetual Preferred Stock, 690,000 shares designated, 320,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | ||
| Common stock, $0.0001 par value, 300,000,000 shares authorized; 2,695,571 and 2,381,136 shares issued and 2,695,238 and 2,380,803 shares outstanding as of September 30, 2023 and December 2022, respectively | ||
| Additional paid-in capital | 285,838 | 282,582 |
| Treasury stock, at cost, 333 shares as of September 30, 2023 and December 2022 | (50) | (50) |
| Accumulated deficit | (303,272) | (297,556) |
| Accumulated other comprehensive income | 23 | 23 |
| Total Stockholders’ Deficiency | (17,461) | (15,001) |
| Total Liabilities and Stockholders’ Deficiency | 20,287 | 24,918 |
| Related Party | ||
| Current liabilities: | ||
| Note payable - related party - current | 100 | $ 100 |
| Note payable - related party - long-term | $ 260 |