CRAILAR TECHNOLOGIES INC

CIK:0001210294|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Revenues	$ 1,804	$ 743	$ 3,531	$ 1,178
Cost of sales
Materials and direct product costs	1,617	685	3,106	1,045
Production facility overhead costs	68	77	137	175
Facility commissioning costs	0	251	0	503
Depreciation	206	132	415	235
Total Cost of Sales	1,891	1,145	3,658	1,958
Gross loss	(87)	(402)	(127)	(780)
Expenses
Marketing and promotion	57	93	184	176
Amortization and depreciation	19	26	37	50
General and administrative	830	1,179	1,864	2,414
Total Expenses	906	1,298	2,085	2,640
Loss before other items	(993)	(1,700)	(2,212)	(3,420)
Other income (expense):
Accretion expense	(61)	(175)	(120)	(437)
Research and development	(72)	(64)	(133)	(117)
Interest	(439)	(524)	(973)	(1,064)
Gain on debt settlement	0	234	0	234
Fair value adjustment derivative liabilities	206	264	380	264
Exchange gain (loss)	(1,013)	0	508	0
Total Other income (expense)	(1,379)	(265)	(338)	(1,120)
Net Loss	(2,372)	(1,965)	(2,550)	(4,540)
Other comprehensive income (loss)
Exchange differences on translating to presentation currency	966	(481)	321	99
Comprehensive loss	$ (1,406)	$ (2,446)	$ (2,229)	$ (4,441)
Loss per share (basic and diluted)	$ (0.04)	$ (0.04)	$ (0.04)	$ (0.09)
Weighted average number of common shares outstanding	66,378,003	50,892,464	66,378,003	49,540,232

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 27, 2015	Jun. 28, 2014
Cash flows used in operating activities
Net loss for the period	$ (2,550,000)	$ (4,540,000)
Adjustments to reconcile net loss to net cash from operating activities
Accretion expense	120,000	437,000
Fair value adjustment of derivative	(380,000)	(264,000)
Stock based compensation	396,122	448,407
Gain on settlement of debt	0	(234,000)
Approximation [Member]
Cash flows used in operating activities
Net loss for the period	(2,550,000)	(4,540,000)
Adjustments to reconcile net loss to net cash from operating activities
Accretion expense	120,000	437,000
Amortization and depreciation	452,000	285,000
Amortization of deferred debt	191,000	171,000
Fair value adjustment of derivative	(380,000)	(264,000)
Rent inducement	(16,000)	16,000
Stock based compensation	396,000	448,000
Gain on settlement of debt	0	(234,000)
Gain on foreign exchange	(508,000)	0
Changes in working capital assets and liabilities
Increase (decrease) in accounts receivable	1,874,000	(929,000)
Decrease (increase) in inventory	5,000	19,000
Increase in prepaid expenses	(106,000)	(465,000)
Increase (decrease) in accounts payable	(307,000)	333,000
Increase (decrease) in accrued liabilities	(36,000)	(217,000)
Net cash used in operating activities	(865,000)	(4,940,000)
Cash flows used in investing activities
Purchase of property and equipment	(316,000)	(1,091,000)
Acquisition of intangible assets	(15,000)	(23,000)
Net cash flows used in investing activities	(331,000)	(1,114,000)
Cash flows used in financing activities
Issuance of capital stock and warrants	0	3,148,000
Payment of loans	(108,000)	(661,000)
Loans payable	0	(125,000)
Proceeds from long term debt	0	2,984,000
Net cash flows from (used in) financing activities	(108,000)	5,346,000
Effect of exchange rate changes on cash and cash equivalents	206,000	3,000
Increase (decrease) in cash and cash equivalents	(1,098,000)	(705,000)
Cash and cash equivalents, beginning	1,196,000	1,193,000
Cash and cash equivalents, ending	98,000	489,000
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH FINANCING AND INVESTING ACTIVITIES:
Cash paid for interest	806,000	983,000
Capital stock issued for share issue costs	$ 0	$ 221,000

Consolidated Balance Sheets - USD ($)	Jun. 27, 2015	Dec. 27, 2014
Current
Inventory	$ 421,017	$ 448,569
Deferred Debt Issuance Costs	774,319	967,294
Property and Equipment, net	9,499,148	10,013,413
Current
Current portion of long term debt	147,642	161,025
Non-current liabilities
Long Term Debt	17,143,318	18,184,990
Approximation [Member]
Current
Cash and cash equivalents	98,000	1,196,000
Accounts receivable	1,199,000	3,107,000
Inventory	421,000	449,000
Prepaid expenses and deposits	423,000	336,000
Total Current Assets	2,141,000	5,088,000
Deferred Debt Issuance Costs	774,000	967,000
Property and Equipment, net	9,499,000	10,013,000
Intangible Assets, net	120,000	129,000
Total Assets	12,534,000	16,197,000
Current
Accounts payable	1,793,000	2,017,000
Accrued liabilities	1,195,000	1,224,000
Unearned revenue	264,000	264,000
Current Portion of loans payable	479,000	546,000
Current portion of long term debt	148,000	161,000
Derivative liabilities	492,000	872,000
Total Current Liabilities	4,371,000	5,084,000
Non-current liabilities
Loans Payable	272,000	361,000
Long Term Debt	16,996,000	18,024,000
Total Liabilities	21,639,000	23,469,000
STOCKHOLDERS' DEFICIT
Capital Stock Authorized: unlimited common shares without par value Issued and outstanding: 66,378,003 common shares (December 27, 2014 - 66,378,003 common shares)	39,665,000	39,665,000
Additional Paid-in Capital	15,615,000	15,219,000
Other Comprehensive Income	1,804,000	1,483,000
Deficit	(66,189,000)	(63,639,000)
Total Stockholders Equity	(9,105,000)	(7,272,000)
Total Liabilities and Stockholders Equity	$ 12,534,000	$ 16,197,000