POSITIVEID Corp

CIK:0001347022|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 420	$ 1,227
Cost of revenues	228	804
Gross profit	192	423
Operating expenses:
Selling, general and administrative	1,063	2,155
Research and development	158	101
Total operating expenses	1,221	2,256
Operating (loss)	(1,029)	(1,833)
(Loss) on investment in ENG Mobile Systems	(45)
Other income (expense):
Gain on deconsolidation of ENG Mobile Systems	388
Interest expense	(768)	(1,451)
Change in fair value of embedded conversion option liability	(1,441)	(571)
Loss on extinguishment of debt	(22)
Other income	14	6
Total other expense, net	(1,829)	(2,016)
Net loss	(2,903)	(3,849)
Preferred stock dividends	(50)	(34)
Net loss attributable to common stockholders before allocation to non-controlling interest	(2,953)	(3,883)
Less net loss allocated to non-controlling interest in consolidated subsidiary	45
Net loss applicable to PositiveID Corporation common stockholders	$ (2,908)	$ (3,883)
Net loss per common share attributable to common stockholders - basic and diluted	$ (1.90)	$ (2,646.89)
Weighted average shares outstanding - basic and diluted	1,528,126	1,467

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (2,903)	$ (3,849)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on deconsolidation	(388)
Depreciation and amortization	33	50
Stock-based compensation	22	922
Convertible debt discounts and premium amortization	641	1,316
Loss on extinguishment of debt	22
Change in fair value of embedded conversion option liability	1,441	571
Gain on disposal of property & equipment		(2)
Note issued as penalty		15
Bad debt	2
Foreign exchange transaction loss	(2)
Loss on investment in ENG Mobile Systems	45
(Increase) decrease in:
Account receivable	(31)	(98)
Prepaid expenses and other current assets	30	45
Inventories	79	210
Increase (decrease) in:
Accounts payable and other accrued expense	(43)	66
Accrued interest	122	76
Deferred revenue	(94)	363
Tax liability		1
Net cash used in operating activities	(1,024)	(312)
Cash flows from investing activities:
Bank overdraft liability held by deconsolidated subsidiary	99
Purchase of property & equipment	(2)	(15)
Proceeds on disposal of property & equipment		4
Net cash (used in) provided by investing activities	97	(11)
Cash flows from financing activities:
Proceeds from convertible debt financing, net of fees	829	868
Proceeds from note payable, net of discounts	48
Principal payments of short-term debt	(82)	(136)
Payment of line of credit		(150)
Net cash provided by financing activities	795	582
Net increase (decrease) in cash	(132)	259
Cash, beginning of period	181	40
Cash, end of period	49	299
Supplementary Cash Flow Information:
Cash paid for interest	3	42
Cash paid for income tax
Non-cash financing and investing activities:
Conversion of promissory notes into common stock	1,042	846
Reclassification of embedded conversion option liability to equity upon conversion of debt and extinguishment of debt	525	945
Reclassification of stock settle debt premium to equity upon conversion of debt	199	38
Discounts recorded for loan fees and original issue discount	56	173
Premium recorded on debt	507	274
Embedded conversion option liability recorded as debt discount	26	328
Note issued in settlement of amounts due to ENG	$ 54

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 49,000	$ 181,000
Accounts receivable, net	57,000	75,000
Inventories	12,000	433,000
Prepaid expenses and other current assets	40,000	102,000
Total Current Assets	158,000	791,000
Investment in ENG Mobile Systems	249,000
Equipment, net	27,000	120,000
Goodwill	601,000	601,000
Intangibles, net	167,000	194,000
Other assets	11,000	19,000
Total Assets	1,213,000	1,725,000
Current Liabilities:
Accounts payable	206,000	295,000
Accrued expenses and other current liabilities	965,000	1,183,000
Deferred revenue		154,000
Notes and loans payable, net of discounts	408,000	309,000
Line of credit		350,000
Short-term convertible debt and accrued interest, net of discounts and premiums	6,652,000	6,377,000
Embedded conversion option liability	3,592,000	2,650,000
Tax liability	99,000	100,000
Total Current Liabilities	11,922,000	11,418,000
Long Term Liabilities:
Loan payable		8,000
Total Liabilities	11,922,000	11,426,000
Commitments and contingencies (Note 9)
Stockholders' Deficit:
Common stock, 19,995,000,000 shares authorized, $0.0001 par value; 5,333,246 and 359,075 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
Additional paid-in capital	157,938,000	156,186,000
Accumulated deficit	(168,647,000)	(165,789,000)
Total PositiveID Corporation Stockholders' Deficit	(10,709,000)	(9,603,000)
Non-controlling interest in consolidated subsidiary (Note 3)		(98,000)
Total Stockholders' Deficit	(10,709,000)	(9,701,000)
Total Liabilities and Stockholders' Deficit	1,213,000	1,725,000
Series J Convertible Preferred Stock [Member]
Stockholders' Deficit:
Preferred stock, value
Series II Convertible Preferred Stock [Member]
Stockholders' Deficit:
Preferred stock, value