Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | MARRONE BIO INNOVATIONS INC | |
Entity Central Index Key | 0001441693 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 175,307,333 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 18,923 | $ 15,841 |
Accounts receivable | 13,533 | 10,113 |
Inventories | 6,414 | 6,618 |
Prepaid expenses and other current assets | 1,350 | 1,688 |
Total current assets | 40,220 | 34,260 |
Property, plant and equipment, net | 12,439 | 12,565 |
Right of use assets, net | 3,798 | 3,760 |
Intangible assets, net | 20,797 | 21,383 |
Goodwill | 6,740 | 6,740 |
Restricted cash | 1,560 | 1,560 |
Other assets | 911 | 929 |
Total assets | 86,465 | 81,197 |
Current liabilities: | ||
Accounts payable | 2,190 | 1,895 |
Accrued liabilities | 10,155 | 11,650 |
Deferred revenue, current portion | 439 | 374 |
Lease liability, current portion | 1,164 | 1,008 |
Debt, current portion, net | 12,085 | 9,301 |
Total current liabilities | 26,033 | 24,228 |
Deferred revenue, less current portion | 1,528 | 1,628 |
Lease liability, less current portion | 2,922 | 3,050 |
Debt, less current portion, net | 11,380 | 11,479 |
Debt due to related parties | 7,300 | 7,300 |
Other liabilities | 1,950 | 2,102 |
Total liabilities | 51,113 | 49,787 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock: $0.00001 par value; 20,000 shares authorized and no shares issued or outstanding at March 31, 2021 and December 31, 2020 | ||
Common stock: $0.00001 par value; 250,000 shares authorized, 175,274 and 167,478 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 1 | 1 |
Additional paid in capital | 379,429 | 372,226 |
Accumulated deficit | (344,078) | (340,817) |
Total stockholders' equity | 35,352 | 31,410 |
Total liabilities and stockholders' equity | $ 86,465 | $ 81,197 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 175,274,000 | 167,478,000 |
Common stock, shares outstanding | 175,274,000 | 167,478,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Total revenues | $ 11,038 | $ 9,650 |
Cost of product revenues | 4,069 | 4,081 |
Gross profit | 6,969 | 5,569 |
Operating Expenses: | ||
Research, development and patent | 2,512 | 3,234 |
Selling, general and administrative | 7,483 | 7,993 |
Total operating expenses | 9,995 | 11,227 |
Loss from operations | (3,026) | (5,658) |
Other income (expense): | ||
Interest expense | (393) | (337) |
Loss on issuance of new warrants | (1,391) | |
Change in fair value of contingent consideration | 134 | 237 |
Other income, net | 65 | 159 |
Total other expense, net | (194) | (1,332) |
Net loss before income taxes | (3,220) | (6,990) |
Income tax expense | (41) | (34) |
Net Loss | $ (3,261) | $ (7,024) |
Basic and diluted net loss per common share: | $ (0.02) | $ (0.05) |
Weighted-average shares outstanding used in computing basic and diluted net loss per common share: | 168,938,000 | 141,572,000 |
Product [Member] | ||
Revenues: | ||
Total revenues | $ 10,904 | $ 9,535 |
License [Member] | ||
Revenues: | ||
Total revenues | $ 134 | $ 115 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 1 | $ 344,206 | $ (320,649) | $ 23,558 |
Beginning balance, shares at Dec. 31, 2019 | 139,526,000 | |||
Net loss | (7,024) | (7,024) | ||
Net settlement of options | 12 | 12 | ||
Net settlement of options, shares | 15,000 | |||
Share-based compensation | 907 | 907 | ||
Employee stock purchase plan | 84 | 84 | ||
Employee stock purchase plan, shares | ||||
Financing costs | (64) | (64) | ||
Issuance of common stock in connection with call to exercise warrants | 6,000 | 6,000 | ||
Issuance of common stock in connection with call to exercise warrants, shares | 6,000,000 | |||
Issuance of new warrants in connection with call to exercise warrants | 1,391 | 1,391 | ||
Ending balance at Mar. 31, 2020 | $ 1 | 352,536 | (327,673) | 24,864 |
Ending balance, shares at Mar. 31, 2020 | 145,541,000 | |||
Beginning balance at Dec. 31, 2020 | $ 1 | 372,226 | (340,817) | 31,410 |
Beginning balance, shares at Dec. 31, 2020 | 167,478,000 | |||
Net loss | (3,261) | (3,261) | ||
Net settlement of options | 27 | 27 | ||
Net settlement of options, shares | 21,000 | |||
Share-based compensation | 915 | 915 | ||
Employee stock purchase plan | 86 | 86 | ||
Employee stock purchase plan, shares | ||||
Settlement of restricted stock units | ||||
Settlement of restricted stock units, shares | 88,000 | |||
Exercise of warrants | 6,175 | 6,175 | ||
Exercise of warrants, shares | 7,687,000 | |||
Ending balance at Mar. 31, 2021 | $ 1 | $ 379,429 | $ (344,078) | $ 35,352 |
Ending balance, shares at Mar. 31, 2021 | 175,274,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (3,261) | $ (7,024) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 874 | 891 |
Gain on disposal of equipment | (9) | |
Change in inventory reserves | (75) | 72 |
Right of use assets amortization | 215 | 206 |
Share-based compensation | 915 | 907 |
Non-cash interest expense | 48 | 61 |
Loss on issuance of new warrants | 1,391 | |
Change in fair value of contingent consideration | (134) | (237) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (3,420) | (4,492) |
Inventories | 279 | 1,000 |
Prepaid Expenses and other assets | 356 | (281) |
Accounts payable | 252 | 3,068 |
Accrued and other liabilities | (763) | (1,500) |
Lease Liability | (225) | (208) |
Deferred revenue | (78) | (137) |
Net cash used in operating activities | (5,017) | (6,292) |
Cash flows from investing activities | ||
Payment of consideration in connection with previous asset purchase | (750) | (540) |
Purchases of property, plant and equipment | (119) | (135) |
Proceeds from sale of equipment | 2 | |
Net cash used in investing activities | (869) | (673) |
Cash flows from financing activities | ||
Proceeds from secured borrowings | 11,504 | 11,319 |
Repayment in secured borrowings | (8,725) | (6,322) |
Repayment of debt | (99) | (196) |
Equity offering costs | (64) | |
Net settlement of options | 27 | 12 |
Proceeds from employee stock purchase plan | 86 | 84 |
Exercise of warrants | 6,175 | 6,000 |
Net cash provided by financing activities | 8,968 | 10,833 |
Net increase in cash and cash equivalents and restricted cash | 3,082 | 3,868 |
Cash and cash equivalents and restricted cash, beginning of period | 17,401 | 7,812 |
Cash and cash equivalents and restricted cash, end of period | 20,483 | 11,680 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 339 | 269 |
Supplemental disclosure of non-cash investing and financing activities | ||
Property, plant and equipment included in accounts payable and accrued liabilities | 43 | 93 |
Right of use assets (non-cash) acquired | $ 253 |
Summary of Business, Basis of P
Summary of Business, Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Business, Basis of Presentation | 1. Summary of Business, Basis of Presentation Marrone Bio Innovations, Inc. (the “Company”), was incorporated under the laws of the State of Delaware on June 15, 2006, and is located in Davis, California. In July 2012, the Company formed a wholly-owned subsidiary, Marrone Michigan Manufacturing LLC (“MMM LLC”), which holds the assets of a manufacturing plant the Company purchased in July 2012. In September 2019 the Company closed its acquisition of Pro Farm Technologies OY, a Finnish limited company, which consisted of Pro Farm Technologies OY and its five subsidiaries Pro Farm International Oy (Finland), Pro Farm OU (Estonia), Pro Farm Technologies Comercio de Insumos Agricolas do Brasil ltda. (Brazil – 99% controlling interest), Pro Farm Inc. (Delaware), and Glinatur SA (Uruguay) (collectively “Pro Farm”). As a result of the acquisition, Pro Farm became a wholly-owned subsidiary of the Company. In December 2019, the Company created its subsidiary Pro Farm Russia, LLC (Russia). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and substantially owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial information as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, has been prepared by the Company, without audit, in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations and accounting principles applicable for interim periods. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The information included in this Quarterly Report on Form 10-Q should be read in connection with the consolidated financial statements and accompanying notes included in the Company’s Annual Report filed on Form 10-K for the fiscal year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, reflect all adjustments, which are normal recurring adjustments, necessary to present a fair statement of financial position, results of operations and cash flows. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The Company is a growth-oriented agricultural company that supports environmentally sustainable farming practices through the discovery, development and sale of innovative biological products for crop protection, crop health and crop nutrition. The Company’s products are sold through distributors and other commercial partners to growers around the world for use in integrated pest management systems that improve efficacy and increase yields while protecting the environment. The Company’s products are often used in conjunction with or as an alternative to other agricultural solutions to control pests and enhance plant nutrition and health. The Company’s portfolio of 15 products helps customers operate more sustainably while increasing their return on investment. The Company’s products are used globally and can be applied as foliar treatments or as seed-and-soil treatments, either on their own or in combination with other agricultural products. The Company targets the major markets that use conventional chemical pesticides and fertilizers where the Company’s biological products are used as alternatives or mixed with, conventional chemical products. The Company also targets new markets for which there are no available conventional chemical products or for which the use of conventional chemical products may not be desirable (including for organically certified crops) or permissible, either because of health and environmental concerns or because the development of pest resistance has reduced the efficacy of conventional chemical pesticides. The Company sell its products through distributors and other commercial partners to growers who use the Company’s bioprotection products to manage pests and plant diseases, the Company’s plant health products to reduce crop stress and both the Company’s plant health and bionutrition products to increase yields and quality. Liquidity The Company funds operations primarily with the proceeds from the sale of its products, promissory notes and term loans, and net proceeds from issuance and exercise of equity instruments. The Company will need to generate significant revenue growth to achieve and maintain profitability. As of March 31, 2021, the Company had a working capital surplus of $14,187,000, including cash and cash equivalents of $18,923,000. In addition, as of March 31, 2021, the Company had debt and debt due to related parties of $23,465,000 and $7,300,000, respectively, for which the underlying debt agreements contain various financial and non-financial covenants, as well as certain material adverse change clauses. As of March 31, 2021, the Company had a total of $1,560,000 of restricted cash relating to these debt agreements. (Refer to Notes 6 of these condensed consolidated financial statements) In April 2020, the Company entered into a Warrant Exchange Agreement (the “Warrant Exchange Agreement”) with a group of historical investors (the “Investors”) pursuant to which the Company issued new warrants to the Investors (“April 2020 Warrants”) in exchange for cancellation of all of their outstanding warrants. The April 2020 Warrants all have an exercise price of $0.75 per share, and expire in five tranches. As of March 31, 2021 approximately 24,995,000 shares under the April 2020 Warrants were exercised prior to each of the four tranche expiration dates, leaving only the fifth tranche with an expiration date of December 15, 2021 with respect to 4,885,317 of the April 2020 Warrants remaining. (Refer to Note 7 of these condensed consolidated financial statements). In December 2020, the Company also entered into an amendment (the “Warrant Amendment” to a previously outstanding warrant (the “Amended Warrant”) to purchase 5,333,333 shares of the Company’s common stock issued to a historical warrant holder (the “Amended Warrant Holder”) on February 5, 2018. As of March 31, 2021, 3,555,556 shares under the Amended Warrant were exercised, leaving 1,777,777 of the Amended Warrants remaining with an expiration date of December 15, 2021. (Refer to Note 7 of these condensed consolidated financial statements). There can be no assurance that the Investors or the Amended Warrant Holder will exercise the remaining April 2020 Warrants and the Amended Warrant prior to their respective expiration date. (Refer to Note 7 of these condensed consolidated financial statements). The Company could breach covenants contained within its debt agreements or if the material adverse change clauses are triggered, the entire unpaid principal and interest balances would be due and payable upon demand. Without entering into a continuation of its current waiver, which expires May 31, 2022, entering into strategic agreements that include significant cash payments upfront, significantly increasing revenues from sales or raising additional capital through the issuance of equity, the Company expects it will exceed its maximum debt-to-worth requirement under the June 2014 Secured Promissory Note with Five Star Bank. Further, a violation of a covenant in one debt agreement will cause the Company to be in violation of certain covenants under each of its other debt agreements. Breach of covenants included in the Company’s debt agreements, which could result in the lenders demanding payment of the unpaid principal and interest balances, will have a material adverse effect upon the Company and would likely require the Company to seek to renegotiate these debt arrangements with the lenders. If such negotiations are unsuccessful, the Company may be required to seek protection from creditors through bankruptcy proceedings. The Company’s inability to maintain compliance with its debt covenants could have a negative impact on the Company’s financial condition and ability to continue as a going concern. The Company’s historical operating results, including prior periods of significant losses and negative use of operating cash flows, may indicate probable substantial doubt exists related to the Company’s ability to continue as a going concern for the next 12 months from the date of issuance of these condensed consolidated financial statements. The Company believes that its existing cash and cash equivalents at March 31, 2021, together with expected revenues, cost management, will be sufficient to fund operations as currently planned through one year from the date of the issuance of these condensed consolidated financial statements and therefore has alleviated doubts related to the Company’s ability to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company used significant estimates in accounting for assumptions and estimates associated with revenue recognition, including assumptions and estimates used in determining the timing and amount of revenue to recognize for those transactions with variable considerations, reserves for inventory obsolescence, fair value of stock-based compensation, and forecasted estimates and assumptions related to impairment analysis for long lived assets, intangibles, and goodwill and contingent considerations related to Pro Farm, assumptions and estimates associated with the fair value of warrants and in its going concern analysis. Concentrations of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, accounts receivable and debt. The Company deposits its cash and cash equivalents with high credit quality domestic financial institutions with locations in the U.S. and internationally. Such deposits may exceed federal or national deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. The Company has provided extended payment terms on a case-by-case basis with a certain customer as a result of COVID-19. The Company’s principal sources of revenues are its Regalia, Grandevo, Venerate and UPB-110 ST product lines. These four product lines accounted for 89% of the Company’s total revenues for each of the three months ended March 31, 2021 and 2020. Revenues generated from international customers were 7% and 14% for the three months ended March 31, 2021 and 2020, respectively. For both the three months ended March 31, 2021 and 2020, international customers were primarily concentrated in the European Union. Customers to which 10% or more of the Company’s total revenues are attributable for the three months ended March 31, 2021 and 2020 consist of the following: CUSTOMER MARCH 31, A B C D 2021 30 % 16 % 11 % 8 % 2020 17 % 23 % 16 % 13 % Customers to which 10% or more of the Company’s outstanding accounts receivable are attributable as of either March 31, 2021 or December 31, 2020, which may or may not correspond with any of the customers above, consist of the following: CUSTOMER A B C D March 31, 2021 32 % 13 % 11 % 9 % December 31, 2020 2 % 49 % 14 % 14 % Concentrations of Supplier Dependence The active ingredient in the Company’s Regalia product line is derived from the giant knotweed plant, which the Company obtains from China. The Company currently relies on one supplier for this plant. Such single supplier acquires raw knotweed from numerous regional sources and performs an extraction process on this plant, creating a dried extract that is shipped to the Company’s manufacturing plant. While the Company does not have a long-term supply contract with this supplier, the Company does have a long-term business relationship with this supplier. The Company endeavors to keep 10 months of knotweed extract on hand at any given time, but an unexpected disruption in supply including disruptions resulting from the COVID-19 pandemic, could have an effect on Regalia supply and revenues. Although the Company has identified additional sources of raw knotweed, there can be no assurance that the Company will continue to be able to obtain dried extract from China at a competitive price. The Company continues to rely on third parties to formulate Grandevo into spray-dried powders, for all of its production of Venerate, Majestene/Zelto, Stargus and Haven, and from time to time, third-party manufacturers for supplemental production capacity to meet excess seasonal demand and for packaging. The Company’s products have been produced in quantities, and on timelines, sufficient to meet commercial demand and for the Company to satisfy its delivery schedules. However, the Company’s dependence upon others for the production of a portion of its products, or for a portion of the manufacturing process, particularly for drying and for all of its production of Venerate, may adversely affect its ability to satisfy demand and meet delivery obligations, as well as to develop and commercialize new products, on a timely and competitive basis. The Company has not entered into any long-term manufacturing or supply agreements for any of its products, and it may need to enter into additional agreements for the commercial development, manufacturing and sale of its products. There can be no assurance that it can do so on favorable terms, if at all. Products produced by the Company’s Pro Farm subsidiary, including UBP and Foramin, are partially sourced by suppliers from a manufacturing plant in Russia, in which the Company owns a 12% interest. The Company plans for enough inventory on hand to fill its revenue forecasts for 12 months at any given time, but an unexpected disruption in supply could have an adverse effect on the supply and revenues related to the subsidiary. Although the Company has identified additional manufacturers who are capable suppling the products, there can be no assurance that the Company will continue to be able to obtain products at a competitive price. Cash and Cash Equivalents The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the condensed consolidated statements of cash flows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Cash and cash equivalents $ 18,923 $ 15,841 Restricted cash, less current portion 1,560 1,560 Total cash, cash equivalents and restricted cash $ 20,483 $ 17,401 Restricted Cash The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its June 2014 Secured Promissory Note. (Refer to Note 6 of these condensed consolidated financial statements.) Intangible Assets The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company’s intangible assets include customer relationships, patents, trademarks, and in process research and development acquired in 2019 in connection with its asset acquisition of the Jet-Ag and Jet-Oxide product lines and the Company’s acquisition of Pro Farm. Long-Lived Assets Impairment losses related to long-lived assets are recognized in the event the net carrying value of such assets is not recoverable and exceeds fair value. The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group). If the carrying amount of a long-lived asset (asset group) is considered not recoverable, the impairment loss is measured as the amount by which the carrying value of the asset or asset group exceeds its estimated fair value. Goodwill Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis as of the first day of the Company’s fiscal fourth quarter or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company’s goodwill was recognized in connection with its acquisition of Pro Farm. Fair Value Accounting Standards Codification (“ASC”) 820, Fair Value Measurements (“ASC 820”), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Deferred Revenue When the Company receives consideration, or such consideration is unconditionally due, from a customer prior to transferring control of goods or services to the customer under the terms of a sales contract, the Company records deferred revenue, which represents a contract liability. The Company recognizes deferred revenue as net sales after the Company has transferred control of the goods or services to the customer and all revenue recognition criteria are met. The Company’s deferred revenue is broken out as follows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Product revenues $ 235 $ 189 Financing costs 568 581 License revenues 1,164 1,232 Total deferred revenues 1,967 2,002 Less current portion (439 ) (374 ) Long term portion $ 1,528 $ 1,628 Research, Development and Patent Expenses Research and development expenses include payroll-related expenses, field trial costs, toxicology costs, regulatory costs, consulting costs and lab costs. Patent expenses include legal costs relating to the patents and patent filing costs. These costs are expensed to operations as incurred. For the three months ended March 31, 2021 and 2020, research and development expenses totaled $2,295,000 and $2,880,000, respectively, and patent expenses totaled $217,000 and $354,000, respectively. Shipping and Handling Costs Amounts billed for shipping and handling are included as a component of product revenues. Related costs for shipping and handling have been included as a component of cost of product revenues. Shipping and handling costs for the three months ended March 31, 2021 and 2020 were $345,000 and $302,000, respectively. Advertising The Company expenses advertising costs as incurred and has included these expenses as a component of selling, general and administrative costs. Advertising costs for the three months ended March 31, 2021 and 2020 were $111,000 and $150,000, respectively. Depreciation and Amortization The Company depreciates and amortizes its capitalized property, plant, and equipment and intangible assets over the useful life of each asset utilizing a straight-line method of expensing. All depreciation and amortization expenses are included in the “Selling, general, and administrative” caption in the condensed consolidated statement of operations. For the three months ended March 31, 2021 and 2020, the total amount of depreciation expense was $288,000 and $304,000, respectively. For the three months ended March 31, 2021 and 2020, the total amount of amortization expense was $586,000 and $587,000, respectively. Segment Information The Company is organized as a single operating segment, whereby its chief operating decision maker assesses the performance of and allocates resources to the business as a whole. Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period. The calculation of basic and diluted net loss per share is the same for all periods presented as the effect of certain potential common stock equivalents, which consist of stock options and warrants to purchase common stock and restricted stock units, and contingent shares to be issued in the future are anti-dilutive due to the Company’s net loss position. Anti-dilutive common stock equivalents are excluded from diluted net loss per share. The following table sets forth the potential shares of common stock as of the end of each period presented that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive (in thousands): MARCH 31, MARCH 31, 2021 2020 Stock options outstanding 13,572 11,529 Warrants to purchase common stock 6,814 52,647 Restricted stock units outstanding 4,772 2,466 Common shares to be issued in lieu of agent fees 498 498 Employee stock purchase plan 84 124 Maximum contingent consideration shares to be issued 5,972 5,972 31,712 73,236 Recently Issued Accounting Pronouncements In May 2021, the FASB issued Accounting Standards Update No. 2021-04, “Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Based Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU No. 2021-04”), which clarified an issuer’s accounting for modification or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The provisions of ASU No. 2021-04 are effective for annual reporting periods beginning after December 15, 2021, and interim reporting periods within those annual periods, with early adoption permitted, including adoption in any interim period for public business entities for periods for which consolidated financial statements have not yet been issued or made available for issuance. This ASU shall be applied on a prospective basis. The Company has not yet determined the impact of implementing this new standard on the condensed consolidated financial statements. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory Inventories, net consist of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Raw materials $ 2,735 $ 2,487 Work in progress 804 987 Finished goods 2,875 3,144 $ 6,414 $ 6,618 As of March 31, 2021 and December 31, 2020, the Company had $462,000 and $387,000, respectively, in reserves against its inventories. For the three months ended March 31, 2021 and 2020, the Company recorded an adjustment of $228,000 and $243,000, respectively, as a result of actual utilization of the Company’s manufacturing plant being less than what is considered normal capacity. |
Right-of-Use of Assets and Leas
Right-of-Use of Assets and Lease Liability | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Rightofuse Of Assets And Lease Liability Abstract | |
Right-of-Use of Assets and Lease Liability | 4. Right-Of-Use of Assets and Lease Liability On March 31, 2021 the Company entered into a lease agreement for approximately 415 square meters of office and laboratory space located in Helsinki, Finland. The initial term of the lease is for a period of 24 months and requires a 6-month notice prior to termination. The minimum monthly rent is €9,462 per month, subject to increase based on the consumer price index increase on January 1 of each fiscal year if applicable. The components of lease expense were as follows for each of the comparative three months ended March 31, 2021 and 2020 (in thousands): MARCH 31, MARCH 31, 2021 2020 Operating lease cost $ 290 $ 285 Short-term lease cost 41 39 Sublease income - (10 ) Total operating lease costs: $ 331 $ 314 Maturities of lease liabilities for each future calendar year as of March 31, 2021 are as follows (in thousands): OPERATING LEASES 2021 $ 1,047 2022 1,380 2023 1,321 2024 867 Total lease payments 4,615 Less: imputed interest 529 Total lease obligation 4,086 Less lease obligation, current portion 1,164 Lease obligation, non-current portion $ 2,922 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Accrued compensation $ 3,267 $ 3,495 Accrued warranty costs 484 475 Accrued customer incentives 3,224 4,288 Accrued liabilities, acquisition related 744 1,463 Accrued liabilities, other 2,436 1,929 Accrued Liabilities $ 10,155 $ 11,650 Contingent Consideration As of March 31, 2021, the contingent consideration in connection with the Company’s acquisition of Pro Farm was recorded at its fair value. The following table provides a reconciliation of the activity for the contingent consideration measured between the most recent reporting period and as of the balance sheet date based on the fair value using significant inputs including the unobservable inputs (Level 3) (in thousands): CONTINGENT CONSIDERATION Fair value at December 31, 2020 $ 2,182 Change in estimated fair value recorded of contingent consideration (134 ) Fair value at March 31, 2021 $ 2,048 The change in fair value for the reporting period was driven by the result of the unobservable fair value model, a Monte Carlo simulation in a risk-neutral framework assuming Geometric Browning Motion. The most significant input to the model was the estimated results of the Pro Farm subsidiary for the periods specified in the share purchase agreement of 2021 – 2023. The following represents other inputs used in determining the fair value of the contingent consideration liability: MARCH 31, DECEMBER 31, 2021 2020 Discount rate 16.0 % 15.5 % Volatility 49.2 % 45.8 % Credit spread 8.9 % 9.0 % Risk-free rate 0.4 % 0.2 % Discount Rate. Estimated Volatility Factor. Credit Spread. Interest Rate. The change in the fair value estimate is recognized in the Company’s condensed consolidated statement of operations in Other Income (expense) under caption Change in fair value of contingent consideration. The contingent consideration will be determined at each reporting period and will be settled with the issuance of the Company’s common shares. As of March 31, 2021, the Company recorded $719,000 and $1,329,000, respectively, in accrued liabilities and other liabilities in the Company’s condensed consolidated balance sheets. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Debt, including debt due to related parties, consists of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Secured promissory notes (“October 2012 and April 2013 Secured Promissory Notes”) bearing interest at 8.00% per annum, interest and principal due at maturity (December 31, 2022), collateralized by substantially all of the Company’s assets. $ 3,425 $ 3,425 Secured promissory note (“June 2014 Secured Promissory Note”) bearing interest at prime plus 2% (5.25% as of March 31, 2021) per annum, payable monthly through June 2036, collateralized by certain of the Company’s deposit accounts and MMM LLC’s inventories, chattel paper, accounts, equipment and general intangibles, net of unamortized debt discount as of March 31, 2021 and December 31, 2020 of $161 and $166. 8,024 8,106 Secured revolving borrowing (“LSQ Financing”) bearing interest at (12.80% annually) payable through the lenders direct collection of certain accounts receivable through May 2021, collateralized by substantially all of the Company’s personal property. 11,745 8,966 Senior secured promissory notes due to related parties (“August 2015 7,300 7,300 Research loan facility (“2018 Research Facility”) bearing interest at 1.00% per annum, interest payments are due annually on the anniversary date of the facility with principal payable in 25% increments on the anniversary date of the facility beginning on the fourth anniversary of the loan (September 2022), net of imputed interest as of March 31, 2021 and December 31, 2020 of $39K and $41K, respectively. 271 283 Debt, including debt due to related parties $ 30,765 $ 28,080 Less debt due to related parties, non-current (7,300 ) (7,300 ) Less current portion (12,085 ) (9,301 ) Debt, non-current $ 11,380 $ 11,479 As of March 31, 2021, aggregate contractual future principal payments on the Company’s debt, including debt due to related parties for each calendar year, are due as follows (in thousands): PERIOD ENDING DECEMBER 31, DEBT DEBT TO RELATED PARTY 2021 $ 12,010 - 2022 2,900 5,000 2023 471 - 2024 491 - 2025 515 - Thereafter 6,305 - Total future principal payments 22,690 5,000 Interest payments included in debt balance (1) 975 2,300 Total future debt payments $ 23,665 7,300 (1) Due to the debt extinguishment requirements, the Company has included both accrued interest and future interest in the debt balance for certain outstanding debt. October 2012 and April 2013 Secured Promissory Notes As of March 31, 2021, there have been no changes to the previously reported total principal amount outstanding under the October 2012 and April 2013 Secured Promissory Note, which continues to be $2,450,000. Due to the historical accounting for the promissory note the amount recorded on the condensed consolidated balance sheet of $3,425,000 includes $975,000 in accrued interest, of which as of March 31, 2021 and 2020, a total of $631,000 and $435,000, respectively, had been incurred. As of March 31, 2021, the Company is in compliance with all financial covenants, or has received an appropriate waiver of these covenants. June 2014 Secured Promissory Note In June 2014, the Company borrowed $10,000,000 pursuant to a business loan agreement and promissory note (“June 2014 Secured Promissory Note”) with Five Star Bank that bears an interest of 5.25% (per annum) as of March 31, 2021. The interest rate is subject to change and is based on the prime rate plus 2.00% per annum. The Company is required to maintain a deposit balance with the Five Star Bank of $1,560,000, which is recorded as restricted cash included in non-current assets. Under this note the Company is required to maintain a current ratio of not less than 1.25-to-1.0, a debt-to-worth ratio of no greater than 4.0-to-1.0 and a loan-to-value ratio of no greater than 70% as determined by Five Star Bank. In the event of default on the debt, Five Star Bank may declare the entire unpaid principal and interest immediately due and payable. As of March 31, 2020, the Company was in compliance with the “loan to value ratio” covenant, the “current ratio”, and the “debt to worth ratio”, however, the Company has obtained a waiver from the lender for any non-compliance through May 31, 2022. The following table reflects the activity under this note (in thousands): 2021 2020 Principal balance, net at December 31, preceding year $ 8,106 $ 8,404 Principal payments (196 ) (217 ) Interest 109 146 Debt discount amortization 5 5 Principal balance, net at March 31, $ 8,024 $ 8,338 LSQ Financing In January 2020, the Company entered into a Second Amendment to the Company’s Invoice Purchase Agreement with LSQ. The amendment, among other things, (i) increased the amount of eligible customer invoices which LSQ may elect to purchase from the Company to up to $20,000,000 of eligible customer invoices from the Company from $7,000,000; (ii) increased the advance rate to 90% from 85% and 70% from 60%, respectively, of the face value of domestic and international receivables being sold; (iii) decreased the invoice purchase fee rate from 0.40% to 0.25%; (iv) increased the funds usage fee from 0.020% to 0.025%; (v) extended the 0% aging and collection fee percentage charged at the time when the purchased invoice is collected from 90 days to 120 days, and increased the fee percentage charged thereafter from 0.35% to 0.75%; and (vi) decreased the early termination fee from 0.75% to 0.50%. In addition to the Amendment, the Company simultaneously entered into an Amended Inventory Financing Addendum (the “Addendum”) with LSQ. The Addendum allows the Company to request an advance up to the lesser of (i) 100% of the Company’s unpaid finished goods inventory; (ii) 65% of the appraised value of the Company’s inventory performed on or on behalf of LSQ; or (iii) $3,000,000. Funds advance under the Addendum are subject to a monthly inventory management fee of 0.5% on the average monthly inventory funds available and a daily interest rate of 0.025%. as of March 31, 2021, the Company is in compliance with all financial covenants of the agreement. For the three months ended March 31, 2021 and 2020, the Company recorded interest expense of approximately $232,000 and $124,000, respectively, in connection with the LSQ arrangement. As of March 31, 2021, $10,286,000 was outstanding under the LSQ Financing. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Warrants Abstract | |
Warrants | 7. Warrants On April 29, 2020, the Company entered into a warrant exchange agreement (“Warrant Exchange Agreement”) with certain holders of warrants issued under the August 2015 Senior Secured Promissory Notes, the Securities Purchase Agreement and the Amendment and Plan of Reorganization agreements. Pursuant to the Warrant Exchange Agreement, the Company agreed to exchange an aggregate of 45,977,809 previously outstanding warrants for 29,881,855 new warrants (“April 2020 Warrants”). The April 2020 Warrants have terms expiring (i) for a total of 3,392,581 shares on May 1, 2020, (ii) for a total of 2,714,065 shares on September 15, 2020 (iii) for a total of 13,027,512 shares on December 15, 2020, (iv) for a total of 5,862,380 shares on March 15, 2021 and (v) for a total of 4,885,317 Warrant Shares on December 15, 2021. All April 2020 Warrants have an exercise price of $0.75 per share. As of March 31, 2021, approximately 24,995,000 shares under the April 2020 Warrants were exercised prior to each of the four tranche expiration dates, leaving only the fifth tranche with an expiration date of December 15, 2021 with respect to 4,885,317 of the April 2020 Warrants remaining. In December 2020, the Company also entered into an amendment (the “Warrant Amendment”) to a previously outstanding warrant (the “Amended Warrant”) to purchase 5,333,333 shares of the Company’s common stock issued to a historical warrant holder (the “Amended Warrant Holder”) on February 5, 2018. Pursuant to the Warrant Amendment, in exchange for the Holder’s exercise of the Amended Warrant on December 29, 2020 with respect to 1,777,778 shares at the then-applicable exercise price of $0.96 per share the warrant’s expiration date was partially extended and allows the Amended Warrant Holder to purchase (i) 1,777,778 shares under the Amended Warrant at $1.00 per share by March 25, 2021, and (ii) 1,777,777 shares under the Amended Warrant at $1.04 share by December 15, 2021. As of March 31, 2021, 3,555,556 shares under the April 2020 Warrants were exercised, leaving 1,777,777 of the Amended Warrants remaining with an expiration date of December 15, 2021. The following table summarizes the Company’s common stock warrants outstanding as of March 31, 2021 (in thousands, except exercise price data): THREE MONTHS SHARES ENDED SHARES SUBJECT TO NUMBER OF SUBJECT TO ISSUE EXPIRATION WARRANTS WARRNTS WARRANTS DATE DATE EXERCISE OUTSTANDING EXERCISED OUTSANDING DESCRIPTION MM/YY MM/YY PRICE 12/31/2020 3/31/2021 3/31/2021 June 2013 Warrants 06/13 06/23 $ 8.40 27 - 27 November 2016 Warrants 11/16 11/26 $ 2.38 125 - 125 November 2017 Warrants 06/17 06/27 $ 1.10 80 (80 ) - April 2020 Warrants, Tranche 4 04/20 03/21 $ 0.75 5,862 (5,862 ) - April 2020 Warrants, Tranche 5 04/20 12/21 $ 0.75 4,885 - 4,885 December 2020 Warrants, Tranche 2 12/20 03/21 $ 1.00 1,778 (1,778 ) - December 2020 Warrants, Tranche 3 12/20 12/21 $ 1.04 1,777 - 1,777 TOTALS: 14,534 (7,720 ) 6,814 The weighted average remaining contractual life and exercise price for these warrants is 0.81 years and $0.89, respectively. |
Share-Based Plans
Share-Based Plans | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Plans | 8. Share-Based Plans As of March 31, 2021, there were options to purchase 13,572,000 shares of common stock outstanding, 4,772,000 restricted stock units outstanding and 9,787,000 share-based awards available for grant under the outstanding equity incentive plans. For the three months ended March 31, 2021 and 2020, the Company recognized share-based compensation of $915,000 and $907,000, respectively. In February 2021, in connection with the appointment of a new chief financial officer, the Company granted 400,000 options to purchase common stock at an exercise price of $2.60 and with a fair value of $567,000 to its new chief financial officer. The Company’s fair value of these grants was estimated utilizing a Black Scholes option pricing model based on assumptions which have determined consistent with the Company’s historical methodology. The following table summarizes the activity of stock options from December 31, 2020 to March 31, 2021 (in thousands, except weighted average exercise price): WEIGHTED- AVERAGE SHARES EXERCISE OUTSTANDING PRICE Balances at December 31, 2020 13,380 $ 2.32 Options granted 438 $ 1.69 Options exercised (21 ) $ 1.31 Options cancelled (225 ) $ 3.62 Balances at March 31, 2021 13,572 $ 2.28 In February 2021, in connection with the Company’s separation and consulting arrangement with its former chief financial officer, the Company granted 200,000 restricted stock units to its former chief financial officer. The restricted stock units will vest and settle monthly for a period of 12 months. The following table summarizes the activity of restricted stock units from December 31, 2020 to March 31, 2021 (in thousands, except weighted average grant date fair value): WEIGHTED AVERAGE GRANT SHARES DATE FAIR OUTSTANDING VALUE Outstanding at December 31, 2020 4,588 $ 1.14 Granted 272 1.77 Settled (88 ) 1.62 Forfeited - - Outstanding at March 31, 2021 4,772 $ 1.16 The following table summarizes the activity of non-vested restricted stock units from December 31, 2020 to March 31, 2021 (in thousands, except weighted average grant date fair value): WEIGHTED AVERAGE GRANT SHARES DATE FAIR OUTSTANDING VALUE Nonvested at December 31, 2020 1,437 $ 1.16 Granted 272 1.77 Vested (97 ) 1.99 Forfeited - - Nonvested at March 31, 2021 1,612 $ 1.22 In April 2021 the Company also granted restricted stock units to certain executives and employees in lieu of cash bonuses for performance related to the fiscal year ended December 31, 2020. The total number of restricted stock units granted to these employees was 237,000 at an exercise price of $1.95 and will settle on May 20, 2021. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions Warrant Exercises Ospraie, Ivy Science & Technology Fund (“IS&T”), Ivy VIP Science & Technology (“Ivy VIP” and, together with IS&T, the “Waddell Investors”, and Ardsley, are each beneficial owners of more than 10% of the Company’s common stock, holding 40.4%, 15.9%, and 9.9%, respectively, of the Company’s total outstanding common stock as of March 31, 2020. In March 2021, 4,264,299, 666,472 and 741,617, of the April 2020 Warrants were exercised by each of them, respectively, in accordance with the terms of the Warrant Exchange Agreement. (Refer to Note 7 of these condensed consolidated financial statements.) August 2015 Senior Secured Promissory Notes As of March 31, 2020, there have been no changes to the previously reported total principal amount outstanding under the August 2015 Senior Secured Promissory Notes, which continues to be $5,000,000. Due to the historical accounting for the promissory note the amount recorded on the condensed consolidated balance sheet of $7,300,000 includes $2,300,000 in accrued interest, of which as of March 31, 2021 and 2020, a total of $1,600,000 and $1,199,000, respectively, had been incurred. The August 2015 Senior Secured Promissory Notes provide for various events of default, including, among others, default in payment of principal or interest, breach of any representation or warranty by the Company or any subsidiary under any agreement or document delivered in connection with the notes, a continued breach of any other condition or obligation under any loan document, certain bankruptcy, liquidation, reorganization or change of control events, the acquisition by any person or persons acting as group, other than the lenders, of beneficial ownership of 40% or more of the outstanding voting stock of the Company. Upon an event of default, the entire principal and interest may be declared immediately due and payable. As of March 31, 2021, the Company was in compliance with its covenants under the August 2015 Senior Secured Promissory Notes. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events The Company has evaluated its subsequent events from March 31, 2021 through the date these condensed consolidated financial statements were issued, and has determined that there are no additional subsequent events required to be disclosed. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company used significant estimates in accounting for assumptions and estimates associated with revenue recognition, including assumptions and estimates used in determining the timing and amount of revenue to recognize for those transactions with variable considerations, reserves for inventory obsolescence, fair value of stock-based compensation, and forecasted estimates and assumptions related to impairment analysis for long lived assets, intangibles, and goodwill and contingent considerations related to Pro Farm, assumptions and estimates associated with the fair value of warrants and in its going concern analysis. |
Concentrations of Credit Risks | Concentrations of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, accounts receivable and debt. The Company deposits its cash and cash equivalents with high credit quality domestic financial institutions with locations in the U.S. and internationally. Such deposits may exceed federal or national deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. The Company has provided extended payment terms on a case-by-case basis with a certain customer as a result of COVID-19. The Company’s principal sources of revenues are its Regalia, Grandevo, Venerate and UPB-110 ST product lines. These four product lines accounted for 89% of the Company’s total revenues for each of the three months ended March 31, 2021 and 2020. Revenues generated from international customers were 7% and 14% for the three months ended March 31, 2021 and 2020, respectively. For both the three months ended March 31, 2021 and 2020, international customers were primarily concentrated in the European Union. Customers to which 10% or more of the Company’s total revenues are attributable for the three months ended March 31, 2021 and 2020 consist of the following: CUSTOMER MARCH 31, A B C D 2021 30 % 16 % 11 % 8 % 2020 17 % 23 % 16 % 13 % Customers to which 10% or more of the Company’s outstanding accounts receivable are attributable as of either March 31, 2021 or December 31, 2020, which may or may not correspond with any of the customers above, consist of the following: CUSTOMER A B C D March 31, 2021 32 % 13 % 11 % 9 % December 31, 2020 2 % 49 % 14 % 14 % |
Concentrations of Supplier Dependence | Concentrations of Supplier Dependence The active ingredient in the Company’s Regalia product line is derived from the giant knotweed plant, which the Company obtains from China. The Company currently relies on one supplier for this plant. Such single supplier acquires raw knotweed from numerous regional sources and performs an extraction process on this plant, creating a dried extract that is shipped to the Company’s manufacturing plant. While the Company does not have a long-term supply contract with this supplier, the Company does have a long-term business relationship with this supplier. The Company endeavors to keep 10 months of knotweed extract on hand at any given time, but an unexpected disruption in supply including disruptions resulting from the COVID-19 pandemic, could have an effect on Regalia supply and revenues. Although the Company has identified additional sources of raw knotweed, there can be no assurance that the Company will continue to be able to obtain dried extract from China at a competitive price. The Company continues to rely on third parties to formulate Grandevo into spray-dried powders, for all of its production of Venerate, Majestene/Zelto, Stargus and Haven, and from time to time, third-party manufacturers for supplemental production capacity to meet excess seasonal demand and for packaging. The Company’s products have been produced in quantities, and on timelines, sufficient to meet commercial demand and for the Company to satisfy its delivery schedules. However, the Company’s dependence upon others for the production of a portion of its products, or for a portion of the manufacturing process, particularly for drying and for all of its production of Venerate, may adversely affect its ability to satisfy demand and meet delivery obligations, as well as to develop and commercialize new products, on a timely and competitive basis. The Company has not entered into any long-term manufacturing or supply agreements for any of its products, and it may need to enter into additional agreements for the commercial development, manufacturing and sale of its products. There can be no assurance that it can do so on favorable terms, if at all. Products produced by the Company’s Pro Farm subsidiary, including UBP and Foramin, are partially sourced by suppliers from a manufacturing plant in Russia, in which the Company owns a 12% interest. The Company plans for enough inventory on hand to fill its revenue forecasts for 12 months at any given time, but an unexpected disruption in supply could have an adverse effect on the supply and revenues related to the subsidiary. Although the Company has identified additional manufacturers who are capable suppling the products, there can be no assurance that the Company will continue to be able to obtain products at a competitive price. |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the condensed consolidated statements of cash flows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Cash and cash equivalents $ 18,923 $ 15,841 Restricted cash, less current portion 1,560 1,560 Total cash, cash equivalents and restricted cash $ 20,483 $ 17,401 |
Restricted Cash | Restricted Cash The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its June 2014 Secured Promissory Note. (Refer to Note 6 of these condensed consolidated financial statements.) |
Intangible Assets | Intangible Assets The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company’s intangible assets include customer relationships, patents, trademarks, and in process research and development acquired in 2019 in connection with its asset acquisition of the Jet-Ag and Jet-Oxide product lines and the Company’s acquisition of Pro Farm. |
Long-Lived Assets | Long-Lived Assets Impairment losses related to long-lived assets are recognized in the event the net carrying value of such assets is not recoverable and exceeds fair value. The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group). If the carrying amount of a long-lived asset (asset group) is considered not recoverable, the impairment loss is measured as the amount by which the carrying value of the asset or asset group exceeds its estimated fair value. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis as of the first day of the Company’s fiscal fourth quarter or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company’s goodwill was recognized in connection with its acquisition of Pro Farm. |
Fair Value | Fair Value Accounting Standards Codification (“ASC”) 820, Fair Value Measurements (“ASC 820”), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
Deferred Revenue | Deferred Revenue When the Company receives consideration, or such consideration is unconditionally due, from a customer prior to transferring control of goods or services to the customer under the terms of a sales contract, the Company records deferred revenue, which represents a contract liability. The Company recognizes deferred revenue as net sales after the Company has transferred control of the goods or services to the customer and all revenue recognition criteria are met. The Company’s deferred revenue is broken out as follows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Product revenues $ 235 $ 189 Financing costs 568 581 License revenues 1,164 1,232 Total deferred revenues 1,967 2,002 Less current portion (439 ) (374 ) Long term portion $ 1,528 $ 1,628 |
Research, Development and Patent Expenses | Research, Development and Patent Expenses Research and development expenses include payroll-related expenses, field trial costs, toxicology costs, regulatory costs, consulting costs and lab costs. Patent expenses include legal costs relating to the patents and patent filing costs. These costs are expensed to operations as incurred. For the three months ended March 31, 2021 and 2020, research and development expenses totaled $2,295,000 and $2,880,000, respectively, and patent expenses totaled $217,000 and $354,000, respectively. |
Shipping and Handling Costs | Shipping and Handling Costs Amounts billed for shipping and handling are included as a component of product revenues. Related costs for shipping and handling have been included as a component of cost of product revenues. Shipping and handling costs for the three months ended March 31, 2021 and 2020 were $345,000 and $302,000, respectively. |
Advertising | Advertising The Company expenses advertising costs as incurred and has included these expenses as a component of selling, general and administrative costs. Advertising costs for the three months ended March 31, 2021 and 2020 were $111,000 and $150,000, respectively. |
Depreciation and Amortization | Depreciation and Amortization The Company depreciates and amortizes its capitalized property, plant, and equipment and intangible assets over the useful life of each asset utilizing a straight-line method of expensing. All depreciation and amortization expenses are included in the “Selling, general, and administrative” caption in the condensed consolidated statement of operations. For the three months ended March 31, 2021 and 2020, the total amount of depreciation expense was $288,000 and $304,000, respectively. For the three months ended March 31, 2021 and 2020, the total amount of amortization expense was $586,000 and $587,000, respectively. |
Segment Information | Segment Information The Company is organized as a single operating segment, whereby its chief operating decision maker assesses the performance of and allocates resources to the business as a whole. |
Net Loss Per Share | Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period. The calculation of basic and diluted net loss per share is the same for all periods presented as the effect of certain potential common stock equivalents, which consist of stock options and warrants to purchase common stock and restricted stock units, and contingent shares to be issued in the future are anti-dilutive due to the Company’s net loss position. Anti-dilutive common stock equivalents are excluded from diluted net loss per share. The following table sets forth the potential shares of common stock as of the end of each period presented that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive (in thousands): MARCH 31, MARCH 31, 2021 2020 Stock options outstanding 13,572 11,529 Warrants to purchase common stock 6,814 52,647 Restricted stock units outstanding 4,772 2,466 Common shares to be issued in lieu of agent fees 498 498 Employee stock purchase plan 84 124 Maximum contingent consideration shares to be issued 5,972 5,972 31,712 73,236 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2021, the FASB issued Accounting Standards Update No. 2021-04, “Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Based Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU No. 2021-04”), which clarified an issuer’s accounting for modification or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The provisions of ASU No. 2021-04 are effective for annual reporting periods beginning after December 15, 2021, and interim reporting periods within those annual periods, with early adoption permitted, including adoption in any interim period for public business entities for periods for which consolidated financial statements have not yet been issued or made available for issuance. This ASU shall be applied on a prospective basis. The Company has not yet determined the impact of implementing this new standard on the condensed consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Significant Customer's Revenues and Account Receivable Percentage | Customers to which 10% or more of the Company’s total revenues are attributable for the three months ended March 31, 2021 and 2020 consist of the following: CUSTOMER MARCH 31, A B C D 2021 30 % 16 % 11 % 8 % 2020 17 % 23 % 16 % 13 % Customers to which 10% or more of the Company’s outstanding accounts receivable are attributable as of either March 31, 2021 or December 31, 2020, which may or may not correspond with any of the customers above, consist of the following: CUSTOMER A B C D March 31, 2021 32 % 13 % 11 % 9 % December 31, 2020 2 % 49 % 14 % 14 % |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the condensed consolidated statements of cash flows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Cash and cash equivalents $ 18,923 $ 15,841 Restricted cash, less current portion 1,560 1,560 Total cash, cash equivalents and restricted cash $ 20,483 $ 17,401 |
Schedule of Deferred Revenue | The Company’s deferred revenue is broken out as follows (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Product revenues $ 235 $ 189 Financing costs 568 581 License revenues 1,164 1,232 Total deferred revenues 1,967 2,002 Less current portion (439 ) (374 ) Long term portion $ 1,528 $ 1,628 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the potential shares of common stock as of the end of each period presented that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive (in thousands): MARCH 31, MARCH 31, 2021 2020 Stock options outstanding 13,572 11,529 Warrants to purchase common stock 6,814 52,647 Restricted stock units outstanding 4,772 2,466 Common shares to be issued in lieu of agent fees 498 498 Employee stock purchase plan 84 124 Maximum contingent consideration shares to be issued 5,972 5,972 31,712 73,236 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories, net consist of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Raw materials $ 2,735 $ 2,487 Work in progress 804 987 Finished goods 2,875 3,144 $ 6,414 $ 6,618 |
Right-of-Use of Assets and Le_2
Right-of-Use of Assets and Lease Liability (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Rightofuse Of Assets And Lease Liability Abstract | |
Schedule of Components of Lease Expense | The components of lease expense were as follows for each of the comparative three months ended March 31, 2021 and 2020 (in thousands): MARCH 31, MARCH 31, 2021 2020 Operating lease cost $ 290 $ 285 Short-term lease cost 41 39 Sublease income - (10 ) Total operating lease costs: $ 331 $ 314 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities for each future calendar year as of March 31, 2021 are as follows (in thousands): OPERATING LEASES 2021 $ 1,047 2022 1,380 2023 1,321 2024 867 Total lease payments 4,615 Less: imputed interest 529 Total lease obligation 4,086 Less lease obligation, current portion 1,164 Lease obligation, non-current portion $ 2,922 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Accrued compensation $ 3,267 $ 3,495 Accrued warranty costs 484 475 Accrued customer incentives 3,224 4,288 Accrued liabilities, acquisition related 744 1,463 Accrued liabilities, other 2,436 1,929 Accrued Liabilities $ 10,155 $ 11,650 |
Schedule of Derivative Liability Measured at Fair Value Using Unobservable Inputs | The following table provides a reconciliation of the activity for the contingent consideration measured between the most recent reporting period and as of the balance sheet date based on the fair value using significant inputs including the unobservable inputs (Level 3) (in thousands): CONTINGENT CONSIDERATION Fair value at December 31, 2020 $ 2,182 Change in estimated fair value recorded of contingent consideration (134 ) Fair value at March 31, 2021 $ 2,048 |
Schedule of Fair Value of Derivative Liability | The following represents other inputs used in determining the fair value of the contingent consideration liability: MARCH 31, DECEMBER 31, 2021 2020 Discount rate 16.0 % 15.5 % Volatility 49.2 % 45.8 % Credit spread 8.9 % 9.0 % Risk-free rate 0.4 % 0.2 % |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Including Debt to Related Parties | Debt, including debt due to related parties, consists of the following (in thousands): MARCH 31, DECEMBER 31, 2021 2020 Secured promissory notes (“October 2012 and April 2013 Secured Promissory Notes”) bearing interest at 8.00% per annum, interest and principal due at maturity (December 31, 2022), collateralized by substantially all of the Company’s assets. $ 3,425 $ 3,425 Secured promissory note (“June 2014 Secured Promissory Note”) bearing interest at prime plus 2% (5.25% as of March 31, 2021) per annum, payable monthly through June 2036, collateralized by certain of the Company’s deposit accounts and MMM LLC’s inventories, chattel paper, accounts, equipment and general intangibles, net of unamortized debt discount as of March 31, 2021 and December 31, 2020 of $161 and $166. 8,024 8,106 Secured revolving borrowing (“LSQ Financing”) bearing interest at (12.80% annually) payable through the lenders direct collection of certain accounts receivable through May 2021, collateralized by substantially all of the Company’s personal property. 11,745 8,966 Senior secured promissory notes due to related parties (“August 2015 7,300 7,300 Research loan facility (“2018 Research Facility”) bearing interest at 1.00% per annum, interest payments are due annually on the anniversary date of the facility with principal payable in 25% increments on the anniversary date of the facility beginning on the fourth anniversary of the loan (September 2022), net of imputed interest as of March 31, 2021 and December 31, 2020 of $39K and $41K, respectively. 271 283 Debt, including debt due to related parties $ 30,765 $ 28,080 Less debt due to related parties, non-current (7,300 ) (7,300 ) Less current portion (12,085 ) (9,301 ) Debt, non-current $ 11,380 $ 11,479 |
Schedule of Contractual Future Principal Payments | As of March 31, 2021, aggregate contractual future principal payments on the Company’s debt, including debt due to related parties for each calendar year, are due as follows (in thousands): PERIOD ENDING DECEMBER 31, DEBT DEBT TO RELATED PARTY 2021 $ 12,010 - 2022 2,900 5,000 2023 471 - 2024 491 - 2025 515 - Thereafter 6,305 - Total future principal payments 22,690 5,000 Interest payments included in debt balance (1) 975 2,300 Total future debt payments $ 23,665 7,300 (1) Due to the debt extinguishment requirements, the Company has included both accrued interest and future interest in the debt balance for certain outstanding debt. |
Schedule of Debt Activity | The following table reflects the activity under this note (in thousands): 2021 2020 Principal balance, net at December 31, preceding year $ 8,106 $ 8,404 Principal payments (196 ) (217 ) Interest 109 146 Debt discount amortization 5 5 Principal balance, net at March 31, $ 8,024 $ 8,338 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Warrants Abstract | |
Summary of Information About Common Stock Warrants Outstanding | The following table summarizes the Company’s common stock warrants outstanding as of March 31, 2021 (in thousands, except exercise price data): THREE MONTHS SHARES ENDED SHARES SUBJECT TO NUMBER OF SUBJECT TO ISSUE EXPIRATION WARRANTS WARRNTS WARRANTS DATE DATE EXERCISE OUTSTANDING EXERCISED OUTSANDING DESCRIPTION MM/YY MM/YY PRICE 12/31/2020 3/31/2021 3/31/2021 June 2013 Warrants 06/13 06/23 $ 8.40 27 - 27 November 2016 Warrants 11/16 11/26 $ 2.38 125 - 125 November 2017 Warrants 06/17 06/27 $ 1.10 80 (80 ) - April 2020 Warrants, Tranche 4 04/20 03/21 $ 0.75 5,862 (5,862 ) - April 2020 Warrants, Tranche 5 04/20 12/21 $ 0.75 4,885 - 4,885 December 2020 Warrants, Tranche 2 12/20 03/21 $ 1.00 1,778 (1,778 ) - December 2020 Warrants, Tranche 3 12/20 12/21 $ 1.04 1,777 - 1,777 TOTALS: 14,534 (7,720 ) 6,814 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Options Activity | The following table summarizes the activity of stock options from December 31, 2020 to March 31, 2021 (in thousands, except weighted average exercise price): WEIGHTED- AVERAGE SHARES EXERCISE OUTSTANDING PRICE Balances at December 31, 2020 13,380 $ 2.32 Options granted 438 $ 1.69 Options exercised (21 ) $ 1.31 Options cancelled (225 ) $ 3.62 Balances at March 31, 2021 13,572 $ 2.28 |
Summary of Restricted Stock Units Activity | The following table summarizes the activity of restricted stock units from December 31, 2020 to March 31, 2021 (in thousands, except weighted average grant date fair value): WEIGHTED AVERAGE GRANT SHARES DATE FAIR OUTSTANDING VALUE Outstanding at December 31, 2020 4,588 $ 1.14 Granted 272 1.77 Settled (88 ) 1.62 Forfeited - - Outstanding at March 31, 2021 4,772 $ 1.16 |
Summary of Non-vested Restricted Stock Units Activity | The following table summarizes the activity of non-vested restricted stock units from December 31, 2020 to March 31, 2021 (in thousands, except weighted average grant date fair value): WEIGHTED AVERAGE GRANT SHARES DATE FAIR OUTSTANDING VALUE Nonvested at December 31, 2020 1,437 $ 1.16 Granted 272 1.77 Vested (97 ) 1.99 Forfeited - - Nonvested at March 31, 2021 1,612 $ 1.22 |
Summary of Business, Basis of_2
Summary of Business, Basis of Presentation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2021 | Dec. 15, 2021 | Mar. 25, 2021 | Dec. 31, 2020 | Dec. 30, 2020 | Apr. 30, 2020 | Apr. 29, 2020 | |
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Date of incorporation | Jun. 15, 2006 | ||||||
Working capital surplus | $ 14,187 | ||||||
Cash and Cash Equivalents, at Carrying Value | 18,923 | $ 15,841 | |||||
Debt excluding related parties | 23,465 | ||||||
Debt due to related parties | 7,300 | $ 7,300 | |||||
Restricted cash | $ 1,560 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,814,000 | 14,534,000 | |||||
Warrant Exchange Agreement [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 45,977,809 | ||||||
Warrant Exchange Agreement [Member] | New Warrants [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 24,995,000 | ||||||
Warrant Exchange Agreement [Member] | New Warrants [Member] | Forecast [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,885,317 | ||||||
Warrant Exchange Agreement [Member] | New Warrants [Member] | Five Tranches [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 | ||||||
Warrant Amendment [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.96 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,555,556 | 1,777,778 | |||||
Number of warrants outstanding | 1,777,777 | ||||||
Warrant expiration date | Dec. 15, 2021 | ||||||
Warrant Amendment [Member] | Warrant Holder [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,777,778 | ||||||
Warrant Amendment [Member] | Forecast [Member] | Warrant Holder [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.04 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,777,777 | ||||||
Warrant Amendment [Member] | Common Stock [Member] | Warrant Holder [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,333,333 | ||||||
Pro Farm Technogies Comercio de Insumos Agricolas do Brasil ltda [Member] | |||||||
SummaryofBusinessBasisofPresentationLineItems [Line Items] | |||||||
Ownership controlling interest percentage | 99.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Product Information [Line Items] | ||
Concentration risk, supplier | The active ingredient in the Company's Regalia product line is derived from the giant knotweed plant, which the Company obtains from China. The Company currently relies on one supplier for this plant. Such single supplier acquires raw knotweed from numerous regional sources and performs an extraction process on this plant, creating a dried extract that is shipped to the Company's manufacturing plant. | |
Ownership in an indirect vendor/supplier relationship percentage | 12.00% | |
Research and Development Expense | $ 2,295 | $ 2,880 |
Patent Expenses | 217 | 354 |
Shipping and handling costs | 345 | 302 |
Advertising costs | 111 | 150 |
Depreciation expense | 288 | 304 |
Amortization expense | $ 586 | $ 587 |
Revenue Benchmark [Member] | International [Member] | ||
Product Information [Line Items] | ||
Customers accounted for percentage of company's total revenues | 7.00% | 14.00% |
Revenue Benchmark [Member] | Four Product [Member] | International [Member] | ||
Product Information [Line Items] | ||
Customers accounted for percentage of company's total revenues | 89.00% | 89.00% |
Maximum [Member] | ||
Product Information [Line Items] | ||
Receivables due period | 120 days |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Significant Customer's Revenues and Account Receivable Percentage (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Customer A [Member] | Revenue Benchmark [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 30.00% | 17.00% | |
Customer A [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 32.00% | 2.00% | |
Customer B [Member] | Revenue Benchmark [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 16.00% | 23.00% | |
Customer B [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 13.00% | 49.00% | |
Customer C [Member] | Revenue Benchmark [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 11.00% | 16.00% | |
Customer C [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 11.00% | 14.00% | |
Customer D [Member] | Revenue Benchmark [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 8.00% | 13.00% | |
Customer D [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Customers accounted for percentage of company's total revenues and accounts receivable | 9.00% | 14.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 18,923 | $ 15,841 | ||
Restricted cash, less current portion | 1,560 | 1,560 | ||
Total cash, cash equivalents and restricted cash | $ 20,483 | $ 17,401 | $ 11,680 | $ 7,812 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Product revenues | $ 235 | $ 189 |
Financing costs | 568 | 581 |
License revenues | 1,164 | 1,232 |
Total deferred revenues | 1,967 | 2,002 |
Less current portion | (439) | (374) |
Long term portion | $ 1,528 | $ 1,628 |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Anti-dilutive securities excluded from computation of earning per share | 31,712,000 | 73,236,000 |
Stock Options Outstanding [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 13,572,000 | 11,529,000 |
Warrants to Purchase Common Stock [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 6,814,000 | 52,647,000 |
Restricted Stock Units Outstanding [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 4,772,000 | 2,466,000 |
Common Shares to be Issued in Lieu of Agent Fees [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 498,000 | 498,000 |
Employee Stock Purchase Plan [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 84,000 | 124,000 |
Maximum Ccontingent Consideration Shares to be Issued [Member] | ||
Anti-dilutive securities excluded from computation of earning per share | 5,972,000 | 5,972,000 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Reserves against inventories | $ 462 | $ 387 |
Inventory adjustments recorded | $ 228 | $ 243 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,735 | $ 2,487 |
Work in progress | 804 | 987 |
Finished goods | 2,875 | 3,144 |
Inventories, net | $ 6,414 | $ 6,618 |
Right-of-Use of Assets and Le_3
Right-of-Use of Assets and Lease Liability (Details Narrative) - Lease Agreement [Member] | 3 Months Ended |
Mar. 31, 2021EUR (€)ft² | |
Area of land | ft² | 415 |
Lease term description | The initial term of the lease is for a period of 24 months and requires a 6-month notice prior to termination. The minimum monthly rent is 9,462€ per month, subject to increase based on the consumer price index increase on January 1 of each fiscal year if applicable. |
EURO [Member] | |
Payments for rent | € | € 9,462 |
Right-of-Use of Assets and Le_4
Right-of-Use of Assets and Lease Liability - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Rightofuse Of Assets And Lease Liability Abstract | ||
Operating lease cost | $ 290 | $ 285 |
Short-term lease cost | 41 | 39 |
Sublease income | (10) | |
Total operating lease costs | $ 331 | $ 314 |
Right-of-Use of Assets and Le_5
Right-of-Use of Assets and Lease Liability - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure Rightofuse Of Assets And Lease Liability Abstract | ||
2021 | $ 1,047 | |
2022 | 1,380 | |
2023 | 1,321 | |
2024 | 867 | |
Total lease payments | 4,615 | |
Less: imputed interest | 529 | |
Total lease obligation | 4,086 | |
Less lease obligation, current portion | 1,164 | $ 1,008 |
Lease obligation, non-current portion | $ 2,922 | $ 3,050 |
Accrued Liabilities (Details Na
Accrued Liabilities (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued liabilities and other liabilities | $ 719,000 | $ 1,329,000 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 3,267 | $ 3,495 |
Accrued warranty costs | 484 | 475 |
Accrued customer incentives | 3,224 | 4,288 |
Accrued liabilities, acquisition related | 744 | 1,463 |
Accrued liabilities, other | 2,436 | 1,929 |
Accrued Liabilities | $ 10,155 | $ 11,650 |
Accrued Liabilities - Schedul_2
Accrued Liabilities - Schedule of Derivative Liability Measured at Fair Value Using Unobservable Inputs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Payables and Accruals [Abstract] | |
Fair value at December 31, 2020 | $ 2,182 |
Change in estimated fair value recorded of contingent consideration | (134) |
Fair value at March 31, 2021 | $ 2,048 |
Accrued Liabilities - Schedul_3
Accrued Liabilities - Schedule of Fair Value of Derivative Liability (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | ||
Discount rate | 16.00% | 15.50% |
Volatility | 49.20% | 45.80% |
Credit spread | 8.90% | 9.00% |
Risk-free rate | 0.40% | 0.20% |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | Jan. 31, 2020 | Jan. 30, 2020 | Jun. 30, 2014 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Required deposit balance | $ 1,560,000 | $ 1,560,000 | ||||
Interest expense | 393,000 | $ 337,000 | ||||
L S Q Funding Group L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding principal amount | 10,286,000 | |||||
Sale of certain accounts receivable to third-party | $ 20,000,000 | $ 7,000,000 | ||||
Interest expense | $ 232,000 | 124,000 | ||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument description | Under this note the Company is required to maintain a current ratio of not less than 1.25-to-1.0, a debt-to-worth ratio of no greater than 4.0-to-1.0 and a loan-to-value ratio of no greater than 70% as determined by Five Star Bank. | |||||
Invoice Purchase Agreement [Member] | L S Q Funding Group L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument description | In January 2020, the Company entered into a Second Amendment to the Company's Invoice Purchase Agreement with LSQ. The amendment, among other things, (i) increased the amount of eligible customer invoices which LSQ may elect to purchase from the Company to up to $20,000,000 of eligible customer invoices from the Company from $7,000,000; (ii) increased the advance rate to 90% from 85% and 70% from 60%, respectively, of the face value of domestic and international receivables being sold; (iii) decreased the invoice purchase fee rate from 0.40% to 0.25%; (iv) increased the funds usage fee from 0.020% to 0.025%; (v) extended the 0% aging and collection fee percentage charged at the time when the purchased invoice is collected from 90 days to 120 days, and increased the fee percentage charged thereafter from 0.35% to 0.75%; and (vi) decreased the early termination fee from 0.75% to 0.50% | |||||
Percentage Of Common Stock Outstanding To Increase Shares Reserved For Issuance | L S Q Funding Group L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Invoice purchase fee percentage | 90.00% | 85.00% | ||||
International Receivables [Member] | L S Q Funding Group L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Invoice purchase fee percentage | 70.00% | 60.00% | ||||
Amended Inventory Financing Addendum [Member] | L S Q Funding Group L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument description | In addition to the Amendment, the Company simultaneously entered into an Amended Inventory Financing Addendum (the "Addendum") with LSQ. The Addendum allows the Company to request an advance up to the lesser of (i) 100% of the Company’s unpaid finished goods inventory; (ii) 65% of the appraised value of the Company’s inventory performed on or on behalf of LSQ; or (iii) $3,000,000. Funds advance under the Addendum are subject to a monthly inventory management fee of 0.5% on the average monthly inventory funds available and a daily interest rate of 0.025% | |||||
October 2012 and April 2013 Secured Promissory Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding principal amount | $ 2,450,000 | |||||
Secured promissory notes | 3,425,000 | |||||
Accrued interest | 975,000 | |||||
Expenses incurred | $ 631,000 | $ 435,000 | ||||
October 2012 and April 2013 Secured Promissory Notes [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 8.00% | 8.00% | ||||
June 2014 Secured Promissory Note [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.25% | 5.25% | ||||
June 2014 Secured Promissory Note [Member] | Office And Laboratory Space One [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument borrowing amount | $ 10,000,000 | |||||
Debt instrument, interest rate | 5.25% | |||||
Required deposit balance | $ 1,560,000 | |||||
June 2014 Secured Promissory Note [Member] | Office And Laboratory Space One [Member] | Secured Debt [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 2.00% |
Debt - Schedule of Debt Includi
Debt - Schedule of Debt Including Debt to Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt, including debt due to related parties | $ 23,665 | |
Less debt due to related parties, non-current | (7,300) | $ (7,300) |
Debt, non-current | 11,380 | 11,479 |
Secured Debt [Member] | ||
Debt, including debt due to related parties | 30,765 | 28,080 |
Less debt due to related parties, non-current | (7,300) | (7,300) |
Less current portion | (12,085) | (9,301) |
Debt, non-current | 11,380 | 11,479 |
October 2012 Secured Promissory Notes and April 2013 Secured Promissory Notes [Member] | Secured Debt [Member] | ||
Debt, including debt due to related parties | 3,425 | 3,425 |
June 2014 Secured Promissory Note [Member] | Secured Debt [Member] | ||
Debt, including debt due to related parties | 8,024 | 8,106 |
Secured Revolving Borrowing Interest Rate at 12.80% Through March 2021 [Member] | Secured Debt [Member] | ||
Debt, including debt due to related parties | 11,745 | 8,966 |
August 2015 Senior Secured Promissory Notes [Member] | Secured Debt [Member] | ||
Debt, including debt due to related parties | 7,300 | 7,300 |
Research Loan Facility Interest Rate at 1.00% [Member] | Secured Debt [Member] | ||
Debt, including debt due to related parties | $ 271 | $ 283 |
Debt - Schedule of Debt Inclu_2
Debt - Schedule of Debt Including Debt to Related Parties (Details) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
October 2012 and April 2013 Secured Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest, net | $ 2,450,000 | |
Secured Debt [Member] | October 2012 and April 2013 Secured Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 8.00% | 8.00% |
Debt instrument, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Secured Debt [Member] | June 2014 Secured Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.25% | 5.25% |
Debt instrument, prime rate | 2.00% | |
Debt instrument, payment terms | Payable monthly through June 2036 | Payable monthly through June 2036 |
Unamortized debt discount | $ 161,000 | $ 166,000 |
Secured Debt [Member] | Secured Revolving Borrowing Interest Rate at 12.80% Through March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 12.80% | 12.80% |
Debt instrument, payment terms | Through May 2021 | Through May 2021 |
Secured Debt [Member] | Senior Secured Promissory Note Interest Rate at 8% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 8.00% | 8.00% |
Debt instrument, maturity date | Dec. 31, 2022 | Dec. 31, 2022 |
Secured Debt [Member] | Research Loan Facility Interest Rate at 1.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 1.00% | 1.00% |
Debt instrument, maturity date | Sep. 30, 2022 | Sep. 30, 2022 |
Imputed interest, net | $ 39,000 | $ 41,000 |
Debt instrument interest rate principal payment | 25.00% | 25.00% |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Future Principal Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
2021 | $ 12,010 | |
2022 | 2,900 | |
2023 | 471 | |
2024 | 491 | |
2025 | 515 | |
Thereafter | 6,305 | |
Total future principal payments | 22,690 | |
Interest payments included in debt balance | 975 | [1] |
Total future debt payments | 23,665 | |
Related Party [Member] | ||
2021 | ||
2022 | 5,000 | |
2023 | ||
2024 | ||
2025 | ||
Thereafter | ||
Total future principal payments | 5,000 | |
Interest payments included in debt balance | 2,300 | [1] |
Total future debt payments | $ 7,300 | |
[1] | Due to the debt extinguishment requirements, the Company has included both accrued interest and future interest in the debt balance for certain outstanding debt. |
Debt - Schedule of Debt Activit
Debt - Schedule of Debt Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Short-term Debt [Line Items] | ||
Principal balance, net at March 31, | $ 23,665 | |
June 2014 Secured Promissory Note [Member] | ||
Short-term Debt [Line Items] | ||
Principal balance, net at December 31, preceding year | 8,106 | $ 8,404 |
Principal payments | (196) | (217) |
Interest | 109 | 146 |
Debt discount amortization | 5 | 5 |
Principal balance, net at March 31, | $ 8,024 | $ 8,338 |
Warrants (Details Narrative)
Warrants (Details Narrative) - $ / shares | 3 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 15, 2021 | Mar. 25, 2021 | Mar. 15, 2021 | Dec. 31, 2020 | Dec. 30, 2020 | Dec. 15, 2020 | Sep. 15, 2020 | May 01, 2020 | Apr. 29, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 6,814,000 | 14,534,000 | ||||||||
Warrant exercise price | $ 0.75 | |||||||||
April 2020 Warrants [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 24,995,000 | 5,862,380 | 13,027,512 | 2,714,065 | 3,392,581 | |||||
Warrant exercise price | $ 0.75 | |||||||||
Warrant weighted average remaining contractual life | 9 months 22 days | |||||||||
Warrant weighted average exercise price | $ 0.89 | |||||||||
April 2020 Warrants [Member] | Forecast [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 4,885,317 | |||||||||
Warrant Exchange Agreement [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 45,977,809 | |||||||||
Warrant Exchange Agreement [Member] | April 2020 Warrants [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 29,881,855 | |||||||||
Warrant Amendment [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 3,555,556 | 1,777,778 | ||||||||
Warrant exercise price | $ 0.96 | |||||||||
Number of warrants outstanding | 1,777,777 | |||||||||
Warrant expiration date | Dec. 15, 2021 | |||||||||
Warrant Amendment [Member] | Warrant Holder [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 1,777,778 | |||||||||
Warrant exercise price | $ 1 | |||||||||
Warrant Amendment [Member] | Forecast [Member] | Warrant Holder [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 1,777,777 | |||||||||
Warrant exercise price | $ 1.04 | |||||||||
Warrant Amendment [Member] | Common Stock [Member] | Warrant Holder [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of warrant shares exercised | 5,333,333 |
Summary of Information About Co
Summary of Information About Common Stock Warrants Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 0.75 | |
Number of shares subject to warrants outstanding | 6,814,000 | 14,534,000 |
Number of Warrants Excercised | (7,720,000) | |
June 2013 Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2013-06 | |
Expiration date | 2023-06 | |
Exercise price | $ 8.40 | |
Number of shares subject to warrants outstanding | 27,000 | 27,000 |
Number of Warrants Excercised | ||
November 2016 Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2016-11 | |
Expiration date | 2026-11 | |
Exercise price | $ 2.38 | |
Number of shares subject to warrants outstanding | 125,000 | 125,000 |
Number of Warrants Excercised | ||
November 2017 Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2017-06 | |
Expiration date | 2027-06 | |
Exercise price | $ 1.10 | |
Number of shares subject to warrants outstanding | 80,000 | |
Number of Warrants Excercised | (80,000) | |
April 2020 Warrants Tranche Four [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2020-04 | |
Expiration date | 2021-03 | |
Exercise price | $ 0.75 | |
Number of shares subject to warrants outstanding | 5,862,000 | |
Number of Warrants Excercised | (5,862,000) | |
April 2020 Warrants Tranche Five [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2020-04 | |
Expiration date | 2021-12 | |
Exercise price | $ 0.75 | |
Number of shares subject to warrants outstanding | 4,885,000 | 4,885,000 |
Number of Warrants Excercised | ||
December 2020 Warrants, Tranche Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2020-12 | |
Expiration date | 2021-03 | |
Exercise price | $ 1 | |
Number of shares subject to warrants outstanding | 1,778,000 | |
Number of Warrants Excercised | (1,778,000) | |
December 2020 Warrants Tranche Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issue date | 2020-12 | |
Expiration date | 2021-12 | |
Exercise price | $ 1.04 | |
Number of shares subject to warrants outstanding | 1,777,000 | 1,777,000 |
Number of Warrants Excercised |
Share-Based Plans (Details Narr
Share-Based Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options outstanding | 13,572,000 | 13,380,000 | |||
Number of restricted stock units outstanding | 4,772,000 | ||||
Number of shares available for grant | 9,787,000 | ||||
Stock based compensation expense | $ 915 | $ 907 | |||
Number of option granted to purchase common stock | 438,000 | ||||
Number of options weighted-average exercise price granted | $ 1.69 | ||||
Chief Financial Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option granted to purchase common stock | 400,000 | ||||
Number of options weighted-average exercise price granted | $ 2.60 | ||||
Fair value of options granted | $ 567,000 | ||||
Former Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option granted to purchase common stock | 200,000 | ||||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of option granted to purchase common stock | 237,000 | ||||
Number of options weighted-average exercise price granted | $ 1.95 |
Share-Based Plans - Summary of
Share-Based Plans - Summary of Stock Options Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Shares Outstanding, Beginning balance | shares | 13,380,000 |
Shares Outstanding, Options granted | shares | 438,000 |
Shares Outstanding, Options exercised | shares | (21,000) |
Shares Outstanding, Options cancelled | shares | (225,000) |
Shares Outstanding, Ending balance | shares | 13,572,000 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 2.32 |
Weighted Average Exercise Price, Options granted | $ / shares | 1.69 |
Weighted Average Exercise Price, Options exercised | $ / shares | 1.31 |
Weighted Average Exercise Price, Options cancelled | $ / shares | 3.62 |
Weighted Average Exercise Price, Ending balance | $ / shares | $ 2.28 |
Share-Based Plans - Summary o_2
Share-Based Plans - Summary of Restricted Stock Units Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Restricted stock units, Beginning Balance | shares | 4,588,000 |
Restricted stock units, Granted | shares | 272,000 |
Restricted stock units, Settled | shares | (88,000) |
Restricted stock units, Forfeited | shares | |
Restricted stock units, Ending Balance | shares | 4,772,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 1.14 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 1.77 |
Weighted Average Grant Date Fair Value, Settled | $ / shares | 1.62 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.16 |
Share-Based Plans - Summary o_3
Share-Based Plans - Summary of Non-vested Restricted Stock Units Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units, Granted | shares | 272,000 |
Restricted stock units, Vested | shares | (88,000) |
Restricted stock units, Forfeited | shares | |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 1.77 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 1.62 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units, Ending Balance | shares | 1,437,000 |
Restricted stock units, Granted | shares | 272,000 |
Restricted stock units, Vested | shares | (97,000) |
Restricted stock units, Forfeited | shares | |
Restricted stock units, Ending Balance | shares | 1,612,000 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.16 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 1.77 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 1.99 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.22 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 15, 2021 | Dec. 31, 2020 | Dec. 15, 2020 | Sep. 15, 2020 | May 01, 2020 | Apr. 29, 2020 | |
Number of warrant shares exercised | 6,814,000 | 14,534,000 | ||||||
April 2020 Warrants [Member] | ||||||||
Number of warrant shares exercised | 24,995,000 | 5,862,380 | 13,027,512 | 2,714,065 | 3,392,581 | |||
August 2015 Senior Secured Promissory Note [Member] | ||||||||
Beneficial ownership interest percentage | 40.00% | |||||||
Outstanding principal amount | $ 5,000 | |||||||
Secured Promissory Note | 7,300 | |||||||
Accrued interest | 2,300 | |||||||
Expenses incurred | $ 1,600 | $ 1,199 | ||||||
Warrant Exchange Agreement [Member] | ||||||||
Number of warrant shares exercised | 45,977,809 | |||||||
Warrant Exchange Agreement [Member] | April 2020 Warrants [Member] | ||||||||
Number of warrant shares exercised | 29,881,855 | |||||||
Warrant Exchange Agreement [Member] | Ospraie [Member] | ||||||||
Beneficial ownership interest percentage | 40.40% | |||||||
Warrant Exchange Agreement [Member] | Ospraie [Member] | April 2020 Warrants [Member] | ||||||||
Number of warrant shares exercised | 4,264,299 | |||||||
Warrant Exchange Agreement [Member] | Waddell [Member] | ||||||||
Beneficial ownership interest percentage | 15.90% | |||||||
Warrant Exchange Agreement [Member] | Waddell [Member] | April 2020 Warrants [Member] | ||||||||
Number of warrant shares exercised | 666,472 | |||||||
Warrant Exchange Agreement [Member] | Ardsley [Member] | ||||||||
Beneficial ownership interest percentage | 990.00% | |||||||
Warrant Exchange Agreement [Member] | Ardsley [Member] | April 2020 Warrants [Member] | ||||||||
Number of warrant shares exercised | 741,617 |