Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 11, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35376 | |
Entity Registrant Name | OBLONG, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0312442 | |
Entity Address, Address Line One | 25587 Conifer Road | |
Entity Address, Address Line Two | Suite 105-231 | |
Entity Address, City or Town | Conifer | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80433 | |
City Area Code | 303 | |
Local Phone Number | 640-3838 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | OBLG | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Central Index Key | 0000746210 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,616,048 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 3,964 | $ 5,058 |
Current portion of restricted cash | 61 | 158 |
Accounts receivable, net | 1,779 | 3,166 |
Inventory | 1,494 | 920 |
Prepaid expenses and other current assets | 1,147 | 691 |
Total current assets | 8,445 | 9,993 |
Property and equipment, net | 430 | 573 |
Goodwill | 7,367 | 7,367 |
Intangibles, net | 9,543 | 10,140 |
Operating lease - right of use asset, net | 773 | 903 |
Other assets | 113 | 167 |
Total assets | 26,671 | 29,143 |
Current liabilities: | ||
Current portion of long-term debt | 2,417 | 2,014 |
Accounts payable | 1,079 | 313 |
Accrued expenses and other current liabilities | 1,533 | 1,201 |
Current portion of deferred revenue | 930 | 1,217 |
Current portion of operating lease liabilities | 797 | 830 |
Total current liabilities | 6,756 | 5,575 |
Long-term liabilities: | ||
Long-term debt, net of current portion and net of discount | 0 | 403 |
Operating lease liabilities, net of current portion | 423 | 602 |
Deferred revenue, net of current portion | 561 | 506 |
Total long-term liabilities | 984 | 1,511 |
Total liabilities | 7,740 | 7,086 |
Commitments and contingencies (see Note 13) | ||
Stockholders’ equity: | ||
Common stock, $.0001 par value; 150,000,000 shares authorized; 26,729,331 shares issued and 26,616,048 outstanding at March 31, 2021 and 7,861,912 shares issued and 7,748,629 outstanding at December 31, 2020 | 3 | 1 |
Treasury stock, 113,283 shares of common stock at March 31, 2021 and December 31, 2020 | (181) | (181) |
Additional paid-in capital | 215,397 | 215,092 |
Accumulated deficit | (196,288) | (192,855) |
Total stockholder's equity | 18,931 | 22,057 |
Total liabilities and stockholders’ equity | 26,671 | 29,143 |
Series A-2 Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Series D Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Series E Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, convertible, shares authorized (in shares) | 5,000,000 | |
Preferred stock, convertible, shares issued (in shares) | 0 | |
Preferred stock, convertible, shares outstanding (in shares) | 0 | 1,829,582 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 26,729,331 | 7,861,912 |
Common stock, shares outstanding (in shares) | 26,616,048 | 7,748,629 |
Treasury stock, shares (in shares) | 113,283 | 113,283 |
Series A-2 Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 7,500 | $ 7,500 |
Preferred stock, convertible, shares authorized (in shares) | 7,500 | 7,500 |
Preferred stock, convertible, shares issued (in shares) | 0 | 45 |
Preferred stock, convertible, shares outstanding (in shares) | 0 | 45 |
Series D Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 28.50 | $ 28.50 |
Preferred stock, convertible, shares authorized (in shares) | 1,750,000 | 1,750,000 |
Preferred stock, convertible, shares issued (in shares) | 0 | 1,697,958 |
Preferred stock, convertible, shares outstanding (in shares) | 0 | 1,697,958 |
Series E Preferred Stock | ||
Preferred stock, convertible, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, stated value | $ 28.50 | $ 28.50 |
Preferred stock, convertible, shares authorized (in shares) | 175,000 | 175,000 |
Preferred stock, convertible, shares issued (in shares) | 0 | 131,579 |
Preferred stock, convertible, shares outstanding (in shares) | 0 | 131,579 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 1,918 | $ 5,328 |
Cost of revenue (exclusive of depreciation and amortization) | 1,290 | 2,374 |
Gross profit | 628 | 2,954 |
Operating expenses: | ||
Research and development | 692 | 1,327 |
Sales and marketing | 527 | 1,220 |
General and administrative | 2,067 | 2,028 |
Impairment charges | 31 | 541 |
Depreciation and amortization | 722 | 815 |
Total operating expenses | 4,039 | 5,931 |
Loss from operations | (3,411) | (2,977) |
Interest and other expense, net | 5 | 154 |
Foreign exchange loss (gain) | 17 | (2) |
Interest and other expense, net | 22 | 152 |
Loss before income taxes | (3,433) | (3,129) |
Income tax expense | 0 | 0 |
Net loss | (3,433) | (3,129) |
Preferred stock dividends | 1 | 4 |
Undeclared dividends | 366 | 0 |
Induced conversion of Series A-2 Preferred Stock | 300 | 0 |
Net loss attributable to common stockholders | $ (4,100) | $ (3,133) |
Net loss attributable to common stockholders per share: | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.23) | $ (0.60) |
Weighted-average number of shares of common stock: | ||
Basic and diluted (in shares) | 17,756 | 5,204 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series D and E Preferred Stock | Preferred StockSeries A-2 Preferred Stock | Preferred StockSeries C Preferred Stock | Preferred StockSeries D Preferred Stock | Preferred StockSeries E Preferred Stock | Common Stock | Common StockSeries A-2 Preferred Stock | Common StockSeries D and E Preferred Stock | Treasury Stock | Additional Paid-In Capital | Additional Paid-In CapitalSeries D and E Preferred Stock | Accumulated Deficit |
Beginning Balance (in shares) at Dec. 31, 2019 | 32 | 475 | 1,734,901 | 131,579 | 5,266,828 | 105,285 | |||||||
Beginning Balance at Dec. 31, 2019 | $ 21,785 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (165) | $ 207,383 | $ (185,434) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (3,129) | (3,129) | |||||||||||
Stock-based compensation | 32 | 32 | |||||||||||
Preferred stock conversion (in shares) | (150) | 50,000 | |||||||||||
Issuance of preferred stock for accrued dividends (in shares) | 13 | ||||||||||||
Issuance of preferred stock for accrued dividends | 98 | 98 | |||||||||||
Forfeited restricted stock (in shares) | 14,441 | ||||||||||||
Preferred stock dividends | (4) | (4) | |||||||||||
Purchase of treasury stock | (7) | $ (7) | |||||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 45 | 325 | 1,720,460 | 131,579 | 5,316,828 | 105,285 | |||||||
Ending Balance at Mar. 31, 2020 | 18,775 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (172) | 207,509 | (188,563) | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 32 | 475 | 1,734,901 | 131,579 | 5,266,828 | 105,285 | |||||||
Beginning Balance at Dec. 31, 2019 | $ 21,785 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ (165) | 207,383 | (185,434) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation | $ (16) | ||||||||||||
Forfeited restricted stock (in shares) | 0 | ||||||||||||
Series D Preferred Stock exchanged for taxes (in shares) | (8,000) | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 45 | 1,697,958 | 131,579 | 7,861,912 | 113,283 | ||||||||
Ending Balance at Dec. 31, 2020 | $ 22,057 | $ 0 | $ 0 | $ 0 | $ 1 | $ (181) | 215,092 | (192,855) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (3,433) | (3,433) | |||||||||||
Stock-based compensation | 33 | 33 | |||||||||||
Preferred stock conversion (in shares) | (45) | (1,697,022) | (131,579) | 18,846,411 | 84,292 | 18,762,119 | |||||||
Preferred stock conversion | $ 0 | $ 2 | $ (2) | ||||||||||
Issuance of stock for services (in shares) | 21,008 | ||||||||||||
Issuance of stock for services | 274 | 274 | |||||||||||
Forfeited restricted stock (in shares) | (81) | ||||||||||||
Series D Preferred Stock exchanged for taxes (in shares) | (855) | ||||||||||||
Ending Balance (in shares) at Mar. 31, 2021 | 0 | 0 | 0 | 26,729,331 | 113,283 | ||||||||
Ending Balance at Mar. 31, 2021 | $ 18,931 | $ 0 | $ 0 | $ 0 | $ 3 | $ (181) | $ 215,397 | $ (196,288) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||||||
Net loss | $ (3,433) | $ (3,129) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | 722 | 815 | ||||
Bad debt expense | 240 | 13 | ||||
Amortization of debt discount | 0 | 34 | ||||
Amortization of right of use asset | 130 | 302 | ||||
Loss on disposal of equipment | 0 | 22 | ||||
Common stock issued for services | 274 | 0 | ||||
Stock-based compensation | 33 | 32 | ||||
Loss on foreign currency remeasurement | 4 | 0 | ||||
Impairment charges - property and equipment | 31 | 0 | ||||
Impairment charges - goodwill | 0 | 541 | $ 541 | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 1,147 | (1,679) | ||||
Inventory | (574) | 377 | ||||
Prepaid expenses and other current assets | (456) | (133) | ||||
Other assets | (7) | (59) | ||||
Accounts payable | 766 | 274 | ||||
Accrued expenses and other current liabilities | 332 | (398) | ||||
Deferred revenue | (232) | 772 | ||||
Lease liabilities | (212) | (320) | ||||
Net cash used in operating activities | (1,235) | (2,536) | ||||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (17) | 0 | ||||
Net cash used in investing activities | (17) | 0 | ||||
Cash flows from financing activities: | ||||||
Purchase of treasury stock | 0 | (7) | ||||
Net cash used in financing activities | 0 | (7) | ||||
Decrease in cash and restricted cash | (1,252) | (2,543) | ||||
Cash and restricted cash at beginning of period | 5,277 | 4,602 | 4,602 | |||
Cash and restricted cash at end of period | 4,025 | 2,059 | 5,277 | |||
Reconciliation of cash and restricted cash | ||||||
Cash | $ 3,964 | $ 5,058 | $ 2,059 | |||
Current portion of restricted cash | 61 | 158 | 0 | |||
Total cash and restricted cash | 4,025 | 2,059 | $ 4,602 | 4,025 | $ 5,277 | 2,059 |
Cash paid during the period for interest | 0 | 90 | ||||
Non-cash investing and financing activities: | ||||||
Issuance of preferred stock in exchange for accrued dividends | 0 | 98 | ||||
Accrued preferred stock dividends | $ 1 | $ 4 | ||||
Inducement to convert Series A-2 Preferred Stock to common | 300 | 0 | ||||
Common stock issued for services | $ 3 | $ 0 |
Business Description and Signif
Business Description and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Business Description and Significant Accounting Policies | Note 1 - Business Description and Significant Accounting Policies Business Description Oblong, Inc. (“Oblong” or “we” or “us” or the “Company”) was formed as a Delaware corporation in May 2000 and is a provider of patented multi-stream collaboration technologies and managed services for video collaboration and network applications. Prior to March 6, 2020, Oblong, Inc. was named Glowpoint, Inc. (“Glowpoint”). On March 6, 2020, Glowpoint changed its name to Oblong, Inc. Basis of Presentation The Company's fiscal year ends on December 31, of each calendar year. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as our annual consolidated financial statements for the fiscal year ended December 31, 2020. In the opinion of the Company's management, these interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2020 year-end condensed consolidated balance sheet data in this document was derived from audited consolidated financial statements. These condensed consolidated financial statements and notes included in this quarterly report on Form 10-Q does not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company's audited consolidated financial statements as of and for the year ended December 31, 2020 and notes thereto included in the Company's fiscal 2020 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2021 (the “2020 10-K”). The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Oblong and our 100%-owned subsidiaries, (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, (ii) Oblong Industries, and (iii) the following subsidiaries of Oblong Industries: Oblong Industries Europe, S.L. and Oblong Europe Limited. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries. Segments The Company currently operates in two segments: 1) the Oblong (formerly Glowpoint) business, which includes managed services for video collaboration and network applications, and 2) the Oblong Industries business, which includes products and services for visual collaboration technologies. See Note 11 - Segment Reporting for further discussion. Use of Estimates Preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability of property and equipment, and intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with our impairment tests, and the inputs used in the fair value of equity based awards as well as the values ascribed to assets acquired and liabilities assumed in the business combination. Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in our 2020 10-K, and there have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2021. Property and Equipment Property and equipment are stated at cost and are depreciated over the estimated useful lives of the related assets, which range from three Recently Issued Accounting Pronouncements In June 2016 the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 as amended, “Financial Instruments - Credit Losses (Topic 326).” Topic 326 introduces an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g. accounts receivable, loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. Topic 326 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the new guidance will have on its consolidated financial statements. |
Liquidity and Going Concern Unc
Liquidity and Going Concern Uncertainty | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern Uncertainty | Note 2 - Liquidity and Going Concern Uncertainty As of March 31, 2021, we had $3,964,000 of unrestricted cash, obligations of $2,417,000 under the Paycheck Protection Program loan (the “PPP Loan”), and working capital of $1,689,000. For the three months ended March 31, 2021, we incurred a net loss of $3,433,000 and used $1,235,000 of net cash in operating activities. See further discussion of the PPP Loan in Note 6 - Debt . Our capital requirements in the future will continue to depend on numerous factors, including the timing and amount of revenue for the Company, customer renewal rates and the timing of collection of outstanding accounts receivable, in each case particularly as it relates to the Company’s major customers, the expense to deliver services, expense for sales and marketing, expense for research and development, capital expenditures, the cost involved in protecting intellectual property rights, the amount of forgiveness of the PPP Loan, if any, and the debt service obligations under the PPP Loan. While our acquisition of Oblong Industries provides additional revenues to the Company, the cost to further develop and commercialize Oblong Industries’ product offerings is expected to exceed its revenues for the foreseeable future. We expect to continue to invest in product development and sales and marketing expenses with the goal of growing the Company’s revenue in the future. The Company believes that, based on the Company’s current projection of revenue, expenses, capital expenditures, debt service obligations, and cash flows, it will not have sufficient resources to fund its operations for the next twelve months following the filing of this Report. We believe additional capital will be required to fund operations and provide growth capital including investments in technology, product development and sales and marketing. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company. The factors discussed above raise substantial doubt as to our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from these uncertainties. See Note 12 - Commitments and Contingencies to our condensed consolidated financial statements for discussion regarding certain additional factors that could impact the Company’s liquidity in the future. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 3 - Goodwill As of March 31, 2021 and December 31, 2020, goodwill was $7,367,000, comprised of amounts recorded in connection with the October 1, 2019 Acquisition of Oblong Industries. We test goodwill for impairment on an annual basis on September 30 of each year, or more frequently if events occur or circumstances change indicating that the fair value of the goodwill may be below its carrying amount. The Company operates two reporting segments, Oblong (formerly Glowpoint) and Oblong Industries. In March 31, 2020, we considered the novel Coronavirus (COVID-19) pandemic and resulting declines in certain of the Company’s revenue to be a triggering event for an interim goodwill impairment test for both reporting units. To determine the fair value of each reporting unit, as of March 31, 2020 for the goodwill impairment tests, we used a weighted average of the discounted cash flow method and a market-based method (comparing the Company’s equity and analyzing multiples of revenue for comparable companies). For the Oblong Industries reporting unit, the fair value of the reporting unit exceeded its carrying amount, therefore no impairment charge was required. For the Oblong (formerly Glowpoint) reporting unit, we recorded an impairment charge on goodwill of $541,000 for the three months ended March 31, 2020 as the carrying amount of the reporting unit exceeded its fair value on the test date. This charge is recognized as an impairment charge on our condensed consolidated Statements of Operations. There were no such triggering events during the three months ended March 31, 2021, therefore, no impairment charges were recorded. The activity in goodwill during the three months ended March 31, 2021 and the year ended December 31, 2020 is shown in the following table ($ in thousands): Goodwill Oblong (formerly Glowpoint) Oblong Industries Total Balance December 31, 2019 $ 541 $ 7,367 $ 7,908 Impairment charges (541) — (541) Balance December 31, 2020 — 7,367 7,367 Balance March 31, 2021 $ — $ 7,367 $ 7,367 In the event we experience future declines in our revenue, cash flows and/or stock price, this may give rise to a triggering event that may require the Company to record additional impairment charges on goodwill in the future. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4 - Intangible Assets The following table presents the components of net intangible assets (in thousands): As of March 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Oblong (formerly Glowpoint) Affiliate network $ 994 $ (752) $ 242 $ 994 $ (735) $ 259 Oblong Industries Developed technology $ 10,060 $ (3,024) $ 7,036 $ 10,060 $ (2,520) $ 7,540 Trade names 2,410 (362) 2,048 2,410 (302) 2,108 Distributor relationships 310 (93) 217 310 (77) 233 Subtotal 12,780 (3,479) 9,301 12,780 (2,899) 9,881 Total $ 13,774 $ (4,231) $ 9,543 $ 13,774 $ (3,634) $ 10,140 At each reporting period, we determine if there was a triggering event that may result in an impairment of our intangible assets. During the three months ended March 31, 2020, we considered the novel Coronavirus (COVID-19) pandemic and resulting declines in certain of the Company’s revenue to be a triggering event for an interim impairment test of intangible assets for both reporting units. Based on the corresponding recoverability test, we determined that no impairment charges were required for the three months ended March 31, 2020. During the three months ended March 31, 2021, we considered the decline in revenue for Oblong Industries to be a triggering event for an interim impairment test of intangible assets for this reporting unit. Based on the corresponding recoverability test of Oblong Industries’ intangible assets, we determined no impairment changes were required for the three months ended March 31, 2021. Intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives of the assets, which range from five years to twelve years in accordance with ASC Topic 350. The weighted average lives for the components of intangible assets are as follows: Oblong (formerly Glowpoint) Affiliate network 12 years Oblong Industries Developed technology 5 years Trade names 10 years Distributor relationships 5 years Related amortization expense was $597,000 and $611,000 for the three months ended March 31, 2021 and 2020, respectively. Amortization expense for each of the next five succeeding years will be as follows (in thousands): Remainder of 2021 $ 1,791 2022 2,386 2023 2,378 2024 1,843 2025 241 Thereafter 904 Total $ 9,543 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Liabilities | Note 5 - Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): March 31, December 31, 2021 2020 Accrued compensation costs $ 569 $ 411 Accrued professional fees 255 236 Accrued taxes and regulatory fees 156 137 Customer deposits 136 127 Other accrued expenses and liabilities 417 286 Accrued dividends on Series A-2 Preferred Stock — 4 Accrued expenses and other liabilities $ 1,533 $ 1,201 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 - Debt Debt consisted of the following (in thousands): March 31, December 31, 2021 2020 PPP Loan Principal $ 2,417 $ 2,417 Less: current maturities 2,417 2,014 Long-term obligations, net of current maturities $ — $ 403 Paycheck Protection Program Loan On April 10, 2020 (the “Origination Date”), the Company received $2,417,000 in aggregate loan proceeds (the “PPP Loan”) from MidFirst Bank (the “Lender”) pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a Promissory Note (the “Note”), dated April 10, 2020, by and between the Company and the Lender. Subject to the terms of the Note, the PPP Loan bears interest at a fixed rate of one percent (1.0%) per annum. Payments of principal and interest are deferred for the first six months following the Origination Date. Following the deferral period, the Company will be required to make payments of principal plus interest accrued under the PPP Loan to the Lender in 18 monthly installments based upon an amortization schedule to be determined by the Lender based on the principal balance of the Note outstanding following the deferral period and taking into consideration any portion of the PPP Loan that is forgiven prior to that time. The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration. The Paycheck Protection Program provides for forgiveness of up to the full amount borrowed as long as the Company uses the loan proceeds during the 24-week period following disbursement for eligible purposes as described in the CARES Act and related guidance. Under the CARES Act, loan forgiveness is generally available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during the 24-week period. The Company used the majority of the proceeds from the PPP Loan to pay expenses during the applicable period that the Company believes were for eligible purposes; certain reductions in Company payroll costs during this period may reduce the amount of the Note eligible for forgiveness. In May 2021, the Company submitted an application to the Lender for forgiveness of the PPP Loan and the application is currently under review by the Lender. There is no guarantee that the Company will receive forgiveness for any fixed amount of any PPP Loan principal received by the Company. Under the revised rules for the PPP Loan program, the Company will not have to begin principal and interest payments before the date on which the SBA remits the loan forgiveness amount to the Lender (or notifies the Lender that no loan forgiveness is allowed). Following the decision on forgiveness, the Company will be required to pay the Lender equal monthly payments of principal and interest based on the principal amount outstanding on the PPP Loan, plus interest outstanding at the end of the deferment period, and taking into account any reductions in the principal amount due to forgiveness, if any. Interest accrued during the deferment period will be capitalized as principal. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Note 7 - Capital Stock Common Stock On February 1, 2021, the Company, acting pursuant to authorization from its Board of Directors, determined to voluntarily withdraw the listing of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), from the NYSE American Stock Exchange (the “NYSE American”) and transfer such listing to The Nasdaq Capital Market (“Nasdaq”). The Company’s listing and trading of its Common Stock on the NYSE American ended at market close on February 11, 2021, and trading began on Nasdaq at market open on February 12, 2021, and is continuing to trade under the ticker symbol “OBLG”. As of March 31, 2021, we had 150,000,000 shares of our Common Stock authorized, with 26,729,331 and 26,616,048 shares of issued and outstanding, respectively. During the three months ended March 31, 2021 and 2020, 18,846,411 and 50,000 shares of the Company’s Common stock were issued in relation to preferred stock conversions, respectively. Issuance for Professional Service Fees On December 10, 2020, the Company issued 50,000 shares of Common Stock as payment for services, with a fair value equal to $348,000, related to a financial advisory agreement entered into on December 1, 2020. On January 21, 2021, the Company issued 21,008 shares of Common Stock as payment for services, with a fair value equal to $100,000, related to a financial advisory agreement entered into on January 15, 2021. During the three months ended March 31, 2021, the Company expensed $274,000 as professional service fees included as a component of general and administrative expense in the accompanying condensed consolidated Statements of Operations. Warrants On October 21, 2020, the Company issued warrants to purchase up to 521,500 shares of Common Stock pursuant to a securities purchase agreement with certain accredited investors. The Warrants have a term of 2 years, are initially exercisable at $4.08 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital during the year ended December 31, 2020 and was determined to be $1,334,087 using the Black-Scholes model. As of March 31, 2021, no warrants had been exercised. On December 6, 2020, the Company issued warrants to purchase up to 625,000 shares of Common Stock pursuant to a securities purchase agreement with certain accredited investors. The Warrants have a term of 2 years, are initially exercisable at $5.49 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital during the year ended December 31, 2020 and was determined to be $2,635,425 using the Black-Scholes model. As of March 31, 2021, no warrants had been exercised. Warrant activity for the year ended December 31, 2020 is presented below. There was no warrant activity for the three months ended March 31, 2021. Outstanding Number of Warrants (in thousands) Weighted Average Exercise Price Warrants outstanding and exercisable, December 31, 2019 72 0.01 Granted 1,147 4.85 Exercised (72) 0.01 Warrants outstanding and exercisable, December 31, 2020 1,147 $ 4.85 Warrants outstanding and exercisable, March 31, 2021 1,147 $ 4.85 Treasury Shares The Company maintains Treasury Stock for the Common Stock shares bought back by the Company when withholding shares to cover taxes on Stock Compensation transactions. The following table shows the activity for Treasury Stock during the year ended December 31, 2020 (in thousands). There were no treasury stock transactions during the three months ended March 31, 2021. Shares Value Treasury Shares as of December 31, 2019 105 $ (165) Purchases to cover stock compensation taxes 8 $ (16) Treasury Shares as of December 31, 2020 113 $ (181) Treasury Shares as of March 31, 2021 113 $ (181) |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Preferred Stock | Note 8 - Preferred Stock Our Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. As of March 31, 2021, we had 1,941,250 designated shares of preferred stock and no shares of preferred stock issued and outstanding. As of December 31, 2020, we had 1,829,582 shares of preferred stock outstanding. Series A-2 Preferred Stock As of December 31, 2020, there were 45 shares of Series A-2 Preferred Stock issued and outstanding. Each share of Series A-2 Preferred Stock had a stated value of $7,500 per share (the “A-2 Stated Value”), a liquidation preference equal to the Series A-2 Stated Value, and was convertible at the holder’s election into common stock at a conversion price per share of $16.11. Therefore, each share of Series A-2 Preferred Stock was convertible into 466 shares of common stock, for an aggregate of 20,954 shares of common stock. The Series A-2 Preferred Stock was senior to all outstanding classes of the Company’s equity and was entitled to cumulative dividends at a rate of 5.0% per annum. As of December 31, 2020, the Company had recorded $4,000 in accrued dividends on the accompanying condensed consolidated Balance Sheets related to the Series A-2 Preferred Stock outstanding. During the three months ended March 31, 2021, an additional $1,000 dividend expense was recorded. On January 28, 2021, the Company entered into an agreement with the holder of the Series A-2 Preferred Stock to convert the Stated Value of all outstanding shares of the Series A-2 Preferred Stock, 45 shares, into 84,292 shares of the Company’s common stock, at a negotiated conversion price of $4.00 per share, after taking into consideration accrued and unpaid dividends. As of March 31, 2021, there are no shares of Series A-2 Preferred Stock outstanding. The incremental cost of inducing the conversion was approximately $300,000 and was treated similarly to a preferred dividend, increasing the net loss attributable to common stockholders. Series D and E Preferred Stock In connection with the Oblong Industries acquisition, on October 1, 2019 (the “Closing Date”), the Company issued an aggregate of 1,686,659 shares of Series D Preferred Stock and an aggregate of 49,967 restricted shares of Series D Preferred Stock (“Restricted Series D Preferred Stock”), the latter of which were subject to vesting over a two-year period following the Closing Date of the acquisition. Pursuant to the terms of the Series D Certificate of Designations, each share of Series D Preferred Stock was entitled to receive an annual dividend equal to 6.0% of its then-existing Accrued Value per annum, commencing on the first anniversary of the issuance of the Series D Preferred Stock (or October 1, 2020). Prior to the first anniversary of the issuance of the Series D Preferred Stock no dividends accrued on such stock. Dividends were cumulative and accrued daily in arrears. The Company’s Board of Directors did not declare any applicable dividend payment in cash, therefore, the Accrued Value of the Series D Preferred Stock was increased by the amount of such dividend payment. During the year ended December 31, 2020, 28,618 shares of Restricted Series D Preferred Stock were forfeited and 8,325 shares of Series D Preferred Stock were surrendered to cover the taxes on vesting shares. During the three months ended March 31, 2021, 81 shares of Restricted Series D Preferred Stock were forfeited and 855 shares of Series D Preferred Stock were surrendered to cover the taxes on vesting shares. On October 1, 2019, Oblong entered into a Series E Preferred Stock Purchase Agreement relating to the offer and sale by the Company of up to 131,579 shares of its Series E Preferred Stock at a price of $28.50 per share. The Company sold a total of 131,579 shares of Series E Preferred Stock for net proceeds of approximately $3,750,000. The 131,579 shares of Series E Preferred Stock had an aggregate Accrued Value of $3,750,000 and upon their conversion would convert at a conversion price of $2.85 per share into 1,315,790 common shares. Pursuant to the terms of the Series E Certificate of Designations, each share of Series E Preferred Stock was entitled to receive an annual dividend equal to 6.0% of its then-existing Accrued Value per annum, commencing on the first anniversary of the issuance of the Series E Preferred Stock (or October 1, 2019 or December 18, 2019, as applicable). Prior to the first anniversary of the issuance of the Series E Preferred Stock no dividends accrued on such stock. Dividends were cumulative and accrue daily in arrears. The Company’s Board of Directors did not declare any applicable dividend payment in cash; therefore, the Accrued Value of the Series E Preferred Stock was increased by the amount of such dividend payment. The terms of the Company’s Series D and Series E Preferred Stock provided that such shares were automatically convertible into a number of shares of the Company’s Common Stock equal to the accrued value of the preferred shares (initially $28.50), plus any accrued dividends thereon, divided by the conversion price (initially $2.85 per share, subject to specified adjustments) upon the completion of both (i) approval of such conversion by the Company’s stockholders entitled to vote thereon (which occurred on December 19, 2019); and (ii) the receipt of all required authorizations and approval of a new listing application for the Company following the Company’s October 2019 acquisition of Oblong Industries, Inc. from the NYSE American or any such other exchange upon which the Company’s securities are then listed for trading. The Company determined that this conversion condition was completed in its entirety, and the Series D and E Preferred Stock automatically converted to shares of Common Stock pursuant to their terms, effective upon the commencement of trading of the Company’s Common Stock on Nasdaq as described above, on February 12, 2021. As of the date of conversion, the Company had 1,697,022 shares of Series D Preferred Stock and 131,579 shares of Series E Preferred Stock outstanding, respectively. The outstanding shares of Series D and Series E Preferred stock were converted into 17,416,939 and 1,345,180 shares of Common Stock, respectively, after taking into consideration all accrued and unpaid dividends. Following the conversion of the Series A-2, Series D, and Series E Preferred Stock, the Company no longer has shares of Preferred Stock issued and outstanding. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Note 9 - Stock Based Compensation 2019 Equity Incentive Plan On December 19, 2019, the Oblong, Inc. 2019 Equity Incentive Plan (the “2019 Plan”) was approved by the Company’s stockholders at the Company’s 2019 Annual Meeting of Stockholders. The 2019 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and cash incentive awards to certain key service providers of the Company and its subsidiaries. The 2019 Plan replaced the Glowpoint, Inc. 2014 Equity Incentive Plan and the 2007 Stock Incentive Plan (the “Prior Plans”). Following approval of the 2019 Plan, the Company terminated the Prior Plans and may no longer make grants under the Prior Plans; however, any outstanding equity awards granted under the Prior Plans will continue to be governed by the terms of the Prior Plans. Stock Options For the three months ended March 31, 2021 and the year ended December 31, 2020, no stock options were granted. A summary of stock options expired and forfeited under our plans and options outstanding as of, and changes made during, the three months ended March 31, 2021 and the year ended December 31, 2020 is presented below: Outstanding and Exercisable Number of Options Weighted Average Exercise Price Options outstanding and exercisable, December 31, 2019 215,345 $ 12.27 Expired (107,845) 4.92 Forfeited — — Options outstanding and exercisable, December 31, 2020 107,500 19.64 Options outstanding and exercisable, March 31, 2021 107,500 $ 19.64 Additional information as of March 31, 2021 is as follows: Outstanding and Exercisable Range of price Number Weighted Weighted $0.00 – $10.00 2,500 2.20 $ 9.00 $10.01 – $20.00 97,500 1.81 19.32 $20.01 – $30.00 2,500 1.19 21.80 $30.01 – $40.00 5,000 0.96 30.20 107,500 1.76 $ 19.64 The intrinsic value of vested options, unvested options and exercised options were not significant for all periods presented. There was no stock compensation expense related to stock options for the three months ended March 31, 2021 and 2020, and no remaining unrecognized stock-based compensation expense for options as of March 31, 2021 as all options were vested. Restricted Stock Awards As of March 31, 2021 and 2020, there were 627 unvested restricted stock awards outstanding, with a weighted average grant date price of $15.80. The awards were issued in 2014 and vest over the lesser of ten years, a change in control, or separation from the company. Due to the variability of the vesting, the expense was amortized over an average service period of five years; therefore, there is no unrecognized stock-based compensation expense for restricted stock awards for the three months ended March 31, 2021 and 2020. Restricted Stock Units As of March 31, 2021 and 2020, there were zero and 23,334 unvested restricted stock units outstanding, respectively. The 23,334 units outstanding at March 31, 2020 had a weighted average grant price of 2.20. As of March 31, 2021, 28,904 vested RSU’s remain outstanding as shares of common stock have not yet been delivered for these units in accordance with the terms of the RSU’s. Stock compensation expense for the three months ended March 31, 2021 and 2020 was zero and $6,000, respectively, and was included in general and administrative expense. There was no remaining unrecognized stock-based compensation expense for restricted stock units at March 31, 2021. Restricted Series D Preferred Stock In connection with the acquisition of Oblong Industries in 2019, all options to purchase shares of Oblong Industries’ common stock held by existing employees of Oblong Industries were canceled and exchanged for an aggregate of 49,967 shares of Restricted Series D Preferred Stock, which were subject to vesting over a two-year period following the Closing Date. This vesting period and compensation expense were accelerated, in February 2021, when the Restricted Series D shares were converted to shares of Common Stock. Refer to Note 8 - Preferred Stock for discussion on the conversion of the Series D Restricted Preferred Stock. Stock-based compensation expense relating to Restricted Series D Preferred Stock is allocated as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 17 $ 47 Sales, general and administrative $ 16 $ 111 $ 33 $ 158 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 10 - Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or unvested restricted stock. Unvested restricted stock, although classified as issued and outstanding at March 31, 2021 and 2020, is considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested restricted stock does not contain non-forfeitable rights to dividends and dividend equivalents. Unvested RSUs are not included in calculations of basic net loss per share, as they are not considered issued and outstanding at time of grant. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, preferred stock, RSUs, and unvested restricted stock, to the extent they are dilutive. For the three months ended March 31, 2021 and 2020, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net loss). The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (3,433) $ (3,129) Less: preferred stock dividends (1) (4) Less: undeclared dividends (366) — Less: loss on induced conversion of Series A-2 Preferred Stock (300) — Net loss attributable to common stockholders $ (4,100) $ (3,133) Denominator: Weighted-average number of shares of common stock for diluted net loss per share 17,756 5,204 Basic and diluted net loss per share $ (0.23) $ (0.60) The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss): Three Months Ended March 31, 2021 2020 Unvested restricted stock units — 23,334 Outstanding stock options 107,500 215,345 Unvested restricted stock awards 627 627 Shares of common stock issuable upon conversion of Series A-2 preferred stock — 10,978 Shares of common stock issuable upon conversion of Series C preferred stock — 108,333 Shares of common stock issuable upon conversion of Series D preferred stock — 17,020,460 Shares of common stock issuable upon conversion of Series E preferred stock — 1,315,790 Warrants 1,146,500 72,394 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 11 - Segment Reporting The Company currently operates in two segments: (1) the Oblong (formerly Glowpoint) business, which mainly consists of managed services for video collaboration and network applications; and (2) the Oblong Industries business, which consists of products and services for visual collaboration technologies. Certain information concerning the Company’s segments for the three months ended March 31, 2021 is presented in the following tables (in thousands): Three Months Ended March 31, 2021 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 1,195 $ 723 $ — $ 1,918 Cost of revenues 833 457 — 1,290 Gross profit $ 362 $ 266 $ — $ 628 Gross profit % 30 % 37 % 33 % Allocated operating expenses $ 110 $ 1,831 $ — $ 1,941 Unallocated operating expenses $ — $ — 2,098 2,098 Total operating expenses $ 110 $ 1,831 $ 2,098 $ 4,039 Income (loss) from operations $ 252 $ (1,565) $ (2,098) $ (3,411) Interest and other expense, net 5 17 $ — 22 Net income (loss) before tax $ 247 $ (1,582) $ (2,098) $ (3,433) Income Tax $ — $ — $ — $ — Net income (loss) $ 247 $ (1,582) $ (2,098) $ (3,433) Three Months Ended March 31, 2020 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 2,045 $ 3,283 $ — $ 5,328 Cost of revenues 1,156 1,218 — 2,374 Gross profit $ 889 $ 2,065 $ — $ 2,954 Gross profit % 43 % 63 % 55 % Allocated operating expenses $ 1,290 $ 2,073 $ — $ 3,363 Unallocated operating expenses — — 2,568 2,568 Total operating expenses $ 1,290 $ 2,073 $ 2,568 $ 5,931 Loss from operations $ (401) $ (8) $ (2,568) $ (2,977) Interest and other expense, net — — 152 152 Loss before income taxes $ (401) $ (8) $ (2,720) $ (3,129) Income tax expense $ — $ — $ — $ — Net loss $ (401) $ (8) $ (2,720) $ (3,129) Unallocated operating expenses include costs for the three months ended March 31, 2021 and 2020 that are not specific to a particular segment but are general to the group; included are expenses incurred for administrative and accounting staff, general liability and other insurance, professional fees and other similar corporate expenses. For the three months ended March 31, 2021 and 2020, there was no material revenue attributable to any individual foreign country. Approximately 1% of foreign revenue is billed in foreign currency and foreign currency gains and losses are not material. Revenue by geographic area is allocated as follows (in thousands): Three Months Ended March 31, 2021 2020 Domestic $ 1,015 $ 3,602 Foreign 903 1,726 $ 1,918 $ 5,328 Disaggregated information for the Company’s revenue has been recognized in the accompanying condensed consolidated statements of operations and is presented below according to contract type (in thousands): Three Months Ended March 31, 2021 % of Revenue 2020 % of Revenue Revenue: Oblong (formerly Glowpoint) Video collaboration services $ 291 15 % $ 1,046 20 % Network services 881 46 % 925 17 % Professional and other services 23 1 % 74 1 % Total Oblong revenue $ 1,195 62 % $ 2,045 38 % Revenue: Oblong Industries Visual collaboration product offerings $ 693 36 % 2,322 44 % Professional services — — % 669 13 % Licensing 30 2 % 292 5 % Total Oblong Industries revenue $ 723 38 % 3,283 62 % Total revenue $ 1,918 100 % $ 5,328 100 % The Company considers a significant customer to be one that comprises more than 10% of the Company’s consolidated revenues or accounts receivable. The loss of or a reduction in sales or anticipated sales to our most significant or several of our smaller customers could have a material adverse effect on our business, financial condition and results of operations. Concentration of revenues was as follows: Three Months Ended March 31, 2021 2020 Segment % of Revenue % of Revenue Customer A Oblong (formerly Glowpoint) 36 % 11 % Customer B Oblong Industries — % 22 % Customer C Oblong (formerly Glowpoint) 10 % * Concentration of accounts receivable was as follows: As of March 31, 2021 2021 2020 Segment % of Accounts Receivable % of Accounts Receivable Customer A Oblong Industries 36 % — % Customer B Oblong (formerly Glowpoint) 14 % * Customer C Oblong Industries — % 42 % Customer D Oblong Industries * 11 % * The amount did not exceed 10% of the Company’s consolidated total accounts receivable. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and Contingencies Operating Leases We currently lease three facilities in Los Angeles, California, one facility in Boston, Massachusetts, one facility in Dallas, Texas, and one facility in Munich Germany, all providing office space. We also lease space in City of Industry, California, providing warehouse space. These leases expire between 2022 and 2023. During 2020, we exited leases in Herndon, Virginia; Atlanta, Georgia; Houston, Texas; London, England, and a warehouse space in Los Angeles, California. In February 2021, we exited an office space lease in Los Altos, California, when the Company elected to not renew the lease. Although subject to COVID restrictions, we currently occupy two of the facilities in Los Angeles and the warehouse space in City of Industry; we have subleases in place for the third Los Angeles property, the Dallas property, and the Boston property. The Munich property is not in use and the Company is considering its options with this lease. Lease expenses, net of common charges and sublet proceeds, for the years ended March 31, 2021 and 2020 were $267,000 and $316,000, respectively. The Company primarily leases facilities for office and data center space under non-cancellable operating leases for its U.S. and international locations that expire at various dates through 2023. For leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability based on the present value of lease payments over the lease term. Variable lease payments are not included in the lease payments to measure the lease liability and are expensed as incurred. The Company’s leases have remaining terms of one As the Company's leases do not provide a readily determinable implicit rate, the Company uses the incremental borrowing rate at lease commencement, which was determined using a portfolio approach, based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet and the expense for these short-term leases is recognized on a straight-line basis over the lease term. Common area maintenance fees (or CAMs) and other charges related to these leases continue to be expensed as incurred. The following provides balance sheet information related to leases as of March 31, 2021 (in thousands): March 31, 2021 Assets Operating lease, right-of-use asset, net $ 773 Liabilities Current portion of operating lease liabilities $ 797 Operating lease liabilities, net of current portion 423 Total operating lease liabilities $ 1,220 The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands): Remaining Lease Payments Remainder of 2021 $ 661 2022 508 2023 116 Total lease payments $ 1,285 Effect of discounting (65) Total lease liability $ 1,220 COVID-19 On March 11, 2020, the World Health Organization announced that infections of the novel Coronavirus (COVID-19) had become pandemic, and on March 13, the U.S. President announced a National Emergency relating to the disease. There is a possibility of continued widespread infection in the United States and abroad, with the potential for catastrophic impact. National, state and local authorities have required or recommended social distancing and imposed or are considering quarantine and isolation measures on large portions of the population, including mandatory business closures. These measures, while intended to protect human life, are expected to have serious adverse impacts on domestic and foreign economies of uncertain severity and duration. Some economists are predicting the United States may soon enter a recession. The sweeping nature of the coronavirus pandemic makes it extremely difficult to predict how the Company’s business and operations will be affected in the longer run. The COVID-19 pandemic has materially affected our revenue and results of operations for the three months ended March 31, 2021, as we experienced delayed orders in our distribution channels as a direct result of customer implementation schedules shifting due to the ongoing COVID-19 pandemic. The extent to which the coronavirus impacts our future results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. Moreover, the coronavirus outbreak has begun to have indeterminable adverse effects on general commercial activity and the world economy, and our business and results of operations could be adversely affected to the extent that this coronavirus or any other epidemic harms the global economy generally and/or the markets in which we operate specifically. Any of the foregoing factors, or other cascading effects of the coronavirus pandemic that are not currently foreseeable, could materially increase our costs, negatively impact our revenues and damage the Company’s results of operations and its liquidity position, possibly to a significant degree. The duration of any such impacts cannot be predicted. Uncertainties resulting from COVID-19 may result in additional customers delaying budget expenditures or re-allocating resources, which would result in a decrease in orders from these customers. Any such decrease in orders from these customers could cause a material adverse effect on our revenues and financial results and our ability to generate positive cash flows. |
Business Description and Sign_2
Business Description and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company's fiscal year ends on December 31, of each calendar year. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as our annual consolidated financial statements for the fiscal year ended December 31, 2020. In the opinion of the Company's management, these interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2020 year-end condensed consolidated balance sheet data in this document was derived from audited consolidated financial statements. These condensed consolidated financial statements and notes included in this quarterly report on Form 10-Q does not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company's audited consolidated financial statements as of and for the year ended December 31, 2020 and notes thereto included in the Company's fiscal 2020 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2021 (the “2020 10-K”). |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Oblong and our 100%-owned subsidiaries, (i) GP Communications, LLC (“GP Communications”), whose business function is to provide interstate telecommunications services for regulatory purposes, (ii) Oblong Industries, and (iii) the following subsidiaries of Oblong Industries: Oblong Industries Europe, S.L. and Oblong Europe Limited. All inter-company balances and transactions have been eliminated in consolidation. The U.S. Dollar is the functional currency for all subsidiaries. |
Segments | Segments The Company currently operates in two segments: 1) the Oblong (formerly Glowpoint) business, which includes managed services for video collaboration and network applications, and 2) the Oblong Industries business, which includes products and services for visual collaboration technologies. See Note 11 - Segment Reporting for further discussion. |
Use of Estimates | Use of Estimates Preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated over the estimated useful lives of the related assets, which range from three |
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016 the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 as amended, “Financial Instruments - Credit Losses (Topic 326).” Topic 326 introduces an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g. accounts receivable, loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The expected credit losses should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. Topic 326 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the new guidance will have on its consolidated financial statements. |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The activity in goodwill during the three months ended March 31, 2021 and the year ended December 31, 2020 is shown in the following table ($ in thousands): Goodwill Oblong (formerly Glowpoint) Oblong Industries Total Balance December 31, 2019 $ 541 $ 7,367 $ 7,908 Impairment charges (541) — (541) Balance December 31, 2020 — 7,367 7,367 Balance March 31, 2021 $ — $ 7,367 $ 7,367 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table presents the components of net intangible assets (in thousands): As of March 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Oblong (formerly Glowpoint) Affiliate network $ 994 $ (752) $ 242 $ 994 $ (735) $ 259 Oblong Industries Developed technology $ 10,060 $ (3,024) $ 7,036 $ 10,060 $ (2,520) $ 7,540 Trade names 2,410 (362) 2,048 2,410 (302) 2,108 Distributor relationships 310 (93) 217 310 (77) 233 Subtotal 12,780 (3,479) 9,301 12,780 (2,899) 9,881 Total $ 13,774 $ (4,231) $ 9,543 $ 13,774 $ (3,634) $ 10,140 The weighted average lives for the components of intangible assets are as follows: Oblong (formerly Glowpoint) Affiliate network 12 years Oblong Industries Developed technology 5 years Trade names 10 years Distributor relationships 5 years |
Schedule of Future Amortization Expense | Amortization expense for each of the next five succeeding years will be as follows (in thousands): Remainder of 2021 $ 1,791 2022 2,386 2023 2,378 2024 1,843 2025 241 Thereafter 904 Total $ 9,543 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): March 31, December 31, 2021 2020 Accrued compensation costs $ 569 $ 411 Accrued professional fees 255 236 Accrued taxes and regulatory fees 156 137 Customer deposits 136 127 Other accrued expenses and liabilities 417 286 Accrued dividends on Series A-2 Preferred Stock — 4 Accrued expenses and other liabilities $ 1,533 $ 1,201 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Debt consisted of the following (in thousands): March 31, December 31, 2021 2020 PPP Loan Principal $ 2,417 $ 2,417 Less: current maturities 2,417 2,014 Long-term obligations, net of current maturities $ — $ 403 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Warrants Activity | Warrant activity for the year ended December 31, 2020 is presented below. There was no warrant activity for the three months ended March 31, 2021. Outstanding Number of Warrants (in thousands) Weighted Average Exercise Price Warrants outstanding and exercisable, December 31, 2019 72 0.01 Granted 1,147 4.85 Exercised (72) 0.01 Warrants outstanding and exercisable, December 31, 2020 1,147 $ 4.85 Warrants outstanding and exercisable, March 31, 2021 1,147 $ 4.85 |
Summary of Treasury Stock Activity | The following table shows the activity for Treasury Stock during the year ended December 31, 2020 (in thousands). There were no treasury stock transactions during the three months ended March 31, 2021. Shares Value Treasury Shares as of December 31, 2019 105 $ (165) Purchases to cover stock compensation taxes 8 $ (16) Treasury Shares as of December 31, 2020 113 $ (181) Treasury Shares as of March 31, 2021 113 $ (181) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Options Granted, Exercised, Expired and Forfeited | A summary of stock options expired and forfeited under our plans and options outstanding as of, and changes made during, the three months ended March 31, 2021 and the year ended December 31, 2020 is presented below: Outstanding and Exercisable Number of Options Weighted Average Exercise Price Options outstanding and exercisable, December 31, 2019 215,345 $ 12.27 Expired (107,845) 4.92 Forfeited — — Options outstanding and exercisable, December 31, 2020 107,500 19.64 Options outstanding and exercisable, March 31, 2021 107,500 $ 19.64 |
Shares Outstanding and Exercisable, By Exercise Price Range | Additional information as of March 31, 2021 is as follows: Outstanding and Exercisable Range of price Number Weighted Weighted $0.00 – $10.00 2,500 2.20 $ 9.00 $10.01 – $20.00 97,500 1.81 19.32 $20.01 – $30.00 2,500 1.19 21.80 $30.01 – $40.00 5,000 0.96 30.20 107,500 1.76 $ 19.64 |
Schedule of Compensation Expense | Stock-based compensation expense relating to Restricted Series D Preferred Stock is allocated as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 17 $ 47 Sales, general and administrative $ 16 $ 111 $ 33 $ 158 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (3,433) $ (3,129) Less: preferred stock dividends (1) (4) Less: undeclared dividends (366) — Less: loss on induced conversion of Series A-2 Preferred Stock (300) — Net loss attributable to common stockholders $ (4,100) $ (3,133) Denominator: Weighted-average number of shares of common stock for diluted net loss per share 17,756 5,204 Basic and diluted net loss per share $ (0.23) $ (0.60) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss): Three Months Ended March 31, 2021 2020 Unvested restricted stock units — 23,334 Outstanding stock options 107,500 215,345 Unvested restricted stock awards 627 627 Shares of common stock issuable upon conversion of Series A-2 preferred stock — 10,978 Shares of common stock issuable upon conversion of Series C preferred stock — 108,333 Shares of common stock issuable upon conversion of Series D preferred stock — 17,020,460 Shares of common stock issuable upon conversion of Series E preferred stock — 1,315,790 Warrants 1,146,500 72,394 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Certain information concerning the Company’s segments for the three months ended March 31, 2021 is presented in the following tables (in thousands): Three Months Ended March 31, 2021 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 1,195 $ 723 $ — $ 1,918 Cost of revenues 833 457 — 1,290 Gross profit $ 362 $ 266 $ — $ 628 Gross profit % 30 % 37 % 33 % Allocated operating expenses $ 110 $ 1,831 $ — $ 1,941 Unallocated operating expenses $ — $ — 2,098 2,098 Total operating expenses $ 110 $ 1,831 $ 2,098 $ 4,039 Income (loss) from operations $ 252 $ (1,565) $ (2,098) $ (3,411) Interest and other expense, net 5 17 $ — 22 Net income (loss) before tax $ 247 $ (1,582) $ (2,098) $ (3,433) Income Tax $ — $ — $ — $ — Net income (loss) $ 247 $ (1,582) $ (2,098) $ (3,433) Three Months Ended March 31, 2020 Oblong (formerly Glowpoint) Oblong Industries Corporate Total Revenue $ 2,045 $ 3,283 $ — $ 5,328 Cost of revenues 1,156 1,218 — 2,374 Gross profit $ 889 $ 2,065 $ — $ 2,954 Gross profit % 43 % 63 % 55 % Allocated operating expenses $ 1,290 $ 2,073 $ — $ 3,363 Unallocated operating expenses — — 2,568 2,568 Total operating expenses $ 1,290 $ 2,073 $ 2,568 $ 5,931 Loss from operations $ (401) $ (8) $ (2,568) $ (2,977) Interest and other expense, net — — 152 152 Loss before income taxes $ (401) $ (8) $ (2,720) $ (3,129) Income tax expense $ — $ — $ — $ — Net loss $ (401) $ (8) $ (2,720) $ (3,129) Concentration of revenues was as follows: Three Months Ended March 31, 2021 2020 Segment % of Revenue % of Revenue Customer A Oblong (formerly Glowpoint) 36 % 11 % Customer B Oblong Industries — % 22 % Customer C Oblong (formerly Glowpoint) 10 % * Concentration of accounts receivable was as follows: As of March 31, 2021 2021 2020 Segment % of Accounts Receivable % of Accounts Receivable Customer A Oblong Industries 36 % — % Customer B Oblong (formerly Glowpoint) 14 % * Customer C Oblong Industries — % 42 % Customer D Oblong Industries * 11 % * The amount did not exceed 10% of the Company’s consolidated total accounts receivable. |
Revenue from External Customers by Geographic Areas | Revenue by geographic area is allocated as follows (in thousands): Three Months Ended March 31, 2021 2020 Domestic $ 1,015 $ 3,602 Foreign 903 1,726 $ 1,918 $ 5,328 |
Schedule of Disaggregated Revenue Information | Disaggregated information for the Company’s revenue has been recognized in the accompanying condensed consolidated statements of operations and is presented below according to contract type (in thousands): Three Months Ended March 31, 2021 % of Revenue 2020 % of Revenue Revenue: Oblong (formerly Glowpoint) Video collaboration services $ 291 15 % $ 1,046 20 % Network services 881 46 % 925 17 % Professional and other services 23 1 % 74 1 % Total Oblong revenue $ 1,195 62 % $ 2,045 38 % Revenue: Oblong Industries Visual collaboration product offerings $ 693 36 % 2,322 44 % Professional services — — % 669 13 % Licensing 30 2 % 292 5 % Total Oblong Industries revenue $ 723 38 % 3,283 62 % Total revenue $ 1,918 100 % $ 5,328 100 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balance Sheet Information | The following provides balance sheet information related to leases as of March 31, 2021 (in thousands): March 31, 2021 Assets Operating lease, right-of-use asset, net $ 773 Liabilities Current portion of operating lease liabilities $ 797 Operating lease liabilities, net of current portion 423 Total operating lease liabilities $ 1,220 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future undiscounted cash payments reconciled to the lease liability (in thousands): Remaining Lease Payments Remainder of 2021 $ 661 2022 508 2023 116 Total lease payments $ 1,285 Effect of discounting (65) Total lease liability $ 1,220 |
Business Description and Sign_3
Business Description and Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Accounting Policies [Abstract] | ||
Number of operating segments | segment | 2 | |
Property, Plant and Equipment [Line Items] | ||
Impairment charges - property and equipment | $ | $ 31 | $ 0 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 10 years |
Liquidity and Going Concern U_2
Liquidity and Going Concern Uncertainty (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Apr. 10, 2020 | |
Line of Credit Facility [Line Items] | ||||
Cash | $ 3,964 | $ 2,059 | $ 5,058 | |
Working capital | 1,689 | |||
Net loss | 3,433 | 3,129 | ||
Net cash used in operating activities | 1,235 | $ 2,536 | ||
PPP Loan | ||||
Line of Credit Facility [Line Items] | ||||
Long term debt | $ 2,417 | $ 2,417 | $ 2,417 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Goodwill [Line Items] | ||||
Goodwill | $ 7,367,000 | $ 7,367,000 | $ 7,908,000 | |
Number of reporting units | segment | 2 | |||
Impairment charges - goodwill | $ 0 | $ 541,000 | 541,000 | |
Oblong Industries | ||||
Goodwill [Line Items] | ||||
Goodwill | 7,367,000 | 7,367,000 | 7,367,000 | |
Impairment charges - goodwill | 0 | 0 | ||
Oblong (formerly Glowpoint) | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 0 | 0 | $ 541,000 | |
Impairment charges - goodwill | $ 541,000 | $ 541,000 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 7,367,000 | $ 7,908,000 | $ 7,908,000 |
Impairment charges | 0 | (541,000) | (541,000) |
Ending balance | 7,367,000 | 7,367,000 | |
Oblong (formerly Glowpoint) | |||
Goodwill [Roll Forward] | |||
Beginning balance | 0 | 541,000 | 541,000 |
Impairment charges | (541,000) | (541,000) | |
Ending balance | 0 | 0 | |
Oblong Industries | |||
Goodwill [Roll Forward] | |||
Beginning balance | 7,367,000 | $ 7,367,000 | 7,367,000 |
Impairment charges | 0 | 0 | |
Ending balance | $ 7,367,000 | $ 7,367,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 13,774 | $ 13,774 |
Accumulated Amortization | (4,231) | (3,634) |
Net Carrying Amount | 9,543 | 10,140 |
Oblong (formerly Glowpoint) | Affiliate network | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 994 | 994 |
Accumulated Amortization | (752) | (735) |
Net Carrying Amount | $ 242 | 259 |
Estimated Useful Life | 12 years | |
Oblong Industries | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 12,780 | 12,780 |
Accumulated Amortization | (3,479) | (2,899) |
Net Carrying Amount | 9,301 | 9,881 |
Oblong Industries | Developed technology | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 10,060 | 10,060 |
Accumulated Amortization | (3,024) | (2,520) |
Net Carrying Amount | $ 7,036 | 7,540 |
Estimated Useful Life | 5 years | |
Oblong Industries | Trade names | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 2,410 | 2,410 |
Accumulated Amortization | (362) | (302) |
Net Carrying Amount | $ 2,048 | 2,108 |
Estimated Useful Life | 10 years | |
Oblong Industries | Distributor relationships | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 310 | 310 |
Accumulated Amortization | (93) | (77) |
Net Carrying Amount | $ 217 | $ 233 |
Estimated Useful Life | 5 years |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||
Amortization expense | $ 597 | $ 611 |
Minimum | ||
Business Acquisition [Line Items] | ||
Intangible assets, estimated useful life | 5 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Intangible assets, estimated useful life | 12 years |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 1,791 | |
2022 | 2,386 | |
2023 | 2,378 | |
2024 | 1,843 | |
2025 | 241 | |
Thereafter | 904 | |
Net Carrying Amount | $ 9,543 | $ 10,140 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Accrued compensation costs | $ 569 | $ 411 |
Accrued professional fees | 255 | 236 |
Accrued taxes and regulatory fees | 156 | 137 |
Customer deposits | 136 | 127 |
Other accrued expenses and liabilities | 417 | 286 |
Accrued dividends on Series A-2 Preferred Stock | 0 | 4 |
Accrued expenses and other liabilities | $ 1,533 | $ 1,201 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 10, 2020 |
Debt Instrument [Line Items] | |||
Current portion of long-term debt | $ 2,417 | $ 2,014 | |
PPP Loan | |||
Debt Instrument [Line Items] | |||
Long term debt | 2,417 | 2,417 | $ 2,417 |
Current portion of long-term debt | 2,417 | 2,014 | |
Long-term obligations, net of current maturities | $ 0 | $ 403 |
Debt - Paycheck Protection Prog
Debt - Paycheck Protection Program Loan (Details) - PPP Loan $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 10, 2020USD ($)installment |
Debt Instrument [Line Items] | |||
Long term debt | $ 2,417 | $ 2,417 | $ 2,417 |
Fixed rate | 1.00% | ||
Number of monthly installments | installment | 18 | ||
Interest accrued | $ 22 |
Capital Stock - Common Stock (D
Capital Stock - Common Stock (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 26,729,331 | 7,861,912 |
Common stock, shares outstanding (in shares) | 26,616,048 | 7,748,629 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | Jan. 21, 2021 | Dec. 10, 2020 | Dec. 06, 2020 | Oct. 21, 2020 | Oct. 01, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||||||
Conversion of convertible preferred stock, shares (in shares) | 1,315,790 | ||||||||
Issuance of stock for services | $ 274,000 | ||||||||
Issuance of common shares from warrant exercise (in shares) | 521,500 | ||||||||
Warrant term | 2 years | ||||||||
Exercise price (in dollars per share) | $ 4.85 | $ 4.85 | $ 0.01 | ||||||
Warrant exercises | 0 | ||||||||
General and administrative expense | |||||||||
Class of Stock [Line Items] | |||||||||
Accrued professional fees | $ 274,000 | ||||||||
Warrants | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common shares from warrant exercise (in shares) | 625,000 | ||||||||
Warrant term | 2 years | ||||||||
Exercise price (in dollars per share) | $ 5.49 | $ 4.08 | |||||||
Fair value of SVB Warrant | $ 2,635,425 | $ 1,334,087 | |||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion of convertible preferred stock, shares (in shares) | 18,846,411 | 50,000 | |||||||
Issuance of shares for professional service fees (in shares) | 21,008 | 50,000 | 21,008 | ||||||
Issuance of stock for services | $ 100,000 | $ 348,000 |
Capital Stock - Warrants Activi
Capital Stock - Warrants Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Number of Warrants (in thousands) | ||
Warrants outstanding and exercisable, Beginning (in shares) | 72 | |
Granted (in shares) | 1,147 | |
Exercised (in shares) | (72) | |
Warrants outstanding and exercisable, Ending (in shares) | 1,147 | |
Warrants outstanding and exercisable, Ending (in shares) | 1,147 | 1,147 |
Weighted Average Exercise Price | ||
Warrants outstanding and exercisable, Beginning (in dollars per share) | $ 0.01 | |
Granted, (in dollars per share) | 4.85 | |
Exercised, (in dollars per share) | 0.01 | |
Warrants outstanding and exercisable, Ending (in dollars per share) | 4.85 | |
Warrants outstanding and exercisable, Ending (in dollars per share) | $ 4.85 | $ 4.85 |
Capital Stock - Equity Activity
Capital Stock - Equity Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $ 22,057 | $ 21,785 | $ 21,785 |
Purchases to cover stock compensation taxes | 33 | 32 | |
Ending Balance | 18,931 | 18,775 | 22,057 |
Ending Balance | $ 22,057 | $ 18,775 | $ 21,785 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 113,283 | 105,285 | 105,285 |
Beginning Balance | $ (181) | $ (165) | $ (165) |
Purchases to cover stock compensation taxes (in shares) | 8,000 | ||
Purchases to cover stock compensation taxes | $ (16) | ||
Ending Balance (in shares) | 113,283 | 105,285 | 113,283 |
Ending Balance | $ (181) | $ (172) | $ (181) |
Ending Balance | $ (181) | $ (165) | $ (181) |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) | Jan. 28, 2021 | Oct. 01, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||
Preferred stock, convertible, shares authorized (in shares) | 5,000,000 | ||||
Preferred stock designated share | 1,941,250 | ||||
Preferred stock, shares issued (in shares) | 0 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 1,829,582 | |||
Accrued dividends on Series A-2 Preferred Stock | $ 0 | $ 4,000 | |||
Dividends | $ 1,000 | ||||
Preferred stock conversion | $ 300,000 | ||||
Conversion of convertible preferred stock, shares (in shares) | 1,315,790 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Shares issued in conversion (in shares) | 84,292 | 20,954 | |||
Conversion of convertible preferred stock, shares (in shares) | 18,846,411 | 50,000 | |||
Restricted stock | |||||
Class of Stock [Line Items] | |||||
Vesting period | 10 years | ||||
Series A-2 Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, convertible, shares authorized (in shares) | 7,500 | 7,500 | |||
Preferred stock, shares issued (in shares) | 0 | 45 | |||
Preferred stock, shares outstanding (in shares) | 45 | 0 | 45 | ||
Preferred stock, stated value | $ 7,500 | $ 7,500 | |||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 4 | $ 16.11 | |||
Preferred stock percentage | 5.00% | ||||
Series A-2 Preferred Stock | Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Conversion of convertible preferred stock, shares (in shares) | (45) | ||||
Series A-2 Preferred Stock | Common Stock | |||||
Class of Stock [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 466 | ||||
Conversion of convertible preferred stock, shares (in shares) | 84,292 | ||||
Series D Convertible Preferred Stock | Common Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 17,416,939 | ||||
Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, convertible, shares authorized (in shares) | 1,750,000 | 1,750,000 | |||
Preferred stock, shares issued (in shares) | 0 | 1,697,958 | |||
Preferred stock, shares outstanding (in shares) | 0 | 1,697,958 | |||
Preferred stock, stated value | $ 28.50 | $ 28.50 | |||
Shares issued in conversion (in shares) | 1,697,022 | ||||
Preferred stock percentage | 6.00% | ||||
Conversion of convertible preferred stock, shares (in shares) | 1,686,659 | ||||
Forfeited, restricted shares (in shares) | 81 | 28,618 | |||
Series D Preferred Stock | Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 855 | 8,325 | |||
Conversion of convertible preferred stock, shares (in shares) | (1,697,022) | ||||
Series D Preferred Stock | Restricted stock | |||||
Class of Stock [Line Items] | |||||
Issuance of restricted stock (in shares) | 49,967 | ||||
Vesting period | 2 years | ||||
Forfeited, restricted shares (in shares) | 81 | 14,441 | |||
Series E Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, convertible, shares authorized (in shares) | 175,000 | 175,000 | |||
Preferred stock, shares issued (in shares) | 0 | 131,579 | |||
Preferred stock, shares outstanding (in shares) | 131,579 | 0 | 131,579 | ||
Preferred stock, stated value | $ 28.50 | $ 28.50 | $ 28.50 | ||
Shares issued in conversion (in shares) | 131,579 | ||||
Preferred stock percentage | 6.00% | ||||
Series E Preferred Stock | Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Conversion of convertible preferred stock, shares (in shares) | (131,579) | ||||
Series E Preferred Stock | Common Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 1,345,180 | ||||
Series E Preferred Stock | Series E Financing | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 131,579 | ||||
Stock issued during period, conversion of convertible securities, price (in dollars per share) | $ 2.85 | ||||
Sale of stock consideration received | $ 3,750,000 | $ 3,750,000 | |||
Sale of stock, price per share (in dollars per share) | $ 2.85 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) | Oct. 01, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options outstanding (in shares) | 107,500 | 107,500 | 215,345 | ||
Options, intrinsic value, vested | $ 0 | ||||
Stock option compensation expense | 0 | $ 0 | |||
Unrecognized stock-based compensation expense for stock options | $ 0 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted (in shares) | 0 | 0 | |||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares outstanding (in shares) | 627 | 627 | |||
Weighted average price of shares (in dollars per share) | $ 15.80 | $ 15.80 | |||
Vesting period | 10 years | ||||
Award service period | 5 years | ||||
Unrecognized stock-based compensation expense for other than options | $ 0 | $ 0 | |||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares outstanding (in shares) | 0 | 23,334 | |||
Stock option compensation expense | $ 0 | $ 6,000 | |||
Weighted average price of shares (in dollars per share) | $ 2.20 | ||||
Unrecognized stock-based compensation expense for other than options | $ 0 | ||||
Stock-based compensation arrangement, vested in period, remain outstanding (in shares) | 28,904 | ||||
Series D Preferred Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited, restricted shares (in shares) | 81 | 28,618 | |||
Series D Preferred Stock | Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares outstanding (in shares) | 0 | ||||
Stock option compensation expense | $ 33,000 | $ 158,000 | |||
Vesting period | 2 years | ||||
Unrecognized stock-based compensation expense for other than options | $ 0 | ||||
Forfeited, restricted shares (in shares) | 81 | 14,441 |
Stock Based Compensation - Opti
Stock Based Compensation - Options Outstanding (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options | |||
Outstanding Number of Options, Beginning (in shares) | 107,500 | 215,345 | |
Expired (in shares) | (107,845) | ||
Forfeited (in shares) | 0 | ||
Outstanding and Exercisable Number of Options, Ending (in shares) | 107,500 | 107,500 | |
Weighted Average Exercise Price | |||
Outstanding Weighted Average Exercise Price, Beginning (in dollars per share) | $ 19.64 | $ 12.27 | |
Outstanding Weighted Average Exercise Price, Expired (in dollars per share) | 4.92 | ||
Outstanding Weighted Average Exercise Price, Forfeited (in dollars per share) | 0 | ||
Outstanding and Exercisable Weighted Average Exercise Price, Ending (in dollars per share) | $ 19.64 | $ 19.64 | |
Exercisable | |||
Exercisable Number of Options (in shares) | 107,500 | 107,500 | 215,345 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 19.64 | $ 19.64 | $ 12.27 |
Stock Based Compensation - Exer
Stock Based Compensation - Exercise Price Range (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options, Outstanding and Exercisable (in shares) | 107,500 | 107,500 | 215,345 |
Weighted Average Remaining Contractual Life (In Years) | 1 year 9 months 3 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 19.64 | $ 19.64 | $ 12.27 |
$0.00 – $10.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 0 | ||
Range of price, upper range limit (in dollars per share) | $ 10 | ||
Number of Options, Outstanding and Exercisable (in shares) | 2,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 2 years 2 months 12 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 9 | ||
$10.01 – $20.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 10.01 | ||
Range of price, upper range limit (in dollars per share) | $ 20 | ||
Number of Options, Outstanding and Exercisable (in shares) | 97,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 1 year 9 months 21 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 19.32 | ||
$20.01 – $30.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 20.01 | ||
Range of price, upper range limit (in dollars per share) | $ 30 | ||
Number of Options, Outstanding and Exercisable (in shares) | 2,500 | ||
Weighted Average Remaining Contractual Life (In Years) | 1 year 2 months 8 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 21.80 | ||
$30.01 – $40.00 | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Range of price, lower range limit (in dollars per share) | 30.01 | ||
Range of price, upper range limit (in dollars per share) | $ 40 | ||
Number of Options, Outstanding and Exercisable (in shares) | 5,000 | ||
Weighted Average Remaining Contractual Life (In Years) | 11 months 15 days | ||
Weighted Average Exercise Price, Outstanding and Exercisable (in dollars per share) | $ 30.20 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Compensation Expense, Restricted Stock Units (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 0 | $ 0 |
Series D Preferred Stock | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 33,000 | 158,000 |
Series D Preferred Stock | Restricted stock | Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | 17,000 | 47,000 |
Series D Preferred Stock | Restricted stock | Sales, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 16,000 | $ 111,000 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Earnings Per Share [Abstract] | |
Weighted-average shares common stock outstanding, potentially dilutive securities or unvested restricted stock (in shares) | 0 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss | $ (3,433) | $ (3,129) |
Less: preferred stock dividends | (1) | (4) |
Less: undeclared dividends | (366) | 0 |
Induced conversion of Series A-2 Preferred Stock | (300) | 0 |
Net loss attributable to common stockholders | $ (4,100) | $ (3,133) |
Denominator: | ||
Weighted-average number of shares of common stock for diluted net loss per share (in shares) | 17,756 | 5,204 |
Basic and diluted net loss per share (in dollars per share) | $ (0.23) | $ (0.60) |
Net Loss Per Share - Effect of
Net Loss Per Share - Effect of Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 23,334 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 107,500 | 215,345 |
Unvested restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 627 | 627 |
Series A-2 Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 10,978 |
Series C Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 108,333 |
Series D Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 17,020,460 |
Series E Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 1,315,790 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,146,500 | 72,394 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | segment | 2 | |
Revenue | $ 1,918 | $ 5,328 |
Cost of revenues | 1,290 | 2,374 |
Gross profit | $ 628 | $ 2,954 |
Gross profit % | 33.00% | 55.00% |
Total operating expenses | $ 4,039 | $ 5,931 |
Loss from operations | (3,411) | (2,977) |
Interest and other expense, net | 22 | 152 |
Loss before income taxes | (3,433) | (3,129) |
Income tax expense | 0 | 0 |
Net loss | (3,433) | (3,129) |
Allocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 1,941 | 3,363 |
Unallocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 2,098 | 2,568 |
Oblong (formerly Glowpoint) | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,195 | 2,045 |
Cost of revenues | 833 | 1,156 |
Gross profit | $ 362 | $ 889 |
Gross profit % | 30.00% | 43.00% |
Total operating expenses | $ 110 | $ 1,290 |
Loss from operations | 252 | (401) |
Interest and other expense, net | 5 | 0 |
Loss before income taxes | 247 | (401) |
Income tax expense | 0 | 0 |
Net loss | 247 | (401) |
Oblong (formerly Glowpoint) | Allocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 110 | 1,290 |
Oblong (formerly Glowpoint) | Unallocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 0 | 0 |
Oblong Industries | ||
Segment Reporting Information [Line Items] | ||
Revenue | 723 | 3,283 |
Cost of revenues | 457 | 1,218 |
Gross profit | $ 266 | $ 2,065 |
Gross profit % | 37.00% | 63.00% |
Total operating expenses | $ 1,831 | $ 2,073 |
Loss from operations | (1,565) | (8) |
Interest and other expense, net | 17 | 0 |
Loss before income taxes | (1,582) | (8) |
Income tax expense | 0 | 0 |
Net loss | (1,582) | (8) |
Oblong Industries | Allocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 1,831 | 2,073 |
Oblong Industries | Unallocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 0 | 0 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Cost of revenues | 0 | 0 |
Gross profit | 0 | 0 |
Total operating expenses | 2,098 | 2,568 |
Loss from operations | (2,098) | (2,568) |
Interest and other expense, net | 0 | 152 |
Loss before income taxes | (2,098) | (2,720) |
Income tax expense | 0 | 0 |
Net loss | (2,098) | (2,720) |
Corporate | Allocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | 0 | 0 |
Corporate | Unallocated operating expenses | ||
Segment Reporting Information [Line Items] | ||
Total operating expenses | $ 2,098 | $ 2,568 |
Segment Reporting - Disaggregat
Segment Reporting - Disaggregation of Revenue and Total Assets (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Foreign revenue | 0.01 | 0.01 |
Revenue | $ 1,918 | $ 5,328 |
Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 100.00% | 100.00% |
Oblong (formerly Glowpoint) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,195 | $ 2,045 |
Oblong (formerly Glowpoint) | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 62.00% | 38.00% |
Oblong (formerly Glowpoint) | Video collaboration services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 291 | $ 1,046 |
Oblong (formerly Glowpoint) | Video collaboration services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 15.00% | 20.00% |
Oblong (formerly Glowpoint) | Network services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 881 | $ 925 |
Oblong (formerly Glowpoint) | Network services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 46.00% | 17.00% |
Oblong (formerly Glowpoint) | Professional and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 23 | $ 74 |
Oblong (formerly Glowpoint) | Professional and other services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 1.00% | 1.00% |
Oblong Industries | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 723 | $ 3,283 |
Oblong Industries | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 38.00% | 62.00% |
Oblong Industries | Video collaboration services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 693 | $ 2,322 |
Oblong Industries | Video collaboration services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 36.00% | 44.00% |
Oblong Industries | Professional and other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 669 |
Oblong Industries | Professional and other services | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 0.00% | 13.00% |
Oblong Industries | Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 30 | $ 292 |
Oblong Industries | Licensing | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 2.00% | 5.00% |
Domestic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,015 | $ 3,602 |
Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 903 | $ 1,726 |
Segment Reporting - Concentrati
Segment Reporting - Concentration Percentage (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100.00% | 100.00% |
Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 62.00% | 38.00% |
Oblong Industries | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 38.00% | 62.00% |
Customer A | Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 36.00% | 11.00% |
Customer A | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 36.00% | 0.00% |
Customer B | Oblong (formerly Glowpoint) | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | |
Customer B | Oblong Industries | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 22.00% |
Customer C | Oblong (formerly Glowpoint) | Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Customer C | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 42.00% |
Customer D | Oblong Industries | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)facility | Mar. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Non-cash lease expense | $ | $ 267 | $ 316 |
Los Angeles, California | ||
Lessee, Lease, Description [Line Items] | ||
Number of facilities | 3 | |
Number of facilities occupied | 2 | |
Boston, Massachusetts | ||
Lessee, Lease, Description [Line Items] | ||
Number of facilities | 1 | |
Dallas, Texas | ||
Lessee, Lease, Description [Line Items] | ||
Number of facilities | 1 | |
Munich, Germany | ||
Lessee, Lease, Description [Line Items] | ||
Number of facilities | 1 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 1 year | |
Renewal term | 12 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 3 years | |
Renewal term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, right-of-use asset, net | $ 773 | $ 903 |
Current portion of operating lease liabilities | 797 | 830 |
Operating lease liabilities, net of current portion | 423 | $ 602 |
Total operating lease liabilities | $ 1,220 |
Commitments and Contingencies_3
Commitments and Contingencies - Table Operating Lease Future Minimum Rental Commitment (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2021 | $ 661 |
2022 | 508 |
2023 | 116 |
Total lease payments | 1,285 |
Effect of discounting | (65) |
Total lease liability | $ 1,220 |