Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SCON | |
Entity Registrant Name | SUPERCONDUCTOR TECHNOLOGIES INC | |
Entity Central Index Key | 895,665 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,323,798 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | ||
Commercial product revenues | $ 1,000 | |
Government contract revenues | $ 246,000 | |
Total revenues | 246,000 | 1,000 |
Costs and expenses: | ||
Cost of commercial product revenues | 639,000 | 862,000 |
Cost of government contract revenues | 183,000 | |
Research and development | 577,000 | 650,000 |
Selling, general and administrative | 1,041,000 | 1,120,000 |
Total costs and expenses | 2,440,000 | 2,632,000 |
Loss from operations | (2,194,000) | (2,631,000) |
Other Income and Expense: | ||
Adjustments to fair value of warrant derivatives | 33,000 | (3,000) |
Adjustment to warrant exercise price | (24,000) | |
Other income | 7,000 | 5,000 |
Net loss | $ (2,178,000) | $ (2,629,000) |
Basic and diluted net loss per common share | $ (0.20) | $ (0.26) |
Basic and diluted weighted average number of common shares outstanding | 11,021,261 | 9,967,932 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 2,919,000 | $ 3,056,000 |
Accounts receivable, net | 181,000 | 151,000 |
Inventories, net | 169,000 | 102,000 |
Prepaid expenses and other current assets | 16,000 | 83,000 |
Total Current Assets | 3,285,000 | 3,392,000 |
Property and equipment, net of accumulated depreciation of $11,511,000 and $11,200,000, respectively | 1,486,000 | 1,793,000 |
Patents, licenses and purchased technology, net of accumulated amortization of $994,000 and $984,000, respectively | 733,000 | 742,000 |
Other assets | 69,000 | 69,000 |
Total Assets | 5,573,000 | 5,996,000 |
Current Liabilities: | ||
Accounts payable | 424,000 | 349,000 |
Accrued expenses | 441,000 | 481,000 |
Total Current Liabilities | 865,000 | 830,000 |
Other long term liabilities | 57,000 | 54,000 |
Total Liabilities | 922,000 | 884,000 |
Commitments and Contingencies (Notes 5 and 6) | ||
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 2,000,000 shares authorized, 328,925 and 328,925 shares issued and outstanding, respectively | ||
Common stock, $.001 par value, 250,000,000 shares authorized, 11,936,594 and 10,746,594 shares issued and outstanding, respectively | 12,000 | 11,000 |
Capital in excess of par value | 318,430,000 | 316,714,000 |
Accumulated deficit | (313,791,000) | (311,613,000) |
Total Stockholders' Equity | 4,651,000 | 5,112,000 |
Total Liabilities and Stockholders' Equity | $ 5,573,000 | $ 5,996,000 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on property and equipment | $ 11,511,000 | $ 11,200,000 |
Accumulated amortization on Patents, licenses and purchased technology | $ 994,000 | $ 984,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 328,925 | 328,925 |
Preferred stock, shares outstanding | 328,925 | 328,925 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 11,936,594 | 10,746,594 |
Common stock, shares outstanding | 11,936,594 | 10,746,594 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,178,000) | $ (2,629,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 323,000 | 568,000 |
Stock-based compensation expense | 17,000 | 103,000 |
Adjustments to fair value of warrant derivatives | (33,000) | 3,000 |
Adjustment to warrant exercise price | 24,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | (30,000) | 9,000 |
Inventories | (67,000) | 15,000 |
Prepaid expenses and other current assets | 68,000 | 90,000 |
Patents and licenses | (1,000) | (41,000) |
Other assets | 27,000 | |
Accounts payable, accrued expenses and other current liabilities | 45,000 | (183,000) |
Net cash used in operating activities | (1,832,000) | (2,038,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (5,000) | |
Net proceeds from the sale of property and equipment | 0 | 0 |
Net cash used in investing activities | (5,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from the sale of common stock | 1,700,000 | |
Net proceeds from the exercise of outstanding warrants | 0 | 0 |
Net cash provided by financing activities | 1,700,000 | |
Net decrease in cash and cash equivalents | (137,000) | (2,038,000) |
Cash and cash equivalents at beginning of period | 3,056,000 | 10,452,000 |
Cash and cash equivalents at end of period | $ 2,919,000 | $ 8,414,000 |
General
General | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 1. General Superconductor Technologies Inc. (together with our subsidiaries, “we” or “us”) was incorporated in Delaware on May 11, 1987. We develop and produce high temperature superconducting (HTS) materials and associated technologies. We have generated more than 100 patents as well as proprietary trade secrets and manufacturing expertise. We are now leveraging our key enabling technologies in HTS materials and cryogenics, to pursue emerging opportunities in the electrical grid and in equipment platforms that utilize electrical circuits. In January 2012, we took possession of a facility in Austin, Texas and have moved our HTS wire processes and our research and development to Austin. Our initial superconducting products were completed in 1998, and we began delivery to a number of wireless network providers. In the following 14 years, our cost reducing efforts led to the invention of our proprietary, high-yield and high throughput HTS material deposition manufacturing process. Since 2010, we have focused our research and development efforts on adapting our successful HTS materials deposition techniques to the production of our HTS Conductus ® Historically, we used research and development contracts as a source of funds for our commercial technology development. In November 2016, we were selected as the prime recipient of a $4.5 million program award provided by the U.S. Department of Energy and, in June 2017, the related contract was finalized and we have now commenced work under that contract. The unaudited condensed consolidated financial information furnished herein has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are necessary for a fair statement of the results of operations for the periods presented. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. This quarterly report on Form 10-Q 10-K |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation We have incurred significant net losses since our inception and have an accumulated deficit of $313.8 million. In 2017, we incurred a net loss of $9.5 million and had negative cash flows from operations of $7.4 million. At March 31, 2018, we had $2.9 million in cash and cash equivalents compared to $3.1 million in cash and cash equivalents as of December 31, 2017. Our current forecast is that our existing cash and cash equivalents resources will be sufficient to fund our planned operations into the third quarter of 2018. Our cash resources will not be sufficient to fund our business through March 30, 2019. Therefore, unless we can materially grow our revenues from commercial operations during such period, we will need to raise additional capital in the near term to continue to implement our current business plan and maintain our viability. Additional financing may not be available on acceptable terms or at all. If we issue additional equity securities to raise funds, the ownership percentage of our existing stockholders would be reduced. New investors may demand rights, preferences or privileges senior to those of existing holders of common stock. If we cannot raise any needed funds, we might be forced to make further substantial reductions in our operating expenses, which could adversely affect our ability to implement our current business plan and ultimately our viability as a company. These factors raise substantial doubt about our ability to continue as a going concern. Our plans regarding improving our future liquidity will require us to successfully use our expertise and our technology to generate revenues in various ways, including commercial operations, joint ventures and licenses. We have invested and will continue to invest in our Austin, Texas manufacturing facility to enable us to produce our Conductus wire products. However, delays in the timing of our ability to, including but not limited to, raise additional capital, unexpected production delays, and our ability to sell our Conductus wire products in large scale could substantially impact our estimates used in the determination of expected future cash flows and/or expected future profitability. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of the uncertainties set forth above. On July 18, 2016, we effected a 1-for-15 pre-Reverse 10-K We have updated our revenue recognition policy since issuance of our 2017 Annual Report as a result of the adoption of ASU No. 2014-09, Principles of Consolidation The interim condensed consolidated financial statements include the accounts of Superconductor Technologies Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated from the condensed consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. Cash and cash equivalents are maintained with what we believe to be quality financial institutions and exceed FDIC limits. Historically, we have not experienced any losses due to such concentration of credit risk. Accounts Receivable We grant uncollateralized credit to our customers. We perform usual and customary credit evaluations of our customers before granting credit. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off off-balance Revenue Recognition In May 2014, the Financial Accounting Standards Board issued an accounting standard update ASC 606 on revenue recognition. The new guidance creates a single, principle-based model for revenue recognition that expands and improves disclosures about revenue. On January 1, 2018, we adopted the accounting standard update for revenue from contracts with customers. To determine revenue recognition for the arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue as we satisfy our performance obligation. The adoption of this standard has not had an impact on our condensed consolidated financial statements. Government contract revenues are principally generated under research and development contracts. Revenues from research-related activities are derived from contracts with agencies of the U.S. Government. Credit risk related to accounts receivable arising from such contracts is considered minimal. All payments to us for work performed on contracts with agencies of the U.S. Government are subject to adjustment upon audit by the Defense Contract Audit Agency. Based on historical experience and review of our current project in process, we believe that adjustments from open audits will not have an effect on our financial position, results of operations or cash flows. We are using the expected cost-plus-margin approach as the suitable method for allocating transaction price to the performance obligations in the contract under ASC 606. Shipping and Handling Fees and Costs Shipping and handling fees billed to customers are included in net revenues. Shipping and handling fees associated with freight are generally included in cost of revenues. Warranties We offer warranties generally ranging from one to five years, depending on the product and negotiated terms of purchase agreements with our customers. Such warranties require us to repair or replace defective product returned to us during such warranty period at no cost to the customer. An estimate by us for warranty related costs is recorded by us at the time of sale based on our actual historical product return rates and expected repair costs. Such costs have been within our expectations. Indemnities In connection with the sales and manufacturing of our commercial products, we indemnify, without limit or term, our customers and contract manufacturers against all claims, suits, demands, damages, liabilities, expenses, judgments, settlements and penalties arising from actual or alleged infringement or misappropriation of any intellectual property relating to our products or other claims arising from our products. We cannot reasonably develop an estimate of the maximum potential amount of payments that might be made under our indemnities because of the uncertainty as to whether a claim might arise and how much it might total. Historically, we have not incurred any expenses related to these indemnities. Research and Development Costs Research and development costs are charged to expense as incurred and include salary, facility, depreciation and material expenses. Research and development costs are charged to research and development expense. Inventories Inventories were stated at the lower of cost or net realizable value, with costs primarily determined using standard costs, which approximate actual costs utilizing the first-in, first-out Property and Equipment Property and equipment are recorded at cost. Equipment is depreciated using the straight-line method over their estimated useful lives ranging from three to five years. Leasehold improvements and assets financed under capital leases are amortized over the shorter of their useful lives or the lease term. Furniture and fixtures are depreciated over seven years. Expenditures for additions and major improvements are capitalized. Expenditures for minor tooling, repairs and maintenance and minor improvements are charged to expense as incurred. When property or equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Gains or losses from retirements and disposals are recorded in selling, general and administration expenses. Patents, Licenses and Purchased Technology Patents and licenses are recorded at cost and are amortized using the straight-line method over the shorter of their estimated useful lives or seventeen years. Other Assets and Investments The realizability of long-lived assets is evaluated periodically as events or circumstances indicate a possible inability to recover the carrying amount. Long-lived assets that will no longer be used in the business are written off in the period identified since they will no longer be used in operations and generate any positive cash flows for us. Periodically, long-lived assets that will continue to be used by us will need to be evaluated for recoverability. Such evaluation is based on various analyses, including cash flow and profitability projections, as well as alternative uses, such as government contracts or awards. The analyses necessarily involve significant management judgment. Market acceptance and significant revenues from our new Conductus wire is a key assumption in realization of our investment in long-lived assets. In the event the projected undiscounted cash flows are less than net book value of the assets, the carrying value of the assets will be written down to their estimated fair value. We tested our long-lived assets for recoverability at March 31, 2018 and did not believe there was any impairment. Loss Contingencies In the normal course of our business, we are subject to claims and litigation, including allegations of patent infringement. Liabilities relating to these claims are recorded when it is determined that a loss is probable and the amount of the loss can be reasonably estimated. Legal fees are recorded as services are provided. The costs of our defense in such matters are charged to operations as incurred. Insurance proceeds recoverable are recorded when deemed probable. Income Taxes We recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. The guidance further clarifies the accounting for uncertainty in income taxes and sets a consistent framework to determine the appropriate level of tax reserve to maintain for uncertain tax positions. This interpretation uses a two-step more-likely-than-not No liabilities for uncertain tax positions were recorded in the current year. No interest or penalties on uncertain tax positions have been expensed to date. We are not under examination by any taxing authorities. Our state and federal statute of limitations for examination of us is open for 2013 and 2014, respectively, and subsequent filings. In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), we report provisional amounts if we are able to determine a reasonable estimate but do not have the necessary information available, prepared, and analyzed in reasonable detail to complete the accounting for the Tax Cuts and Jobs Act (“the 2017 Tax Act”). The primary impact of the 2017 Tax Act was the re-measurement of our deferred tax assets, based upon the new U.S. statutory corporate tax rate of 21% and the required change to the related valuation allowance. Under SAB 118, we may revise our estimates as we finalize our accounting during a measurement period of up to one year from the enactment of the 2017 Tax Act. However, we have completed our determination of the accounting implications of the 2017 Tax Act, the impact of which was a $2,380,000 reduction in net deferred tax assets, fully offset by a decrease in the valuation allowance as of December 31, 2017. No income tax provision was required for the deemed repatriation tax under the 2017 Tax Act, as our foreign subsidiaries had no cumulative positive earnings and profits. As of December 31, 2017, we had net operating loss carryforwards for federal and state income tax purposes. We concluded that under the Internal Revenue Code change of control limitations, a maximum of $12.3 million of our $353.6 million net operating loss carryforwards, which expire in the years 2018 through 2037, would be available for reduction of taxable income and reduced both the deferred tax asset and valuation allowance accordingly. Due to the uncertainty surrounding their realization, we recorded a full valuation allowance against our net deferred tax assets. Accordingly, no deferred tax asset has been recorded in the accompanying condensed consolidated balance sheets. Marketing Costs All costs related to marketing and advertising our products are charged to expense as incurred or at the time the advertising takes place. Advertising costs were not material in each of the quarters ended March 31, 2018 and April 1, 2017. Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding in each year. Net loss available to common stockholders is computed after deducting accumulated dividends on cumulative preferred stock, deemed dividends and accretion of redemption value on redeemable preferred stock for the period and beneficial conversion features on issuance of convertible preferred stock. Potential common shares are not included in the calculation of diluted loss per share because their effect is anti-dilutive. Stock-based Compensation Expense We grant both restricted stock awards and stock options to our key employees, directors and consultants. For the quarters ended March 31, 2018 and April 1, 2017, no options or awards were granted. The following table presents details of total stock-based compensation expense that is included in each functional line item on our condensed consolidated statements of operations: Three months ended March 31, 2018 April 1, 2017 Research and development $ 1,000 $ 14,000 Selling, general and administrative 16,000 89,000 Total stock-based compensation expense $ 17,000 $ 103,000 Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires us 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 periods. The significant estimates in the preparation of the financial statements relate to the assessment of the carrying amount of accounts receivable, fixed assets, intangibles, estimated provisions for warranty costs, fair value of warrant derivatives, income taxes and disclosures related to litigation. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. Fair Value of Financial Instruments We have estimated the fair value amounts of our financial instruments using the available market information and valuation methodologies considered appropriate. We determined the book value of our cash and cash equivalents, accounts receivable, and other current liabilities as of March 31, 2018 approximate fair value. The fair value of our warrant derivative liability was estimated using the Binomial Lattice option valuation model. Fair value for financial reporting purposes is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date, ASC 820, “Fair Value Measurement and Disclosures”, also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The fair value of our warrant liabilities was determined based on level 3 inputs. These derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives. See Note 3 — Stockholders’ Equity: Warrants Comprehensive Income We have no items of other comprehensive income in any period and consequently have not included a Statement of Comprehensive Income. Segment Information We have historically operated in a single business segment: the research, development, manufacture and marketing of high performance products used in cellular base stations. We derived net commercial product revenues primarily from the sales of our AmpLink and SuperPlex products which we sold directly to wireless network operators in the United States. Net revenues derived principally from government contracts are presented separately on the consolidated statements of operations for all periods presented. As discussed in this Report, we are adapting our unique HTS material deposition techniques to produce our energy efficient, cost-effective and high performance Conductus wire. Certain Risks and Uncertainties Our long-term prospects are dependent upon the successful commercialization and market acceptance of our Conductus wire products. We do not currently have a customer buying significant amounts of our wire products. With respect to our Conductus wire business, we expect to also have some customer concentration in that business as we continue to commercialize our wire product. The loss of or reduction in sales, or the inability to collect outstanding accounts receivable, from any significant customer could have a material adverse effect on our business, financial condition, results of operations and cash flows. We currently rely on a limited number of suppliers for key components of our products. The loss of any of these suppliers could have material adverse effects on our business, financial condition, results of operations and cash flows. In connection with the sales of our commercial products, we indemnify, without limit or term, our customers against all claims, suits, demands, damages, liabilities, expenses, judgments, settlements and penalties arising from actual or alleged infringement or misappropriation of any intellectual property relating to our products or other claims arising from our products. We cannot reasonably develop an estimate of the maximum potential amount of payments that might be made under our indemnity obligations because of the uncertainty as to whether a claim might arise and how much it might total. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 3. Stockholders’ Equity The following is a summary of stockholders’ equity transactions for the three months ended March 31, 2018: Convertible Capital in Preferred Stock Common Stock Excess of Accumulated Shares Amount Shares Amount Par Value Deficit Total Balance at December 31, 2017 328,925 $ — 10,746,594 $ 11,000 $ 316,714,000 $ (311,613,000 ) $ 5,112,000 Issuance of common stock(net of costs) — — 1,190,000 1,000 1,699,000 1,700,000 Stock-based compensation 17,000 17,000 Net loss (2,178,000 ) (2,178,000 ) Balance at March 31, 2018 328,925 $ — 11,936,594 $ 12,000 $ 318,430,000 $ (313,791,000 )_ $ 4,651,000 Stock Options At March 31, 2018, we had two active equity award option plans, the 2003 Equity Incentive Plan and the 2013 Equity Incentive Plan (collectively, the “Stock Option Plan”), although we can only grant new options under the 2013 Equity Incentive Plan. Under our Stock Option Plan, stock awards were made to our directors, key employees, consultants, and non-employee The impact to the condensed consolidated statements of operations for the quarter ended March 31, 2018 on net loss was $10,000 and $0.00 on basic and diluted net loss per common share and for the quarter ended April 1, 2017 the impact was $98,000 and $0.01 on basic and diluted net loss per common share. No stock compensation cost was capitalized during either period. The total compensation cost related to nonvested awards not yet recognized was $45,000 and the weighted-average period over which the cost is expected to be recognized was 11 months at March 31, 2018. The following is a summary of stock option transactions under our Stock Option Plans at March 31, 2018: Number Price Per Share Weighted Number of Weighted Balance at December 31, 2017 126,130 $ 3.30 - $921.60 $ 37.03 126,130 $ 37.03 Granted — — Exercised — — Canceled (1,256 ) 921.60 921.60 Balance at March 31, 2018 124,874 $ 3.30 - $671.40 $ 28.13 124,874 $ 28.13 The outstanding options expire on various dates through the end of November 2025. The weighted-average contractual term of options outstanding is 6.4 years and the weighted-average contractual term of stock options currently exercisable is 6.4 years. The exercise prices for these options range from $3.30 to $671.40 per share, for an aggregate exercise price of $3.5 million. At March 31, 2018, no options had an exercise price less than the current market value. Restricted Stock Awards The grant date fair value of each share of our restricted stock awards is equal to the fair value of our common stock at the grant date. Shares of restricted stock under awards all have service conditions and vest over one to three years. The following is a summary of our restricted stock award transactions at March 31, 2018: Number of Weighted Balance nonvested at December 31, 2017 31,667 $ 1.07 Granted — — Vested (3,334 ) 1.16 Forfeited — — Balance nonvested at March 31, 2018 28,333 $ 1.06 The impact to the condensed consolidated statements of operations for the three months ended March 31, 2018 was $7,000 and $0.00 on basic and diluted net loss per common share and for the quarter ended April 1, 2017 the impact was $5,000 and $0.00 on basic and diluted net loss per common share. No stock compensation cost was capitalized during the period. The total compensation cost related to nonvested awards not yet recognized was $28,000 and the weighted-average period over which the cost is expected to be recognized was 11 months. Warrants The following is a summary of outstanding warrants at March 31, 2018: Common Shares Total Currently Price per Expiration Date (1) Warrants related to April 2013 financing 17,127 17,127 $ 81.75 April 26, 2019 (2) Warrants related to August 2013 financing 274,492 274,492 $ 1.14 August 9, 2018 (3) Warrants related to February 2015 agreement 3,056 3,056 $ 45.05 February 13, 2020 (4) Warrants related to March 2015 financing 102,093 102,093 $ 24.49 September 24, 2020 (5) Warrants related to March 2015 financing 10,209 10,209 $ 30.61 March 20, 2020 (6) Warrants related to October 2015 financing 1,355,171 1,355,171 $ 6.00 October 14, 2020 (7) Warrants related to October 2015 financing 90,345 90,345 $ 6.56 October 14, 2020 (8) Warrants related to August 2016 financing 535,062 535,062 $ 3.00 February 2, 2022 (9) Warrants related to August 2016 financing 49,939 49,939 $ 3.86 August 2, 2021 (10) Warrants related to December 2016 financing 6,856,667 6,856,667 $ 2.00 December 14, 2021 (11) Warrants related to March 2018 financing 1,581,000 1,581,000 $ 1.14 September 11, 2023 (12) Warrants related to March 2018 financing 110,670 110,670 $ 1.58 March 6, 2023 On March 9, 2018, we completed a registered offering of 1,581,000 shares of common stock (and common stock equivalents) with gross proceeds to us of $2.0 million, with net proceeds to us, after deducting the placement agent fees and our estimated offering expenses, was $1.7 million. In a concurrent private placement, we issued to the investor unregistered warrants to purchase 1,581,000 shares of common stock. The warrants have an exercise price of $1.14 per share, and are exercisable immediately and will expire five years and six months from the date of issuance. The placement agent also received warrants to purchase 110,670 shares of common stock, at an exercise price of $1.58, that are immediately exercisable and will expire March 6, 2023. The completion of this offering reset the exercise price of warrants (2) above to $1.14. Warrants (1) and (3)-(12) are exercisable by paying cash or, solely in the absence of an effective registration statement or prospectus, by cashless exercise for unregistered shares of common stock. The exercise price of the warrants is subject to standard antidilutive provision adjustment in the case of stock dividends or other distributions on shares of common stock or any other equity or equity equivalent securities payable in shares of common stock, stock splits, stock combinations, reclassifications or similar events affecting our common stock, and also, subject to limitations, upon any distribution of assets, including cash, stock or other property to our stockholders. The exercise price of the warrants is not subject to “price-based” anti-dilution adjustment. We have determined that these warrants related to issuance of common stock are subject to equity treatment because the warrant holder has no right to demand cash settlement and there are no unusual anti-dilution rights. We have determined that warrants (2) are not considered indexed to our common shares under ASC 815-40, Using the binomial lattice valuation model, including an equal probabilities tree and early exercise factor of 30%, the significant weighted average assumptions for estimating the fair value of warrants (2) at December 31, 2017 was as follows: expected life of 8 months; risk free interest rates of 1.5% expected volatility of 69% and; dividend yield of 0% and the December 31, 2017 fair value of these warrants was estimated to be $28,000. Using the binomial lattice valuation model, including an equal probabilities tree and early exercise factor of 30%, the significant weighted average assumptions for estimating the fair value of warrants (2) at March 31, 2018 was as follows: expected life of 4 months; risk free interest rates of 1.9% expected volatility of 61% and; dividend yield of 0% and the March 31, 2018 fair value of these warrants was estimated to be $19,000. The fair value of warrants accounted for as derivative liabilities was decreased by $9,000 from December 31, 2017 to March 31, 2018. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 4. Loss Per Share Basic and diluted net loss per share is based on the weighted-average number of common shares outstanding. Since their impact would be anti-dilutive, our net loss per common share does not include the effect of the assumed exercise or vesting of the following shares: March 31, 2018 April 1, 2017 Outstanding stock options 124,874 131,130 Unvested restricted stock awards 28,333 9,334 Outstanding warrants 10,985,831 9,427,494 Total 11,139,038 9,567,958 Also, the preferred stock convertible into 18,274 shares of common stock was not included since its impact would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Operating Leases We lease our offices and production facility under a non-cancelable For the three months ended March 31, 2018 and April 1, 2017, rent expense was $108,000 and $125,000 respectively. Patents and Licenses We have entered into various licensing agreements requiring royalty payments ranging from 0.13% to 2.5% of specified product sales. Certain of these agreements contain provisions for the payment of guaranteed or minimum royalty amounts. In the event that we fail to pay minimum annual royalties, these licenses may automatically become non-exclusive The minimum lease payments under operating leases and license obligations are as follows: Years ending December 31, Licenses Operating Leases Remainder of 2018 $ 45,000 $ 699,000 2019 10,000 935,000 2020 10,000 230,000 2021 10,000 3,000 2022 10,000 2,000 Thereafter 30,000 — Total payments $ 115,000 $ 1,869,000 |
Contractual Guarantees and Inde
Contractual Guarantees and Indemnities | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Contractual Guarantees and Indemnities | 6. Contractual Guarantees and Indemnities During our normal course of business, we make certain contractual guarantees and indemnities pursuant to which we may be required to make future payments under specific circumstances. We have not recorded any liability for these contractual guarantees and indemnities in the accompanying condensed consolidated financial statements. Warranties We establish reserves for future product warranty costs that are expected to be incurred pursuant to specific warranty provisions with our customers. Our warranty reserves are established at the time of sale and updated throughout the warranty period based upon numerous factors including historical warranty return rates and expenses over various warranty periods. Intellectual Property Indemnities We indemnify certain customers and our contract manufacturers against liability arising from third-party claims of intellectual property rights infringement related to our products. These indemnities appear in development and supply agreements with our customers as well as manufacturing service agreements with our contract manufacturers, are not limited in amount or duration and generally survive the expiration of the contract. Given that the amount of potential liabilities related to such indemnities cannot be determined until an infringement claim has been made, we are unable to determine the maximum amount of losses that we could incur related to such indemnities. Director and Officer Indemnities and Contractual Guarantees We have entered into indemnification agreements with our directors and executive officers which require us to indemnify such individuals to the fullest extent permitted by Delaware We have also entered into severance and change in control agreements with certain of our executives. These agreements provide for the payment of specific compensation benefits to such executives upon the termination of their employment with us. General Contractual Indemnities/Products Liability During the normal course of business, we enter into contracts with customers where we agree to indemnify the other party for personal injury or property damage caused by our products. Our indemnification obligations under such agreements are not generally limited in amount or duration. Given that the amount of any potential liabilities related to such indemnities cannot be determined until a lawsuit has been filed, we are unable to determine the maximum amount of losses that we could incur relating to such indemnities. Historically, any amounts payable pursuant to such indemnities have not had a material negative effect our business, financial condition or results of operations. We maintain general and product liability insurance as well as errors and omissions insurance which may provide a source of recovery to us in the event of an indemnification claim. |
Details of Certain Financial St
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities | 7. Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Balance Sheet Data March 31, December 31, Accounts receivable: Accounts receivable-commercial products $ 6,000 $ 8,000 -government contract 178,000 148,000 Less: allowance for doubtful accounts (3,000 ) (5,000 ) $ 181,000 $ 151,000 March 31, December 31, Inventories: Raw materials $ 161,000 $ 102,000 Work In Process 8,000 $ 169,000 $ 102,000 March 31, December 31, Property and Equipment: Equipment $ 11,727,000 $ 11,723,000 Leasehold improvements 1,065,000 1,065,000 Furniture and fixtures 205,000 205,000 12,997,000 12,993,000 Less: accumulated depreciation and amortization (11,511,000 ) (11,200,000 ) $ 1,486,000 $ 1,793,000 Depreciation expense amounted to $312,000 and $562,000 for the three month periods ended March 31, 2018 and April 1, 2017, respectively. March 31, December 31, Patents and Licenses: Patents pending $ 45,000 $ 44,000 Patents issued 1,682,000 1,682,000 Less accumulated amortization (994,000 ) (984,000 ) Net patents issued 688,000 698,000 $ 733,000 $ 742,000 Amortization expense related to these items totaled $11,000 and $6,000, for the three month periods ended March 31, 2018 and April 1, 2017, respectively. Amortization expenses are expected to total $30,000 for the remainder of 2018 and $40,000 in 2019 and 2020. March 31, December 31, 2017 Accrued Expenses and Other Long Term Liabilities: Salaries Payable $ 51,000 $ 104,000 Compensated absences 180,000 173,000 Compensation related 9,000 4,000 Warranty reserve 8,000 8,000 Deferred rent 49,000 46,000 Other 182,000 172,000 Fair value of warrant derivatives 19,000 28,000 498,000 535,000 Less current portion (441,000 ) (481,000 ) Long term portion $ 57,000 $ 54,000 For the three months ended, March 31, 2018 April 1, 2017 Warranty Reserve Activity: Beginning balance $ 8,000 $ 8,000 Additions — — Deductions — — Ending balance $ 8,000 $ 8,000 |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have incurred significant net losses since our inception and have an accumulated deficit of $313.8 million. In 2017, we incurred a net loss of $9.5 million and had negative cash flows from operations of $7.4 million. At March 31, 2018, we had $2.9 million in cash and cash equivalents compared to $3.1 million in cash and cash equivalents as of December 31, 2017. Our current forecast is that our existing cash and cash equivalents resources will be sufficient to fund our planned operations into the third quarter of 2018. Our cash resources will not be sufficient to fund our business through March 30, 2019. Therefore, unless we can materially grow our revenues from commercial operations during such period, we will need to raise additional capital in the near term to continue to implement our current business plan and maintain our viability. Additional financing may not be available on acceptable terms or at all. If we issue additional equity securities to raise funds, the ownership percentage of our existing stockholders would be reduced. New investors may demand rights, preferences or privileges senior to those of existing holders of common stock. If we cannot raise any needed funds, we might be forced to make further substantial reductions in our operating expenses, which could adversely affect our ability to implement our current business plan and ultimately our viability as a company. These factors raise substantial doubt about our ability to continue as a going concern. Our plans regarding improving our future liquidity will require us to successfully use our expertise and our technology to generate revenues in various ways, including commercial operations, joint ventures and licenses. We have invested and will continue to invest in our Austin, Texas manufacturing facility to enable us to produce our Conductus wire products. However, delays in the timing of our ability to, including but not limited to, raise additional capital, unexpected production delays, and our ability to sell our Conductus wire products in large scale could substantially impact our estimates used in the determination of expected future cash flows and/or expected future profitability. The accompanying condensed consolidated financial statements do not include any adjustments that may result from the outcome of the uncertainties set forth above. On July 18, 2016, we effected a 1-for-15 pre-Reverse 10-K We have updated our revenue recognition policy since issuance of our 2017 Annual Report as a result of the adoption of ASU No. 2014-09, |
Principles of Consolidation | Principles of Consolidation The interim condensed consolidated financial statements include the accounts of Superconductor Technologies Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated from the condensed consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. Cash and cash equivalents are maintained with what we believe to be quality financial institutions and exceed FDIC limits. Historically, we have not experienced any losses due to such concentration of credit risk. |
Accounts Receivable | Accounts Receivable We grant uncollateralized credit to our customers. We perform usual and customary credit evaluations of our customers before granting credit. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off off-balance |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board issued an accounting standard update ASC 606 on revenue recognition. The new guidance creates a single, principle-based model for revenue recognition that expands and improves disclosures about revenue. On January 1, 2018, we adopted the accounting standard update for revenue from contracts with customers. To determine revenue recognition for the arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue as we satisfy our performance obligation. The adoption of this standard has not had an impact on our condensed consolidated financial statements. Government contract revenues are principally generated under research and development contracts. Revenues from research-related activities are derived from contracts with agencies of the U.S. Government. Credit risk related to accounts receivable arising from such contracts is considered minimal. All payments to us for work performed on contracts with agencies of the U.S. Government are subject to adjustment upon audit by the Defense Contract Audit Agency. Based on historical experience and review of our current project in process, we believe that adjustments from open audits will not have an effect on our financial position, results of operations or cash flows. We are using the expected cost-plus-margin approach as the suitable method for allocating transaction price to the performance obligations in the contract under ASC 606. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs Shipping and handling fees billed to customers are included in net revenues. Shipping and handling fees associated with freight are generally included in cost of revenues. |
Warranties | Warranties We offer warranties generally ranging from one to five years, depending on the product and negotiated terms of purchase agreements with our customers. Such warranties require us to repair or replace defective product returned to us during such warranty period at no cost to the customer. An estimate by us for warranty related costs is recorded by us at the time of sale based on our actual historical product return rates and expected repair costs. Such costs have been within our expectations. |
Indemnities | Indemnities In connection with the sales and manufacturing of our commercial products, we indemnify, without limit or term, our customers and contract manufacturers against all claims, suits, demands, damages, liabilities, expenses, judgments, settlements and penalties arising from actual or alleged infringement or misappropriation of any intellectual property relating to our products or other claims arising from our products. We cannot reasonably develop an estimate of the maximum potential amount of payments that might be made under our indemnities because of the uncertainty as to whether a claim might arise and how much it might total. Historically, we have not incurred any expenses related to these indemnities. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred and include salary, facility, depreciation and material expenses. Research and development costs are charged to research and development expense. |
Inventories | Inventories Inventories were stated at the lower of cost or net realizable value, with costs primarily determined using standard costs, which approximate actual costs utilizing the first-in, first-out |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Equipment is depreciated using the straight-line method over their estimated useful lives ranging from three to five years. Leasehold improvements and assets financed under capital leases are amortized over the shorter of their useful lives or the lease term. Furniture and fixtures are depreciated over seven years. Expenditures for additions and major improvements are capitalized. Expenditures for minor tooling, repairs and maintenance and minor improvements are charged to expense as incurred. When property or equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Gains or losses from retirements and disposals are recorded in selling, general and administration expenses. |
Patents, Licenses and Purchased Technology | Patents, Licenses and Purchased Technology Patents and licenses are recorded at cost and are amortized using the straight-line method over the shorter of their estimated useful lives or seventeen years. |
Other Assets and Investments | Other Assets and Investments The realizability of long-lived assets is evaluated periodically as events or circumstances indicate a possible inability to recover the carrying amount. Long-lived assets that will no longer be used in the business are written off in the period identified since they will no longer be used in operations and generate any positive cash flows for us. Periodically, long-lived assets that will continue to be used by us will need to be evaluated for recoverability. Such evaluation is based on various analyses, including cash flow and profitability projections, as well as alternative uses, such as government contracts or awards. The analyses necessarily involve significant management judgment. Market acceptance and significant revenues from our new Conductus wire is a key assumption in realization of our investment in long-lived assets. In the event the projected undiscounted cash flows are less than net book value of the assets, the carrying value of the assets will be written down to their estimated fair value. We tested our long-lived assets for recoverability at March 31, 2018 and did not believe there was any impairment. |
Loss Contingencies | Loss Contingencies In the normal course of our business, we are subject to claims and litigation, including allegations of patent infringement. Liabilities relating to these claims are recorded when it is determined that a loss is probable and the amount of the loss can be reasonably estimated. Legal fees are recorded as services are provided. The costs of our defense in such matters are charged to operations as incurred. Insurance proceeds recoverable are recorded when deemed probable. |
Income Taxes | Income Taxes We recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. two-step more-likely-than-not No liabilities for uncertain tax positions were recorded in the current year. No interest or penalties on uncertain tax positions have been expensed to date. We are not under examination by any taxing authorities. Our state and federal statute of limitations for examination of us is open for 2013 and 2014, respectively, and subsequent filings. In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), we report provisional amounts if we are able to determine a reasonable estimate but do not have the necessary information available, prepared, and analyzed in reasonable detail to complete the accounting for the Tax Cuts and Jobs Act (“the 2017 Tax Act”). The primary impact of the 2017 Tax Act was the re-measurement of our deferred tax assets, based upon the new U.S. statutory corporate tax rate of 21% and the required change to the related valuation allowance. Under SAB 118, we may revise our estimates as we finalize our accounting during a measurement period of up to one year from the enactment of the 2017 Tax Act. However, we have completed our determination of the accounting implications of the 2017 Tax Act, the impact of which was a $2,380,000 reduction in net deferred tax assets, fully offset by a decrease in the valuation allowance as of December 31, 2017. No income tax provision was required for the deemed repatriation tax under the 2017 Tax Act, as our foreign subsidiaries had no cumulative positive earnings and profits. As of December 31, 2017, we had net operating loss carryforwards for federal and state income tax purposes. We concluded that under the Internal Revenue Code change of control limitations, a maximum of $12.3 million of our $353.6 million net operating loss carryforwards, which expire in the years 2018 through 2037, would be available for reduction of taxable income and reduced both the deferred tax asset and valuation allowance accordingly. Due to the uncertainty surrounding their realization, we recorded a full valuation allowance against our net deferred tax assets. Accordingly, no deferred tax asset has been recorded in the accompanying condensed consolidated balance sheets. |
Marketing Costs | Marketing Costs All costs related to marketing and advertising our products are charged to expense as incurred or at the time the advertising takes place. Advertising costs were not material in each of the quarters ended March 31, 2018 and April 1, 2017. |
Net Loss Per Share | Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding in each year. Net loss available to common stockholders is computed after deducting accumulated dividends on cumulative preferred stock, deemed dividends and accretion of redemption value on redeemable preferred stock for the period and beneficial conversion features on issuance of convertible preferred stock. Potential common shares are not included in the calculation of diluted loss per share because their effect is anti-dilutive. |
Stock-based Compensation Expense | Stock-based Compensation Expense We grant both restricted stock awards and stock options to our key employees, directors and consultants. For the quarters ended March 31, 2018 and April 1, 2017, no options or awards were granted. The following table presents details of total stock-based compensation expense that is included in each functional line item on our condensed consolidated statements of operations: Three months ended March 31, 2018 April 1, 2017 Research and development $ 1,000 $ 14,000 Selling, general and administrative 16,000 89,000 Total stock-based compensation expense $ 17,000 $ 103,000 |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires us 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 periods. The significant estimates in the preparation of the financial statements relate to the assessment of the carrying amount of accounts receivable, fixed assets, intangibles, estimated provisions for warranty costs, fair value of warrant derivatives, income taxes and disclosures related to litigation. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We have estimated the fair value amounts of our financial instruments using the available market information and valuation methodologies considered appropriate. We determined the book value of our cash and cash equivalents, accounts receivable, and other current liabilities as of March 31, 2018 approximate fair value. The fair value of our warrant derivative liability was estimated using the Binomial Lattice option valuation model. Fair value for financial reporting purposes is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date, ASC 820, “Fair Value Measurement and Disclosures”, also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The fair value of our warrant liabilities was determined based on level 3 inputs. These derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives. See Note 3 — Stockholders’ Equity: Warrants |
Comprehensive Income | Comprehensive Income We have no items of other comprehensive income in any period and consequently have not included a Statement of Comprehensive Income. |
Segment Information | Segment Information We have historically operated in a single business segment: the research, development, manufacture and marketing of high performance products used in cellular base stations. We derived net commercial product revenues primarily from the sales of our AmpLink and SuperPlex products which we sold directly to wireless network operators in the United States. Net revenues derived principally from government contracts are presented separately on the consolidated statements of operations for all periods presented. As discussed in this Report, we are adapting our unique HTS material deposition techniques to produce our energy efficient, cost-effective and high performance Conductus wire. |
Certain Risks and Uncertainties | Certain Risks and Uncertainties Our long-term prospects are dependent upon the successful commercialization and market acceptance of our Conductus wire products. We do not currently have a customer buying significant amounts of our wire products. With respect to our Conductus wire business, we expect to also have some customer concentration in that business as we continue to commercialize our wire product. The loss of or reduction in sales, or the inability to collect outstanding accounts receivable, from any significant customer could have a material adverse effect on our business, financial condition, results of operations and cash flows. We currently rely on a limited number of suppliers for key components of our products. The loss of any of these suppliers could have material adverse effects on our business, financial condition, results of operations and cash flows. In connection with the sales of our commercial products, we indemnify, without limit or term, our customers against all claims, suits, demands, damages, liabilities, expenses, judgments, settlements and penalties arising from actual or alleged infringement or misappropriation of any intellectual property relating to our products or other claims arising from our products. We cannot reasonably develop an estimate of the maximum potential amount of payments that might be made under our indemnity obligations because of the uncertainty as to whether a claim might arise and how much it might total. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Total Stock-Based Compensation Expense | The following table presents details of total stock-based compensation expense that is included in each functional line item on our condensed consolidated statements of operations: Three months ended March 31, 2018 April 1, 2017 Research and development $ 1,000 $ 14,000 Selling, general and administrative 16,000 89,000 Total stock-based compensation expense $ 17,000 $ 103,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Stockholders' Equity Transactions | The following is a summary of stockholders’ equity transactions for the three months ended March 31, 2018: Convertible Capital in Preferred Stock Common Stock Excess of Accumulated Shares Amount Shares Amount Par Value Deficit Total Balance at December 31, 2017 328,925 $ — 10,746,594 $ 11,000 $ 316,714,000 $ (311,613,000 ) $ 5,112,000 Issuance of common stock(net of costs) — — 1,190,000 1,000 1,699,000 1,700,000 Stock-based compensation 17,000 17,000 Net loss (2,178,000 ) (2,178,000 ) Balance at March 31, 2018 328,925 $ — 11,936,594 $ 12,000 $ 318,430,000 $ (313,791,000 )_ $ 4,651,000 |
Summary of Stock Option Transactions under Stock Option Plan | The following is a summary of stock option transactions under our Stock Option Plans at March 31, 2018: Number Price Per Share Weighted Number of Weighted Balance at December 31, 2017 126,130 $ 3.30 - $921.60 $ 37.03 126,130 $ 37.03 Granted — — Exercised — — Canceled (1,256 ) 921.60 921.60 Balance at March 31, 2018 124,874 $ 3.30 - $671.40 $ 28.13 124,874 $ 28.13 |
Summary of Restricted Stock Award Transactions | The following is a summary of our restricted stock award transactions at March 31, 2018: Number of Weighted Balance nonvested at December 31, 2017 31,667 $ 1.07 Granted — — Vested (3,334 ) 1.16 Forfeited — — Balance nonvested at March 31, 2018 28,333 $ 1.06 |
Summary of Outstanding Warrants | The following is a summary of outstanding warrants at March 31, 2018: Common Shares Total Currently Price per Expiration Date (1) Warrants related to April 2013 financing 17,127 17,127 $ 81.75 April 26, 2019 (2) Warrants related to August 2013 financing 274,492 274,492 $ 1.14 August 9, 2018 (3) Warrants related to February 2015 agreement 3,056 3,056 $ 45.05 February 13, 2020 (4) Warrants related to March 2015 financing 102,093 102,093 $ 24.49 September 24, 2020 (5) Warrants related to March 2015 financing 10,209 10,209 $ 30.61 March 20, 2020 (6) Warrants related to October 2015 financing 1,355,171 1,355,171 $ 6.00 October 14, 2020 (7) Warrants related to October 2015 financing 90,345 90,345 $ 6.56 October 14, 2020 (8) Warrants related to August 2016 financing 535,062 535,062 $ 3.00 February 2, 2022 (9) Warrants related to August 2016 financing 49,939 49,939 $ 3.86 August 2, 2021 (10) Warrants related to December 2016 financing 6,856,667 6,856,667 $ 2.00 December 14, 2021 (11) Warrants related to March 2018 financing 1,581,000 1,581,000 $ 1.14 September 11, 2023 (12) Warrants related to March 2018 financing 110,670 110,670 $ 1.58 March 6, 2023 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Shares Exercise or Vesting Excluded from Computation of Loss Per Share | Since their impact would be anti-dilutive, our net loss per common share does not include the effect of the assumed exercise or vesting of the following shares: March 31, 2018 April 1, 2017 Outstanding stock options 124,874 131,130 Unvested restricted stock awards 28,333 9,334 Outstanding warrants 10,985,831 9,427,494 Total 11,139,038 9,567,958 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Lease Payments under Operating Leases and License Obligations | The minimum lease payments under operating leases and license obligations are as follows: Years ending December 31, Licenses Operating Leases Remainder of 2018 $ 45,000 $ 699,000 2019 10,000 935,000 2020 10,000 230,000 2021 10,000 3,000 2022 10,000 2,000 Thereafter 30,000 — Total payments $ 115,000 $ 1,869,000 |
Details of Certain Financial 18
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Components of Accounts Receivable | Balance Sheet Data March 31, December 31, Accounts receivable: Accounts receivable-commercial products $ 6,000 $ 8,000 -government contract 178,000 148,000 Less: allowance for doubtful accounts (3,000 ) (5,000 ) $ 181,000 $ 151,000 |
Components of Inventories | March 31, December 31, Inventories: Raw materials $ 161,000 $ 102,000 Work In Process 8,000 $ 169,000 $ 102,000 |
Components of Property and Equipment | March 31, December 31, Property and Equipment: Equipment $ 11,727,000 $ 11,723,000 Leasehold improvements 1,065,000 1,065,000 Furniture and fixtures 205,000 205,000 12,997,000 12,993,000 Less: accumulated depreciation and amortization (11,511,000 ) (11,200,000 ) $ 1,486,000 $ 1,793,000 |
Components of Patents and Licenses | March 31, December 31, Patents and Licenses: Patents pending $ 45,000 $ 44,000 Patents issued 1,682,000 1,682,000 Less accumulated amortization (994,000 ) (984,000 ) Net patents issued 688,000 698,000 $ 733,000 $ 742,000 |
Components of Accrued Expenses and Other Long Term Liabilities | March 31, December 31, 2017 Accrued Expenses and Other Long Term Liabilities: Salaries Payable $ 51,000 $ 104,000 Compensated absences 180,000 173,000 Compensation related 9,000 4,000 Warranty reserve 8,000 8,000 Deferred rent 49,000 46,000 Other 182,000 172,000 Fair value of warrant derivatives 19,000 28,000 498,000 535,000 Less current portion (441,000 ) (481,000 ) Long term portion $ 57,000 $ 54,000 |
Schedule of Warranty Reserve Activity | For the three months ended, March 31, 2018 April 1, 2017 Warranty Reserve Activity: Beginning balance $ 8,000 $ 8,000 Additions — — Deductions — — Ending balance $ 8,000 $ 8,000 |
General - Additional Informatio
General - Additional Information (Detail) $ in Millions | 1 Months Ended | |
Nov. 30, 2016USD ($) | Mar. 31, 2018Patents | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of patents generated | Patents | 100 | |
Research and development program award from U.S. Department of energy | $ | $ 4.5 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Additional Information (Detail) | Jul. 18, 2016 | Mar. 31, 2018USD ($)shares | Apr. 01, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Accumulated deficit | $ (313,791,000) | $ (311,613,000) | |||
Incurred net loss | (2,178,000) | $ (2,629,000) | (9,500,000) | ||
Negative cash flows from operations | (1,832,000) | (2,038,000) | (7,400,000) | ||
Cash and cash equivalents | $ 2,919,000 | $ 8,414,000 | 3,056,000 | $ 10,452,000 | |
Reverse split | 1-for-15 | ||||
Reverse split conversion ratio | 0.0667 | ||||
Cash and cash equivalents maximum original maturity | 3 months | ||||
Product warranty period, Minimum | 1 year | ||||
Product warranty period, Maximum | 5 years | ||||
Inventory, net | $ 169,000 | 102,000 | |||
Minimum percentage of tax benefit realized | 50.00% | ||||
Liabilities for uncertain tax positions | $ 0 | ||||
Interest or penalties on uncertain tax positions | $ 0 | ||||
U.S. statutory corporate tax rate | 21.00% | ||||
Effective rate impact from 2017 Tax Act | $ 0 | ||||
Provision for deemed repatriation tax under 2017 Tax Act | 0 | ||||
Cumulative positive earnings and profits of foreign subsidiaries | 0 | ||||
Deferred tax assets decreased due to re-measurement | $ 2,380,000 | ||||
Stock options granted during the period | shares | 0 | 0 | |||
Federal [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Net operating loss carryforwards | 353,600,000 | ||||
State [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Net operating loss carryforwards | 353,600,000 | ||||
Furniture and Fixtures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 7 years | ||||
Minimum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 3 years | ||||
Maximum [Member] | Federal [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reduction of taxable income | 12,300,000 | ||||
Maximum [Member] | State [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reduction of taxable income | $ 12,300,000 | ||||
Maximum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment useful life | 5 years | ||||
Latest Tax Year [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Open tax year | 2,014 | ||||
Operating loss carryforwards expiration period | 2,037 | ||||
Earliest Tax Year [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Open tax year | 2,013 | ||||
Operating loss carryforwards expiration period | 2,018 | ||||
Patents and Licenses [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 17 years |
Summary of Significant Accoun21
Summary of Significant Accounting Policies - Total Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 17,000 | $ 103,000 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,000 | 14,000 |
Selling, General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 16,000 | $ 89,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stockholders' Equity Transactions (Detail) - USD ($) | Mar. 09, 2018 | Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 |
Beginning balance | $ 5,112,000 | |||
Issuance of common stock (net of costs) | 1,700,000 | |||
Stock-based compensation | 17,000 | |||
Net loss | (2,178,000) | $ (2,629,000) | $ (9,500,000) | |
Ending balance | 4,651,000 | 5,112,000 | ||
Common Stock [Member] | ||||
Beginning balance | $ 11,000 | |||
Beginning balance, Shares | 10,746,594 | |||
Issuance of common stock (net of costs) | $ 1,000 | |||
Issuance of common stock (net of costs), shares | 1,581,000 | 1,190,000 | ||
Ending balance | $ 12,000 | $ 11,000 | ||
Ending balance, Shares | 11,936,594 | 10,746,594 | ||
Capital in Excess of Par Value [Member] | ||||
Beginning balance | $ 316,714,000 | |||
Issuance of common stock (net of costs) | 1,699,000 | |||
Stock-based compensation | 17,000 | |||
Ending balance | 318,430,000 | $ 316,714,000 | ||
Accumulated Deficit [Member] | ||||
Beginning balance | (311,613,000) | |||
Net loss | (2,178,000) | |||
Ending balance | $ (313,791,000) | $ (311,613,000) | ||
Convertible Preferred Stock [Member] | ||||
Beginning balance, Shares | 328,925 | |||
Ending balance, Shares | 328,925 | 328,925 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Mar. 09, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesPlanshares | Apr. 01, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity award option plans | Plan | 2 | |||
Impact on net loss | $ 17,000 | $ 103,000 | ||
Gross proceeds from common stock | $ 2,000,000 | |||
Net proceeds from common stock | $ 1,700,000 | $ 1,700,000 | ||
Exercise price of warrants | $ / shares | $ 1.14 | |||
Warrants, exercisable period | 5 years 6 months | |||
Percentage of early exercise factor | 30.00% | |||
Fair value assumptions, expected life | 4 months | 8 months | ||
Fair value assumptions, risk free interest rates | 1.90% | 1.50% | ||
Fair value assumptions, expected volatility | 61.00% | 69.00% | ||
Fair value assumptions, dividend yield | 0.00% | 0.00% | ||
Estimated fair value of warrants | $ 19,000 | $ 28,000 | ||
Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Exercised | shares | 0 | 0 | ||
Impact on net loss | $ 10,000 | $ 98,000 | ||
Impact on basic and diluted net loss per share | $ / shares | $ 0 | $ 0.01 | ||
Stock compensation cost capitalized | $ 0 | $ 0 | ||
Total compensation cost related to nonvested awards not yet recognized | $ 45,000 | |||
Weighted-average period | 11 months | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost related to nonvested awards not yet recognized | $ 28,000 | |||
Weighted-average period | 11 months | |||
Restricted Stock [Member] | Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Impact on basic and diluted net loss per share | $ / shares | $ 0 | $ 0 | ||
Stock compensation cost capitalized | $ 0 | |||
Impact on net loss | $ 7,000 | $ 5,000 | ||
Restricted Stock [Member] | Minimum [Member] | Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of restricted stock under awards all have service conditions and vest over | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of restricted stock under awards all have service conditions and vest over | 3 years | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding options expiration date | Nov. 30, 2025 | |||
Stock Options [Member] | Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Exercised | shares | 0 | |||
Weighted-average contractual term of options outstanding | 6 years 4 months 24 days | |||
Weighted-average contractual term of stock options currently exercisable | 6 years 4 months 24 days | |||
Exercisable options with an exercise price less than the current market value | shares | 0 | |||
Aggregate exercise price of options | $ 3.5 | |||
Minimum exercise price of options | $ / shares | $ 3.30 | |||
Maximum exercise price of options | $ / shares | 671.40 | |||
(2) Warrants Related to August 2013 Financing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price of warrants | $ / shares | $ 1.14 | $ 1.14 | ||
Common Shares, Expiration Date | Aug. 9, 2018 | |||
Common Shares, Currently Exercisable | shares | 274,492 | |||
(12) Warrants Related to August 2016 Financing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price of warrants | $ / shares | $ 1.58 | $ 1.58 | ||
Common Shares, Expiration Date | Mar. 6, 2023 | Mar. 6, 2023 | ||
Common Shares, Currently Exercisable | shares | 110,670 | 110,670 | ||
Warrants Accounted for as Derivative Liabilities [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Decrease in fair value of warrants | $ (9,000) | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | shares | 1,581,000 | 1,190,000 |
Stockholders' Equity - Summar24
Stockholders' Equity - Summary of Stock Option Transactions under Stock Option Plan (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 0 | 0 | |
Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Exercised | 0 | 0 | |
Stock Option Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 126,130 | ||
Number of Shares, Granted | 0 | ||
Number of Shares, Exercised | 0 | ||
Number of Shares, Canceled | (1,256) | ||
Number of Shares, Ending balance | 124,874 | ||
Price Per Share, Granted | $ 0 | ||
Price Per Share, Exercised | 0 | ||
Price Per Share, Canceled | 921.60 | ||
Weighted Average Exercise Price, Beginning Balance | 37.03 | ||
Weighted Average Exercise Price, Granted | 0 | ||
Weighted Average Exercise Price, Exercised | 0 | ||
Weighted Average Exercise Price, Canceled | 921.60 | ||
Weighted Average Exercise Price, Ending Balance | $ 28.13 | ||
Number of Options Exercisable | 124,874 | 126,130 | |
Weighted Average Exercise Price Exercisable | $ 28.13 | $ 37.03 | |
Stock Option Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price Per Share, Beginning balance | 3.3 | ||
Price Per Share, Ending balance | 3.3 | ||
Stock Option Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price Per Share, Beginning balance | 921.6 | ||
Price Per Share, Ending balance | $ 671.4 |
Stockholders' Equity - Summar25
Stockholders' Equity - Summary of Restricted Stock Award Transactions (Detail) - Stock Option Plan [Member] - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning balance | shares | 31,667 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Vested | shares | (3,334) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Ending balance | shares | 28,333 |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 1.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 1.16 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 1.06 |
Stockholders' Equity - Summar26
Stockholders' Equity - Summary of Outstanding Warrants (Detail) - $ / shares | Mar. 09, 2018 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Shares, Price per Share | $ 1.14 | |
(1) Warrants Related to April 2013 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 17,127 | |
Common Shares, Currently Exercisable | 17,127 | |
Common Shares, Price per Share | $ 81.75 | |
Common Shares, Expiration Date | Apr. 26, 2019 | |
(2) Warrants Related to August 2013 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 274,492 | |
Common Shares, Currently Exercisable | 274,492 | |
Common Shares, Price per Share | $ 1.14 | $ 1.14 |
Common Shares, Expiration Date | Aug. 9, 2018 | |
(3) Warrants Related to February 2015 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 3,056 | |
Common Shares, Currently Exercisable | 3,056 | |
Common Shares, Price per Share | $ 45.05 | |
Common Shares, Expiration Date | Feb. 13, 2020 | |
(4) Warrants Related to March 2015 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 102,093 | |
Common Shares, Currently Exercisable | 102,093 | |
Common Shares, Price per Share | $ 24.49 | |
Common Shares, Expiration Date | Sep. 24, 2020 | |
(5) Warrants Related to March 2015 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 10,209 | |
Common Shares, Currently Exercisable | 10,209 | |
Common Shares, Price per Share | $ 30.61 | |
Common Shares, Expiration Date | Mar. 20, 2020 | |
(6) Warrants Related to October 2015 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 1,355,171 | |
Common Shares, Currently Exercisable | 1,355,171 | |
Common Shares, Price per Share | $ 6 | |
Common Shares, Expiration Date | Oct. 14, 2020 | |
(7) Warrants Related to October 2015 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 90,345 | |
Common Shares, Currently Exercisable | 90,345 | |
Common Shares, Price per Share | $ 6.56 | |
Common Shares, Expiration Date | Oct. 14, 2020 | |
(8) Warrants Related to August 2016 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 535,062 | |
Common Shares, Currently Exercisable | 535,062 | |
Common Shares, Price per Share | $ 3 | |
Common Shares, Expiration Date | Feb. 2, 2022 | |
(9) Warrants Related to August 2016 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 49,939 | |
Common Shares, Currently Exercisable | 49,939 | |
Common Shares, Price per Share | $ 3.86 | |
Common Shares, Expiration Date | Aug. 2, 2021 | |
(10) Warrants Related to December 2016 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 6,856,667 | |
Common Shares, Currently Exercisable | 6,856,667 | |
Common Shares, Price per Share | $ 2 | |
Common Shares, Expiration Date | Dec. 14, 2021 | |
(11) Warrants Related to December 2016 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 1,581,000 | |
Common Shares, Currently Exercisable | 1,581,000 | |
Common Shares, Price per Share | $ 1.14 | |
Common Shares, Expiration Date | Sep. 11, 2023 | |
(12) Warrants Related to August 2016 Financing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding | 110,670 | 110,670 |
Common Shares, Currently Exercisable | 110,670 | |
Common Shares, Price per Share | $ 1.58 | $ 1.58 |
Common Shares, Expiration Date | Mar. 6, 2023 | Mar. 6, 2023 |
Loss Per Share - Schedule of An
Loss Per Share - Schedule of Antidilutive Shares Exercise or Vesting Excluded from Computation of Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 11,139,038 | 9,567,958 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 124,874 | 131,130 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 28,333 | 9,334 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 10,985,831 | 9,427,494 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of preferred stock to common stock | 11,139,038 | 9,567,958 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of preferred stock to common stock | 18,274 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018USD ($)Renewals | Apr. 01, 2017USD ($) | |
Other Commitments [Line Items] | ||
Rent expense | $ 108,000 | $ 125,000 |
Percentage of minimum royalty payment | 0.13% | |
Percentage of maximum royalty payment | 2.50% | |
Royalty expense | $ 11,000 | $ 11,000 |
Texas [Member] | ||
Other Commitments [Line Items] | ||
Operating lease expiration date | Apr. 30, 2020 | |
Renewal period of operating lease | 5 years | |
Number of five-year renewal option | Renewals | 1 | |
Minimum [Member] | ||
Other Commitments [Line Items] | ||
Royalty obligations termination period | 2,018 | |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Royalty obligations termination period | 2,020 |
Commitments and Contingencies30
Commitments and Contingencies - Minimum Lease Payments under Operating Leases and License Obligations (Detail) | Mar. 31, 2018USD ($) |
Leases [Abstract] | |
Remainder of 2018 | $ 45,000 |
2,019 | 10,000 |
2,020 | 10,000 |
2,021 | 10,000 |
2,022 | 10,000 |
Thereafter | 30,000 |
Total payments | 115,000 |
Remainder of 2018 | 699,000 |
2,019 | 935,000 |
2,020 | 230,000 |
2,021 | 3,000 |
2,022 | 2,000 |
Thereafter | 0 |
Total payments | $ 1,869,000 |
Details of Certain Financial 31
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Components of Accounts Receivable (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounts receivable-commercial products | $ 6,000 | $ 8,000 |
government contract | 178,000 | 148,000 |
Less: allowance for doubtful accounts | (3,000) | (5,000) |
Accounts receivable, net | 181,000 | 151,000 |
Raw materials | 161,000 | 102,000 |
Work In Process | 8,000 | |
Inventories, net | $ 169,000 | $ 102,000 |
Details of Certain Financial 32
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Components of Property and Equipment (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 12,997,000 | $ 12,993,000 |
Less: accumulated depreciation and amortization | (11,511,000) | (11,200,000) |
Property and Equipment, Net | 1,486,000 | 1,793,000 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 11,727,000 | 11,723,000 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 1,065,000 | 1,065,000 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 205,000 | $ 205,000 |
Details of Certain Financial 33
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 312,000 | $ 562,000 |
Amortization expense | 11,000 | $ 6,000 |
Amortization expense expected in 2018 | 30,000 | |
Amortization expense expected in 2019 | 40,000 | |
Amortization expense expected in 2020 | $ 40,000 |
Details of Certain Financial 34
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Components of Patents, Licenses and Purchased Technology (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Patents and Licenses: | ||
Less accumulated amortization | $ (994,000) | $ (984,000) |
Patents and licenses, net | 733,000 | 742,000 |
Patent Pending [Member] | ||
Patents and Licenses: | ||
Patents and licenses, gross | 45,000 | 44,000 |
Patents Issued [Member] | ||
Patents and Licenses: | ||
Patents and licenses, gross | 1,682,000 | 1,682,000 |
Less accumulated amortization | (994,000) | (984,000) |
Patents and licenses, net | $ 688,000 | $ 698,000 |
Details of Certain Financial 35
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Components of Accrued Expenses and Other Long Term Liabilities (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Accrued Expenses and Other Long Term Liabilities: | ||||
Salaries Payable | $ 51,000 | $ 104,000 | ||
Compensated absences | 180,000 | 173,000 | ||
Compensation related | 9,000 | 4,000 | ||
Warranty reserve | 8,000 | 8,000 | $ 8,000 | $ 8,000 |
Deferred rent | 49,000 | 46,000 | ||
Other | 182,000 | 172,000 | ||
Fair value of warrant derivatives | 19,000 | 28,000 | ||
Total | 498,000 | 535,000 | ||
Less current portion | (441,000) | (481,000) | ||
Long term portion | 57,000 | 54,000 | ||
Total | $ 498,000 | $ 535,000 |
Details of Certain Financial 36
Details of Certain Financial Statement Components and Supplemental Disclosures of Cash Flow Information and Non-Cash Activities - Schedule of Warranty Reserve Activity (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Beginning balance | $ 8,000 | $ 8,000 |
Additions | 0 | 0 |
Deductions | 0 | 0 |
Ending balance | $ 8,000 | $ 8,000 |