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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Glowpoint Inc | AMEX:GLOW | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.08 | 0 | 01:00:00 |
x
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended
September 30, 2018
.
|
¨
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
77-0312442
(I.R.S. Employer Identification No.)
|
PART I - FINANCIAL INFORMATION
|
|
|
Item 1. Financial Statements
|
||
|
Condensed Consolidated Balance Sheets at September 30, 2018 (unaudited) and December 31, 2017
|
|
|
Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017
|
|
|
Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the nine months ended September 30, 2018
|
|
|
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017
|
|
|
Notes to unaudited Condensed Consolidated Financial Statements
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
||
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
||
Item 4. Controls and Procedures
|
||
|
|
|
PART II - OTHER INFORMATION
|
|
|
Item 1. Legal Proceedings
|
||
Item 1A. Risk Factors
|
||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
||
Item 3. Defaults Upon Senior Securities
|
||
Item 4. Mine Safety Disclosures
|
||
Item 5. Other Information
|
||
Item 6. Exhibits
|
||
Signatures
|
•
|
customer acceptance and demand for our video collaboration services and network applications;
|
•
|
the quality and reliability of our services;
|
•
|
the prices for our services;
|
•
|
customer renewal rates;
|
•
|
risks related to the concentration of our customers and the degree to which our sales, now or in the future, depend on certain large client relationships;
|
•
|
customer acquisition costs;
|
•
|
our ability to compete effectively in the video collaboration services and network services businesses;
|
•
|
actions by our competitors, including price reductions for their competitive services,
|
•
|
potential federal and state regulatory actions;
|
•
|
our need for and the availability of adequate working capital;
|
•
|
our ability to innovate technologically;
|
•
|
our ability to satisfy the standards for continued listing of our common stock on the NYSE American stock exchange;
|
•
|
changes in our capital structure and/or stockholder mix;
|
•
|
the costs, disruption, and diversion of management’s attention associated with campaigns commenced by activist investors;
|
•
|
our management’s ability to execute its plans, strategies and objectives for future operations, including but not limited to transforming our product line to more automated / software-based solutions in order for us to service the rapidly evolving video communications market; and
|
•
|
our ability to successfully pursue and execute a proposed business combination with SharedLabs, Inc., on the terms announced or otherwise, or any other merger and acquisition and/or business development initiatives
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
2,578
|
|
|
$
|
3,946
|
|
Accounts receivable, net
|
1,386
|
|
|
1,220
|
|
||
Prepaid expenses and other current assets
|
466
|
|
|
715
|
|
||
Total current assets
|
4,430
|
|
|
5,881
|
|
||
Property and equipment, net
|
969
|
|
|
1,159
|
|
||
Goodwill
|
4,600
|
|
|
7,750
|
|
||
Intangibles, net
|
531
|
|
|
626
|
|
||
Other assets
|
8
|
|
|
8
|
|
||
Total assets
|
$
|
10,538
|
|
|
$
|
15,424
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
—
|
|
|
$
|
1,194
|
|
Accounts payable
|
360
|
|
|
337
|
|
||
Accrued expenses and other liabilities
|
520
|
|
|
1,003
|
|
||
Accrued sales taxes and regulatory fees
|
195
|
|
|
259
|
|
||
Total current liabilities
|
1,075
|
|
|
2,793
|
|
||
Long term debt, net of current portion
|
—
|
|
|
369
|
|
||
Total liabilities
|
1,075
|
|
|
3,162
|
|
||
Commitments and contingencies (see Note 11)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock Series A-2, convertible; $.0001 par value; $7,500 stated value; 7,500 shares authorized, 32 shares issued and outstanding and liquidation preference of $305 at September 30, 2018 and December 31, 2017
|
—
|
|
|
—
|
|
||
Preferred stock Series B, convertible; $.0001 par value; $1,000 stated value; 2,800 shares authorized, 375 shares issued and outstanding and liquidation preference of $375 at September 30, 2018 and 450 shares issued and outstanding and liquidation preference of $450 at December 31, 2017
|
—
|
|
|
—
|
|
||
Preferred stock Series C, convertible; $.0001 par value; $1,000 stated value; 1,750 shares authorized, 775 shares issued and outstanding and liquidation preference of $775 at September 30, 2018 and none at December 31, 2017
|
—
|
|
|
—
|
|
||
Common stock, $.0001 par value; 150,000,000 shares authorized; 49,232,000 issued and 47,908,000 outstanding at September 30, 2018 and 45,161,000 issued and 44,510,000 outstanding at December 31, 2017
|
5
|
|
|
5
|
|
||
Treasury stock, 1,324,000 and 651,000 shares at September 30, 2018 and December 31, 2017, respectively
|
(495
|
)
|
|
(352
|
)
|
||
Additional paid-in capital
|
184,902
|
|
|
183,114
|
|
||
Accumulated deficit
|
(174,949
|
)
|
|
(170,505
|
)
|
||
Total stockholders’ equity
|
9,463
|
|
|
12,262
|
|
||
Total liabilities and stockholders’ equity
|
$
|
10,538
|
|
|
$
|
15,424
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
2,931
|
|
|
$
|
3,481
|
|
|
$
|
9,698
|
|
|
$
|
11,417
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue (exclusive of depreciation and amortization)
|
1,804
|
|
|
1,988
|
|
|
5,881
|
|
|
6,697
|
|
||||
Research and development
|
215
|
|
|
296
|
|
|
690
|
|
|
875
|
|
||||
Sales and marketing
|
58
|
|
|
69
|
|
|
278
|
|
|
369
|
|
||||
General and administrative
|
1,170
|
|
|
970
|
|
|
3,132
|
|
|
2,843
|
|
||||
Impairment charges
|
975
|
|
|
1,707
|
|
|
3,150
|
|
|
1,712
|
|
||||
Depreciation and amortization
|
179
|
|
|
451
|
|
|
596
|
|
|
1,370
|
|
||||
Total operating expenses
|
4,401
|
|
|
5,481
|
|
|
13,727
|
|
|
13,866
|
|
||||
Loss from operations
|
(1,470
|
)
|
|
(2,000
|
)
|
|
(4,029
|
)
|
|
(2,449
|
)
|
||||
Interest and other income (expense), net
|
—
|
|
|
8,820
|
|
|
(415
|
)
|
|
8,065
|
|
||||
Income (loss) before income taxes
|
(1,470
|
)
|
|
6,820
|
|
|
(4,444
|
)
|
|
5,616
|
|
||||
Income tax benefit
|
—
|
|
|
284
|
|
|
—
|
|
|
230
|
|
||||
Net income (loss)
|
(1,470
|
)
|
|
7,104
|
|
|
(4,444
|
)
|
|
5,846
|
|
||||
Preferred stock dividends
|
3
|
|
|
3
|
|
|
9
|
|
|
9
|
|
||||
Net income (loss) attributable to common stockholders
|
$
|
(1,473
|
)
|
|
$
|
7,101
|
|
|
$
|
(4,453
|
)
|
|
$
|
5,837
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders per share:
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share
|
$
|
(0.03
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.16
|
|
Diluted net income (loss) per share
|
$
|
(0.03
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares of common stock:
|
|
|
|
|
|
|
|
||||||||
Basic
|
48,851
|
|
|
36,897
|
|
|
47,489
|
|
|
37,078
|
|
||||
Diluted
|
48,851
|
|
|
37,897
|
|
|
47,489
|
|
|
38,078
|
|
|
Series A-2 Preferred Stock
|
|
Series B Preferred Stock
|
|
Series C Preferred Stock
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
|
|
|||||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||||||||||||||
Balance at December 31, 2017
|
32
|
|
|
$
|
—
|
|
|
450
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
45,161
|
|
|
$
|
5
|
|
|
651
|
|
|
$
|
(352
|
)
|
|
$
|
183,114
|
|
|
$
|
(170,505
|
)
|
|
$
|
12,262
|
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,444
|
)
|
|
(4,444
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
||||||||
Issuance of preferred stock, net of expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,527
|
|
|
—
|
|
|
1,527
|
|
||||||||
Preferred stock conversion
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(975
|
)
|
|
—
|
|
|
3,518
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of stock on vested restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
553
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
||||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
673
|
|
|
(143
|
)
|
|
—
|
|
|
—
|
|
|
(143
|
)
|
||||||||
Balance at September 30, 2018
|
32
|
|
|
$
|
—
|
|
|
375
|
|
|
$
|
—
|
|
|
775
|
|
|
$
|
—
|
|
|
49,232
|
|
|
$
|
5
|
|
|
1,324
|
|
|
$
|
(495
|
)
|
|
$
|
184,902
|
|
|
$
|
(174,949
|
)
|
|
$
|
9,463
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(4,444
|
)
|
|
$
|
5,846
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
596
|
|
|
1,370
|
|
||
Bad debt expense (recovery)
|
5
|
|
|
(8
|
)
|
||
Amortization of deferred financing costs
|
—
|
|
|
64
|
|
||
Amortization of debt discount, net of gain on extinguishment
|
104
|
|
|
—
|
|
||
Non-cash interest expense
|
—
|
|
|
213
|
|
||
Stock-based compensation
|
270
|
|
|
377
|
|
||
Gain on debt extinguishment
|
—
|
|
|
(9,045
|
)
|
||
Impairment charges
|
3,150
|
|
|
1,712
|
|
||
Deferred tax benefit
|
—
|
|
|
(230
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(171
|
)
|
|
276
|
|
||
Prepaid expenses and other current assets
|
249
|
|
|
211
|
|
||
Accounts payable
|
23
|
|
|
126
|
|
||
Accrued expenses and other liabilities
|
(327
|
)
|
|
246
|
|
||
Accrued sales taxes and regulatory fees
|
(64
|
)
|
|
(85
|
)
|
||
Net cash provided by (used in) operating activities
|
(609
|
)
|
|
1,073
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(311
|
)
|
|
(93
|
)
|
||
Net cash used in investing activities
|
(311
|
)
|
|
(93
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Principal payments under borrowing arrangements
|
(1,832
|
)
|
|
(341
|
)
|
||
Proceeds from new loan agreements, net of expenses of $170
|
—
|
|
|
2,030
|
|
||
Proceeds from Series C Preferred Stock issuance, net of expenses of $223
|
1,527
|
|
|
—
|
|
||
Payment of equity issuance costs
|
—
|
|
|
(45
|
)
|
||
Purchase of treasury stock
|
(143
|
)
|
|
(2,325
|
)
|
||
Net cash used in financing activities
|
(448
|
)
|
|
(681
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
(1,368
|
)
|
|
299
|
|
||
Cash at beginning of period
|
3,946
|
|
|
1,140
|
|
||
Cash at end of period
|
$
|
2,578
|
|
|
$
|
1,439
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
318
|
|
|
$
|
777
|
|
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Accrued preferred stock dividends
|
$
|
9
|
|
|
$
|
9
|
|
Retired debt and accrued interest obligations in exchange for treasury stock
|
$
|
—
|
|
|
$
|
2,191
|
|
•
|
Identification of the contract, or contracts, with a customer;
|
•
|
Identification of the performance obligations in the contract;
|
•
|
Determination of the transaction price;
|
•
|
Allocation of the transaction price to the performance obligations in the contract; and
|
•
|
Recognition of revenue when or as the Company satisfies a performance obligation.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Accrued compensation costs
|
$
|
258
|
|
|
$
|
129
|
|
Other accrued expenses
|
145
|
|
|
257
|
|
||
Accrued dividends
|
68
|
|
|
59
|
|
||
Deferred revenue
|
49
|
|
|
393
|
|
||
Super G Warrant liability
|
—
|
|
|
165
|
|
||
Accrued expenses and other liabilities
|
$
|
520
|
|
|
$
|
1,003
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Western Alliance Bank A/R Revolver
|
$
|
—
|
|
|
$
|
800
|
|
Super G Loan
|
—
|
|
|
1,032
|
|
||
Unamortized debt discounts
|
—
|
|
|
(269
|
)
|
||
Net carrying value
|
—
|
|
|
1,563
|
|
||
Less: current maturities, net of debt discount
|
—
|
|
|
(1,194
|
)
|
||
Long-term obligations, net of debt discount
|
$
|
—
|
|
|
$
|
369
|
|
|
Outstanding
|
|
Exercisable
|
||||||||||
|
Number of Shares Underlying Options
|
|
Weighted
Average Exercise Price |
|
Number of Shares Underlying Options
|
|
Weighted
Average Exercise Price |
||||||
Options outstanding, December 31, 2017
|
1,202
|
|
|
$
|
1.99
|
|
|
1,202
|
|
|
$
|
1.99
|
|
Expired
|
(9
|
)
|
|
2.28
|
|
|
|
|
|
||||
Forfeited
|
(10
|
)
|
|
1.66
|
|
|
|
|
|
||||
Options outstanding, September 30, 2018
|
1,183
|
|
|
$
|
1.99
|
|
|
1,183
|
|
|
$
|
1.99
|
|
|
Restricted Shares
|
|
Weighted Average
Grant Price |
|||
Unvested restricted stock outstanding, December 31, 2017
|
341
|
|
|
$
|
1.06
|
|
Vested
|
(228
|
)
|
|
0.84
|
|
|
Unvested restricted stock outstanding, September 30, 2018
|
113
|
|
|
$
|
1.49
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of revenue
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Research and development
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
||||
General and administrative
|
2
|
|
|
12
|
|
|
14
|
|
|
36
|
|
||||
|
$
|
2
|
|
|
$
|
15
|
|
|
$
|
14
|
|
|
$
|
45
|
|
|
RSUs
|
|
Weighted Average
Grant Price |
|||
Unvested restricted stock units outstanding, December 31, 2017
|
1,752
|
|
|
$
|
0.57
|
|
Granted
|
1,410
|
|
|
0.22
|
|
|
Vested
|
(553
|
)
|
|
0.75
|
|
|
Forfeited
|
(472
|
)
|
|
0.28
|
|
|
Unvested restricted stock units outstanding, September 30, 2018
|
2,137
|
|
|
$
|
0.35
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of revenue
|
$
|
13
|
|
|
$
|
10
|
|
|
$
|
30
|
|
|
$
|
29
|
|
Research and development
|
18
|
|
|
14
|
|
|
47
|
|
|
43
|
|
||||
Sales and marketing
|
1
|
|
|
2
|
|
|
5
|
|
|
6
|
|
||||
General and administrative
|
76
|
|
|
55
|
|
|
174
|
|
|
236
|
|
||||
|
$
|
108
|
|
|
$
|
81
|
|
|
$
|
256
|
|
|
$
|
314
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(1,470
|
)
|
|
$
|
7,104
|
|
|
$
|
(4,444
|
)
|
|
$
|
5,846
|
|
Less: preferred stock dividends
|
3
|
|
|
3
|
|
|
9
|
|
|
9
|
|
||||
Net income (loss) attributable to common stockholders
|
$
|
(1,473
|
)
|
|
$
|
7,101
|
|
|
$
|
(4,453
|
)
|
|
$
|
5,837
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares of common stock for basic net income (loss) per share
|
48,851
|
|
|
36,897
|
|
|
47,489
|
|
|
37,078
|
|
||||
Add effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Unvested restricted stock units
|
—
|
|
|
672
|
|
|
—
|
|
|
672
|
|
||||
Unvested restricted stock
|
—
|
|
|
249
|
|
|
—
|
|
|
249
|
|
||||
Shares of common stock issuable upon conversion
of preferred stock |
—
|
|
|
79
|
|
|
—
|
|
|
79
|
|
||||
Weighted-average shares outstanding - diluted
|
48,851
|
|
|
37,897
|
|
|
47,489
|
|
|
38,078
|
|
||||
Basic net income (loss) per share
|
$
|
(0.03
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.16
|
|
Diluted net income (loss) per share
|
$
|
(0.03
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.15
|
|
|
Nine Months Ended September 30,
|
||||
|
2018
|
|
2017
|
||
Unvested restricted stock units
|
2,137
|
|
|
1,715
|
|
Unvested restricted stock awards
|
113
|
|
|
105
|
|
Outstanding stock options
|
1,183
|
|
|
1,206
|
|
Shares of common stock issuable upon conversion of Series A-2 Preferred
|
110
|
|
|
—
|
|
Shares of common stock issuable upon conversion of Series B Preferred
|
1,339
|
|
|
—
|
|
Shares of common stock issuable upon conversion of Series C Preferred
|
2,583
|
|
|
—
|
|
Warrants
|
—
|
|
|
550
|
|
Total
|
7,465
|
|
|
3,576
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Domestic
|
$
|
1,982
|
|
|
$
|
2,408
|
|
|
$
|
6,477
|
|
|
$
|
8,059
|
|
Foreign
|
949
|
|
|
1,073
|
|
|
3,221
|
|
|
3,358
|
|
||||
Total Revenue
|
$
|
2,931
|
|
|
$
|
3,481
|
|
|
$
|
9,698
|
|
|
$
|
11,417
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Video collaboration services
|
$
|
1,803
|
|
|
$
|
2,085
|
|
|
$
|
5,763
|
|
|
$
|
6,876
|
|
Network services
|
1,032
|
|
|
1,325
|
|
|
3,369
|
|
|
4,288
|
|
||||
Professional and other services
|
96
|
|
|
71
|
|
|
566
|
|
|
253
|
|
||||
Total revenue
|
$
|
2,931
|
|
|
$
|
3,481
|
|
|
$
|
9,698
|
|
|
$
|
11,417
|
|
•
|
Revenue for video collaboration services decreased
$282,000
(or
14%
) to
$1,803,000
in the
2018
Third Quarter
from
$2,085,000
in the
2017
Third Quarter
, and decreased
$1,113,000
(or
16%
) to
$5,763,000
in the
2018
Period
from
$6,876,000
in the
2017
Period
. These decreases are mainly attributable to lower revenue from existing customers (either from reductions in price or level of services) and loss of customers to competition.
|
•
|
Revenue for network services decreased
$293,000
(or
22%
) to
$1,032,000
in the
2018
Third Quarter
from
$1,325,000
in the
2017
Third Quarter
, and
$919,000
(or
21%
) to
$3,369,000
in the
2018
Period
from
$4,288,000
in the
2017
Period
. These decreases are mainly attributable to net attrition of customers and lower demand for our services given the competitive environment and pressure on pricing that exists in the network services business.
|
•
|
Revenue for professional and other services increased
$25,000
(or
35%
) to
$96,000
in the
2018
Third Quarter
from
$71,000
in the
2017
Third Quarter
, and
$313,000
(or
124%
) to
$566,000
in the
2018
Period
from
$253,000
in the
2017
Period
. These increases are mainly attributable to resale of video equipment.
|
Exhibit
Number
|
|
Description
|
|
Rule 13a—14(a)/15d—14(a) Certification of the Chief Executive Officer.
|
|
|
Rule 13a—14(a)/15d—14(a) Certification of the Chief Financial Officer.
|
|
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer.
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
GLOWPOINT, INC.
|
|
|
|
|
November 13, 2018
|
By:
|
/s/ Peter Holst
|
|
|
Peter Holst
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
November 13, 2018
|
By:
|
/s/ David Clark
|
|
|
David Clark
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Glowpoint Chart |
1 Month Glowpoint Chart |
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