![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oblong Inc | AMEX:OBLG | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.33 | 0 | 01:00:00 |
Delaware | 77-0312442 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0001 per share | OBLG |
Nasdaq Capital Market
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
||||
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
||||
Emerging growth company ☐
|
PART I - FINANCIAL INFORMATION | ||||||||
Item 1. Financial Statements
|
||||||||
Condensed Consolidated Balance Sheets at June 30, 2021 (unaudited) and December 31, 2020
|
||||||||
Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020
|
||||||||
Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020
|
||||||||
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020
|
||||||||
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
|
June 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited)
|
|||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 13,033 | $ | 5,058 | |||||||
Current portion of restricted cash | 61 | 158 | |||||||||
Accounts receivable, net | 953 | 3,166 | |||||||||
Inventory | 2,125 | 920 | |||||||||
Prepaid expenses and other current assets | 1,393 | 691 | |||||||||
Total current assets | 17,565 | 9,993 | |||||||||
Property and equipment, net | 307 | 573 | |||||||||
Goodwill | 7,367 | 7,367 | |||||||||
Intangibles, net | 8,946 | 10,140 | |||||||||
Operating lease - right of use asset, net
|
653 | 903 | |||||||||
Other assets | 99 | 167 | |||||||||
Total assets | $ | 34,937 | $ | 29,143 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | — | $ | 2,014 | |||||||
Accounts payable | 518 | 313 | |||||||||
Accrued expenses and other current liabilities | 1,420 | 1,201 | |||||||||
Current portion of deferred revenue | 894 | 1,217 | |||||||||
Current portion of operating lease liabilities | 734 | 830 | |||||||||
Total current liabilities | 3,566 | 5,575 | |||||||||
Long-term liabilities: | |||||||||||
Long-term debt, net of current portion | 2,417 | 403 | |||||||||
Operating lease liabilities, net of current portion | 249 | 602 | |||||||||
Deferred revenue, net of current portion | 400 | 506 | |||||||||
Total long-term liabilities | 3,066 | 1,511 | |||||||||
Total liabilities | 6,632 | 7,086 | |||||||||
Commitments and contingencies (see Note 12)
|
|||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock Series A-2, convertible; $.0001 par value; $7,500 stated value; 7,500 shares authorized, zero and 45 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
— | — | |||||||||
Preferred stock Series D, convertible; $.0001 par value; $28.50 stated value; 1,750,000 shares authorized, zero and 1,697,958 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
— | — | |||||||||
Preferred stock Series E, convertible; $.0001 par value; $28.50 stated value; 175,000 shares authorized, zero and 131,579 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
— | — |
Common stock, $.0001 par value; 150,000,000 shares authorized; 30,729,331 shares issued and 30,616,048 outstanding at June 30, 2021 and 7,861,912 shares issued and 7,748,629 outstanding at December 31, 2020
|
3 | 1 | |||||||||
Treasury stock, 113,283 shares of common stock at June 30, 2021 and December 31, 2020
|
(181) | (181) | |||||||||
Additional paid-in capital | 227,017 | 215,092 | |||||||||
Accumulated deficit | (198,534) | (192,855) | |||||||||
Total stockholder's equity | 28,305 | 22,057 | |||||||||
Total liabilities and stockholders’ equity | $ | 34,937 | $ | 29,143 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | $ | 2,049 | $ | 2,816 | $ | 3,967 | $ | 8,144 | |||||||||||||||
Cost of revenue (exclusive of depreciation and amortization) | 1,249 | 1,683 | 2,539 | 4,072 | |||||||||||||||||||
Gross profit | 800 | 1,133 | 1,428 | 4,072 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 599 | 988 | 1,291 | 2,315 | |||||||||||||||||||
Sales and marketing | 572 | 834 | 1,099 | 2,040 | |||||||||||||||||||
General and administrative | 1,383 | 1,815 | 3,450 | 3,842 | |||||||||||||||||||
Impairment charges | 17 | — | 48 | 550 | |||||||||||||||||||
Depreciation and amortization | 707 | 796 | 1,429 | 1,612 | |||||||||||||||||||
Total operating expenses | 3,278 | 4,433 | 7,317 | 10,359 | |||||||||||||||||||
Loss from operations | (2,478) | (3,300) | (5,889) | (6,287) | |||||||||||||||||||
Interest and other expense, net | 9 | 76 | 14 | 220 | |||||||||||||||||||
Other income | (227) | — | (227) | — | |||||||||||||||||||
Foreign exchange loss (gain) | (14) | 9 | 3 | 7 | |||||||||||||||||||
Interest and other (income) expense, net | (232) | 85 | (210) | 227 | |||||||||||||||||||
Loss before income taxes | (2,246) | (3,385) | (5,679) | (6,514) | |||||||||||||||||||
Income tax expense | — | — | — | — | |||||||||||||||||||
Net loss | (2,246) | (3,385) | (5,679) | (6,514) | |||||||||||||||||||
Preferred stock dividends | — | 4 | 1 | 8 | |||||||||||||||||||
Undeclared dividends | — | — | 366 | — | |||||||||||||||||||
Induced conversion of Series A-2 Preferred Stock | — | — | 300 | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (2,246) | $ | (3,389) | $ | (6,346) | $ | (6,522) | |||||||||||||||
Net loss attributable to common stockholders per share: | |||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.08) | $ | (0.65) | $ | (0.29) | $ | (1.25) | |||||||||||||||
Weighted-average number of shares of common stock: | |||||||||||||||||||||||
Basic and diluted | 26,644 | 5,240 | 22,250 | 5,222 | |||||||||||||||||||
Series A-2 Preferred Stock
|
Series D Preferred Stock
|
Series E Preferred Stock
|
Common Stock
|
Treasury Stock
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 45 | $ | — | 1,697,958 | $ | — | 131,579 | $ | — | 7,861,912 | $ | 1 | 113,283 | $ | (181) | $ | 215,092 | $ | (192,855) | $ | 22,057 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | — | — | — | — | — | — | (3,433) | (3,433) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — | — | — | — | — | — | — | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A-2 Preferred Stock, including dividend accrual | (45) | — | — | — | — | — | 84,292 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series D and E Preferred Stock | — | — | (1,697,022) | — | (131,579) | — | 18,762,119 | 2 | — | — | (2) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for services | — | — | — | — | — | — | 21,008 | — | — | — | 274 | — | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock
|
— | — | (81) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D Preferred shares to pay withholding taxes | — | — | (855) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | — | — | — | — | — | 26,729,331 | 3 | 113,283 | (181) | 215,397 | (196,288) | 18,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | — | — | — | — | — | — | (2,246) | (2,246) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock from financing, net of issuance costs | — | — | — | — | — | — | 4,000,000 | — | — | — | 11,504 | — | 11,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for services | — | — | — | — | — | — | — | — | — | — | 116 | — | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | — | $ | — | — | $ | — | — | $ | — | 30,729,331 | $ | 3 | 113,283 | $ | (181) | $ | 227,017 | $ | (198,534) | $ | 28,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A-2 Preferred Stock |
Series C Preferred Stock
|
Series D Preferred Stock
|
Series E Preferred Stock
|
Common Stock
|
Treasury Stock
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 32 | $ | — | 475 | $ | — | 1,734,901 | $ | — | 131,579 | $ | — | 5,266,828 | $ | 1 | 105,285 | $ | (165) | $ | 207,383 | $ | (185,434) | $ | 21,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | — | — | — | — | — | — | — | — | (3,129) | (3,129) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — | — | — | — | — | — | — | — | — | — | 32 | — | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock | — | — | — | — | (14,441) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversion | — | — | (150) | — | — | — | — | — | 50,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for accrued dividends | 13 | — | — | — | — | — | — | — | — | — | — | — | 98 | — | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends
|
— | — | — | — | — | — | — | — | — | — | — | — | (4) | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock
|
— | — | — | — | — | — | — | — | — | — | — | (7) | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 45 | — | 325 | — | 1,720,460 | — | 131,579 | — | 5,316,828 | 1 | 105,285 | (172) | 207,509 | (188,563) | 18,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | — | — | — | — | — | — | — | — | (3,385) | (3,385) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — | — | — | — | — | — | — | — | — | — | 29 | — | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock | — | — | — | — | (17,364) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock on vested restricted stock units
|
— | — | — | — | — | — | — | — | 23,334 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends
|
— | — | — | — | — | — | — | — | — | — | — | — | (4) | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for accrued dividends | — | — | — | — | — | — | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock
|
— | — | — | — | — | — | — | — | — | — | 7,998 | (9) | — | — | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 45 | $ | — | 325 | $ | — | 1,703,096 | $ | — | 131,579 | $ | — | 5,340,162 | $ | 1 | 113,283 | $ | (181) | $ | 207,535 | $ | (191,948) | $ | 15,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (5,679) | $ | (6,514) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 1,429 | 1,612 | |||||||||
Bad debt expense | 449 | 34 | |||||||||
Amortization of debt discount | — | 45 | |||||||||
Amortization of right of use asset | 250 | 595 | |||||||||
Loss on disposal of equipment | — | 15 | |||||||||
Stock-based compensation | 33 | 61 | |||||||||
Common stock issued for services | 390 | — | |||||||||
Loss on foreign currency remeasurement | 3 | (12) | |||||||||
Gain on extinguishment of liability | (227) | — | |||||||||
Impairment charges - property and equipment | 48 | 9 | |||||||||
Impairment charges - goodwill | — | 541 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 1,764 | 1,149 | |||||||||
Inventory | (1,205) | 473 | |||||||||
Prepaid expenses and other current assets | (702) | 47 | |||||||||
Other assets | 7 | (28) | |||||||||
Accounts payable | 205 | (3) | |||||||||
Accrued expenses and other current liabilities | 408 | (493) | |||||||||
Deferred revenue | (429) | 238 | |||||||||
Lease liabilities | (414) | (626) | |||||||||
Net cash used in operating activities | (3,670) | (2,857) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (17) | (5) | |||||||||
Net cash used in investing activities | (17) | (5) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from stock issuance, net of issuance costs | 11,504 | — | |||||||||
Proceeds from PPP Loan | — | 2,417 | |||||||||
Purchase of treasury stock | — | (16) | |||||||||
Net cash provided by in financing activities | 11,504 | 2,401 | |||||||||
Increase (decrease) in cash and restricted cash | 7,817 | (461) | |||||||||
Cash and restricted cash at beginning of period | 5,277 | 4,602 | |||||||||
Cash and restricted cash at end of period | $ | 13,094 | $ | 4,141 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Reconciliation of cash and restricted cash | |||||||||||
Cash | $ | 13,033 | $ | 4,141 | |||||||
Restricted cash | $ | 61 | $ | — | |||||||
Total cash and restricted cash | $ | 13,094 | $ | 4,141 | |||||||
Cash paid during the period for interest | $ | 2 | $ | 96 | |||||||
Non-cash investing and financing activities: | |||||||||||
Issuance of preferred stock in exchange for accrued dividends | — | 99 | |||||||||
Accrued preferred stock dividends | 1 | 8 | |||||||||
Inducement to convert Series A-2 Preferred Stock to common | 300 | — | |||||||||
Common stock issued for conversion of Preferred Stock | 3 | — |
Goodwill | Oblong (formerly Glowpoint) | Oblong Industries | Total | ||||||||||||||
Balance December 31, 2019 | $ | 541 | $ | 7,367 | $ | 7,908 | |||||||||||
Impairment charges | (541) | — | (541) | ||||||||||||||
Balance December 31, 2020 | — | 7,367 | 7,367 | ||||||||||||||
Balance June 30, 2021 | $ | — | $ | 7,367 | $ | 7,367 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Oblong (formerly Glowpoint) | |||||||||||||||||||||||||||||||||||
Affiliate network | $ | 994 | $ | (769) | $ | 225 | $ | 994 | $ | (735) | $ | 259 | |||||||||||||||||||||||
Oblong Industries | |||||||||||||||||||||||||||||||||||
Developed technology | $ | 10,060 | $ | (3,528) | $ | 6,532 | $ | 10,060 | $ | (2,520) | $ | 7,540 | |||||||||||||||||||||||
Trade names | 2,410 | (422) | 1,988 | 2,410 | (302) | 2,108 | |||||||||||||||||||||||||||||
Distributor relationships | 310 | (109) | 201 | 310 | (77) | 233 | |||||||||||||||||||||||||||||
Subtotal | 12,780 | (4,059) | 8,721 | 12,780 | (2,899) | 9,881 | |||||||||||||||||||||||||||||
Total | $ | 13,774 | $ | (4,828) | $ | 8,946 | $ | 13,774 | $ | (3,634) | $ | 10,140 |
Oblong (formerly Glowpoint) | |||||
Affiliate network | 12 years | ||||
Oblong Industries | |||||
Developed technology | 5 years | ||||
Trade names | 10 years | ||||
Distributor relationships | 5 years |
Remainder of 2021 | $ | 1,194 | |||
2022 | 2,385 | ||||
2023 | 2,378 | ||||
2024 | 1,844 | ||||
2025 | 241 | ||||
Thereafter | 904 | ||||
Total | $ | 8,946 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Accrued compensation costs | $ | 592 | $ | 411 | |||||||
Accrued professional fees | 359 | 236 | |||||||||
Accrued taxes and regulatory fees | 172 | 137 | |||||||||
Customer deposits | 136 | 127 | |||||||||
Other accrued expenses and liabilities | 161 | 286 | |||||||||
Accrued dividends on Series A-2 Preferred Stock | — | 4 | |||||||||
Accrued expenses and other current liabilities | $ | 1,420 | $ | 1,201 | |||||||
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
PPP Loan Principal | $ | 2,417 | $ | 2,417 | ||||||||||
Less: current maturities | — | 2,014 | ||||||||||||
Long-term obligations, net of current maturities | $ | 2,417 | $ | 403 |
Outstanding | ||||||||||||||
Number of Warrants (in thousands)
|
Weighted Average Exercise Price | |||||||||||||
Warrants outstanding and exercisable, December 31, 2019 | 72 | 0.01 | ||||||||||||
Granted | 1,147 | 4.85 | ||||||||||||
Exercised | (72) | 0.01 | ||||||||||||
Warrants outstanding and exercisable, December 31, 2020 | 1,147 | $ | 4.85 | |||||||||||
Granted | 4,000 | 4.30 | ||||||||||||
Warrants outstanding and exercisable, June 30, 2021 | 5,147 | $ | 4.42 |
Shares | Value | |||||||||||||
Treasury Shares as of December 31, 2019 | 105 | $ | (165) | |||||||||||
Purchases to cover stock compensation taxes | 8 | $ | (16) | |||||||||||
Treasury Shares as of December 31, 2020 | 113 | $ | (181) | |||||||||||
Treasury Shares as of June 30, 2021 | 113 | $ | (181) |
Six Months Ended June 30, 2021
|
|||||
Risk free interest rate | 0.47% | ||||
Expected maturity | 3 years | ||||
Expected volatility | 1.36 | ||||
Expected dividend yields | — | ||||
Weighted average grant date market value per share | $3.25 |
Outstanding
|
Exercisable
|
||||||||||||||||||||||
Number of Options
|
Weighted Average Exercise Price
|
Number of Options
|
Weighted Average Exercise Price
|
||||||||||||||||||||
Options outstanding, December 31, 2019 | 215,345 | $ | 12.27 | 215,345 | $ | 12.27 | |||||||||||||||||
Expired | (107,845) | 4.92 | — | — | |||||||||||||||||||
Options outstanding, December 31, 2020 | 107,500 | $ | 19.64 | 107,500 | $ | 19.64 | |||||||||||||||||
Granted | 300,000 | 3.25 | — | — | |||||||||||||||||||
Options outstanding, June 30, 2021 | 407,500 | $ | 7.57 | 107,500 | $ | 19.64 |
Outstanding | Exercisable | |||||||||||||||||||||||||||||||
Range of price |
Number
of Options |
Weighted
Average Remaining Contractual Life (In Years) |
Weighted
Average Exercise Price |
Number
of Options |
Weighted
Average Exercise Price |
|||||||||||||||||||||||||||
$0.00 – $10.00
|
302,500 | 9.93 | $ | 3.30 | 2,500 | $ | 9.00 | |||||||||||||||||||||||||
$10.01 – $20.00
|
97,500 | 1.56 | 19.32 | 97,500 | 19.32 | |||||||||||||||||||||||||||
$20.01 – $30.00
|
2,500 | 0.94 | 21.80 | 2,500 | 21.80 | |||||||||||||||||||||||||||
$30.01 – $40.00
|
5,000 | 0.70 | 30.20 | 5,000 | 30.20 | |||||||||||||||||||||||||||
407,500 | 7.76 | $ | 7.57 | 107,500 | $ | 19.64 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Research and development
|
$ | — | $ | 14 | $ | 17 | $ | 28 | |||||||||||||||
Sales, general and administrative | $ | — | $ | 15 | $ | 16 | $ | 27 | |||||||||||||||
$ | — | $ | 29 | $ | 33 | $ | 55 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | (2,246) | $ | (3,385) | $ | (5,679) | $ | (6,514) | |||||||||||||||
Less: preferred stock dividends | — | (4) | (1) | (8) | |||||||||||||||||||
Less: undeclared dividends | — | — | $ | (366) | $ | — | |||||||||||||||||
Less: loss on induced conversion of Series A-2 Preferred Stock | — | — | $ | (300) | $ | — | |||||||||||||||||
Net loss attributable to common stockholders | $ | (2,246) | $ | (3,389) | $ | (6,346) | $ | (6,522) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average number of shares of common stock for diluted net loss per share | 26,644 | 5,240 | 22,250 | 5,222 | |||||||||||||||||||
Basic and diluted net loss per share | $ | (0.08) | $ | (0.65) | $ | (0.29) | $ | (1.25) | |||||||||||||||
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Outstanding stock options | 407,500 | 215,345 | |||||||||
Unvested restricted stock awards | 627 | 627 | |||||||||
Shares of common stock issuable upon conversion of Series A-2 preferred stock | — | 15,545 | |||||||||
Shares of common stock issuable upon conversion of Series C preferred stock | — | 108,333 | |||||||||
Shares of common stock issuable upon conversion of Series D preferred stock | — | 17,030,960 | |||||||||
Shares of common stock issuable upon conversion of Series E preferred stock | — | 1,315,790 | |||||||||
Warrants | 5,146,500 | 72,394 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,078 | $ | 971 | $ | — | $ | 2,049 | |||||||||||||||
Cost of revenues | 739 | 510 | — | 1,249 | |||||||||||||||||||
Gross profit | $ | 339 | $ | 461 | $ | — | $ | 800 | |||||||||||||||
Gross profit % | 31 | % | 47 | % | 39 | % | |||||||||||||||||
Allocated operating expenses | $ | 82 | $ | 1,796 | $ | — | $ | 1,878 | |||||||||||||||
Unallocated operating expenses | $ | — | $ | — | 1,400 | 1,400 | |||||||||||||||||
Total operating expenses | $ | 82 | $ | 1,796 | $ | 1,400 | $ | 3,278 | |||||||||||||||
Income (loss) from operations | $ | 257 | $ | (1,335) | $ | (1,400) | $ | (2,478) | |||||||||||||||
Interest and other expense (income), net | 9 | (241) | — | (232) | |||||||||||||||||||
Net income (loss) before tax | $ | 248 | $ | (1,094) | $ | (1,400) | $ | (2,246) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net income (loss) | $ | 248 | $ | (1,094) | $ | (1,400) | $ | (2,246) |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 2,273 | $ | 1,694 | $ | — | $ | 3,967 | |||||||||||||||
Cost of revenues | 1,572 | 967 | — | 2,539 | |||||||||||||||||||
Gross profit | $ | 701 | $ | 727 | $ | — | $ | 1,428 | |||||||||||||||
Gross profit % | 31 | % | 43 | % | 36 | % | |||||||||||||||||
Allocated operating expenses | $ | 193 | $ | 3,626 | $ | — | $ | 3,819 | |||||||||||||||
Unallocated operating expenses | 3,498 | 3,498 | |||||||||||||||||||||
Total operating expenses | $ | 193 | $ | 3,626 | $ | 3,498 | $ | 7,317 | |||||||||||||||
Income (loss) from operations | $ | 508 | $ | (2,899) | $ | (3,498) | $ | (5,889) | |||||||||||||||
Interest and other expense (income), net | 14 | (224) | — | (210) | |||||||||||||||||||
Net income (loss) before tax | $ | 494 | $ | (2,675) | $ | (3,498) | $ | (5,679) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net income (loss) | $ | 494 | $ | (2,675) | $ | (3,498) | $ | (5,679) |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,373 | $ | 1,443 | $ | — | $ | 2,816 | |||||||||||||||
Cost of revenues | 898 | 785 | — | 1,683 | |||||||||||||||||||
Gross profit | $ | 475 | $ | 658 | $ | — | $ | 1,133 | |||||||||||||||
Gross profit % | 35 | % | 46 | % | 40 | % | |||||||||||||||||
Allocated operating expenses | $ | 1,063 | $ | 2,574 | $ | — | $ | 3,637 | |||||||||||||||
Unallocated operating expenses | — | — | 796 | 796 | |||||||||||||||||||
Total operating expenses | $ | 1,063 | $ | 2,574 | $ | 796 | $ | 4,433 | |||||||||||||||
Loss from operations | $ | (588) | $ | (1,916) | $ | (796) | $ | (3,300) | |||||||||||||||
Interest and other expense, net | 7 | 78 | — | 85 | |||||||||||||||||||
Net loss before taxes | $ | (595) | $ | (1,994) | $ | (796) | $ | (3,385) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net loss | $ | (595) | $ | (1,994) | $ | (796) | $ | (3,385) |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 3,417 | $ | 4,727 | $ | — | $ | 8,144 | |||||||||||||||
Cost of revenues | 2,055 | 2,017 | — | 4,072 | |||||||||||||||||||
Gross profit | $ | 1,362 | $ | 2,710 | $ | — | $ | 4,072 | |||||||||||||||
Gross profit % | 40 | % | 57 | % | 50 | % | |||||||||||||||||
Allocated operating expenses | $ | 2,212 | $ | 5,985 | $ | — | $ | 8,197 | |||||||||||||||
Unallocated operating expenses | — | — | 2,162 | 2,162 | |||||||||||||||||||
Total operating expenses | $ | 2,212 | $ | 5,985 | $ | 2,162 | $ | 10,359 | |||||||||||||||
Loss from operations | $ | (850) | $ | (3,275) | $ | (2,162) | $ | (6,287) | |||||||||||||||
Interest and other expense, net | 7 | 220 | — | 227 | |||||||||||||||||||
Net loss before tax | $ | (857) | $ | (3,495) | $ | (2,162) | $ | (6,514) | |||||||||||||||
Income tax | — | — | — | — | |||||||||||||||||||
Net loss | (857) | (3,495) | $ | (2,162) | $ | (6,514) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Domestic | $ | 1,227 | $ | 1,854 | $ | 2,242 | $ | 5,456 | |||||||||||||||
Foreign | 822 | 962 | 1,725 | 2,688 | |||||||||||||||||||
$ | 2,049 | $ | 2,816 | $ | 3,967 | $ | 8,144 | ||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | % of Revenue | 2020 | % of Revenue | ||||||||||||||||||||
Revenue: Oblong (formerly Glowpoint) | |||||||||||||||||||||||
Video collaboration services | $ | 230 | 11 | % | $ | 428 | 15 | % | |||||||||||||||
Network services | 830 | 41 | % | 891 | 32 | % | |||||||||||||||||
Professional and other services | 18 | 1 | % | 54 | 2 | % | |||||||||||||||||
Total Oblong revenue | $ | 1,078 | 53 | % | $ | 1,373 | 49 | % | |||||||||||||||
Revenue: Oblong Industries | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 942 | 46 | % | 923 | 33 | % | ||||||||||||||||
Professional services | — | — | % | 228 | 8 | % | |||||||||||||||||
Licensing | 29 | 1 | % | 292 | 10 | % | |||||||||||||||||
Total Oblong Industries revenue | $ | 971 | 47 | % | 1,443 | 51 | % | ||||||||||||||||
Total revenue | $ | 2,049 | 100 | % | $ | 2,816 | 100 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | % of Revenue | 2020 | % of Revenue | ||||||||||||||||||||
Revenue: Oblong (formerly Glowpoint) | |||||||||||||||||||||||
Video collaboration services | $ | 521 | 13 | % | $ | 1,473 | 18 | % | |||||||||||||||
Network services | 1,711 | 43 | % | 1,816 | 22 | % | |||||||||||||||||
Professional and other services | 41 | 1 | % | 128 | 2 | % | |||||||||||||||||
Total Oblong revenue | $ | 2,273 | 57 | % | $ | 3,417 | 42 | % | |||||||||||||||
Revenue: Oblong Industries | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 1,635 | 41 | % | 3,245 | 40 | % | ||||||||||||||||
Professional services | — | — | % | 898 | 11 | % | |||||||||||||||||
Licensing | 59 | 1 | % | 584 | 7 | % | |||||||||||||||||
Total Oblong Industries revenue | $ | 1,694 | 42.71 | % | 4,727 | 58 | % | ||||||||||||||||
Total revenue | $ | 3,967 | 100 | % | $ | 8,144 | 100 | % |
Three Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Oblong (formerly Glowpoint) | 32 | % | 23 | % | ||||||||||||
Customer B | Oblong Industries | — | % | 20 | % | ||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Oblong (formerly Glowpoint) | 34 | % | 15 | % | ||||||||||||
Customer B | Oblong Industries | — | % | 21 | % | ||||||||||||
As of June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Segment | % of Accounts Receivable | % of Accounts Receivable | |||||||||||||||
Customer A | Oblong (formerly Glowpoint) | 22 | % | 32 | % | ||||||||||||
Customer B | Oblong (formerly Glowpoint) | 13 | % | 10 | % | ||||||||||||
Customer C | Oblong Industries | — | % | 12 | % | ||||||||||||
June 30, 2021 | |||||||||||
Assets | |||||||||||
Operating lease, right-of-use asset, net | $ | 653 | |||||||||
Liabilities | |||||||||||
Current portion of operating lease liabilities | $ | 734 | |||||||||
Operating lease liabilities, net of current portion | 249 | ||||||||||
Total operating lease liabilities | $ | 983 |
Remaining Lease Payments | ||||||||
Remainder of 2021 | $ | 442 | ||||||
2022 | 508 | |||||||
2023 | 116 | |||||||
Total lease payments | $ | 1,066 | ||||||
Effect of discounting | (83) | |||||||
Total lease liability | $ | 983 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,078 | $ | 971 | $ | — | $ | 2,049 | |||||||||||||||
Cost of revenues | 739 | 510 | — | 1,249 | |||||||||||||||||||
Gross profit | $ | 339 | $ | 461 | $ | — | $ | 800 | |||||||||||||||
Gross profit % | 31 | % | 47 | % | 39 | % | |||||||||||||||||
Allocated operating expenses | $ | 82 | $ | 1,796 | $ | — | $ | 1,878 | |||||||||||||||
Unallocated operating expenses | $ | — | $ | — | 1,400 | 1,400 | |||||||||||||||||
Total operating expenses | $ | 82 | $ | 1,796 | $ | 1,400 | $ | 3,278 | |||||||||||||||
Income (loss) from operations | $ | 257 | $ | (1,335) | $ | (1,400) | $ | (2,478) | |||||||||||||||
Interest and other expense (income), net | 9 | (241) | $ | — | (232) | ||||||||||||||||||
Net income (loss) before tax | $ | 248 | $ | (1,094) | $ | (1,400) | $ | (2,246) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net income (loss) | $ | 248 | $ | (1,094) | $ | (1,400) | $ | (2,246) |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,373 | $ | 1,443 | $ | — | $ | 2,816 | |||||||||||||||
Cost of revenues | 898 | 785 | — | 1,683 | |||||||||||||||||||
Gross profit | $ | 475 | $ | 658 | $ | — | $ | 1,133 | |||||||||||||||
Gross profit % | 35 | % | 46 | % | 40 | % | |||||||||||||||||
Allocated operating expenses | $ | 1,063 | $ | 2,574 | $ | — | $ | 3,637 | |||||||||||||||
Unallocated operating expenses | $ | — | $ | — | 796 | 796 | |||||||||||||||||
Total operating expenses | $ | 1,063 | $ | 2,574 | $ | 796 | $ | 4,433 | |||||||||||||||
Loss from operations | $ | (588) | $ | (1,916) | $ | (796) | $ | (3,300) | |||||||||||||||
Interest and other expense, net | 7 | 78 | $ | — | 85 | ||||||||||||||||||
Net loss before taxes | $ | (595) | $ | (1,994) | $ | (796) | $ | (3,385) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net loss | $ | (595) | $ | (1,994) | $ | (796) | $ | (3,385) |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | % of Revenue | 2020 | % of Revenue | ||||||||||||||||||||
Revenue: Oblong (formerly Glowpoint) | |||||||||||||||||||||||
Video collaboration services | $ | 230 | 11 | % | $ | 428 | 15 | % | |||||||||||||||
Network services | 830 | 41 | % | 891 | 32 | % | |||||||||||||||||
Professional and other services | 18 | 1 | % | 54 | 2 | % | |||||||||||||||||
Total Oblong revenue | $ | 1,078 | 53 | % | $ | 1,373 | 49 | % | |||||||||||||||
Revenue: Oblong Industries | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 942 | 46 | % | $ | 923 | 33 | % | |||||||||||||||
Professional services | — | — | % | $ | 228 | 8 | % | ||||||||||||||||
Licensing | 29 | 1 | % | $ | 292 | 10 | % | ||||||||||||||||
Total Oblong Industries revenue | $ | 971 | 47 | % | $ | 1,443 | 51 | % | |||||||||||||||
Total revenue | $ | 2,049 | 100 | % | $ | 2,816 | 100 | % |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cost of Revenue | |||||||||||
Oblong (formerly Glowpoint) | $ | 739 | $ | 898 | |||||||
Oblong Industries | 510 | 785 | |||||||||
Total cost of revenue | $ | 1,249 | $ | 1,683 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 2,273 | $ | 1,694 | $ | — | $ | 3,967 | |||||||||||||||
Cost of revenues | 1,572 | 967 | — | 2,539 | |||||||||||||||||||
Gross profit | $ | 701 | $ | 727 | $ | — | $ | 1,428 | |||||||||||||||
Gross profit % | 31 | % | 43 | % | 36 | % | |||||||||||||||||
Allocated operating expenses | $ | 193 | $ | 3,626 | $ | — | $ | 3,819 | |||||||||||||||
Unallocated operating expenses | $ | 3,498 | $ | 3,498 | |||||||||||||||||||
Total operating expenses | $ | 193 | $ | 3,626 | $ | 3,498 | $ | 7,317 | |||||||||||||||
Income (loss) from operations | $ | 508 | $ | (2,899) | $ | (3,498) | $ | (5,889) | |||||||||||||||
Interest and other expense (income), net | $ | 14 | $ | (224) | $ | — | $ | (210) | |||||||||||||||
Net income (loss) before tax | $ | 494 | $ | (2,675) | $ | (3,498) | $ | (5,679) | |||||||||||||||
Income tax | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Net income (loss) | $ | 494 | $ | (2,675) | $ | (3,498) | $ | (5,679) |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Oblong (formerly Glowpoint) | Oblong Industries | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 3,417 | $ | 4,727 | $ | — | $ | 8,144 | |||||||||||||||
Cost of revenues | 2,055 | 2,017 | — | 4,072 | |||||||||||||||||||
Gross profit | $ | 1,362 | $ | 2,710 | $ | — | $ | 4,072 | |||||||||||||||
Gross profit % | 40 | % | 57 | % | 50 | % | |||||||||||||||||
Allocated operating expenses | $ | 2,212 | $ | 5,985 | $ | — | $ | 8,197 | |||||||||||||||
Unallocated operating expenses | — | — | 2,162 | 2,162 | |||||||||||||||||||
Total operating expenses | $ | 2,212 | $ | 5,985 | $ | 2,162 | $ | 10,359 | |||||||||||||||
Loss from operations | $ | (850) | $ | (3,275) | $ | (2,162) | $ | (6,287) | |||||||||||||||
Interest and other expense, net | 7 | 220 | — | 227 | |||||||||||||||||||
Net loss before tax | $ | (857) | $ | (3,495) | $ | (2,162) | $ | (6,514) | |||||||||||||||
Income tax | — | — | — | — | |||||||||||||||||||
Net loss | (857) | (3,495) | $ | (2,162) | $ | (6,514) |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | % of Revenue | 2020 | % of Revenue | ||||||||||||||||||||
Revenue: Oblong (formerly Glowpoint) | |||||||||||||||||||||||
Video collaboration services | $ | 521 | 13 | % | $ | 1,473 | 18 | % | |||||||||||||||
Network services | 1,711 | 43 | % | 1,816 | 22 | % | |||||||||||||||||
Professional and other services | 41 | 1 | % | 128 | 2 | % | |||||||||||||||||
Total Glowpoint revenue | $ | 2,273 | 57 | % | $ | 3,417 | 42 | % | |||||||||||||||
Revenue: Oblong Industries | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 1,635 | 41 | % | $ | 3,245 | 40 | % | |||||||||||||||
Professional services | — | — | % | 898 | 11 | % | |||||||||||||||||
Licensing | 59 | 1 | % | 584 | 7 | % | |||||||||||||||||
Total Oblong Industries revenue | $ | 1,694 | 43 | % | $ | 4,727 | 58 | % | |||||||||||||||
Total revenue | $ | 3,967 | 100 | % | $ | 8,144 | 100 | % |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cost of Revenue | |||||||||||
Oblong (formerly Glowpoint) | $ | 1,572 | $ | 2,055 | |||||||
Oblong Industries | $ | 967 | $ | 2,017 | |||||||
Total cost of revenue | $ | 2,539 | $ | 4,072 |
Exhibit
Number |
Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
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 |
OBLONG, INC. | ||||||||
August 11, 2021 | By: | /s/ Peter Holst | ||||||
Peter Holst | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
August 11, 2021 | By: | /s/ David Clark | ||||||
David Clark | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
1 Year Oblong Chart |
1 Month Oblong Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions