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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 September 30, 2022 (unaudited) and December 31, 2021 | ||||||||
Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 | ||||||||
Unaudited Condensed Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021 | ||||||||
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 | ||||||||
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 |
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 4,143 | $ | 8,939 | |||||||
Restricted cash | — | 61 | |||||||||
Accounts receivable, net | 357 | 849 | |||||||||
Inventory | 1,027 | 1,821 | |||||||||
Prepaid expenses and other current assets | 868 | 1,081 | |||||||||
Total current assets | 6,395 | 12,751 | |||||||||
Property and equipment, net | 25 | 159 | |||||||||
Goodwill | — | 7,367 | |||||||||
Intangibles, net | 690 | 7,562 | |||||||||
Operating lease - right of use asset, net | 201 | 659 | |||||||||
Other assets | 53 | 109 | |||||||||
Total assets | $ | 7,364 | $ | 28,607 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 401 | $ | 259 | |||||||
Accrued expenses and other current liabilities | 1,088 | 959 | |||||||||
Current portion of deferred revenue | 571 | 783 | |||||||||
Current portion of operating lease liabilities | 306 | 492 | |||||||||
Total current liabilities | 2,366 | 2,493 | |||||||||
Long-term liabilities: | |||||||||||
Operating lease liabilities, net of current portion | 43 | 236 | |||||||||
Deferred revenue, net of current portion | 152 | 381 | |||||||||
Total long-term liabilities | 195 | 617 | |||||||||
Total liabilities | 2,561 | 3,110 | |||||||||
Commitments and contingencies (see Note 11) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $.0001 par value; 150,000,000 shares authorized; 30,929,331 shares issued and 30,816,048 outstanding at September 30, 2022 and December 31, 2021 | 3 | 3 | |||||||||
Treasury stock, 113,283 shares of common stock at September 30, 2022 and December 31, 2021 | (181) | (181) | |||||||||
Additional paid-in capital | 227,611 | 227,581 | |||||||||
Accumulated deficit | (222,630) | (201,906) | |||||||||
Total stockholders' equity | 4,803 | 25,497 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,364 | $ | 28,607 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 1,185 | $ | 1,799 | $ | 4,050 | $ | 5,766 | |||||||||||||||
Cost of revenue (exclusive of depreciation and amortization and casualty loss) | 841 | 1,228 | 2,800 | 3,767 | |||||||||||||||||||
Gross profit | 344 | 571 | 1,250 | 1,999 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 232 | 693 | 1,634 | 1,984 | |||||||||||||||||||
Sales and marketing | 282 | 438 | 1,161 | 1,537 | |||||||||||||||||||
General and administrative | 1,229 | 1,628 | 4,104 | 5,078 | |||||||||||||||||||
Impairment charges | 5,169 | 254 | 12,715 | 302 | |||||||||||||||||||
Casualty loss | — | — | 533 | — | |||||||||||||||||||
Depreciation and amortization | 592 | 669 | 1,818 | 2,098 | |||||||||||||||||||
Total operating expenses | 7,504 | 3,682 | 21,965 | 10,999 | |||||||||||||||||||
Loss from operations | (7,160) | (3,111) | (20,715) | (9,000) | |||||||||||||||||||
Interest and other expense (income), net | (5) | (2,449) | 1 | (2,659) | |||||||||||||||||||
Loss before income taxes | (7,155) | (662) | (20,716) | (6,341) | |||||||||||||||||||
Income tax expense (benefit) | (3) | — | 8 | — | |||||||||||||||||||
Net loss | (7,152) | (662) | (20,724) | (6,341) | |||||||||||||||||||
Preferred stock dividends | — | — | — | 1 | |||||||||||||||||||
Undeclared dividends | — | — | — | 366 | |||||||||||||||||||
Induced conversion of Series A-2 Preferred Stock | — | — | — | 300 | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (7,152) | $ | (662) | $ | (20,724) | $ | (7,008) | |||||||||||||||
Net loss attributable to common stockholders per share: | |||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.23) | $ | (0.02) | $ | (0.67) | $ | (0.28) | |||||||||||||||
Weighted-average number of shares of common stock: | |||||||||||||||||||||||
Basic and diluted | 30,816 | 30,739 | 30,816 | 25,121 | |||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 30,929,331 | $ | 3 | 113,283 | $ | (181) | $ | 227,581 | $ | (201,906) | $ | 25,497 | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (4,539) | (4,539) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 52 | — | 52 | ||||||||||||||||||||||||||||||||||
Forfeiture of unvested stock options | — | — | — | — | (84) | — | (84) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 30,929,331 | 3 | 113,283 | (181) | 227,549 | (206,445) | 20,926 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (9,033) | (9,033) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 31 | — | 31 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 30,929,331 | 3 | 113,283 | (181) | 227,580 | (215,478) | 11,924 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (7,152) | (7,152) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 31 | — | 31 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 30,929,331 | $ | 3 | 113,283 | $ | (181) | $ | 227,611 | $ | (222,630) | $ | 4,803 |
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 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (662) | (662) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 502 | — | 502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock on vested restricted stock units | — | — | — | — | — | — | 200 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | — | $ | — | — | $ | — | — | $ | — | 30,929,331 | $ | 3 | 113,283 | $ | (181) | $ | 227,519 | $ | (199,196) | $ | 28,145 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (20,724) | $ | (6,341) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 1,818 | 2,098 | |||||||||
Bad debt expense | 114 | 280 | |||||||||
Stock-based compensation | 114 | 535 | |||||||||
Stock-based expense for services | — | 390 | |||||||||
Forfeiture of unvested stock options | (84) | — | |||||||||
Gain on extinguishment of liabilities | — | (2,675) | |||||||||
Casualty loss on inventory | 533 | — | |||||||||
Impairment charges - property and equipment | 37 | 98 | |||||||||
Impairment charges - intangible assets | 5,132 | 207 | |||||||||
Impairment charges - right of use asset | 179 | — | |||||||||
Impairment charges - goodwill | 7,367 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 378 | 1,610 | |||||||||
Inventory | 261 | (936) | |||||||||
Prepaid expenses and other current assets | 213 | (751) | |||||||||
Right of use asset | 290 | 372 | |||||||||
Other assets | 56 | 15 | |||||||||
Accounts payable | 142 | 225 | |||||||||
Accrued expenses and other current liabilities | 129 | 11 | |||||||||
Deferred revenue | (441) | (355) | |||||||||
Lease liabilities | (390) | (739) | |||||||||
Net cash used in operating activities | (4,876) | (5,956) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (11) | (30) | |||||||||
Proceeds from sale of equipment | 30 | — | |||||||||
Net cash provided by (used in) investing activities | 19 | (30) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from stock issuance, net of issuance costs | — | 11,504 | |||||||||
Net cash provided by financing activities | — | 11,504 | |||||||||
(Decrease) increase in cash and restricted cash | (4,857) | 5,518 | |||||||||
Cash and restricted cash at beginning of period | 9,000 | 5,277 | |||||||||
Cash and restricted cash at end of period | $ | 4,143 | $ | 10,795 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Reconciliation of cash and restricted cash | |||||||||||
Cash | $ | 4,143 | $ | 10,734 | |||||||
Restricted cash | — | 61 | |||||||||
Total cash and restricted cash | $ | 4,143 | $ | 10,795 | |||||||
Cash paid during the period for interest | $ | 7 | $ | 2 | |||||||
Non-cash investing and financing activities: | |||||||||||
Accrued preferred stock dividends | $ | — | $ | 1 | |||||||
Inducement to convert Series A-2 Preferred Stock to common | $ | — | $ | 300 | |||||||
Common stock issued for conversion of Preferred Stock | $ | — | $ | 3 | |||||||
Lease liability and right of use asset | $ | 11 | $ | — |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Impairment Charges | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||
Developed technology | $ | 10,060 | $ | (6,049) | $ | (3,525) | $ | 486 | $ | 10,060 | $ | (4,537) | $ | 5,523 | |||||||||||||||||||||||||||
Trade names | 2,410 | (723) | (1,483) | 204 | 2,410 | (542) | 1,868 | ||||||||||||||||||||||||||||||||||
Distributor relationships | 310 | (186) | (124) | — | 310 | (139) | 171 | ||||||||||||||||||||||||||||||||||
Total | $ | 12,780 | $ | (6,958) | $ | (5,132) | $ | 690 | $ | 12,780 | $ | (5,218) | $ | 7,562 |
Remainder of 2022 | $ | 86 | |||
2023 | 345 | ||||
2024 | 259 | ||||
Total | $ | 690 |
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Accrued compensation costs | $ | 780 | $ | 551 | |||||||
Accrued professional fees | — | 69 | |||||||||
Accrued taxes and regulatory fees | 80 | 92 | |||||||||
Customer deposits | 120 | 145 | |||||||||
Other accrued expenses and liabilities | 108 | 102 | |||||||||
Accrued expenses and other liabilities | $ | 1,088 | $ | 959 | |||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Assets | |||||||||||||||||
Operating lease, right-of-use asset, net | $ | 201 | $ | 659 | |||||||||||||
Liabilities | |||||||||||||||||
Current portion of operating lease liabilities | $ | 306 | $ | 492 | |||||||||||||
Operating lease liabilities, net of current portion | 43 | 236 | |||||||||||||||
Total operating lease liabilities | $ | 349 | $ | 728 |
Remaining Lease Payments | ||||||||
2022 | $ | 110 | ||||||
2023 | 225 | |||||||
2024 | 17 | |||||||
Total lease payments | 352 | |||||||
Effect of discounting | (3) | |||||||
Total lease liability | $ | 349 |
Right-of-Use Asset | Operating Lease Liabilities | |||||||||||||
Balance at December 31, 2020 | $ | 903 | $ | 1,432 | ||||||||||
Additions | 60 | 60 | ||||||||||||
Terminations and Modifications | 192 | 156 | ||||||||||||
Amortization and Payments | (496) | (920) | ||||||||||||
Balance at December 31, 2021 | $ | 659 | $ | 728 | ||||||||||
Additions | 11 | 11 | ||||||||||||
Amortization and Payments | (290) | (390) | ||||||||||||
Impairment Charges | (179) | — | ||||||||||||
Balance at September 30, 2022 | $ | 201 | $ | 349 |
Issue Date | Warrants Issued | Exercise Price | Expiration Date | |||||||||||||||||
October 21, 2020 | 521,500 | $ | 4.08 | April 22, 2023 | ||||||||||||||||
December 6, 2020 | 625,000 | 5.49 | June 7, 2023 | |||||||||||||||||
June 30, 2021 - Series A(1) | 1,000,000 | 4.00 | January 4, 2023 | |||||||||||||||||
June 30, 2021 - Series B | 3,000,000 | 4.40 | June 30, 2024 | |||||||||||||||||
5,146,500 | ||||||||||||||||||||
(1) Series A Warrants shown as amended on December 31, 2021 |
Outstanding | ||||||||||||||
Number of Warrants (in thousands) | Weighted Average Exercise Price | |||||||||||||
Warrants outstanding and exercisable, December 31, 2020 | 1,146,500 | $ | 4.85 | |||||||||||
Granted | 4,000,000 | 4.30 | ||||||||||||
Warrants outstanding and exercisable, December 31, 2021 | 5,146,500 | 4.42 | ||||||||||||
Warrants outstanding and exercisable, September 30, 2022 | 5,146,500 | $ | 4.42 |
Outstanding | Exercisable | ||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||||||||||||||
Options outstanding and exercisable, December 31, 2020 | 107,500 | $ | 19.64 | 107,500 | $ | 19.64 | |||||||||||||||||
Granted | 300,000 | 3.25 | — | — | |||||||||||||||||||
Options outstanding and exercisable, December 31, 2021 | 407,500 | 7.57 | 107,500 | 19.64 | |||||||||||||||||||
Vested | — | — | 50,000 | 3.25 | |||||||||||||||||||
Expired | (7,500) | 27.40 | (7,500) | 27.40 | |||||||||||||||||||
Forfeited | (150,000) | 3.25 | — | — | |||||||||||||||||||
Options outstanding and exercisable, September 30, 2022 | 250,000 | $ | 9.57 | 150,000 | $ | 12.98 |
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 | 152,500 | 8.63 | $ | 3.34 | 52,500 | $ | 1.20 | |||||||||||||||||||||||||
$10.01 – $20.00 | 97,500 | 0.31 | 19.32 | 97,500 | 19.32 | |||||||||||||||||||||||||||
250,000 | 5.38 | $ | 9.57 | 150,000 | $ | 12.98 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | (7,152) | $ | (662) | $ | (20,724) | $ | (6,341) | |||||||||||||||
Less: preferred stock dividends | — | — | — | (1) | |||||||||||||||||||
Less: undeclared dividends | — | — | — | (366) | |||||||||||||||||||
Less: loss on induced conversion of Series A-2 Preferred Stock | — | — | — | (300) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (7,152) | $ | (662) | $ | (20,724) | $ | (7,008) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average number of shares of common stock | 30,816 | 30,739 | 30,816 | 25,121 | |||||||||||||||||||
Basic and diluted net loss per share | $ | (0.23) | $ | (0.02) | $ | (0.67) | $ | (0.28) | |||||||||||||||
Three and Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Unvested restricted stock awards | 627 | 627 | |||||||||
Outstanding stock options | 250,000 | 407,500 | |||||||||
Warrants | 5,146,500 | 5,146,500 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 797 | $ | 388 | $ | — | $ | 1,185 | |||||||||||||||
Cost of revenues | 552 | 289 | — | 841 | |||||||||||||||||||
Gross profit | $ | 245 | $ | 99 | $ | — | $ | 344 | |||||||||||||||
Gross profit % | 31 | % | 26 | % | 29 | % | |||||||||||||||||
Allocated operating expenses | $ | — | $ | 6,275 | $ | — | $ | 6,275 | |||||||||||||||
Unallocated operating expenses | — | — | 1,229 | 1,229 | |||||||||||||||||||
Total operating expenses | $ | — | $ | 6,275 | $ | 1,229 | $ | 7,504 | |||||||||||||||
Income (loss) from operations | $ | 245 | $ | (6,176) | $ | (1,229) | $ | (7,160) | |||||||||||||||
Interest and other expense (income), net | 1 | (6) | — | (5) | |||||||||||||||||||
Net income (loss) before tax | 246 | (6,170) | (1,229) | (7,155) | |||||||||||||||||||
Income tax benefit | — | (3) | — | (3) | |||||||||||||||||||
Net income (loss) | $ | 246 | $ | (6,167) | $ | (1,229) | $ | (7,152) |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 2,573 | $ | 1,477 | $ | — | $ | 4,050 | |||||||||||||||
Cost of revenues | 1,722 | 1,078 | — | 2,800 | |||||||||||||||||||
Gross profit | $ | 851 | $ | 399 | $ | — | $ | 1,250 | |||||||||||||||
Gross profit % | 33 | % | 27 | % | 31 | % | |||||||||||||||||
Allocated operating expenses | $ | 57 | $ | 17,804 | $ | — | $ | 17,861 | |||||||||||||||
Unallocated operating expenses | — | — | 4,104 | 4,104 | |||||||||||||||||||
Total operating expenses | $ | 57 | $ | 17,804 | $ | 4,104 | $ | 21,965 | |||||||||||||||
Income (loss) from operations | $ | 794 | $ | (17,405) | $ | (4,104) | $ | (20,715) | |||||||||||||||
Interest and other expense (income), net | 7 | (6) | — | 1 | |||||||||||||||||||
Net income (loss) before tax | 787 | (17,399) | (4,104) | (20,716) | |||||||||||||||||||
Income tax expense | 8 | — | — | 8 | |||||||||||||||||||
Net income (loss) | $ | 779 | $ | (17,399) | $ | (4,104) | $ | (20,724) | |||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 1,006 | $ | 793 | $ | — | $ | 1,799 | |||||||||||||||
Cost of revenues | 721 | 507 | — | 1,228 | |||||||||||||||||||
Gross profit | $ | 285 | $ | 286 | $ | — | $ | 571 | |||||||||||||||
Gross profit % | 28 | % | 36 | % | 32 | % | |||||||||||||||||
Allocated operating expenses | $ | 337 | $ | 1,717 | $ | — | $ | 2,054 | |||||||||||||||
Unallocated operating expenses | — | — | 1,628 | 1,628 | |||||||||||||||||||
Total operating expenses | $ | 337 | $ | 1,717 | $ | 1,628 | $ | 3,682 | |||||||||||||||
Loss from operations | $ | (52) | $ | (1,431) | $ | (1,628) | $ | (3,111) | |||||||||||||||
Interest and other expense (income), net | 2 | (3) | (2,448) | (2,449) | |||||||||||||||||||
Income (loss) before income taxes | (54) | (1,428) | 820 | (662) | |||||||||||||||||||
Income tax expense | — | — | — | — | |||||||||||||||||||
Net income (loss) | $ | (54) | $ | (1,428) | $ | 820 | $ | (662) |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 3,279 | $ | 2,487 | $ | — | $ | 5,766 | |||||||||||||||
Cost of revenues | 2,293 | 1,474 | — | 3,767 | |||||||||||||||||||
Gross profit | $ | 986 | $ | 1,013 | $ | — | $ | 1,999 | |||||||||||||||
Gross profit % | 30 | % | 41 | % | 35 | % | |||||||||||||||||
Allocated operating expenses | $ | 527 | $ | 5,394 | $ | — | $ | 5,921 | |||||||||||||||
Unallocated operating expenses | — | — | 5,078 | 5,078 | |||||||||||||||||||
Total operating expenses | $ | 527 | $ | 5,394 | $ | 5,078 | $ | 10,999 | |||||||||||||||
Income (loss) from operations | $ | 459 | $ | (4,381) | $ | (5,078) | $ | (9,000) | |||||||||||||||
Interest and other expense (income), net | 16 | (227) | (2,448) | (2,659) | |||||||||||||||||||
Net income (loss) before tax | 443 | (4,154) | (2,630) | (6,341) | |||||||||||||||||||
Income tax expense | — | — | — | — | |||||||||||||||||||
Net income (loss) | $ | 443 | $ | (4,154) | $ | (2,630) | $ | (6,341) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Domestic | $ | 575 | $ | 1,035 | $ | 2,120 | $ | 3,277 | |||||||||||||||
Foreign | 610 | 764 | 1,930 | 2,489 | |||||||||||||||||||
$ | 1,185 | $ | 1,799 | $ | 4,050 | $ | 5,766 | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 69 | 6 | % | $ | 179 | 10 | % | |||||||||||||||
Network services | 716 | 60 | % | 813 | 45 | % | |||||||||||||||||
Professional and other services | 12 | 1 | % | 14 | 1 | % | |||||||||||||||||
Total Managed Services revenue | $ | 797 | 67 | % | $ | 1,006 | 56 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 385 | 33 | % | $ | 771 | 43 | % | |||||||||||||||
Licensing | 3 | — | % | 22 | 1 | % | |||||||||||||||||
Total Collaboration Products revenue | 388 | 33 | % | 793 | 44 | % | |||||||||||||||||
Total revenue | $ | 1,185 | 100 | % | $ | 1,799 | 100 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 264 | 7 | % | $ | 700 | 21 | % | |||||||||||||||
Network services | 2,260 | 56 | % | 2,524 | 77 | % | |||||||||||||||||
Professional and other services | 49 | 1 | % | 55 | 2 | % | |||||||||||||||||
Total Managed Services revenue | $ | 2,573 | 64 | % | $ | 3,279 | 57 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 1,467 | 36 | % | $ | 2,406 | 42 | % | |||||||||||||||
Licensing | 10 | — | % | 81 | 1 | % | |||||||||||||||||
Total Collaboration Products revenue | 1,477 | 36 | % | 2,487 | 43 | % | |||||||||||||||||
Total revenue | $ | 4,050 | 100 | % | $ | 5,766 | 100 | % |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Managed Services | 53 | % | 37 | % | ||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Segment | % of Revenue | % of Revenue | |||||||||||||||
Customer A | Managed Services | 48 | % | 35 | % | ||||||||||||
As of September 30, 2022 | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Segment | % of Accounts Receivable | % of Accounts Receivable | |||||||||||||||
Customer A | Managed Services | 52 | % | 17 | % | ||||||||||||
Customer B | Collaboration Products | 12 | % | — | % | ||||||||||||
Customer C | Collaboration Products | — | % | 12 | % | ||||||||||||
Customer D | Collaboration Products | — | % | 11 | % | ||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 797 | $ | 388 | $ | — | $ | 1,185 | |||||||||||||||
Cost of revenues | 552 | 289 | — | 841 | |||||||||||||||||||
Gross profit | $ | 245 | $ | 99 | $ | — | $ | 344 | |||||||||||||||
Gross profit % | 31 | % | 26 | % | 29 | % | |||||||||||||||||
Allocated operating expenses | $ | — | $ | 6,275 | $ | — | $ | 6,275 | |||||||||||||||
Unallocated operating expenses | — | — | 1,229 | 1,229 | |||||||||||||||||||
Total operating expenses | $ | — | $ | 6,275 | $ | 1,229 | $ | 7,504 | |||||||||||||||
Income (loss) from operations | $ | 245 | $ | (6,176) | $ | (1,229) | $ | (7,160) | |||||||||||||||
Interest and other expense (income), net | 1 | (6) | — | (5) | |||||||||||||||||||
Net income (loss) before tax | 246 | (6,170) | (1,229) | (7,155) | |||||||||||||||||||
Income tax benefit | — | (3) | — | (3) | |||||||||||||||||||
Net income (loss) | $ | 246 | $ | (6,167) | $ | (1,229) | $ | (7,152) |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 69 | 6 | % | $ | 179 | 10 | % | |||||||||||||||
Network services | 716 | 60 | % | 813 | 45 | % | |||||||||||||||||
Professional and other services | 12 | 1 | % | 14 | 1 | % | |||||||||||||||||
Total Managed Services revenue | $ | 797 | 67 | % | $ | 1,006 | 56 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 385 | 33 | % | $ | 771 | 43 | % | |||||||||||||||
Licensing | 3 | — | % | 22 | 1 | % | |||||||||||||||||
Total Collaboration Products revenue | 388 | 33 | % | 793 | 44 | % | |||||||||||||||||
Total revenue | $ | 1,185 | 100 | % | $ | 1,799 | 100 | % |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cost of Revenue | |||||||||||
Managed Services | $ | 552 | $ | 721 | |||||||
Collaboration Products | 289 | 507 | |||||||||
Total cost of revenue | $ | 841 | $ | 1,228 |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 232 | $ | 693 | $ | (461) | (67) | % | |||||||||||||||
Sales and marketing | 282 | 438 | (156) | (36) | % | ||||||||||||||||||
General and administrative | 1,229 | 1,628 | (399) | (25) | % | ||||||||||||||||||
Impairment charges | 5,169 | 254 | 4,915 | 1935 | % | ||||||||||||||||||
Depreciation and amortization | 592 | 669 | (77) | (12) | % | ||||||||||||||||||
Total operating expenses | $ | 7,504 | $ | 3,682 | $ | 3,822 | 104 | % |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Managed Services | Collaboration Products | Corporate | Total | ||||||||||||||||||||
Revenue | $ | 2,573 | $ | 1,477 | $ | — | $ | 4,050 | |||||||||||||||
Cost of revenues | 1,722 | 1,078 | — | 2,800 | |||||||||||||||||||
Gross profit | $ | 851 | $ | 399 | $ | — | $ | 1,250 | |||||||||||||||
Gross profit % | 33 | % | 27 | % | 31 | % | |||||||||||||||||
Allocated operating expenses | $ | 57 | $ | 17,804 | $ | — | $ | 17,861 | |||||||||||||||
Unallocated operating expenses | — | — | 4,104 | 4,104 | |||||||||||||||||||
Total operating expenses | $ | 57 | $ | 17,804 | $ | 4,104 | $ | 21,965 | |||||||||||||||
Income (loss) from operations | $ | 794 | $ | (17,405) | $ | (4,104) | $ | (20,715) | |||||||||||||||
Interest and other expense (income), net | 7 | (6) | — | 1 | |||||||||||||||||||
Net income (loss) before tax | 787 | (17,399) | (4,104) | (20,716) | |||||||||||||||||||
Income tax expense | 8 | — | — | 8 | |||||||||||||||||||
Net income (loss) | $ | 779 | $ | (17,399) | $ | (4,104) | $ | (20,724) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | % of Revenue | 2021 | % of Revenue | ||||||||||||||||||||
Revenue: Managed Services | |||||||||||||||||||||||
Video collaboration services | $ | 264 | 7 | % | $ | 700 | 21 | % | |||||||||||||||
Network services | 2,260 | 56 | % | 2,524 | 77 | % | |||||||||||||||||
Professional and other services | 49 | 1 | % | 55 | 2 | % | |||||||||||||||||
Total Managed Services revenue | $ | 2,573 | 64 | % | $ | 3,279 | 57 | % | |||||||||||||||
Revenue: Collaboration Products | |||||||||||||||||||||||
Visual collaboration product offerings | $ | 1,467 | 36 | % | $ | 2,406 | 42 | % | |||||||||||||||
Licensing | 10 | — | % | 81 | 1 | % | |||||||||||||||||
Total Collaboration Products revenue | 1,477 | 36 | % | 2,487 | 43 | % | |||||||||||||||||
Total revenue | $ | 4,050 | 100 | % | $ | 5,766 | 100 | % |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cost of Revenue | |||||||||||
Managed Services | $ | 1,722 | $ | 2,293 | |||||||
Collaboration Products | 1,078 | 1,474 | |||||||||
Total cost of revenue | $ | 2,800 | $ | 3,767 |
Nine months ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 1,634 | $ | 1,984 | $ | (350) | (18) | % | |||||||||||||||
Sales and marketing | 1,161 | 1,537 | (376) | (24) | % | ||||||||||||||||||
General and administrative | 4,104 | 5,078 | (974) | (19) | % | ||||||||||||||||||
Impairment charges | 12,715 | 302 | 12,413 | 4110 | % | ||||||||||||||||||
Casualty loss | 533 | — | 533 | 100 | % | ||||||||||||||||||
Depreciation and amortization | 1,818 | 2,098 | (280) | (13) | % | ||||||||||||||||||
Total operating expenses | $ | 21,965 | $ | 10,999 | $ | 10,966 | 100 | % |
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. | ||||||||
November 10, 2022 | By: | /s/ Peter Holst | ||||||
Peter Holst | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
November 10, 2022 | By: | /s/ David Clark | ||||||
David Clark | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
1 Year Oblong Chart |
1 Month Oblong Chart |
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