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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BSQUARE Corporation | NASDAQ:BSQR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.89 | 1.89 | 1.90 | 0 | 01:00:00 |
☐ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
ITEM 3. | PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS |
ITEM 4. | THE SOLICITATION OR RECOMMENDATION |
| | Historical | | | Forecast | |||||||||||||||||||
| | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | |
Revenue | | | | | | | | | | | | | | | | | ||||||||
Partner Solutions | | | $36,516 | | | $33,119 | | | $28,050 | | | $23,843 | | | $20,266 | | | $17,226 | | | $14,642 | | | $12,446 |
Edge to Cloud | | | 3,851 | | | 3,368 | | | 2,954 | | | 2,914 | | | 2,958 | | | 2,969 | | | 2,980 | | | 2,992 |
Total revenue | | | 40,367 | | | 36,487 | | | 31,004 | | | 26,757 | | | 23,224 | | | 20,195 | | | 17,623 | | | 15,438 |
Cost of revenue | | | | | | | | | | | | | | | | | ||||||||
Partner Solutions | | | 31,478 | | | 28,263 | | | 23,876 | | | 20,307 | | | 17,271 | | | 14,689 | | | 12,493 | | | 10,625 |
Edge to Cloud | | | 3,474 | | | 2,771 | | | 2,148 | | | 2,364 | | | 2,407 | | | 2,446 | | | 2,519 | | | 2,595 |
Total cost of revenue | | | 34,952 | | | 31,034 | | | 26,024 | | | 22,670 | | | 19,678 | | | 17,134 | | | 15,012 | | | 13,220 |
Gross profit | | | 5,415 | | | 5,453 | | | 4,980 | | | 4,086 | | | 3,546 | | | 3,061 | | | 2,611 | | | 2,218 |
Operating expenses | | | | | | | | | | | | | | | | | ||||||||
Selling, general and administrative | | | 8,003 | | | 8,472 | | | 6,368 | | | 4,618 | | | 4,728 | | | 4,619 | | | 4,628 | | | 4,566 |
Research and development | | | 1,304 | | | 1,042 | | | 1,191 | | | 261 | | | 44 | | | — | | | — | | | — |
Restructuring | | | — | | | 205 | | | — | | | — | | | — | | | — | | | — | | | — |
Total operating expenses | | | 9,307 | | | 9,719 | | | 7,559 | | | 4,878 | | | 4,772 | | | 4,619 | | | 4,628 | | | 4,566 |
Loss from operations | | | (3,892) | | | (4,266) | | | (2,579) | | | (792) | | | (1,226) | | | (1,558) | | | (2,017) | | | (2,347) |
Other income, net | | | 1,650 | | | 408 | | | 1,579 | | | 1,635 | | | 1,618 | | | 1,600 | | | 1,508 | | | 1,382 |
Loss before income taxes | | | (2,242) | | | (3,858) | | | (1,000) | | | 844 | | | 392 | | | 43 | | | (509) | | | (966) |
Income taxes | | | — | | | — | | | — | | | 295 | | | 137 | | | 15 | | | — | | | — |
Net (loss) income | | | $(2,242) | | | $(3,858) | | | $(1,000) | | | $548 | | | $255 | | | $28 | | | $(509) | | | $(966) |
Cash (used in) provided by operations | | | $(4,366) | | | $(3,721) | | | $(1,368) | | | $404 | | | $(247) | | | $(623) | | | $(1,082) | | | $(1,412) |
| | Reconciliation of GAAP Net (loss) income to EBITDA (a non GAAP measure) | ||||||||||||||||||||||
| | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | |
GAAP Net (loss) income | | | $ (2,242) | | | $(3,858) | | | $ (1,000) | | | $548 | | | $255 | | | $28 | | | $(509) | | | $(966) |
Interest and other, net* | | | (1,650) | | | (408) | | | (1,579) | | | (1,635) | | | (1,618) | | | (1,600) | | | (1,508) | | | (1,382) |
Taxes | | | — | | | — | | | — | | | 295 | | | 137 | | | 15 | | | — | | | — |
Depreciation and amortization** | | | 533 | | | 346 | | | 610 | | | 596 | | | 379 | | | 335 | | | 335 | | | 335 |
EBITDA*** | | | (3,358) | | | (3,921) | | | (1,968) | | | (196) | | | (847) | | | (1,223) | | | (1,682) | | | (2,012) |
* | In 2021, includes gain on extinguishment of PPP loan. |
** | Includes fixed asset depreciation and amortization of leasehold improvements, intangible assets and stock-based compensation |
*** | Earnings before interest, taxes, depreciation and amortization |
| | Cash Flow | ||||||||||||||||||||||
| | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | |
Cash (used in) provided by operations | | | | | | | | | $404 | | | $(247) | | | $(623) | | | $(1,082) | | | $(1,412) | |||
CapEx | | | | | | | | | (100) | | | (100) | | | (100) | | | (100) | | | (100) | |||
Unlevered free cash flow (Debt free) | | | | | | | | | $304 | | | $(347) | | | $(723) | | | $(1,182) | | | $(1,512) |
• | The Company’s businesses did not align with current strategic and financial priorities. |
• | The PS business was viewed as a low margin commodity business that is contracting. |
• | The E2C business was seen as too small, low growth and lacking market validation. |
• | The overall size and scale of the business was too small to be material to the acquirer. |
• | The financial profile for the Company and its businesses were viewed as unfavorable. |
• | Valuations of publicly traded companies deemed comparable in certain respects to the Company. |
• | Financial terms of selected acquisition transactions involving companies in lines of business deemed comparable in certain respects to the business of the Company. |
• | Premiums paid in selected acquisition transactions. |
• | A discounted cash flow analysis of certain businesses of the Company on a stand-alone basis. |
• | A liquidation analysis of the Company that assumed a winding down of all business operations and the distribution of the Company’s remaining cash assets to shareholders. |
Partner Solutions | | | Market Value ($) | | | Net Cash/Debt | | | 3M Average $ Daily Trading Volume (000s) | | | Revenue LTM | | | Rev Growth LTM | | | EV/Rev LTM | | | EBITDA% LTM | |||
| Equity | | | Enterprise | | |||||||||||||||||||
TD Synnex Corporation | | | $9,100 | | | $11,929 | | | ($2,828) | | | $42,121 | | | $59,396 | | | (2.3%) | | | 0.2x | | | 3.0% |
Arrow Electronics, Inc. | | | 6,818 | | | 10,807 | | | (3,989) | | | 51,484 | | | 35,840 | | | (2.6%) | | | 0.3x | | | 5.7% |
Advantech Co. | | | 9,151 | | | 8,620 | | | 531 | | | 384,671 | | | 2,253 | | | (1.8%) | | | 3.8x | | | 20.2% |
Avnet Inc. | | | 4,455 | | | 7,468 | | | (3,013) | | | 30,427 | | | 26,537 | | | 0.7% | | | 0.3x | | | 4.8% |
Kontron AG | | | 1,204 | | | 1,130 | | | 73 | | | 1,356 | | | 1,295 | | | 3.7% | | | 0.9x | | | 4.8% |
ScanSource, Inc. | | | 790 | | | 1,093 | | | (303) | | | 3,352 | | | 3,788 | | | (0.4%) | | | 0.3x | | | 4.4% |
Climb Global Solutions, Inc. | | | 190 | | | 150 | | | 41 | | | 1,020 | | | 332 | | | 4.4% | | | 0.5x | | | 6.2% |
| | | | | | | | | | | | | | | | |||||||||
Low | | | $190 | | | $150 | | | ($3,989) | | | $1,020 | | | $332 | | | (2.6%) | | | 0.2x | | | 3.0% |
Median | | | $4,455 | | | $7,468 | | | ($303) | | | $30,427 | | | $3,788 | | | (0.4%) | | | 0.3x | | | 4.8% |
Mean | | | $4,530 | | | $5,885 | | | ($1,355) | | | $73,490 | | | $18,492 | | | 0.2% | | | 0.9x | | | 7.0% |
High | | | $9,151 | | | $11,929 | | | $531 | | | $384,671 | | | $59,396 | | | 4.4% | | | 3.8x | | | 20.2% |
Bsquare | | | $23 | | | ($8) | | | $32 | | | $34 | | | $31 | | | (11.4%) | | | NM | | | (9.8%) |
Edge to Cloud | | | Market Value ($) | | | Net Cash/Debt | | | 3M Average $ Daily Trading Volume (000s) | | | Revenue LTM | | | Rev Growth LTM | | | EV/Rev LTM | | | EBITDA% LTM | |||
| Equity | | | Enterprise | | |||||||||||||||||||
PTC Inc. | | | $16,822 | | | $18,473 | | | ($1,652) | | | $128,915 | | | $2,058 | | | 4.0% | | | 9.0x | | | 28.1% |
Super Micro, Inc. | | | 15,788 | | | 15,657 | | | 131 | | | 899,080 | | | 7,123 | | | 8.4% | | | 2.2x | | | 11.2% |
SoftwareONE Holdings AG | | | 3,042 | | | 2,739 | | | 303 | | | 3,929 | | | 1,142 | | | 2.9% | | | 2.4x | | | 12.7% |
Lantronix Inc. | | | 161 | | | 179 | | | (18) | | | 527 | | | 131 | | | (0.8%) | | | 1.4x | | | 1.3% |
Webstep ASA | | | 62 | | | 66 | | | (5) | | | 305 | | | 90 | | | 2.7% | | | 0.7x | | | 7.2% |
q.beyond AG | | | 83 | | | 55 | | | 29 | | | 16 | | | 200 | | | 3.0% | | | 0.3x | | | (11.5%) |
Micropole SA | | | 29 | | | 52 | | | (23) | | | 23 | | | 144 | | | 12.2% | | | 0.4x | | | 4.1% |
Seven Principles AG | | | 28 | | | 25 | | | 3 | | | 4 | | | 83 | | | (2.4%) | | | 0.3x | | | 2.3% |
| | | | | | | | | | | | | | | | |||||||||
Low | | | $28 | | | $25 | | | ($1,652) | | | $4 | | | $83 | | | (2.4%) | | | 0.3x | | | (11.5%) |
Median | | | $122 | | | $123 | | | ($1) | | | $416 | | | $172 | | | 2.9% | | | 1.1x | | | 5.6% |
Mean | | | $4,502 | | | $4,656 | | | ($154) | | | $129,100 | | | $1,372 | | | 3.8% | | | 2.1x | | | 6.9% |
High | | | $16,822 | | | $18,473 | | | $303 | | | $899,080 | | | $7,123 | | | 12.2% | | | 9.0x | | | 28.1% |
Bsquare | | | $23 | | | ($8) | | | $32 | | | $34 | | | $31 | | | (11.4%) | | | NM | | | (9.8%) |
* | Note: All USD values in Millions except Trading Volume in Thousands |
| | Market Value ($) | | | Net Cash/Debt | | | 3M Average $ Daily Trading Volume (000s) | | | Revenue LTM | | | Rev Growth LTM | | | EV/Rev LTM | | | EBITDA% LTM | ||||
Partner Solutions | | | Equity | | | Enterprise | | |||||||||||||||||
TD Synnex Corporation | | | $9,100 | | | $11,929 | | | ($2,828) | | | $42,121 | | | $59,396 | | | (2.3%) | | | 0.2x | | | 3.0% |
Arrow Electronics, Inc. | | | 6,818 | | | 10,807 | | | (3,989) | | | 51,484 | | | 35,840 | | | (2.6%) | | | 0.3x | | | 5.7% |
Avnet Inc. | | | 4,455 | | | 7,468 | | | (3,013) | | | 30,427 | | | 26,537 | | | 0.7% | | | 0.3x | | | 4.8% |
ScanSource, Inc. | | | 790 | | | 1,093 | | | (303) | | | 3,352 | | | 3,788 | | | (0.4%) | | | 0.3x | | | 4.4% |
| | | | | | | | | | | | | | | | |||||||||
Low | | | $790 | | | $1,093 | | | ($3,989) | | | $3,352 | | | $3,788 | | | (2.6%) | | | 0.2x | | | 3.0% |
Median | | | $5,637 | | | $9,137 | | | ($2,921) | | | $36,274 | | | $31,189 | | | (1.3%) | | | 0.3x | | | 4.6% |
Mean | | | $5,291 | | | $7,824 | | | ($2,533) | | | $31,846 | | | $31,390 | | | (1.1%) | | | 0.3x | | | 4.5% |
High | | | $9,100 | | | $11,929 | | | ($303) | | | $51,484 | | | $59,396 | | | 0.7% | | | 0.3x | | | 5.7% |
Bsquare | | | $23 | | | ($8) | | | $32 | | | $34 | | | $31 | | | (11.4%) | | | NM | | | (9.8%) |
| | Market Value ($) | | | Net Cash/Debt | | | 3M Average $ Daily Trading Volume (000s) | | | Revenue LTM | | | Rev Growth LTM | | | EV/Rev LTM | | | EBITDA% LTM | ||||
Edge to Cloud | | | Equity | | | Enterprise | | |||||||||||||||||
Super Micro, Inc. | | | $15,788 | | | $15,657 | | | $131 | | | $899,080 | | | $7,123 | | | 8.4% | | | 2.2x | | | 11.2% |
SoftwareONE Holdings AG | | | 3,042 | | | 2,739 | | | 303 | | | 3,929 | | | 1,142 | | | 2.9% | | | 2.4x | | | 12.7% |
q.beyond AG | | | 83 | | | 55 | | | 29 | | | 16 | | | 200 | | | 3.0% | | | 0.3x | | | (11.5%) |
Micropole SA | | | 29 | | | 52 | | | (23) | | | 23 | | | 144 | | | 12.2% | | | 0.4x | | | 4.1% |
| | | | | | | | | | | | | | | | |||||||||
Low | | | $29 | | | $52 | | | ($23) | | | $16 | | | $144 | | | 2.9% | | | 0.3x | | | (11.5%) |
Median | | | $1,563 | | | $1,397 | | | $80 | | | $1,976 | | | $671 | | | 5.7% | | | 1.3x | | | 7.6% |
Mean | | | $4,736 | | | $4,626 | | | $110 | | | $225,762 | | | $2,152 | | | 6.6% | | | 1.3x | | | 4.1% |
High | | | $15,788 | | | $15,657 | | | $303 | | | $899,080 | | | $7,123 | | | 12.2% | | | 2.4x | | | 12.7% |
Bsquare | | | $23 | | | ($8) | | | $32 | | | $34 | | | $31 | | | (11.4%) | | | NM | | | (9.8%) |
| | | | | | | | | | | | | | | | |||||||||
Overall Discounted Median, Weighted | | | | | | | | | | | | | | | 0.22x | | | |||||||
Overall Discounted Mean, Weighted | | | | | | | | | | | | | | | 0.22x | | |
* | Overall Discounted and Weighted Median & Mean multiples calculated by applying the weighted average of Partner Solutions (91%) and Edge to Cloud (9%) to the selected companies and applying a 40% discount |
** | Note: All USD values in Millions except Trading Volume in Thousands |
• | Companies in the technology industry within which BSQR is categorized. |
• | Small capitalization companies most similar in size to BSQR ($25 million to $1 billion in market capitalization). |
• | Transactions in a recent time period not impacted by the COVID-19 pandemic (January 2022-Present). |
| | | | Announced date | | | Price Per Share | | | Share Prices | | | Implied Premiums | ||||||||||||||
Company | | | Acquirer | | | 1 Trading Day | | | 5 Trading Days | | | 30 Trading Days | | | 1 Trading Day | | | 5 Trading Days | | | 30 Trading Days | ||||||
PFSweb | | | GXO Logistics | | | 9/14/23 | | | $7.50 | | | $5.01 | | | $4.78 | | | $4.70 | | | 50% | | | 57% | | | 60% |
Cirrcus Networks Holdings | | | Atturra | | | 9/11/23 | | | $0.04 | | | $0.03 | | | $0.03 | | | $0.03 | | | 53% | | | 48% | | | 43% |
Schaffner Group | | | TE Connectivity | | | 8/17/23 | | | $562.33 | | | $320.91 | | | $327.23 | | | $322.72 | | | 75% | | | 72% | | | 74% |
AmidA Holdings | | | Raksul | | | 8/10/23 | | | $6.44 | | | $3.18 | | | $3.29 | | | $3.42 | | | 102% | | | 96% | | | 88% |
Tokyo Nissan Computer | | | Canon | | | 8/9/23 | | | $12.24 | | | $6.39 | | | $6.05 | | | $5.61 | | | 91% | | | 102% | | | 118% |
Sequans Communications | | | Renesas Electronics | | | 8/7/23 | | | $3.03 | | | $2.13 | | | $2.35 | | | $2.24 | | | 42% | | | 29% | | | 35% |
Sinqia | | | Evertec | | | 7/20/23 | | | $27.19 | | | $21.90 | | | $21.76 | | | $22.08 | | | 24% | | | 25% | | | 23% |
Evolis | | | HID Global | | | 7/19/23 | | | $46.76 | | | $36.82 | | | $35.02 | | | $34.45 | | | 27% | | | 34% | | | 36% |
Route Mobile | | | Proximus | | | 7/17/23 | | | $19.59 | | | $19.58 | | | $18.80 | | | $18.12 | | | 0% | | | 4% | | | 8% |
Kaleyra | | | Tata Communications | | | 6/28/23 | | | $7.25 | | | $4.80 | | | $3.96 | | | $2.18 | | | 51% | | | 83% | | | 233% |
ESI Group | | | Keysight Technologies | | | 6/28/23 | | | $165.66 | | | $112.37 | | | $117.93 | | | $97.79 | | | 47% | | | 40% | | | 69% |
Tesserent | | | Thales Group | | | 6/13/23 | | | $0.13 | | | $0.05 | | | $0.05 | | | $0.05 | | | 165% | | | 145% | | | 150% |
eMagin | | | Samsung Electronics | | | 5/17/23 | | | $2.08 | | | $1.89 | | | $1.85 | | | $2.19 | | | 10% | | | 12% | | | -5% |
Reevo | | | Nebula Aurea BidCo | | | 5/16/23 | | | $17.60 | | | $14.57 | | | $14.00 | | | $13.60 | | | 21% | | | 26% | | | 29% |
Rovio Entertainment | | | Sega Sammy Holdings | | | 4/17/23 | | | $10.11 | | | $8.50 | | | $8.35 | | | $8.76 | | | 19% | | | 21% | | | 15% |
Nordic Lights | | | Methode Electronics | | | 2/28/23 | | | $6.73 | | | $5.65 | | | $5.38 | | | $5.25 | | | 19% | | | 25% | | | 28% |
Nixu | | | DNV | | | 2/16/23 | | | $13.89 | | | $8.35 | | | $8.17 | | | $7.70 | | | 66% | | | 70% | | | 80% |
Resonant | | | Murata Manufacturing | | | 2/14/23 | | | $4.50 | | | $1.24 | | | $1.39 | | | $1.54 | | | 263% | | | 224% | | | 192% |
Boa Vista SCPC | | | Equifax | | | 2/9/23 | | | $1.87 | | | $1.00 | | | $0.85 | | | $0.96 | | | 88% | | | 121% | | | 95% |
Sleep Cycle | | | Velvet Cichlid | | | 12/19/22 | | | $42.50 | | | $31.80 | | | $31.10 | | | $31.85 | | | 34% | | | 37% | | | 33% |
Apollo Endosurgery | | | Boston Scientific | | | 11/29/22 | | | $10.00 | | | $6.00 | | | $5.96 | | | $6.27 | | | 67% | | | 68% | | | 59% |
Adveritas | | | Integral Ad Science | | | 11/24/22 | | | $0.11 | | | $0.08 | | | $0.08 | | | $0.09 | | | 39% | | | 45% | | | 22% |
AGS | | | Inspired Entertainment | | | 8/12/22 | | | $10.00 | | | $6.00 | | | $5.04 | | | $5.03 | | | 67% | | | 98% | | | 99% |
CS-Group | | | Sopra Steria | | | 7/28/22 | | | $12.29 | | | $6.84 | | | $7.01 | | | $7.50 | | | 80% | | | 75% | | | 64% |
Sygnity | | | Total Specific Solutions | | | 5/16/22 | | | $12.00 | | | $9.56 | | | $9.60 | | | $11.85 | | | 26% | | | 25% | | | 1% |
Instabank | | | Lunar | | | 3/28/22 | | | $3.75 | | | $2.40 | | | $2.41 | | | $2.40 | | | 56% | | | 56% | | | 56% |
Umanis | | | CGI Group | | | 3/11/22 | | | $17.15 | | | $11.75 | | | $11.90 | | | $14.00 | | | 46% | | | 44% | | | 23% |
Sezzle | | | Zip Co Limited | | | 2/27/22 | | | $2.17 | | | $1.78 | | | $1.78 | | | $2.34 | | | 22% | | | 22% | | | -7% |
| | | | | | | | | | | | | | | | | | ||||||||||
| | | | | | | | | | | | Average Premium | | | 59% | | | 61% | | | 62% | ||||||
| | | | | | | | | | | | Median Premium | | | 49% | | | 46% | | | 50% |
($ in millions) | | | Projected Fiscal Year Ending December 31, | ||||||||||||
| | 2024P | | | 2025P | | | 2026P | | | 2027P | | | 2028P | |
Total Revenue | | | $26.8 | | | $23.2 | | | $20.2 | | | $17.6 | | | $15.4 |
% Growth | | | -13.7% | | | -13.2% | | | -13.0% | | | -12.7% | | | -12.4% |
EBITDA | | | ($0.2) | | | ($0.8) | | | ($1.2) | | | ($1.7) | | | ($2.0) |
% Margin | | | -0.7% | | | -3.6% | | | -6.1% | | | -9.5% | | | -13.0% |
% Growth | | | NM | | | NM | | | NM | | | NM | | | NM |
Less: CapEx | | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) |
Less: Taxes (35.0% Rate) | | | — | | | — | | | — | | | — | | | — |
Less: Changes in Working Capital | | | 0.6 | | | 0.6 | | | 0.6 | | | 0.6 | | | 0.6 |
Unlevered Free Cash Flow (Debt Free) | | | $0.3 | | | ($0.3) | | | ($0.7) | | | ($1.2) | | | ($1.5) |
Period to Discount | | | 1.00 | | | 2.00 | | | 3.00 | | | 4.00 | | | 5.00 |
Discount Factor @ 26.4% | | | 0.79 | | | 0.63 | | | 0.50 | | | 0.39 | | | 0.31 |
Present Value of Free Cash Flow (Debt Free) | | | $0.2 | | | ($0.2) | | | ($0.4) | | | ($0.5) | | | ($0.5) |
| | | | | | | | | | ||||||
Present Value of Period Cash Flow | | | ($1.3) | | | | | | | | | ||||
Present Value of Terminal Value | | | (2.3) | | | | | | | | | ||||
Implied Enterprise Value | | | ($3.6) | | | | | | | | | ||||
Implied Enterprise Value Range | | | ($3.7) | | | ($6.2) | | | — | | | ($2.5) | | | |
Cash, Cash Equivalents, and ST Investments | | | $33.4 | | | $33.4 | | | — | | | $33.4 | | | |
Equity Value | | | $29.7 | | | $27.2 | | | — | | | $30.8 | | |
Terminal Value Assumptions | |||
2028P FCF | | | ($1.5) |
Terminal Growth Rate | | | 5.0% |
Terminal Value | | | ($7.4) |
Discount Period | | | 5.00 |
Discount Factor @ 26.4% | | | 0.31 |
Present Value of Terminal Value | | | ($2.3) |
Discount Rate | |||
10-Year Treasury | | | 4.68% |
Beta | | | 1.31x |
Market Premium | | | 8.0% |
Discount Rate | | | 15.2% |
Risk Premium | | | 75% |
Adjusted Discount Rate | | | 26.4% |
(in thousands) | | | 30-Jun 2023 | | | Estimated Recovery Value |
Current assets: | | | | | ||
Cash and CE | | | $13,313 | | | $13,313 |
Restricted cash | | | 221 | | | 221 |
Short-term investments | | | 19,831 | | | 19,831 |
Accounts receivable | | | 4,338 | | | 4,338 |
Prepaid expenses and other current assets | | | 544 | | | 0 |
Contract assets | | | 262 | | | 505 |
Total current assets | | | $38,509 | | | $38,208 |
Property and equipment, net of depreciation | | | $659 | | | 69 |
Deferred tax assets | | | 0 | | | 0 |
Right-of-use lease assets, net | | | 1,170 | | | 650 |
Other non-current assets | | | 24 | | | 24 |
Total assets | | | $40,362 | | | $38,951 |
Current liabilites: | | | | | ||
Third-party software fees payable | | | $3,616 | | | $3,616 |
Accounts payable | | | 247 | | | 247 |
Accrued compensation | | | 406 | | | 406 |
Other accrued expenses | | | 183 | | | 183 |
Deferred revenue | | | 126 | | | 0 |
Operating leases | | | 373 | | | 373 |
Total current liabilities | | | $4,951 | | | $4,825 |
Deferred revenue, long-term | | | 0 | | | 0 |
Operating leases, long-term | | | 908 | | | 908 |
Total liabilities | | | $5,859 | | | $5,733 |
Asset Recovery Value Less Liabilities | | | $34,503 | | | $33,218 |
Professional Services for Liquidation | | | | | (750) | |
Other Severance and Operational Shutdown Costs | | | | | (1,700) | |
Sale of NOLs and Public Entity Shell | | | | | 700 | |
Management's Estimated Liquidation Value | | | | | $31,468 |
ITEM 5. | PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED |
ITEM 8. | ADDITIONAL INFORMATION |
| | BSQUARE CORPORATION | ||||
| | | | |||
| | By: | | | /s/ Cheryl A. Wynne | |
| | Name: | | | Cheryl A. Wynne | |
| | Title: | | | Chief Financial Officer |
1 Year BSQUARE Chart |
1 Month BSQUARE Chart |
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