| Quarterly Financial Information |
The following tables set forth our quarterly consolidated statements of operations in dollars for each quarter of fiscal 2018 and 2017. We have prepared the quarterly consolidated statements of operations data on a basis consistent with the audited consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. In the opinion of management, the financial information in these tables reflects all adjustments, consisting only of normal recurring adjustments that management considers necessary for a fair presentation of this data. This information should be read in conjunction with the audited consolidated financial statements and related notes included in Part II, Item 8 of this Annual Report on Form 10-K. The results of historical periods are not necessarily indicative of the results for any future period.
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Three Months Ended |
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March 31, 2018 |
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December 31, 2017 |
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September 30, 2017 |
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June 30, 2017 |
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March 31, 2017 |
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December 31, 2016 |
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September 30, 2016 |
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June 30, 2016 |
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(in thousands, except per share amounts) |
Net revenues |
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$ |
20,961 |
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$ |
22,732 |
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$ |
15,905 |
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$ |
15,153 |
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$ |
11,599 |
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$ |
11,774 |
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$ |
9,874 |
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$ |
6,960 |
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License fees and revenue share |
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13,623 |
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14,887 |
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9,865 |
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9,592 |
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7,172 |
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8,006 |
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6,650 |
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4,546 |
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Other direct cost of revenues |
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453 |
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437 |
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430 |
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409 |
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1,217 |
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451 |
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454 |
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453 |
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Gross profit |
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6,885 |
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7,408 |
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5,610 |
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5,152 |
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3,210 |
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3,317 |
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2,770 |
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1,961 |
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Total operating expenses |
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8,224 |
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8,895 |
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7,076 |
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6,669 |
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5,977 |
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7,027 |
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7,509 |
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7,716 |
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Loss from operations |
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(1,339 |
) |
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(1,487 |
) |
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(1,466 |
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(1,517 |
) |
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(2,767 |
) |
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(3,710 |
) |
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(4,739 |
) |
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(5,755 |
) |
Interest income / (expense), net |
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(252 |
) |
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(446 |
) |
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(662 |
) |
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(707 |
) |
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(599 |
) |
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(721 |
) |
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(626 |
) |
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(679 |
) |
Foreign exchange transaction gain / (loss) |
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(87 |
) |
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49 |
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(47 |
) |
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(63 |
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(27 |
) |
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4 |
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— |
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(3 |
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Change in fair value of convertible note embedded derivative liability |
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(1,249 |
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(1,658 |
) |
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(3,344 |
) |
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(1,308 |
) |
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(1,948 |
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2,853 |
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(430 |
) |
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— |
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Change in fair value of convertible note embedded derivative liability |
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(682 |
) |
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(898 |
) |
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(1,164 |
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(464 |
) |
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(650 |
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937 |
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(140 |
) |
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— |
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Loss on extinguishment of debt |
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(619 |
) |
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(284 |
) |
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(882 |
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— |
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— |
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— |
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(293 |
) |
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— |
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Other income / (expense) |
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2 |
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(155 |
) |
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78 |
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3 |
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(92 |
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69 |
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16 |
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18 |
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Loss from operations before income taxes |
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(4,226 |
) |
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(4,879 |
) |
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(7,487 |
) |
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(4,056 |
) |
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(6,083 |
) |
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(568 |
) |
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(6,212 |
) |
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(6,419 |
) |
Income tax provision |
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(14 |
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(84 |
) |
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(884 |
) |
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31 |
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(303 |
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300 |
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(437 |
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296 |
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Net loss from operations, net of taxes |
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(4,212 |
) |
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(4,795 |
) |
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(6,603 |
) |
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(4,087 |
) |
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(5,780 |
) |
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(868 |
) |
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(5,775 |
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(6,715 |
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Basic and diluted net loss per common share from continuing operations |
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$ |
(0.06 |
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$ |
(0.06 |
) |
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$ |
(0.10 |
) |
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$ |
(0.06 |
) |
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$ |
(0.09 |
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$ |
(0.01 |
) |
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$ |
(0.09 |
) |
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$ |
(0.10 |
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Weighted-average common shares outstanding, basic and diluted |
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75,160 |
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72,148 |
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66,846 |
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66,599 |
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66,595 |
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66,634 |
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66,457 |
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66,286 |
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