Annual report pursuant to Section 13 and 15(d)

Guarantor and Non-Guarantor Financial Statements (Notes)

v3.7.0.1
Guarantor and Non-Guarantor Financial Statements (Notes)
12 Months Ended
Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor and Non-Guarantor Financial Statements
Guarantor and Non-Guarantor Financial Statements
On September 28, 2016, the Company sold to the Initial Purchaser, $16,000 principal amount of 8.75% convertible notes maturing on September 23, 2020, unless converted, repurchased or redeemed in accordance with their terms prior to such date. The Notes were issued under the Indenture, between Digital Turbine, Inc., US Bank National Association, as trustee, and certain wholly-owned subsidiaries of the Company, specifically Digital Turbine, Inc. as the parent Company, DT USA, DT Media, and DT APAC. Given the Notes are unconditionally guaranteed as to the payment of principal, premium, if any, and interest on a senior unsecured basis by four of the wholly-owned subsidiaries of the Company, the Company is required by SEC Reg S-X 210.3-10 to include, in a footnote, condensed consolidating financial information for the same periods with a separate column for:
The parent company;
The subsidiary guarantors on a combined basis;
Any other subsidiaries of the parent company on a combined basis;
Consolidating adjustments; and
The total consolidated amounts.
The following consolidated financial information and condensed consolidated financial information include:
(1) Condensed consolidated balance sheets as of March 31, 2017 and March 31, 2016; consolidated statements of operations and condensed consolidated statements of cash flows for the years ended March 31, 2017, 2016, and 2015; of (a) Digital Turbine, Inc. as the parent, (b) the guarantor subsidiaries, (c) the non-guarantor subsidiaries, and (d) Digital Turbine, Inc. on a consolidated basis; and
(2) Elimination entries necessary to consolidate Digital Turbine, Inc., as the parent, with its guarantor and non-guarantor subsidiaries.
Digital Turbine, Inc. owns 100% of all of the guarantor subsidiaries, and as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the years ended March 31, 2017, 2016, or 2015.

Digital Turbine, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
Condensed Consolidated Balance Sheet
as of March 31, 2017
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
258

 
5,333

 
558

 
6,149

Restricted cash
 
156

 
175

 

 
331

Accounts receivable, net of allowance of $597
 

 
15,740

 
814

 
16,554

Deposits
 

 
121

 

 
121

Prepaid expenses and other current assets
 
282

 
226

 
2

 
510

Total current assets
 
696

 
21,595

 
1,374

 
23,665

Property and equipment, net
 
64

 
2,296

 
17

 
2,377

Deferred tax assets
 
352

 

 

 
352

Intangible assets, net
 

 
2,647

 
1,918

 
4,565

Goodwill
 

 
70,377

 
6,244

 
76,621

TOTAL ASSETS
 
1,112

 
96,915

 
9,553

 
107,580

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable/receivable, net
 
123,800

 
(107,348
)
 
(16,452
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
1,023

 
18,697

 
148

 
19,868

Accrued license fees and revenue share
 

 
8,312

 
217

 
8,529

Accrued compensation
 
32

 
1,041

 

 
1,073

Other current liabilities
 
794

 
510

 

 
1,304

Total current liabilities
 
1,849

 
28,560

 
365

 
30,774

Convertible notes, net of debt issuance costs and discounts of $6,315
 
9,685

 

 

 
9,685

Convertible note embedded derivative liability
 
3,218

 

 

 
3,218

Warrant liability
 
1,076

 

 

 
1,076

Other non-current liabilities
 
695

 
87

 

 
782

Total liabilities
 
16,523

 
28,647

 
365

 
45,535

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 67,329,262 issued and 66,594,806 outstanding at March 31, 2017
 
8

 

 

 
8

Additional paid-in capital
 
299,580

 

 

 
299,580

Treasury stock (754,599 shares at March 31, 2017)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 

 
(1,704
)
 
1,383

 
(321
)
Accumulated deficit
 
(191,228
)
 
(37,376
)
 
(8,647
)
 
(237,251
)
Total stockholders' equity
 
108,389

 
(39,080
)
 
(7,264
)
 
62,045

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
124,912

 
(10,433
)
 
(6,899
)
 
107,580


Condensed Consolidated Balance Sheet
as of March 31, 2016
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
6,712

 
4,466

 
53

 
11,231

Accounts receivable, net of allowance of $464
 
24

 
17,369

 
126

 
17,519

Deposits
 

 
80

 
133

 
213

Prepaid expenses and other current assets
 
331

 
239

 
13

 
583

Total current assets
 
7,067

 
22,154

 
325

 
29,546

Property and equipment, net
 
53

 
1,690

 
41

 
1,784

Cost method investment
 

 
999

 

 
999

Deferred tax assets
 
500

 

 

 
500

Intangible assets, net
 

 
8,660

 
3,830

 
12,490

Goodwill
 

 
70,377

 
6,244

 
76,621

TOTAL ASSETS
 
7,620

 
103,880

 
10,440

 
121,940

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable/receivable, net
 
111,909

 
(95,732
)
 
(16,177
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
1,255

 
13,997

 
48

 
15,300

Accrued license fees and revenue share
 

 
9,549

 
73

 
9,622

Accrued compensation
 
455

 
801

 
97

 
1,353

Short-term debt, net of debt issuance costs and discounts of $568
 


10,432

 

 
10,432

Other current liabilities
 
910

 
1,237

 

 
2,147

Total current liabilities
 
2,620

 
36,016

 
218

 
38,854

Other non-current liabilities
 
815

 

 

 
815

Total liabilities
 
3,435

 
36,016

 
218

 
39,669

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 67,019,703 issued and 66,284,606 outstanding at March 31, 2016;
 
8

 

 

 
8

Additional paid-in capital
 
295,423

 

 

 
295,423

Treasury stock (754,599 shares at March 31, 2016)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 

 
(1,368
)
 
1,166

 
(202
)
Accumulated deficit
 
(179,366
)
 
(26,500
)
 
(7,121
)
 
(212,987
)
Total stockholders' equity
 
116,094

 
(27,868
)
 
(5,955
)
 
82,271

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
119,529

 
8,148

 
(5,737
)
 
121,940



Consolidated Statement of Operations and Comprehensive Loss
For the year ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 

 
121,396

 
1,779

 
(31,622
)
 
91,553

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
101,271

 
603

 
(31,622
)
 
70,252

Other direct cost of revenues
 

 
6,027

 
1,911

 

 
7,938

Total cost of revenues
 

 
107,298

 
2,514

 
(31,622
)
 
78,190

Gross profit
 

 
14,098

 
(735
)
 

 
13,363

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
30

 
11,923

 
82

 

 
12,035

Sales and marketing
 
452

 
5,980

 
105

 

 
6,537

General and administrative
 
11,009

 
5,887

 
(85
)
 

 
16,811

Total operating expenses
 
11,491

 
23,790

 
102

 

 
35,383

Loss from operations
 
(11,491
)
 
(9,692
)
 
(837
)
 

 
(22,020
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(1,329
)
 
(1,299
)
 

 

 
(2,628
)
Foreign exchange transaction gain / (loss)
 

 
(85
)
 
(3
)
 

 
(88
)
Change in fair value of convertible note embedded derivative liability
 
475

 

 

 

 
475

Change in fair value of warrant liability
 
147

 

 

 

 
147

Loss on extinguishment of debt
 

 
(293
)
 

 

 
(293
)
Other income / (expense)
 
74

 
(67
)
 
(8
)
 

 
(1
)
Total interest and other income / (expense), net
 
(633
)
 
(1,744
)
 
(11
)
 

 
(2,388
)
Loss from operations before income taxes
 
(12,124
)
 
(11,436
)
 
(848
)
 

 
(24,408
)
Income tax provision
 
(144
)
 

 

 

 
(144
)
Net loss
 
(11,980
)
 
(11,436
)
 
(848
)
 

 
(24,264
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
(336
)
 
217

 

 
(119
)
Comprehensive loss
 
(11,980
)
 
(11,772
)
 
(631
)
 

 
(24,383
)

Consolidated Statement of Operations and Comprehensive Loss
For the year ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 

 
103,630

 
216

 
(17,305
)
 
86,541

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
83,386

 
104

 
(17,305
)
 
66,185

Other direct cost of revenues
 

 
9,775

 
762

 

 
10,537

Total cost of revenues
 

 
93,161

 
866

 
(17,305
)
 
76,722

Gross profit
 

 
10,469

 
(650
)
 

 
9,819

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
(582
)
 
11,043

 
522

 

 
10,983

Sales and marketing
 
46

 
5,876

 
145

 

 
6,067

General and administrative
 
11,457

 
6,670

 
578

 

 
18,705

Total operating expenses
 
10,921

 
23,589

 
1,245

 

 
35,755

Loss from operations
 
(10,921
)
 
(13,120
)
 
(1,895
)
 

 
(25,936
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest income / (expense), net
 
1

 
(1,722
)
 
(95
)
 

 
(1,816
)
Foreign exchange transaction gain / (loss)
 
(5
)
 
(18
)
 
(6
)
 

 
(29
)
Gain / (loss) on disposal of fixed assets
 
(24
)
 
(47
)
 
34

 

 
(37
)
Other income / (expense)
 
41

 
(105
)
 
64

 

 

Total interest and other income / (expense), net
 
13

 
(1,892
)
 
(3
)
 

 
(1,882
)
Loss from operations before income taxes
 
(10,908
)
 
(15,012
)
 
(1,898
)
 

 
(27,818
)
Income tax provision
 
130

 
(27
)
 
111

 

 
214

Net loss
 
(11,038
)
 
(14,985
)
 
(2,009
)
 

 
(28,032
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 


 
(69
)
 
(81
)
 

 
(150
)
Comprehensive loss
 
(11,038
)
 
(15,054
)
 
(2,090
)
 

 
(28,182
)

Consolidated Statement of Operations and Comprehensive Loss
For the year ended March 31, 2015
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Net revenues
 

 
28,028

 
224

 
28,252

Cost of revenues
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
20,047

 
63

 
20,110

Other direct cost of revenues
 

 
1,020

 
990

 
2,010

Total cost of revenues
 

 
21,067

 
1,053

 
22,120

Gross profit
 

 
6,961

 
(829
)
 
6,132

Operating expenses
 
 
 
 
 
 
 
 
Product development
 
232

 
7,013

 
660

 
7,905

Sales and marketing
 
32

 
2,436

 
465

 
2,933

General and administrative
 
13,683

 
5,053

 
295

 
19,031

Total operating expenses
 
13,947

 
14,502

 
1,420

 
29,869

Loss from operations
 
(13,947
)
 
(7,541
)
 
(2,249
)
 
(23,737
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
Interest income / (expense), net
 
(117
)
 
286

 
(403
)
 
(234
)
Foreign exchange transaction gain / (loss)
 
4

 
29

 
(1
)
 
32

Loss on settlement of debt
 
(247
)
 
238

 

 
(9
)
Gain on disposal of fixed assets
 

 
2

 

 
2

Other income / (expense)
 
42

 
(20
)
 
24

 
46

Total interest and other income / (expense), net
 
(318
)
 
535

 
(380
)
 
(163
)
Loss from operations before income taxes
 
(14,265
)
 
(7,006
)
 
(2,629
)
 
(23,900
)
Income tax provision
 
(147
)
 
(774
)
 
1,668

 
747

Net loss
 
(14,118
)
 
(6,232
)
 
(4,297
)
 
(24,647
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
147

 

 
147

Comprehensive loss
 
(14,118
)
 
(6,085
)
 
(4,297
)
 
(24,500
)


Condensed Consolidated Statement of Cash Flows
For the year ended March 31, 2017
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net loss
 
(11,980
)
 
(11,436
)
 
(848
)
 
(24,264
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
14

 
6,227

 
1,929

 
8,170

Change in allowance for doubtful accounts
 

 
68

 
65

 
133

Amortization of debt discount
 
1,256

 

 

 
1,256

Amortization of debt issuance costs
 

 

 

 

Accrued interest
 
133

 
(97
)
 

 
36

Stock-based compensation
 
3,748

 

 

 
3,748

Stock-based compensation for services rendered
 
398

 

 

 
398

Impairment of intangible assets
 

 

 
757

 
757

Change in fair value of convertible note embedded derivative liability
 
(475
)
 

 

 
(475
)
Change in fair value of warrant liability
 
(147
)
 

 

 
(147
)
Loss on extinguishment of debt
 

 
293

 

 
293

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Restricted cash transferred to / (from) operating cash
 
(156
)
 
(177
)
 
2

 
(331
)
Accounts receivable
 
25

 
1,533

 
(725
)
 
833

Deposits
 

 
12

 
80

 
92

Deferred tax assets
 
148

 

 

 
148

Prepaid expenses and other current assets
 
(80
)
 
142

 
11

 
73

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
(233
)
 
4,701

 
100

 
4,568

Accrued license fees and revenue share
 

 
(1,236
)
 
143

 
(1,093
)
Accrued compensation
 
575

 
(759
)
 
(96
)
 
(280
)
Other current liabilities
 
(1,091
)
 
714

 
(502
)
 
(879
)
Other non-current liabilities
 
(31
)
 

 

 
(31
)
Intercompany movement of cash
 
(15,161
)
 
15,789

 
(628
)
 

Net cash used in operating activities
 
(23,057
)
 
15,774

 
288

 
(6,995
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(1,595
)
 

 
(1,595
)
Proceeds from sale of cost method investment in Sift
 
999

 

 

 
999

Net cash used in investing activities
 
999

 
(1,595
)
 

 
(596
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Cash received from issuance of convertible notes
 
16,000

 

 

 
16,000

Repayment of debt obligations
 

 
(11,000
)
 

 
(11,000
)
Payment of debt issuance costs
 
(407
)
 
(1,976
)
 

 
(2,383
)
Options exercised
 
11

 

 

 
11

Net cash provided in financing activities
 
15,604

 
(12,976
)
 

 
2,628

 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 

 
(336
)
 
217

 
(119
)
 
 
 
 
 
 
 
 
 
Net change in cash
 
(6,454
)
 
867

 
505

 
(5,082
)
 
 
 
 
 
 
 
 
 
Cash, beginning of period
 
6,712

 
4,466

 
53

 
11,231

 
 
 
 
 
 
 
 
 
Cash, end of period
 
258

 
5,333

 
558

 
6,149


Condensed Consolidated Statement of Cash Flows
For the year ended March 31, 2016
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net loss
 
(11,038
)
 
(14,985
)
 
(2,009
)
 
(28,032
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
9

 
10,203

 
762

 
10,974

Change in allowance for doubtful accounts
 

 
(234
)
 

 
(234
)
Amortization of debt discount
 
470

 

 

 
470

Accrued interest
 

 
12

 

 
12

Stock-based compensation
 
5,095

 

 

 
5,095

Stock-based compensation for services rendered
 
867

 

 

 
867

Stock issued as settlement of a liability
 
283

 

 

 
283

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Restricted cash transferred to / (from) operating cash
 
200

 

 

 
200

Accounts receivable
 
(24
)
 
(5,044
)
 
(43
)
 
(5,111
)
Deposits
 
9

 
5

 
(118
)
 
(104
)
Deferred tax assets
 
(418
)
 

 

 
(418
)
Deferred financing costs
 

 

 

 

Prepaid expenses and other current assets
 
(171
)
 
188

 
40

 
57

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
(797
)
 
11,789

 
(3,684
)
 
7,308

Accrued license fees and revenue share
 

 
2,789

 

 
2,789

Accrued compensation
 
(1,071
)
 
1,619

 
(1,379
)
 
(831
)
Other liabilities and other items
 
(398
)
 
675

 
(671
)
 
(394
)
Intercompany movement of cash
 
(4,013
)
 
(3,054
)
 
7,067

 

Net cash used in operating activities
 
(10,997
)
 
3,963

 
(35
)
 
(7,069
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(1,549
)
 

 
(1,549
)
Net cash proceeds from investment in Sift
 
875

 

 

 
875

Net cash used in investing activities
 
875

 
(1,549
)
 

 
(674
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Repayment of debt obligations
 

 
(600
)
 

 
(600
)
Options exercised
 
51

 

 

 
51

Stock issued for cash in stock offering, net
 
12,627

 

 

 
12,627

Net cash provided in financing activities
 
12,678

 
(600
)
 

 
12,078

 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 

 
(173
)
 

 
(173
)
 
 
 
 
 
 
 
 
 
Net change in cash
 
2,556

 
1,641

 
(35
)
 
4,162

 
 
 
 
 
 
 
 
 
Cash, beginning of period
 
4,156

 
2,825

 
88

 
7,069

 
 
 
 
 
 
 
 
 
Cash, end of period
 
6,712

 
4,466

 
53

 
11,231


Condensed Consolidated Statement of Cash Flows
For the year ended March 31, 2015
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net loss
 
(14,118
)
 
(6,232
)
 
(4,297
)
 
(24,647
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
12

 
1,100

 
996

 
2,108

Change in allowance for doubtful accounts
 

 
698

 

 
698

Amortization of debt discount
 

 
34

 

 
34

Accrued interest
 

 
77

 

 
77

Fair value of financing costs related to conversion options
 

 

 

 

Stock-based compensation
 
5,850

 

 

 
5,850

Stock-based compensation for services rendered
 
490

 

 

 
490

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Accounts receivable
 

 
(350
)
 
(56
)
 
(406
)
Deposits
 
(9
)
 
(96
)
 
42

 
(63
)
Deferred tax assets
 
3,156

 

 

 
3,156

Prepaid expenses and other current assets
 
(27
)
 
(142
)
 
27

 
(142
)
Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
1,323

 
(1,924
)
 
222

 
(379
)
Accrued license fees and revenue share
 

 
3,033

 
(45
)
 
2,988

Accrued compensation
 
136

 
278

 
(89
)
 
325

Other current liabilities
 
2,319

 
(7,227
)
 
319

 
(4,589
)
Intercompany movement of cash
 
(14,565
)
 
11,600

 
2,965

 

Net cash used in operating activities
 
(15,433
)
 
849

 
84

 
(14,500
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(67
)
 

 
(67
)
Settlement of contingent liability
 
(49
)
 

 

 
(49
)
Cash used in acquisition of assets
 
(2,125
)
 

 

 
(2,125
)
Cash acquired with acquisition of subsidiary
 
1,363

 

 

 
1,363

Net cash used in investing activities
 
(811
)
 
(67
)
 

 
(878
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Options exercised
 
136

 

 

 
136

Warrants exercised
 
375

 

 

 
375

Net cash provided in financing activities
 
511

 

 

 
511

 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
 

 
131

 

 
131

 
 
 
 
 
 
 
 
 
Net change in cash
 
(15,733
)
 
913

 
84

 
(14,736
)
 
 
 
 
 
 
 
 
 
Cash, beginning of period
 
19,889

 
1,912

 
4

 
21,805

 
 
 
 
 
 
 
 
 
Cash, end of period
 
4,156

 
2,825

 
88

 
7,069