PRESS RELEASE DATED MARCH 22, 2018
Published on March 22, 2018
Exhibit 99.1
News Release
For Release on March 22, 2018
Inpixon Reports Fourth Quarter and 2017 Financial Results and Provides Corporate Update
Conference Call to Be Held Today at 4:30 PM Eastern Time
PALO ALTO, Calif. — Inpixon (NASDAQ: INPX), a leading indoor positioning and data analytics company, today reported financial results for the fourth quarter and year ended December 31, 2017 and provided an update on corporate developments. All numbers are presented after giving effect to the reverse split implemented on February 6, 2018.
Fourth Quarter 2017 Financial Highlights
| ● | 2017 Q4 revenue of $4.6 million |
| ● | 2017 Q4 gross margin of 41% |
| ● | 2017 Q4 GAAP net loss of $15.29 per share |
| ● | 2017 Q4 Pro-forma Non-GAAP net loss1 of $8.19 per share |
| ● | 2017 Q4 Non-GAAP Adjusted EBITDA1 loss of $3.0 million |
Full Year Financial Highlights
| ● | 2017 revenue of $45.1 million |
| ● | 2017 gross margin of 24% |
| ● | 2017 GAAP net loss of $137.79 per share |
| ● | 2017 Pro-forma Non-GAAP net loss1 of $68.70 per share |
| ● | 2017 Non-GAAP Adjusted EBITDA1 loss of $12.1 million |
“We have overcome a number of challenges faced throughout 2017 and have raised funds to begin to implement our strategic growth plan for 2018, focusing on Inpixon as a leading provider of Indoor Positioning Analytics (IPA) products and services,” said Nadir Ali, CEO of Inpixon. “Our strategic plan for 2018 includes stimulating growth through channel partner expansion and improved marketing and sales efforts. We plan to deliver new competitive product enhancements, including the use of blockchain technology to propagate device reputation profiles, artificial intelligence (AI) and machine learning to incorporate device fingerprinting, and voice-user interface (VUI) technology to support our intelligence customers in making better decisions with greater intelligence. Additionally, migrating Inpixon IPA to Amazon Web Services (AWS) will enable improved service and security to our customers, meeting country-specific and federal-compliance requirements and enabling channel partners to deploy faster.”
Page 2 of 9
2017 Financial Results
Revenues
Total Revenues for the year ended December 31, 2017 were $45.1 million, compared to $53.2 million for the comparable period in
the prior year. The decrease of $8.1 million, or approximately 15.2%, is primarily associated with a decline in revenues earned
by the Infrastructure segment. Revenue earned by the IPA segment for the year ended December 31, 2017 was $3.9 million, compared
to $4.9 million for the prior year period. Revenue earned by the Infrastructure segment was $41.2 million for the year ended December
31, 2017, compared to $48.3 million for the prior year period. Revenues declined, despite our acquisition of Integrio Technologies,
LLC, due to the ongoing capital constraints and supplier credit challenges the Company faced throughout the year.
Gross
Profit
Gross profit for the year ended December 31, 2017 was $10.8 million, compared to $14.9 million in 2016. The gross profit margin
for the year ended December 31, 2017 was 24%, compared to 28% for the year ended December 31, 2016. This decrease in margin is
a result of lower margin Infrastructure sales from the Integrio acquisition. IPA gross margins for the year ended December 31,
2017 and 2016 were 67% and 69%, respectively. Gross margins for the Infrastructure segment for the year ended December 31, 2017
and 2016 were 20% and 24%, respectively.
GAAP
Net Loss
GAAP net loss attributable to stockholders of Inpixon for the year ended December 31, 2017 was $35.0 million, compared to $27.1
million for the comparable period in the prior year. GAAP net loss per share for 2017 was $137.79, compared to a GAAP net loss
per share of $468.26 for 2016. The increase in net loss was primarily attributable to capital constraints and supplier credit
challenges, decrease in gross profit as a result of lower margin Infrastructure sales, increases in operating expenses due to
the Integrio acquisition which was offset by lower compensation costs, higher interest expense and an extinguishment loss on debt
modification.
Non-GAAP
Net Loss
2017 pro-forma non-GAAP net loss was $17.8 million, compared to a non-GAAP net loss of $12.9 million for 2016. Pro-forma non-GAAP
net loss per basic and diluted common share for the twelve months ended December 31, 2017 was ($68.70) compared to a loss of ($223.08)
per share for the prior year period. Non-GAAP net loss per share is defined as net loss per basic and diluted share adjusted for
non-cash items including stock-based compensation, amortization of intangibles and one time charges including gain/loss on the
settlement of obligations, extinguishment loss for debt modification, goodwill impairment, severance costs, change in the fair
value of shares to be issued, acquisition costs and the costs associated with the public offering.
Page 3 of 9
Non-GAAP
Adjusted EBITDA1
Total non-GAAP adjusted EBITDA for the year ended December 31, 2017 was a loss of $12.1 million, compared to a loss of $9.8 million
for the prior year period. Non-GAAP adjusted EBITDA is defined as net income (loss) before interest, provision for (benefit from)
income taxes, and depreciation and amortization plus adjustments for other income or expense items, non-recurring items, and non-cash
stock-based compensation.
1 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures”.
2017 Business Highlights and Recent Developments
| ● | In the first quarter of 2018, Inpixon raised $21 million in gross proceeds through sales of its equity securities |
| ● | Inpixon recently selected Amazon Web Services cloud infrastructure for Indoor Positioning Analytics delivery |
| ● | Inpixon announced a $2.5 million purchase order from a leading Fortune 500 health insurer |
| ● | Inpixon announced Cadillac Fairview as new customer, one of the largest real estate operators in North America and Canada |
| ● | Inpixon positioned itself to begin to leverage blockchain technology to build device reputation repository, strengthen IoT security, and secure retail payment |
| ● | Inpixon won top 2017 IoT Security Excellence Award |
| ● | Inpixon’s subsidiary, Inpixon Federal, received two delivery orders from the Bureau of Census totaling $1.4 million |
All results summarized in this press release (including the financial statement tables) should be considered preliminary, are qualified in their entirety by the financial statement tables included in this press release, and are subject to change. Please refer to Inpixon’s Annual Report on Form 10-K for the year ended December 31, 2017, which will be filed with the U.S. Securities and Exchange Commission on or about March 23, 2018.
Conference
Call Information
Management will host a conference call on Thursday, March 22, 2018, at 4:30 PM ET to review financial results and corporate highlights.
Following management’s formal remarks, there will be a question and answer session.
To listen to the conference call, interested parties within the U.S. should call +1 844-824-3831. International callers should call +1 412-317-5141. All callers should ask for the Inpixon conference call. The conference call will also be available through a live webcast, which can be accessed at client.irwebkit.com/inpixon/events.
Page 4 of 9
A replay of the call will be available approximately one hour after the end of the call through April 23, 2018. The replay can be accessed via Inpixon’s website or by dialing +1 877-344-7529 (U.S.) or +1 412-317-0088 (international). The replay conference playback code is 10117888.
About Inpixon
Inpixon (NASDAQ: INPX) is a leader in Indoor Positioning and Data Analytics. Inpixon sensors are designed to find all accessible cellular, Wi-Fi, and Bluetooth devices anonymously. Paired with a high-performance data analytics platform, this technology delivers visibility, security, and business intelligence on any commercial or government premises worldwide. Inpixon’s products, infrastructure solutions, and professional services group help customers take advantage of mobile, big data, analytics, and the Internet of Things (IoT) to uncover the untold stories of the indoors. For the latest insight on Indoor Positioning and Data Analytics, follow Inpixon on LinkedIn, @InpixonHQ on Twitter, and visit inpixon.com.
Safe
Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Act, and Section 21E of the Securities
Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current
expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number
of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are
outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements.
Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of global economic conditions, the
performance of management and employees, the Company’s ability to obtain financing, competition, general economic conditions
and other factors that are detailed in the Company’s periodic and current reports available for review at sec.gov. Furthermore,
we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly,
investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention
to, and undertake no obligation to, update or revise forward-looking statements.
Page 5 of 9
Non-GAAP Financial Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles in the United States (“GAAP””) are useful measures of operations. EBIDTA, Adjusted EBITDA and pro forma net loss per share are non-GAAP measures. Inpixon defines “EBITDA” as net income (loss) before interest, provision for (benefit from) income taxes, and depreciation and amortization. Management uses Adjusted EBITDA as the matrix in which it manages the business and Inpixon defines “Adjusted EBITDA” as EBITDA plus adjustments for other income or expense items, non-recurring items and non-cash stock-based compensation. Inpixon defines “pro forma net loss per share” as GAAP net loss per share adjusted for adjusted for non-cash items including stock-based compensation, amortization of intangibles and one time charges including gain/loss on the settlement of obligations, extinguishment loss for debt modification, goodwill impairment, severance costs, change in the fair value of shares to be issued, acquisition costs and the costs associated with the public offering.
Management provides Adjusted EBITDA and pro forma net loss per share measures so that investors will have the same financial information that management uses, which may assist investors in assessing Inpixon’s performance on a period-over-period basis. Adjusted EBITDA or pro forma net loss per share is not a measure of financial performance under GAAP, and should not be considered an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA and pro forma net loss per share have limitations as analytical tools and should not be considered either in isolation or as a substitute for analysis of Inpixon’s results as reported under GAAP.
Contact
Inpixon Investor Relations:
CORE IR
Scott Arnold, Managing Director
+1 516-222-2560
coreir.com
###
Page 6 of 9
INPIXON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value data)
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 141 | $ | 1,821 | ||||
| Accounts receivable, net | 2,310 | 11,788 | ||||||
| Notes and other receivables | 183 | 362 | ||||||
| Inventory | 790 | 1,061 | ||||||
| Prepaid licenses and maintenance contracts | 4,638 | 13,321 | ||||||
| Assets held for sale | 23 | 23 | ||||||
| Prepaid assets and other current assets | 1,123 | 1,768 | ||||||
| Total Current Assets | 9,208 | 30,144 | ||||||
| Prepaid licenses and maintenance contracts, non-current | 2,264 | 5,169 | ||||||
| Property and equipment, net | 520 | 1,385 | ||||||
| Software development costs, net | 2,017 | 2,058 | ||||||
| Intangible assets, net | 12,678 | 17,691 | ||||||
| Goodwill | 636 | 9,028 | ||||||
| Other assets | 368 | 998 | ||||||
| Total Assets | $ | 27,691 | $ | 66,473 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 25,834 | $ | 23,027 | ||||
| Accrued liabilities | 5,421 | 3,959 | ||||||
| Deferred revenue | 5,611 | 15,043 | ||||||
| Short-term debt | 3,058 | 6,887 | ||||||
| Derivative liabilities | 48 | 210 | ||||||
| Liabilities held for sale | 2059 | 2,041 | ||||||
| Total Current Liabilities | 42,031 | 51,167 | ||||||
| Long Term Liabilities | ||||||||
| Deferred revenue, non-current | 2,636 | 5,960 | ||||||
| Long-term debt | 767 | 4,047 | ||||||
| Other liabilities | 113 | 371 | ||||||
| Acquisition liability - Integrio | 997 | 1,648 | ||||||
| Acquisition liability - LightMiner | -- | 567 | ||||||
| Total Liabilities | 46,544 | 63,760 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ (Deficit) Equity: | ||||||||
| Preferred Stock - $0.001 par value; 5,000,000 shares authorized, 0 issued and outstanding as of December 31, 2017 and 2016 | -- | -- | ||||||
| Convertible Series 1 Preferred Stock - $1,000 stated value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2017 and 2,250 issued and outstanding at December 31, 2016 Liquidation preference of $0 at December 31, 2017 and $2,250,000 at December 31, 2016. | -- | 1,340 | ||||||
| Series 2 Convertible Preferred Stock - $1,000 stated value; 4,669 shares authorized; 0 issued and outstanding at December 31, 2017 and December 31, 2016 Liquidation preference of $0 at December 31, 2017 and December 31, 2016. | -- | -- | ||||||
| Common Stock - $0.001 par value; 50,000,000 shares authorized; 962,197 and 72,397 issued and 961,666 and 71,866 outstanding at December 31, 2017 and December 31, 2016, respectively | 1 | 2 | ||||||
| Additional paid-in capital | 78,302 | 64,148 | ||||||
| Treasury stock, at cost, 15,922 shares | (695 | ) | (695 | ) | ||||
| Due from Sysorex Consulting Inc. | -- | (666 | ) | |||||
| Accumulated other comprehensive income | 31 | 52 | ||||||
| Accumulated deficit | (94,486 | ) | (59,473 | ) | ||||
| Stockholders’ (Deficit) Equity attributable to Inpixon | (16,847 | ) | 4,708 | |||||
| Non-controlling interest | (2,006 | ) | (1,995 | ) | ||||
| Total Stockholders' (Deficit) Equity | (18,853 | ) | 2,713 | |||||
| Total Liabilities and Stockholders’ (Deficit) Equity | $ | 27,691 | $ | 66,473 | ||||
Page 7 of 9
INPIXON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
| For the Years Ended | ||||||||
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Revenues | ||||||||
| Products | $ | 33,928 | $ | 37,510 | ||||
| Services | 11,206 | 15,657 | ||||||
| Total Revenues | 45,134 | 53,167 | ||||||
| Cost of Revenues | ||||||||
| Products | 28,804 | 29,025 | ||||||
| Services | 5,508 | 9,215 | ||||||
| Total Cost of Revenues | 34,312 | 38,240 | ||||||
| Gross Profit | 10,822 | 14,927 | ||||||
| Operating Expenses | ||||||||
| Research and development | 1,813 | 2,277 | ||||||
| Sales and marketing | 6,578 | 8,500 | ||||||
| General and administrative | 18,507 | 15,269 | ||||||
| Acquisition related costs | 5 | 876 | ||||||
| Impairment of goodwill | 8,392 | 7,400 | ||||||
| Amortization of intangibles | 5,012 | 4,328 | ||||||
| Total Operating Expenses | 40,307 | 38,650 | ||||||
| Loss from Operations | (29,485 | ) | (23,723 | ) | ||||
| Other Income (Expense) | ||||||||
| Interest expense | (3,821 | ) | (1,743 | ) | ||||
| Change in fair value of shares to be issued | -- | 13 | ||||||
| Change in fair value of derivative liability | 555 | 51 | ||||||
| Reserve for the recoverability of note receivable | -- | (1,077 | ) | |||||
| Extinguishment loss for debt modification | (1,523 | ) | -- | |||||
| Other expense | (721 | ) | (266 | ) | ||||
| Total Other Income (Expense) | (5,510 | ) | (3,022 | ) | ||||
| Net Loss from Continuing Operations | (34,995 | ) | (26,745 | ) | ||||
| Loss from Discontinued Operations, Net of Tax | (35 | ) | (758 | ) | ||||
| Net Loss | (35,030 | ) | (27,503 | ) | ||||
| Net Loss Attributable to Non-controlling Interest | (17 | ) | (389 | ) | ||||
| Net Loss Attributable to Stockholders of Inpixon | $ | (35,013 | ) | $ | (27,114 | ) | ||
| Deemed dividend to preferred stockholders | (756 | ) | -- | |||||
| Net Loss Attributable to Common Stockholders | $ | (35,769 | ) | $ | (27,114 | ) | ||
| Net Loss Per Basic and Diluted Common Share | ||||||||
| Loss from continuing operations | $ | (137.72 | ) | $ | (461.89 | ) | ||
| Loss from discontinued operations | (0.07 | ) | (13.09 | ) | ||||
| Net Loss Per Share - Basic and Diluted | $ | (137.79 | ) | $ | (468.26 | ) | ||
| Weighted Average Shares Outstanding | ||||||||
| Basic and Diluted | 259,596 | 57,904 | ||||||
| Comprehensive Loss | ||||||||
| Net Loss | (35,030 | ) | (27,503 | ) | ||||
| Unrealized foreign exchange gain/(loss) from cumulative translation adjustments | (21 | ) | 21 | |||||
| Comprehensive Loss | $ | (35,051 | ) | $ | (27,482 | ) | ||
Page 8 of 9
INPIXON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| For the Years Ended | ||||||||
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net loss | $ | (35,030 | ) | $ | (27,503 | ) | ||
| Adjustment to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 1,882 | 1,333 | ||||||
| Amortization of intangible assets | 5,012 | 4,328 | ||||||
| Impairment of goodwill | 8,392 | 7,400 | ||||||
| Stock based compensation | 1,533 | 1,377 | ||||||
| Change in fair value of shares to be issued | -- | (13 | ) | |||||
| Amortization of technology | 66 | 133 | ||||||
| Change in fair value of derivative liability | (555 | ) | (51 | ) | ||||
| Amortization of debt discount | 2,110 | 491 | ||||||
| Amortization of deferred financing costs | 451 | -- | ||||||
| Provision for doubtful accounts | 952 | 93 | ||||||
| Other | 379 | 62 | ||||||
| Forgiveness of debt | 635 | -- | ||||||
| Extinguishment loss for debt modification | 1,523 | -- | ||||||
| Gain on the settlement of liabilities | (430 | ) | (1,541 | ) | ||||
| Exchange of warrants for shares | 434 | -- | ||||||
| Reserve for settlement of bond | -- | 749 | ||||||
| Reserve for note receivable | -- | 1,077 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable and other receivables | 8,706 | 2,968 | ||||||
| Inventory | 270 | (305 | ) | |||||
| Other current assets | 645 | 66 | ||||||
| Prepaid licenses and maintenance contracts | 11,588 | (232 | ) | |||||
| Other assets | 114 | (711 | ) | |||||
| Accounts payable | 5,414 | 6,907 | ||||||
| Accrued liabilities | 1,806 | 623 | ||||||
| Deferred revenue | (12,756 | ) | (10 | ) | ||||
| Other liabilities | (822 | ) | (29 | ) | ||||
| Total Adjustments | 37,349 | 24,715 | ||||||
| Net Cash Flows Provided by (Used in) Operating Activities | 2,319 | (2,788 | ) | |||||
| Cash Flows Used in Investing Activities | ||||||||
| Purchase of property and equipment | (101 | ) | (526 | ) | ||||
| Investment in capitalized software | (1,254 | ) | (1,576 | ) | ||||
| Cash acquired in Integrio Technologies acquisition | -- | 189 | ||||||
| Investment in Integrio Technologies | -- | (753 | ) | |||||
| Investment in Sysorex India | 37 | -- | ||||||
| Net Cash Flows Used in Investing Activities | (1,318 | ) | (2,666 | ) | ||||
| Cash Flows From Financing Activities | ||||||||
| Net proceeds from convertible promissory notes | 2,000 | -- | ||||||
| Repayment of convertible promissory notes | (2,662 | ) | -- | |||||
| Net repayments to bank facility | (5,576 | ) | (1,863 | ) | ||||
| Repayment of term loan | -- | (1,611 | ) | |||||
| Net proceeds from issuance of common stock, preferred stock and warrants | 6,581 | 1,734 | ||||||
| Repayment of debenture | (4,691 | ) | -- | |||||
| Repayment of notes payable | (57 | ) | (66 | ) | ||||
| Advances to related party | -- | (3 | ) | |||||
| Advances from related party | -- | 3 | ||||||
| Proceeds from debenture and convertible preferred stock | -- | 5,000 | ||||||
| Proceeds from notes received | 1,745 | -- | ||||||
| Net Cash (Used in) Provided By Financing Activities | (2,660 | ) | 3,194 | |||||
| Effect of Foreign Exchange Rate on Changes on Cash | (21 | ) | 21 | |||||
| Net Decrease in Cash and Cash Equivalents | (1,680 | ) | (2,239 | ) | ||||
| Cash and Cash Equivalents - Beginning of Period | 1,821 | 4,060 | ||||||
| Cash and Cash Equivalents - End of Period | $ | 141 | $ | 1,821 | ||||
Page 9 of 9
Reconciliation of Non-GAAP Financial Measures:
| Year Ended | ||||||||
| (In thousands) | December 31, | |||||||
| 2017 | 2016 | |||||||
| Net loss attributable to common stockholders | $ | (35,013 | ) | $ | (27,114 | ) | ||
| Adjustments: | ||||||||
| Non-recurring one-time charges: | ||||||||
| Acquisition transaction/financing costs | 5 | 876 | ||||||
| Costs associated with public offering | 212 | 4 | ||||||
| Impairment of goodwill | 8,392 | 7,400 | ||||||
| Gain on earnout | (561 | ) | -- | |||||
| Change in the fair value of shares to be issued | -- | (13 | ) | |||||
| Change in the fair value of derivative liability | (555 | ) | (51 | ) | ||||
| Severance | 27 | 55 | ||||||
| Stock based compensation - acquisition costs | 7 | -- | ||||||
| Provison for doubtful accounts | 952 | 685 | ||||||
| Reserve for recoverability of note receivable | -- | 1,077 | ||||||
| Gain on the settlement of obligations | (430 | ) | (1,541 | ) | ||||
| Exchange of warrants for shares | 434 | -- | ||||||
| Extinguishment Loss for debt modification | 1,523 | -- | ||||||
| Debt forgiveness | 635 | -- | ||||||
| Stock-based compensation – compensation and related benefits | 1,526 | 1,377 | ||||||
| Interest expense | 3,821 | 1,743 | ||||||
| Depreciation and amortization | 6,895 | 5,662 | ||||||
| Adjusted EBITDA | $ | (12,130 | ) | $ | (9,840 | ) | ||
| Year Ended | ||||||||
| (In thousands, except share data) | December 31, | |||||||
| 2017 | 2016 | |||||||
| Net loss attributable to common stockholders | $ | (35,013 | ) | $ | (27,114 | ) | ||
| Adjustments: | ||||||||
| Non-recurring one-time charges: | ||||||||
| Acquisition transaction/financing costs | 5 | 876 | ||||||
| Costs associated with public offering | 212 | 4 | ||||||
| Impairment of goodwill | 8,392 | 7,400 | ||||||
| Gain on earnout | (561 | ) | -- | |||||
| Change in the fair value of shares to be issued | -- | (13 | ) | |||||
| Change in the fair value of derivative liability | (555 | ) | (51 | ) | ||||
| Severance | 27 | 55 | ||||||
| Stock based compensation - acquisition costs | 7 | -- | ||||||
| Provision for doubtful accounts | 952 | 685 | ||||||
| Reserve for recoverability of note receivable | -- | 1,077 | ||||||
| Gain on the settlement of obligations | (430 | ) | (1,541 | ) | ||||
| Exchange of warrants for shares | 434 | -- | ||||||
| Extinguishment Loss for debt modification | 1,523 | -- | ||||||
| Debt Forgiveness | 635 | -- | ||||||
| Stock-based compensation – compensation and related benefits | 1,526 | 1,377 | ||||||
| Amortization of intangibles | 5,012 | 4,328 | ||||||
| Proforma non-GAAP net loss | $ | (17,834 | ) | $ | (12,917 | ) | ||
| Proforma non-GAAP net loss per basic and diluted common share | $ | (68.70 | ) | $ | (223.08 | ) | ||
| Weighted average basic and diluted common shares outstanding | 259,596 | 57,904 | ||||||