v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 98,658 $ 136,986
Accounts receivable 7,414 6,491
Inventories 16,175 17,214
Prepaid expenses and other current assets 8,924 4,469
Total Current Assets 131,171 165,160
Property and equipment, net 1,163 1,134
Security deposits 312 312
Total Assets 132,646 166,606
Current Liabilities:    
Accounts payable 22,976 23,256
Accrued expenses 13,933 14,658
Interest payable on senior convertible notes 581 233
Deferred revenues 5,000 0
Total Current Liabilities 42,490 38,147
Senior convertible notes, net 17,480 17,302
Long term debt, net 98,965 98,660
Derivative financial instruments, at estimated fair value-warrants 11,938 17,582
Other long-term liabilities 406 433
Total Liabilities 171,279 172,124
Commitments and contingencies
Stockholders’ Deficit    
Preferred stock, authorized 20,000,000 shares and none outstanding, at March 31, 2018 and December 31, 2017 0 0
Common stock, par value of $.0001, 400,000,000 shares authorized at March 31, 2018 and December 31, 2017. Issued and outstanding 246,717,367 shares and 246,660,367 shares at March 31, 2018 and December 31, 2017, respectively. 25 25
Additional paid-in capital 804,776 801,787
Accumulated deficit (843,434) (807,330)
Total Stockholders’ Deficit (38,633) (5,518)
Total Liabilities and Stockholders’ Deficit $ 132,646 $ 166,606

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Net sales $ 8,586 $ 98
Cost of goods sold 3,704 1,636
Gross profit 4,882 (1,538)
Costs and expenses:    
Research and development 3,392 18,401
Selling, general and administrative 40,145 42,788
Total operating expenses 43,537 61,189
Loss from operations (38,655) (62,727)
Other Income/(Expense)    
Interest expense, net (3,123) (790)
Debt conversion expense 0 (1,209)
State R&D tax credits 30 0
Change in fair value of derivative instruments-warrants 5,644 122
Total other income (expense) 2,551 (1,877)
Net loss $ (36,104) $ (64,604)
Weighted Average Common Shares Outstanding    
Basic and Diluted (in shares) 246,664,067 215,484,670
Net Loss per Common Share, Basic and Diluted    
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.15) $ (0.30)

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities:    
Net loss $ (36,104) $ (64,604)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 48 41
Amortization of deferred debt costs and debt discount 389 608
Accretion of back-end facility fee 142 0
Stock-based compensation expense 2,959 2,897
Interest expense — Payment-in-kind (PIK) 2,451 0
Change in fair value of derivative instruments—warrants (5,644) (122)
Debt conversion expense 0 1,209
Changes in operating assets and liabilities:    
Accounts receivable (923) (6,319)
Inventories 1,039 (4,007)
Security deposit 0 (65)
Prepaid expenses and other current assets (4,455) (7,149)
Accounts payable and accrued expenses (1,004) 9,512
Deferred revenues, net 5,000 4,260
Accrued interest expense on senior convertible notes 348 287
Total Adjustments 350 1,152
Net Cash used in Operating Activities (35,754) (63,452)
Cash Flows From Investing Activities:    
Additions to property and equipment (104) (15)
Net Cash used in Investing Activities (104) (15)
Cash Flows From Financing Activities:    
Proceeds of sale of common stock, net of issuance costs 0 121,604
Payment for deferred financing costs (2,500) (1,591)
Proceeds from exercise of stock options 30 329
Net Cash (used in) provided by Financing Activities (2,470) 120,342
Net (decrease) increase in cash and cash equivalents (38,328) 56,875
Cash and cash equivalents at beginning of period 136,986 82,387
Cash and cash equivalents at end of period 98,658 139,262
Supplementary disclosure of cash flow information:    
Cash paid for taxes 0 44
Supplementary disclosure of non-cash investing and financing activities:    
Conversion of senior convertible notes to Synergy Common Stock $ 0 $ 4,912

Source