v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 61,233 $ 136,986
Accounts receivable 8,511 6,491
Inventories 17,609 17,214
Prepaid expenses and other current assets 7,772 4,469
Total Current Assets 95,125 165,160
Property and equipment, net 1,168 1,134
Security deposits 312 312
Total Assets 96,605 166,606
Current Liabilities:    
Accounts payable 12,912 23,256
Accrued expenses 15,453 14,658
Interest payable on senior convertible notes 233 233
Deferred revenues 5,000 0
Total Current Liabilities 33,598 38,147
Senior convertible notes, net 17,657 17,302
Long term debt, net 100,327 98,660
Derivative financial instruments, at estimated fair value-warrants 9,334 17,582
Other long-term liabilities 379 433
Total Liabilities 161,295 172,124
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 808,410 801,787
Accumulated deficit (873,125) (807,330)
Total Stockholders’ Deficit (64,690) (5,518)
Total Liabilities and Stockholders’ Deficit $ 96,605 $ 166,606

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Net sales $ 12,254 $ 2,314 $ 20,840 $ 2,412
Cost of goods sold 3,885 1,643 7,589 3,279
Gross profit 8,369 671 13,251 (867)
Costs and expenses:        
Research and development 2,844 22,069 6,236 40,470
Selling, general and administrative 34,615 52,185 74,760 94,973
Total operating expenses 37,459 74,254 80,996 135,443
Loss from operations (29,090) (73,583) (67,745) (136,310)
Other Income/(Expense)        
Interest expense, net (3,205) (345) (6,328) (1,135)
Debt conversion expense 0 0 0 (1,209)
State R&D tax credits 0 0 30 0
Change in fair value of derivative instruments-warrants 2,604 39 8,248 161
Total other income (expense) (601) (306) 1,950 (2,183)
Net loss $ (29,691) $ (73,889) $ (65,795) $ (138,493)
Weighted Average Common Shares Outstanding        
Basic and Diluted (in shares) 246,990,080 224,948,622 246,827,974 220,269,223
Net Loss per Common Share, Basic and Diluted        
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.12) $ (0.33) $ (0.27) $ (0.63)

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities:    
Net loss $ (65,795) $ (138,493)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 106 80
Amortization of deferred debt costs and debt discount 805 785
Accretion of back-end facility fee 330 0
Stock-based compensation expense 6,194 16,195
Interest expense — Payment-in-kind (PIK) 3,386 0
Change in fair value of derivative instruments—warrants (8,248) (161)
Debt conversion expense 0 1,209
Changes in operating assets and liabilities:    
Accounts receivable (2,020) (1,782)
Inventories (395) (6,213)
Deferred revenues, net 5,000 1,498
Security deposit 0 (64)
Accounts payable and accrued expenses (9,549) 13,714
Prepaid expenses and other current assets (3,303) (7,479)
Accrued interest expense on senior convertible notes 0 (61)
Total Adjustments (7,694) 17,721
Net Cash used in Operating Activities (73,489) (120,772)
Cash Flows From Investing Activities:    
Additions to property and equipment (193) (15)
Net Cash used in Investing Activities (193) (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 429 347
Net Cash (used in) provided by Financing Activities (2,071) 120,360
Net decrease in cash and cash equivalents (75,753) (427)
Cash and cash equivalents at beginning of period 136,986 82,387
Cash and cash equivalents at end of period 61,233 81,960
Supplementary disclosure of cash flow information:    
Cash paid for interest on senior convertible notes 698 698
Cash paid for interest on long term debt 1,603 0
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