Neonode Inc. (NASDAQ:NEON), the Optical Interactive Sensing
Technology Company, today reported financial results for the fourth
quarter and year ended December 31, 2016.
Highlights:
- Automotive customers sold 940,000 cars with zForce in 2016, a
167% increase over 2015
- Printer customers sold 8.8 million printers with zForce in
2016, a 56% increase over 2015
- Shipped approximately 9,000 AirBar units in Q4 2016
- We established global distribution for our consumer products
with the largest distributor in the world, Ingram Micro
- More than 44 million products on the market with Neonode
technology today
- Entered into a Joint Venture with SmartEye AB to merge
eye-tracking and touch in a sensor module
“In 2016 we focused investments in the development of our
technology and highly automated manufacturing processes. We are now
able to offer embedded hardware sensors to our customers which
allows them to reduce time to market for their products. Selling
modules enable us to enter new markets and earn higher profits
compared to licensing,” said Thomas Eriksson, Neonode CEO. “We
reached a key milestone in December when we started shipping our
first consumer electronics product, AirBar.”
“AirBar is powered by our sensor modules which we now produce
and ship in volume. In 2016, we established a global distribution
channel with Ingram Micro and began shipping our 15.6 inch version
for PCs. Consumers now can purchase AirBar through major retailers
such as Amazon, Best Buy and Walmart. At CES in January 2017, we
announced our new AirBar for Apple MacBook Air and new sizes for
Windows based PCs. These products are scheduled to ship by the end
of March 2017. To expand sales, AirBar will be available soon on
Dell.com in the US and later in Europe and India,” continued Mr.
Eriksson.
“In 2016 licensing revenue increased driven by our automotive
and printer customers. Automotive license revenues increased 126%
over 2015 and printer license revenues increased 64%. Our customers
continue to release new products and we expect license revenues to
continue to increase in 2017. We now have licensing, modules and
consumer products contributing to our total revenues,” concluded
Mr. Eriksson.
Financial Results for the Fourth Quarter and Year Ended
December 31, 2016
Our revenue for fiscal 2016 was $10.2 million, an 8% decrease
compared to $11.1 million in fiscal 2015. In 2016 the majority of
our revenue was derived from license fees and we had much lower
non-recurring engineering fees (“NRE”) compared to 2015. License
fees represented 82% of our total revenue in 2016 compared to 63%
in 2015 and increased a total of 18.5% in 2016 compared to 2015
primarily due to a 64% increase in license fees earned from our
printer customers and a 126% increase in license fees earned from
our automotive customers which was partially offset by a 49%
decrease in license fees earned from our e-reader customers.
NRE revenue decreased 58% in 2016 as compared to 2015 because we
have been able to reduce the number of full custom design projects
as we begin offering sensor modules to our customers. In 2016, we
continued to earn NRE revenue from a limited number of design
projects that are primarily targeted for future inclusion of sensor
modules. 79% of our total NRE revenues in 2016 were earned from
automotive projects.
In Q4 2016, we started manufacturing and selling AirBar, our
first branded consumer product using our sensor modules. We
recorded $0.1 million of sales revenue and approximately $0.1
million to deferred revenue related to our AirBar shipments in
2016. Deferred revenue represents shipments of AirBar to our
distributors that they purchased and held in inventory at year
end.
Our combined total gross margin is 87% in 2016 compared to 66%
in 2015. The increase in gross margin is primarily due to a higher
percentage of our total revenue is derived from license fees in
2016 compared to 2015. License fees have a 100% gross margin and to
the extent they are a higher percentage of our total revenue our
overall gross margin will be higher. In 2016, license fees
accounted for 82% of total revenue compared to 63% in 2015. NRE
projects accounted for the most of the remaining revenue and had a
25% gross margin in 2016 compared to 7% in 2015. Our cost of
revenues for 2015 includes a $1.2 million one-time write-off
related to cost to develop our zForce PLUS platform because we now
primarily use zForce AIR in our new sensor modules.
Operating expenses decreased 7% to $14.0 million for fiscal 2016
compared to $15.0 million for fiscal 2015. Research and development
expense (“R&D”) increased 13% in 2016 to $7.1 million compared
to $6.3 million in 2015. Included in R&D expense for 2016 are
investments of $1.1 million of pre-production manufacturing
start-up costs and approximately $0.8 million of non-recurring
expenses related to final development of the new NN1003 ASIC. Our
sales and marketing expenses for 2016 decreased 24% over 2015. The
decrease is primarily related to decrease in salaries related to a
reduction in headcount and a reduction in stock option expense.
Total general & administrative expenses for 2016 decreased 18%
over 2015. These decreases are primarily related to a decrease in
salaries related to a reduction in headcount and a reduction in
stock option expense.
Net loss for fiscal 2016 was $5.3 million, or $0.12 per share,
compared to a net loss of $7.8 million, or $0.19 per share, in
fiscal 2015.
Our revenue for the fourth quarter of fiscal 2016 is $2.9
million, a 3% decrease, compared to $3.0 million for the fourth
quarter of 2015. Revenues for the fourth quarter of fiscal 2016
included $2.3 million from license fees, $0.5 million, from NRE
fees and $0.1 million from sales of AirBar compared to revenues of
$1.7 million from license fees and $1.3 million from NRE fees for
the fourth quarter of 2015. Our gross margin was $2.5 million, or
89%, in 2016 compared to $1.2 million, or 39%, in the same quarter
of 2015. Our cost of revenues in 2015 included the development
write-offs discussed above. Our total operating expenses of $3.0
million for the fourth quarter of 2016 were on plan and were a 20%
decrease, compared to $3.7 million for the fourth quarter 2015. Net
loss for the fourth quarter of fiscal 2016 was $0.4 million, or
$0.01 loss per share, compared to a net loss of $2.6 million, or
$0.06 loss per share, for the fourth quarter in 2015.
Cash and accounts receivable totaled $5.0
million at December 31, 2016 compared to $4.4 million at December
31, 2015. Common shares on a fully diluted basis including common
stock, stock options and warrant outstanding totaled approximately
58.6 million shares on December 31, 2016 compared to approximately
46.5 million shares at December 31, 2015.
Shelf Registration Filing
Neonode today also is filing a shelf
registration statement to replace the existing shelf registration
statement filed by Neonode in 2014, which is set to expire in June
after a three-year term. Under the replacement shelf registration
statement, once declared effective by the Securities and Exchange
Commission, Neonode may offer and sell from time to time in the
future, in one or more offerings, common stock having a maximum
aggregate offering price of $20 million.
Conference Call Information
Neonode will host a conference call Wednesday
March 15, 2017 at 10AM Eastern Daylight Time (EDT)/3PM Central
European Time (CET) featuring remarks by, and Q&A with, Thomas
Eriksson, CEO, Lars Lindqvist, CFO and David Brunton, Head of
Investor Relations.
The dial-in number for the conference call is
toll-free: (877) 539-0733 (U.S. domestic) or +1 (678) 607-2005
(international). To access the call all participants must use the
following Conference ID: #66598269. Please make sure to call at
least five minutes before the scheduled start time.
To register for the call, and listen online, please
click:http://event.on24.com/wcc/r/1362245-1/05819A93C8A4ECCB9DEFF52235F3BE20
For interested individuals unable to join the
live event, a digital recording for replay will be available for 30
days after the call's completion – 3/15/2017 (13:00PM EDT) to
4/15/2017 (23:59PM EDT). To access the recording, please use one of
these Dial-In Numbers (800) 585-8367 or (404) 537-3406, and the
Conference ID #66598269.
About NeonodeNeonode Inc. (NASDAQ:NEON)
develops and licenses optical interactive sensing technologies.
Neonode’s patented optical interactive sensing technology is
developed for a wide range of devices like automotive systems,
printers, PC devices, monitors, mobile phones, tablets and
e-readers. NEONODE and the NEONODE Logo are trademarks of Neonode
Inc. registered in the United States and other countries. AIRBAR is
a trademark of Neonode Inc. All other trademarks are the property
of their respective owners.
For more information please visit www.neonode.com.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These include, but are not limited to,
statements relating to expectations, future performance or future
events, and product cost, performance, and functionality matters.
These statements are based on current assumptions, expectations and
information available to Neonode management and involve a number of
known and unknown risks, uncertainties and other factors that may
cause Neonode's actual results, levels of activity, performance or
achievements to be materially different from any expressed or
implied by these forward-looking statements.
These risks, uncertainties, and factors are
discussed under "Risk Factors" and elsewhere in Neonode's public
filings with the U.S. Securities and Exchange Commission from time
to time, including Neonode's annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K. You are
advised to carefully consider these various risks, uncertainties
and other factors. Although Neonode management believes that the
forward-looking statements contained in this press release are
reasonable, it can give no assurance that its expectations will be
fulfilled. Forward-looking statements are made as of today's date,
and Neonode undertakes no duty to update or revise them.
Disclaimer
A shelf registration statement as described in
this press release is being filed with the Securities and Exchange
Commission but has not yet become effective. Securities may not be
sold nor may offers to buy be accepted prior to the time the shelf
registration statement becomes effective. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy securities, nor shall there be any sale of the securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction. Any offering
of the securities covered by the shelf registration statement will
only be by means of a prospectus and an accompanying prospectus
supplement.
|
NEONODE INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except share and per share amounts) |
|
|
|
As of December 31, 2016 |
|
|
As of December 31, 2015 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
3,476 |
|
|
$ |
3,082 |
|
Accounts
receivable, net |
|
|
1,548 |
|
|
|
1,346 |
|
Projects
in process |
|
|
- |
|
|
|
158 |
|
Inventory |
|
|
696 |
|
|
|
- |
|
Prepaid
expenses and other current assets |
|
|
1,949 |
|
|
|
747 |
|
Total
current assets |
|
|
7,669 |
|
|
|
5,333 |
|
|
|
|
|
|
|
|
|
|
Investment in joint
venture |
|
|
3 |
|
|
|
- |
|
Property and equipment,
net |
|
|
2,031 |
|
|
|
594 |
|
Total
assets |
|
$ |
9,703 |
|
|
$ |
5,927 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,286 |
|
|
$ |
965 |
|
Accrued
payroll and employee benefits |
|
|
1,001 |
|
|
|
932 |
|
Accrued
expenses |
|
|
172 |
|
|
|
382 |
|
Deferred
revenues |
|
|
1,921 |
|
|
|
1,475 |
|
Current
portion of capital lease obligations |
|
|
228 |
|
|
|
57 |
|
Total
current liabilities |
|
|
4,608 |
|
|
|
3,811 |
|
|
|
|
|
|
|
|
|
|
Capital lease
obligation, net of current portion |
|
|
960 |
|
|
|
283 |
|
Total
liabilities |
|
|
5,568 |
|
|
|
4,094 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Series B
Preferred stock, 54,425 shares authorized with par value of
$0.001; 83 shares |
|
|
|
|
|
|
|
|
issued
and outstanding at December 31, 2016 and 2015, respectively.
(In the event |
|
|
|
|
|
|
|
|
of
dissolution, each share of Series B Preferred stock has a
liquidation preference |
|
|
|
|
|
|
|
|
equal to
par value of $0.001 over the shares of common stock) |
|
|
- |
|
|
|
- |
|
Common
stock, 70,000,000 shares authorized at December 31, 2016 and
2015, |
|
|
|
|
|
|
|
|
respectively, with par value of $0.001; 48,844,503 and 43,805,586
shares issued |
|
|
|
|
|
|
|
|
and
outstanding at December 31, 2016 and 2015, respectively |
|
|
49 |
|
|
|
44 |
|
Additional paid-in capital |
|
|
183,667 |
|
|
|
175,504 |
|
Accumulated other comprehensive (loss) income |
|
|
(171 |
) |
|
|
46 |
|
Accumulated deficit |
|
|
(179,040 |
) |
|
|
(173,749 |
) |
Total
Neonode Inc. stockholders’ equity |
|
|
4,505 |
|
|
|
1,845 |
|
Noncontrolling
interests |
|
|
(370 |
) |
|
|
(12 |
) |
Total
stockholders’ equity |
|
|
4,135 |
|
|
|
1,833 |
|
Total
liabilities and stockholders’ equity |
|
$ |
9,703 |
|
|
$ |
5,927 |
|
|
NEONODE INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share amounts) |
|
|
|
Years Ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
8,350 |
|
|
$ |
7,045 |
|
|
$ |
3,156 |
|
Sensor modules
sales |
|
|
149 |
|
|
|
- |
|
|
|
- |
|
Non-recurring
engineering |
|
|
1,714 |
|
|
|
4,070 |
|
|
|
1,584 |
|
Total revenues |
|
|
10,213 |
|
|
|
11,115 |
|
|
|
4,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Sensor module |
|
|
54 |
|
|
|
- |
|
|
|
- |
|
Non-recurring
engineering |
|
|
1,284 |
|
|
|
3,780 |
|
|
|
1,509 |
|
Total cost of
revenues |
|
|
1,338 |
|
|
|
3,780 |
|
|
|
1,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross margin |
|
|
8,875 |
|
|
|
7,335 |
|
|
|
3,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
7,069 |
|
|
|
6,279 |
|
|
|
7,373 |
|
Sales and
marketing |
|
|
2,857 |
|
|
|
3,753 |
|
|
|
3,250 |
|
General and
administrative |
|
|
4,093 |
|
|
|
4,999 |
|
|
|
6,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
14,019 |
|
|
|
15,031 |
|
|
|
17,422 |
|
Operating loss |
|
|
(5,144 |
) |
|
|
(7,696 |
) |
|
|
(14,191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(47 |
) |
|
|
(18 |
) |
|
|
(14 |
) |
Other expense, net |
|
|
(91 |
) |
|
|
(28 |
) |
|
|
(16 |
) |
Total other expense,
net |
|
|
(138 |
) |
|
|
(46 |
) |
|
|
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision
for income taxes |
|
|
(5,282 |
) |
|
|
(7,742 |
) |
|
|
(14,221 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
367 |
|
|
|
93 |
|
|
|
13 |
|
Net loss including
noncontrolling interests |
|
|
(5,649 |
) |
|
|
(7,835 |
) |
|
|
(14,234 |
) |
Less: Net loss
attributable to noncontrolling interests |
|
|
358 |
|
|
|
15 |
|
|
|
- |
|
Net loss attributable
to Neonode Inc. |
|
$ |
(5,291 |
) |
|
$ |
(7,820 |
) |
|
$ |
(14,234 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
(0.12 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.36 |
) |
Basic and diluted –
weighted average number of common shares outstanding |
|
|
45,690 |
|
|
|
41,202 |
|
|
|
39,532 |
|
|
NEONODE INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS |
(In thousands) |
|
|
|
Years ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Net loss including
noncontrolling interests |
|
$ |
(5,649 |
) |
|
$ |
(7,835 |
) |
|
$ |
(14,234 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments |
|
|
(217 |
) |
|
|
(103 |
) |
|
|
138 |
|
Comprehensive loss |
|
|
(5,866 |
) |
|
|
(7,938 |
) |
|
|
(14,096 |
) |
Less: Comprehensive
loss attributable to noncontrolling interests |
|
|
358 |
|
|
|
15 |
|
|
|
- |
|
Comprehensive loss
attributable to Neonode Inc. |
|
$ |
(5,508 |
) |
|
$ |
(7,923 |
) |
|
$ |
(14,096 |
) |
|
NEONODE INC |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY |
(In thousands) |
|
|
|
Series BPreferredStock Shares Issued |
|
|
Series BPreferredStock Amount |
|
|
CommonStockShares Issued |
|
|
Common StockAmount |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedOther ComprehensiveIncome (loss) |
|
|
Accumulated Deficit |
|
|
Total Neonode Inc. Stockholders’Equity |
|
|
Noncontrolling Interests |
|
|
TotalStockholders’Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, January 1, 2014 |
|
|
83 |
|
|
$ |
- |
|
|
|
37,934 |
|
|
$ |
38 |
|
|
$ |
157,994 |
|
|
$ |
11 |
|
|
$ |
(151,695 |
) |
|
$ |
6,348 |
|
|
$ |
- |
|
|
$ |
6,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option and
warrant compensation expense to employees, directors and
vendors |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,729 |
|
|
|
- |
|
|
|
- |
|
|
|
1,729 |
|
|
|
- |
|
|
|
1,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale
ofcommon stock, net ofoffering costs |
|
|
- |
|
|
|
- |
|
|
|
2,500 |
|
|
|
2 |
|
|
|
9,251 |
|
|
|
- |
|
|
|
- |
|
|
|
9,253 |
|
|
|
- |
|
|
|
9,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issuedupon
exercise of commonstock warrants |
|
|
- |
|
|
|
- |
|
|
|
21 |
|
|
|
- |
|
|
|
36 |
|
|
|
- |
|
|
|
- |
|
|
|
36 |
|
|
|
- |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currencytranslation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
138 |
|
|
|
- |
|
|
|
138 |
|
|
|
- |
|
|
|
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,234 |
) |
|
|
(14,234 |
) |
|
|
- |
|
|
|
(14,234 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, December 31, 2014 |
|
|
83 |
|
|
$ |
- |
|
|
|
40,455 |
|
|
$ |
40 |
|
|
$ |
169,010 |
|
|
$ |
149 |
|
|
$ |
(165,929 |
) |
|
$ |
3,270 |
|
|
$ |
- |
|
|
$ |
3,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option and
warrant compensation expense toemployees, directors and
vendors |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,075 |
|
|
|
- |
|
|
|
- |
|
|
|
1,075 |
|
|
|
- |
|
|
|
1,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale
ofcommon stock, net ofoffering costs |
|
|
- |
|
|
|
- |
|
|
|
3,200 |
|
|
|
3 |
|
|
|
5,419 |
|
|
|
- |
|
|
|
- |
|
|
|
5,422 |
|
|
|
- |
|
|
|
5,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issuedupon
exercise of common stock warrants |
|
|
- |
|
|
|
- |
|
|
|
151 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(103 |
) |
|
|
- |
|
|
|
(103 |
) |
|
|
- |
|
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interestsPronode initial contribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,820 |
) |
|
|
(7,820 |
) |
|
|
(15 |
) |
|
|
(7,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, December 31, 2015 |
|
|
83 |
|
|
$ |
- |
|
|
|
43,806 |
|
|
$ |
44 |
|
|
$ |
175,504 |
|
|
$ |
46 |
|
|
$ |
(173,749 |
) |
|
$ |
1,845 |
|
|
$ |
(12 |
) |
|
$ |
1,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option
compensationexpense to employees, directors and vendors |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
255 |
|
|
|
- |
|
|
|
- |
|
|
|
255 |
|
|
|
- |
|
|
|
255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale
ofcommon stock and pre-fundedwarrants, net of offering costs |
|
|
- |
|
|
|
- |
|
|
|
5,027 |
|
|
|
5 |
|
|
|
7,908 |
|
|
|
- |
|
|
|
- |
|
|
|
7,913 |
|
|
|
- |
|
|
|
7,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued
uponexercise of common stockwarrants |
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translationadjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(217 |
) |
|
|
- |
|
|
|
(217 |
) |
|
|
- |
|
|
|
(217 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,291 |
) |
|
|
(5,291 |
) |
|
|
(358 |
) |
|
|
(5,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances,
December 31, 2016 |
|
|
83 |
|
|
$ |
- |
|
|
|
48,845 |
|
|
$ |
49 |
|
|
$ |
183,667 |
|
|
$ |
(171 |
) |
|
$ |
(179,040 |
) |
|
$ |
4,505 |
|
|
$ |
(370 |
) |
|
$ |
4,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEONODE INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
|
Years Ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net loss
(including noncontrolling interests) |
|
$ |
(5,649 |
) |
|
$ |
(7,835 |
) |
|
$ |
(14,234 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
255 |
|
|
|
1,075 |
|
|
|
1,729 |
|
Bad debt
expense |
|
|
- |
|
|
|
- |
|
|
|
167 |
|
Depreciation and amortization |
|
|
360 |
|
|
|
187 |
|
|
|
202 |
|
Loss on
disposal of property and equipment |
|
|
91 |
|
|
|
28 |
|
|
|
16 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(204 |
) |
|
|
(239 |
) |
|
|
(304 |
) |
Projects
in process |
|
|
158 |
|
|
|
38 |
|
|
|
530 |
|
Inventory |
|
|
(737 |
) |
|
|
- |
|
|
|
- |
|
Prepaid
expenses and other current assets |
|
|
(1,316 |
) |
|
|
(263 |
) |
|
|
(60 |
) |
Accounts
payable and accrued expenses |
|
|
343 |
|
|
|
871 |
|
|
|
363 |
|
Deferred
revenues |
|
|
447 |
|
|
|
(1,925 |
) |
|
|
(233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in operating activities |
|
|
(6,252 |
) |
|
|
(8,063 |
) |
|
|
(11,824 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(987 |
) |
|
|
(198 |
) |
|
|
(115 |
) |
Investment in joint venture |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
Proceeds
from sale of property and equipment |
|
|
5 |
|
|
|
- |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
|
(985 |
) |
|
|
(198 |
) |
|
|
(108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from exercise of warrants |
|
|
- |
|
|
|
- |
|
|
|
36 |
|
Proceeds
from issuance of common stock and pre-funded warrants, net of
offering costs |
|
|
7,913 |
|
|
|
5,422 |
|
|
|
9,253 |
|
Contributions from noncontrolling interests |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
Principal
payments on capital lease obligations |
|
|
(116 |
) |
|
|
(57 |
) |
|
|
(34 |
) |
Net cash
provided by financing activities |
|
|
7,797 |
|
|
|
5,368 |
|
|
|
9,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
(166 |
) |
|
|
(154 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
394 |
|
|
|
(3,047 |
) |
|
|
(2,686 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
year |
|
|
3,082 |
|
|
|
6,129 |
|
|
|
8,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
year |
|
$ |
3,476 |
|
|
$ |
3,082 |
|
|
$ |
6,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
48 |
|
|
$ |
18 |
|
|
$ |
14 |
|
Cash paid
for income taxes |
|
$ |
367 |
|
|
$ |
93 |
|
|
$ |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of equipment with capital lease obligation |
|
$ |
983 |
|
|
$ |
- |
|
|
$ |
530 |
|
For more information, please contact:
Investor Relations:
David Brunton
Email: david.brunton@neonode.com
CFO
Lars Lindqvist
E-mail: lars.lindqvist@neonode.com
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