Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of cloud-based
Marketing Technology software, today announced financial results
for its fiscal first quarter ended December 31, 2020.
“Our eCommerce360 strategy continues to deliver
strong operating profit, faster customer wins, and strategic growth
opportunities,” said Ari Kahn, Bridgeline’s President and Chief
Executive Officer.
“The acquisition of Woorank SRL will accelerate
our eCommerce360 strategy with thousands of sales leads per month
and an intelligent recommendation dashboard to cross-sell our
software throughout our customer-base,” continued Mr. Kahn.
“Woorank will become a central dashboard for all of our customers
that connects our entire product line into a unified engine that
helps them grow their online revenue.”
First Quarter Summary:
- Total revenue,
which is comprised of Licenses and Services revenue, was consistent
at $2.8 million for the quarters ended December 31, 2020 and 2019.
License revenue grew by 15% and Services decreased by 24%.
- Subscription and
licenses revenue, which is comprised of SaaS licenses, maintenance
and hosting revenue and perpetual license revenue increased 15% to
$2 million for the quarter ended December 31, 2020, from $1.7
million for the same period in 2019. As a percentage of total
revenue, Subscription and licenses revenue increased 9% to 70% of
total revenue for the quarter ended December 31, 2020, compared to
61% for the same period in 2019. This increase is attributed to
significant multi-year license renewals across our diverse
portfolio of Fortune 500 companies.
- Services revenue
decreased $259,000 to $837,000 for the quarter ended December 31,
2020 as compared to $1.1 million for the same period in 2019. As a
percentage of total revenue, Services revenue accounted for 30% of
total revenue for the quarter ended December 31, 2020, compared to
39% for the same period in 2019. Bridgeline’s overall
strategy, called eCommerce360, has been on increasing recurring
subscription revenue with out-of-the-box Apps that require little
or no services to implement. This focus and continued growth are
expected to further increase our subscription and licenses to
services revenue ratio.
- Gross profit
increased 27% or $405,000 to $1.9 million for the quarter ended
December 31, 2020 as compared to $1.5 million for the same period
in 2019. Cost of revenue decreased 30% or $401,000 to $957,000 for
the quarter ended December 31, 2020 compared to $1.4 million for
the same period in 2019. This decrease is attributable to a
reduction within our fixed costs to operate our cloud-based hosting
model and variable internal support costs. Gross margin
increased to 66% for the quarter ended December 31, 2020, compared
to 52% for the same period in 2019. Subscription and licenses gross
margin were 71% for three months ended December 31, 2020 as
compared to 54% for the same period in 2019. Services gross margin
were 55% for the three months ended December 31, 2020 as compared
to 48% for the same period in 2019.
- Operating
expenses decreased 30% or $736,000 to $1.7 million for the quarter
ended December 31, 2020 from $2.4 million for the same period in
2019. Included within the quarterly totals as of December 31, 2020
are the net benefits and overall efficiencies of the previously
announced reduction of our U.S. and Canada operations; by
eliminating redundancies and combining certain responsibilities and
functions. These benefits were offset by acquisition charges of
$210,000 related to the acquisition of Woorank SRL,
respectively.
- Operating income
for the quarter ended December 31, 2020 is $179,000 as compared to
an operating loss of $1 million for the same period in 2019.
- Net loss
applicable to common shareholders for the fiscal quarter ended
December 31, 2020 is $1.2 million, compared to $2.3 million for the
same period in 2019. For the quarter ended December 31, 2020, the
Warrant Liability independent revaluation which considers the
overall fluctuation in our closing market share price as of
December 31, 2020 of $2.58 from the previous quarter’s closing
market share price of $1.86, resulted in a $1.4 million non-cash
derivative loss attributable to the change in the fair value of the
warrant liabilities offset by the government grant income of
$88,000 related to the forgiveness of the PPP loan. For the three
months ended December 31, 2019, the net gain attributable to the
change in fair value of certain derivative warrant liabilities was
$1.1 million offset by the deemed dividend on amendment of Series A
convertible preferred stock of $2.4 million, respectively.
Financial Results
First Quarter
Total revenue, which is comprised of License and
Services revenue, was consistent at $2.8 million for the quarters
ended December 31, 2020 and 2019. License revenue grew by 15% and
Services decreased by 24%. Subscription and licenses revenue, which
is comprised of SaaS licenses, maintenance and hosting revenue and
perpetual license revenue increased 15% to $2 million for the
quarter ended December 31, 2020, from $1.7 million for the same
period in 2019. As a percentage of total revenue, Subscription and
licenses revenue increased 9% to 70% of total revenue for the
quarter ended December 31, 2020, compared to 61% for the same
period in 2019. This increase is attributed to
significant multi-year license renewals across our diverse
portfolio of Fortune 500 companies. Services revenue
decreased $259,000 to $837,000 for the quarter ended December 31,
2020 as compared to $1.1 million for the same period in 2019. As a
percentage of total revenue, Services revenue accounted for 30% of
total revenue for the quarter ended December 31, 2020, compared to
39% for the same period in 2019. Bridgeline’s overall strategy,
called eCommerce360, has been on increasing recurring subscription
revenue with out-of-the-box Apps that require little or no services
to implement. This focus and continued growth are expected to
further increase our subscription and licenses to services revenue
ratio.
Gross profit increased 27% or $405,000 to $1.9
million for the quarter ended December 31, 2020 as compared to $1.5
million for the same period in 2019. Cost of revenue decreased 30%
or $401,000 to $957,000 for the quarter ended December 31, 2020
compared to $1.4 million for the same period in 2019. This decrease
is attributable to a reduction within our fixed costs to operate
our cloud-based hosting model and variable internal support
costs. Gross margin increased to 66% for the quarter
ended December 31, 2020, compared to 52% for the same period in
2019. Subscription and licenses gross margin were 71% for three
months ended December 31, 2020 as compared to 54% for the same
period in 2019. Services gross margin were 55% for the three months
ended December 31, 2020 as compared to 48% for the same period in
2019.
Operating expenses decreased 30% or $736,000 to
$1.7 million for the quarter ended December 31, 2020 from $2.4
million for the same period in 2019. Included within the quarterly
totals as of December 31, 2020 are the net benefits and overall
efficiencies of the previously announced reduction of our U.S. and
Canada operations; by eliminating redundancies and combining
certain responsibilities and functions. These benefits were offset
by acquisition charges of $210,000 related to the acquisition of
Woorank SRL, respectively.
Operating income for the quarter ended December
31, 2020 is $179,000 as compared to an operating loss of $1 million
for the same period in 2019.
Net loss applicable to common shareholders for
the fiscal quarter ended December 31, 2020 is $1.2 million,
compared to $2.3 million for the same period in 2019. For the
quarter ended December 31, 2020, the Warrant Liability independent
revaluation which considers the overall fluctuation in our closing
market share price as of December 31, 2020 of $2.58 from the
previous quarter’s closing market share price of $1.86, resulted in
a $1.4 million non-cash derivative loss attributable to the change
in the fair value of the warrant liabilities offset by the
government grant income of $88,000 related to the forgiveness of
the PPP loan. For the three months ended December 31, 2019, the net
gain attributable to the change in fair value of certain derivative
warrant liabilities was $1.1 million offset by the deemed dividend
on amendment of Series A convertible preferred stock of $2.4
million, respectively.
Adjusted EBITDA gain for the quarter ended
December 31, 2020 is $672,000 or $0.15 per diluted share, compared
to a loss of $670,000 or $0.24 per diluted share for the same
period in 2019.
Conference Call:
Bridgeline Digital, Inc. will hold a conference
call today, February 11, 2021 at 4:30 p.m. Eastern Time to discuss
these results. The Company's President and Chief Executive Officer,
Ari Kahn and Chief Financial Officer, Mark G. Downey will host the
call, followed by a question and answer period.
The details of the conference call and replay are as
follows:
What: |
Bridgeline Digital First Quarter 2020 Earnings
Call |
When: |
Thursday, February 11,
2021 |
Time: |
4:30 p.m.
ET |
Live Call: |
(877) 837-3910,
domestic |
|
(973) 796-5077,
international |
Replay: |
(855)
859-2056 |
|
(404)
537-3406 |
Conference ID: |
4174591 |
Please call the conference telephone number 5 –
10 minutes prior to the start time. An operator will register your
name and organization.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: non-GAAP adjusted net income/(loss),
non-GAAP adjusted earnings/(loss) per diluted share, Adjusted
EBITDA and Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP
adjusted earnings/(loss) per diluted share are calculated as net
income/(loss) or net income/(loss) per share on a diluted basis,
excluding, where applicable, amortization of intangible assets,
non-cash stock-based compensation, goodwill impairment charges,
restructuring and acquisition-related costs, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest, taxes, depreciation
and amortization, non-cash stock-based compensation charges,
goodwill impairment charges, restructuring and acquisition-related
costs, changes in fair value of derivative liabilities and warrant
expense, amortization of debt discounts, preferred stock dividends
and any related tax effects. Bridgeline uses non-GAAP adjusted net
income/(loss) and Adjusted EBITDA as supplemental measures of our
performance that are not required by, or presented in accordance
with, accounting principles generally accepted in the United States
(“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net
income/(loss) and Adjusted EBITDA may differ from and therefore may
not be comparable with similarly titled measures used by other
companies, thereby limiting their usefulness as comparative
measures. As a result of the limitations that non-GAAP adjusted net
income and Adjusted EBITDA have as an analytical tool, investors
should not consider them in isolation, or as a substitute for
analysis of our operating results as reported under GAAP.
Safe Harbor for Forward-Looking Statements
Statement under the Private Securities Litigation Reform
Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, are based on our current expectations, estimates and
projections about our industry, management's beliefs, and certain
assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as
"anticipates," "expects," "intends," "plans," "predicts,"
"believes," "seeks," "estimates," "may," "will," "should," "would,"
"could," "potential," "continue," "ongoing," similar expressions,
and variations or negatives of these words. These statements appear
in a number of places in this press release and include statements
regarding the intent, belief or current expectations of Bridgeline
Digital, Inc. These forward-looking statements are not guarantees
of future results and are subject to risks, uncertainties and
assumptions, including, but not limited to, the impact of the COVID
– 19 pandemic and related public health measures that may affect
our financial results; business operations and the business of our
customers, suppliers and partners; our ability to retain and
upgrade current customers, increasing our recurring revenue, our
ability to attract new customers, our revenue growth rate; our
history of net loss and our ability to achieve or maintain
profitability, our liability for any unauthorized access to our
data or our users’ content, including through privacy and data
security breaches; any decline in demand for our platform or
products; changes in the interoperability of our platform across
devices, operating systems, and third party applications that we do
no control; competition in our markets; our ability to respond to
rapid technological changes, extend our platform, develop new
features or products, or gain market acceptance for such new
features or products, particularly in light of potential
disruptions to the productivity of our employees resulting from
remote work; our ability to manage our growth or plan for future
growth, and our acquisition of other businesses and the potential
of such acquisitions to require significant management attention,
disrupt our business, or dilute stockholder value; the volatility
of the market price of our common stock, the ability to maintain
our listing on the NASDAQ Capital Market, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the Securities and Exchange
Commission. Any of such risks could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. Bridgeline Digital, Inc. assumes no
obligation to, and does not currently intend to, update any such
forward-looking statements after the date of this release, except
as required by applicable law.
About Bridgeline Digital
Bridgeline helps companies grow online revenues
by increasing their traffic, conversion rate, and average order
value with its Unbound platform and suite of apps. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
Contact:
Company ContactBridgeline Digital, Inc.Mark G. DowneyChief
Financial Officer(631) 203-6820mdowney@bridgeline.com
BRIDGELINE
DIGITAL, INC. |
|
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
|
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
September 30 |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Reconciliation of GAAP net income/(loss) to |
|
|
|
|
|
non-GAAP adjusted net income/(loss): |
|
|
|
|
|
|
GAAP net
loss applicable to common shareholders |
|
$ |
(1,162 |
) |
|
$ |
(2,257 |
) |
|
|
Amortization
of intangible assets |
|
|
218 |
|
|
|
235 |
|
|
|
Stock-based
compensation |
|
|
51 |
|
|
|
30 |
|
|
|
Restructuring and acquisition-related charges |
|
|
210 |
|
|
|
5 |
|
|
|
Convertible
Preferred stock dividends |
|
|
- |
|
|
|
2,393 |
|
|
|
Non-GAAP
adjusted net income/(loss) |
|
$ |
(683 |
) |
|
$ |
406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
non-GAAP adjusted net earnings/(loss) per diluted
share: |
|
|
|
|
|
|
GAAP net
loss applicable to common shareholders |
|
$ |
(0.26 |
) |
|
$ |
(0.81 |
) |
|
|
Amortization
of intangible assets |
|
|
0.05 |
|
|
|
0.08 |
|
|
|
Stock-based
compensation |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
Restructuring and acquisition-related charges |
|
|
0.05 |
|
|
|
0.00 |
|
|
|
Convertible
Preferred stock dividends |
|
|
- |
|
|
|
0.86 |
|
|
|
Non-GAAP
adjusted net earnings/(loss) per diluted share |
|
$ |
(0.15 |
) |
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income/(loss) to Adjusted
EBITDA: |
|
|
|
|
|
|
GAAP net
loss applicable to common shareholders |
|
$ |
(1,162 |
) |
|
$ |
(2,257 |
) |
|
|
Provision
for income tax |
|
|
(6 |
) |
|
|
3 |
|
|
|
Interest and
other expense, net |
|
|
(6 |
) |
|
|
- |
|
|
|
Government
grant income |
|
|
(88 |
) |
|
|
- |
|
|
|
Change in
fair value of warrants |
|
|
1,441 |
|
|
|
(1,101 |
) |
|
|
Amortization
of intangible assets |
|
|
218 |
|
|
|
235 |
|
|
|
Depreciation |
|
|
12 |
|
|
|
18 |
|
|
|
Restructuring and acquisition-related charges |
|
|
210 |
|
|
|
5 |
|
|
|
Other
amortization |
|
|
2 |
|
|
|
5 |
|
|
|
Stock-based
compensation |
|
|
51 |
|
|
|
30 |
|
|
|
Convertible
Preferred stock dividends |
|
|
- |
|
|
|
2,393 |
|
|
|
Adjusted
EBITDA |
|
$ |
672 |
|
|
$ |
(669 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
Adjusted EBITDA per diluted share: |
|
|
|
|
|
|
GAAP net
loss applicable to common shareholders |
|
$ |
(0.26 |
) |
|
$ |
(0.81 |
) |
|
|
Provision
for income tax |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
Interest and
other expense, net |
|
|
(0.00 |
) |
|
|
- |
|
|
|
Government
grant income |
|
|
(0.02 |
) |
|
|
- |
|
|
|
Change in
fair value of warrants |
|
|
0.33 |
|
|
|
(0.39 |
) |
|
|
Amortization
of intangible assets |
|
|
0.05 |
|
|
|
0.08 |
|
|
|
Depreciation |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
Restructuring and acquisition-related charges |
|
|
0.05 |
|
|
|
0.00 |
|
|
|
Other
amortization |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
Stock-based
compensation |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
Convertible
Preferred stock dividends |
|
|
- |
|
|
|
0.86 |
|
|
|
Adjusted
EBITDA per diluted share |
|
$ |
0.15 |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
BRIDGELINE
DIGITAL, INC. |
|
CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(in thousands,
except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Revenue: |
|
|
|
|
|
|
|
Digital engagement services |
|
$ |
837 |
|
|
$ |
1,096 |
|
|
|
|
Subscription and perpetual licenses |
|
|
1,999 |
|
|
|
1,736 |
|
|
|
|
|
Total
revenue |
|
|
2,836 |
|
|
|
2,832 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
Digital engagement services |
|
|
374 |
|
|
|
568 |
|
|
|
|
Subscription and perpetual licenses |
|
|
583 |
|
|
|
790 |
|
|
|
|
|
Total cost
of revenue |
|
|
957 |
|
|
|
1,358 |
|
|
|
|
|
Gross
profit |
|
|
1,879 |
|
|
|
1,474 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
|
444 |
|
|
|
1,032 |
|
|
|
|
General and administrative |
|
|
465 |
|
|
|
751 |
|
|
|
|
Research and development |
|
|
349 |
|
|
|
390 |
|
|
|
|
Depreciation and amortization |
|
|
232 |
|
|
|
258 |
|
|
|
|
Restructuring and acquisition-related |
|
|
210 |
|
|
|
5 |
|
|
|
|
|
Total
operating expenses |
|
|
1,700 |
|
|
|
2,436 |
|
|
|
Income (loss) from operations |
|
|
179 |
|
|
|
(962 |
) |
|
|
|
Interest expense and other, net |
|
|
6 |
|
|
|
- |
|
|
|
|
Government grant income |
|
|
88 |
|
|
|
- |
|
|
|
|
Change in fair value of warrant liabilities |
|
|
(1,441 |
) |
|
|
1,101 |
|
|
|
Income (loss) before income taxes |
|
|
(1,168 |
) |
|
|
139 |
|
|
|
|
Provision for income taxes |
|
|
(6 |
) |
|
|
3 |
|
|
|
Net income (loss) |
|
$ |
(1,162 |
) |
|
$ |
136 |
|
|
|
Dividends on convertible preferred stock |
|
|
- |
|
|
|
(79 |
) |
|
|
Deemed dividend on amendment of Series A convertible |
|
|
|
|
|
preferred stock |
|
|
- |
|
|
|
(2,314 |
) |
|
|
Net loss applicable to common shareholders |
|
$ |
(1,162 |
) |
|
$ |
(2,257 |
) |
|
|
|
|
|
|
|
|
Net loss per share attributable to common shareholders: |
|
|
|
|
|
|
Basic |
|
$ |
(0.26 |
) |
|
$ |
(0.81 |
) |
|
|
|
Diluted |
|
$ |
(0.26 |
) |
|
$ |
(0.81 |
) |
|
|
Number of weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
4,420,170 |
|
|
|
2,798,475 |
|
|
|
|
Diluted |
|
|
4,420,170 |
|
|
|
2,798,475 |
|
|
BRIDGELINE
DIGITAL, INC. |
|
CONSOLIDATED
BALANCE SHEETS |
|
(in thousands,
except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
December
31 |
|
September
30 |
|
|
|
|
|
|
|
2020 |
|
|
|
2020 |
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,277 |
|
|
$ |
861 |
|
|
|
Accounts receivable, net |
|
|
863 |
|
|
|
665 |
|
|
|
Prepaid expenses |
|
|
381 |
|
|
|
268 |
|
|
|
Other current assets |
|
|
207 |
|
|
|
111 |
|
|
|
|
|
Total
current assets |
|
|
2,728 |
|
|
|
1,905 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
234 |
|
|
|
238 |
|
|
Operating lease assets |
|
|
593 |
|
|
|
294 |
|
|
Intangible assets, net |
|
|
2,399 |
|
|
|
2,617 |
|
|
Goodwill |
|
|
5,557 |
|
|
|
5,557 |
|
|
Other assets |
|
|
92 |
|
|
|
49 |
|
|
|
|
|
Total
assets |
|
$ |
11,603 |
|
|
$ |
10,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
163 |
|
|
$ |
96 |
|
|
|
Accounts payable |
|
|
1,133 |
|
|
|
1,311 |
|
|
|
Accrued liabilities |
|
|
931 |
|
|
|
599 |
|
|
|
Paycheck Protection Program Liability (Note 10) |
|
|
- |
|
|
|
88 |
|
|
|
Deferred revenue |
|
|
1,739 |
|
|
|
1,511 |
|
|
|
|
|
Total
current liabilities |
|
|
3,966 |
|
|
|
3,605 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, net of current portion |
|
|
430 |
|
|
|
198 |
|
|
Warrant liabilities |
|
|
3,927 |
|
|
|
2,486 |
|
|
Other long-term liabilities |
|
|
25 |
|
|
|
15 |
|
|
|
|
|
Total
liabilities |
|
|
8,348 |
|
|
|
6,304 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock - $0.001 par value; 1,000,000
shares authorized; |
|
|
|
|
|
|
|
Series C Convertible Preferred stock: |
|
|
|
|
|
|
|
|
11,000
shares authorized; 350 shares at December 31, 2020 and September
30, 2020, issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
|
Series A Convertible Preferred stock: |
|
|
|
|
|
|
|
|
264,000
shares authorized; no shares outstanding at December 31, 2020 and
September 30, 2020 |
|
|
- |
|
|
|
- |
|
|
|
Common stock - $0.001 par value; 50,000,000
shares authorized; |
|
|
|
|
|
|
|
4,420,170 shares issued and outstanding at December 31, 2020 and
September 30, 2020 |
|
|
4 |
|
|
|
4 |
|
|
|
Additional paid-in-capital |
|
|
78,367 |
|
|
|
78,316 |
|
|
|
Accumulated deficit |
|
|
(74,745 |
) |
|
|
(73,583 |
) |
|
|
Accumulated other comprehensive loss |
|
|
(371 |
) |
|
|
(381 |
) |
|
|
|
|
Total
stockholders' equity |
|
|
3,255 |
|
|
|
4,356 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
11,603 |
|
|
$ |
10,660 |
|
|
|
|
|
|
|
|
|
|
|
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