Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2014
Summary of Fair Value Liabilities Measured on Recurring Basis
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The following table summarizes fair value measurements by level at December 31, 2013 for the liabilities measured at fair value on a recurring basis:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Preferred stock warrant liability

$

 

 

$

 

 

$

260

 

 

$

260

 

Total liabilities

$

 

 

$

 

 

$

260

 

 

$

260

 

 

Breakdown of Company's Revenue from U.S. and Non-U.S. Sources
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Summary of Fair Value Measurements using Significant Level 3 Inputs

The following table summarizes the fair value measurements using significant Level 3 inputs, and changes therein, for the three months ended March 31, 2014 and March 31, 2013:

 

 

Warrant

liability

 

Balance as of December 31, 2012

$

164

 

Fair value of preferred stock warrants exercised

 

(31

)

Change in fair value

 

(20

)

Balance as of March 31, 2013

$

113

 

 

 

 

 

 

Warrant

liability

 

Balance as of December 31, 2013

$

260

 

Fair value of preferred stock warrants exercised

 

(148

)

Change in fair value

 

(36

)

Reclassification of liability to additional paid in capital

 

(76

)

Balance as of March 31, 2014

$

 

 

Schedule of Inventories

Inventories consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

Raw materials and work-in-progress

 

$

3,995

 

 

$

3,783

 

Finished goods

 

 

766

 

 

 

565

 

Less: reserves

 

 

(110

)

 

 

(100

)

Inventories

 

$

4,651

 

 

$

4,248

 

 

Computation of Depreciation and Amortization using Straight Line Method Over Estimated Useful Lives of Assets

Property and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the assets estimated useful lives as follows:

 

Rental equipment

  

1.5-5 years

Manufacturing equipment and tooling

  

5 years

Computer equipment and software

  

3 years

Furniture and equipment

  

3-5 years

Leasehold improvements

  

Shorter of 3-10 years or life of underlying lease

 

Summary of Depreciation and Amortization Expense of Property and Equipment and Rental Equipment

Depreciation and amortization expense related to property and equipment and rental equipment is summarized below for the three month ended March 31, 2014 and March 31, 2013, respectively.

 

 

 

Three Months Ended March 31,

 

Depreciation and amortization

 

2014

 

 

2013

 

Rental equipment

 

$

2,257

 

 

$

1,342

 

Other property and equipment

 

 

362

 

 

 

251

 

Depreciation and amortization

 

$

2,619

 

 

$

1,593

 

 

Summary of Property Plant and Equipment and Rental Equipment with Related Accumulated Depreciation

Property and equipment and rental equipment with association accumulated depreciation is summarized below for March 31, 2014 and December 31, 2013, respectively.

 

 

 

March 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

Property and equipment

 

 

 

 

 

 

 

 

Rental equipment, net of allowance

 

$

39,832

 

 

$

37,573

 

Other property and equipment

 

 

8,274

 

 

 

8,105

 

Property and equipment

 

 

48,106

 

 

 

45,678

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

Rental equipment

 

 

14,508

 

 

 

12,545

 

Other property and equipment

 

 

3,774

 

 

 

3,411

 

Accumulated depreciation

 

 

18,282

 

 

 

15,956

 

 

 

 

 

 

 

 

 

 

Net property and equipment

 

 

 

 

 

 

 

 

Rental equipment

 

 

25,324

 

 

 

25,028

 

Other property and equipment

 

 

4,500

 

 

 

4,694

 

Property and equipment, net

 

$

29,824

 

 

$

29,722

 

 

Computation of Earnings Per Share

The computation of EPS is as follows:

 

 

 

Three months ended March 31,

 

 

 

2014

 

 

2013

 

Numerator—basic:

 

 

 

 

 

 

 

 

Net income

 

$

888

 

 

$

730

 

Less deemed dividend on redeemable preferred stock

 

 

(987

)

 

 

(1,723

)

Net loss after deemed dividend on redeemable preferred stock

 

$

(99

)

 

$

(993

)

 

 

 

 

 

 

 

 

 

Net loss per share - basic common stock

 

$

(0.01

)

 

$

(3.65

)

Net loss per shares - basic preferred stock

 

$

(0.01

)

 

$

(3.65

)

Denominator:

 

 

 

 

 

 

 

 

Weighted-average common shares - basic common stock

 

 

9,437,525

 

 

 

272,226

 

Weighted-average common shares - diluted common stock

 

 

9,437,525

 

 

 

272,226