Market Newsdesk

November 12, 2020 8:33 am

Allogene Therapeutics Announces November and December 2020 Virtual Investor Conference Participation

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Allogene Therapeutics, Inc. (Nasdaq: ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T™) therapies for cancer, today announced that management plans to participate in four investor conferences through the end of the year.

Stifel 2020 Virtual Healthcare Conference
Monday, November 16, 2020
1:00PM PT/4:00PM ET

Jefferies Virtual London Healthcare Conference
Tuesday, November 17, 2020
10:45AM PT/1:45PM ET/6:45PM GMT

Piper Sandler 32nd Annual Virtual Healthcare Conference
Wednesday, December 2, 2020
10:00AM PT/1:00PM ET

The JMP Securities Hematology Summit
Tuesday, December 15, 2020
7:30AM PT/10:30AM ET*

These presentations will be webcast and made available on the Company’s website at www.allogene.com under the Investors tab in the News and Events section (https://ir.allogene.com/events). Following the live audio webcast, a replay will be available on the Company’s website for approximately 30 days.

*This is a preliminary presentation time. Please check our website for the most up to date presentation time.

About Allogene Therapeutics

Allogene Therapeutics, with headquarters in South San Francisco, is a clinical-stage biotechnology company pioneering the development of allogeneic chimeric antigen receptor T cell (AlloCAR T™) therapies for cancer. Led by a management team with significant experience in cell therapy, Allogene is developing a pipeline of “off-the-shelf” CAR T cell therapy candidates with the goal of delivering readily available cell therapy on-demand, more reliably, and at greater scale to more patients. For more information, please visit www.allogene.com, and follow @AllogeneTx on Twitter and LinkedIn.

Cautionary Note on Forward-Looking Statements for Allogene

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the ability to develop allogeneic CAR T therapies for cancer and the potential benefits of AlloCAR T therapy. Various factors may cause differences between Allogene’s expectations and actual results as discussed in greater detail in Allogene’s filings with the SEC, including without limitation in its Form 10-Q for the quarter ended September 30, 2020. Any forward-looking statements that are made in this press release speak only as of the date of this press release. Allogene assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

AlloCAR T™ is a trademark of Allogene Therapeutics, Inc.

Allogene Media/Investor Contact:

Christine Cassiano
Chief Communications Officer
(714) 552-0326
[email protected]

November 12, 2020 8:33 am

bebe stores, inc. Announces Quarterly Cash Dividend

bebe stores, inc. Announces Quarterly Cash Dividend

Board declares quarterly cash dividend of $0.06 per share

SAN FRANCISCO–(BUSINESS WIRE)–
bebe stores, inc. (OTCQB:BEBE) (the “Company”) today announced that its Board of Directors declared a quarterly cash dividend of $0.06 per share of the Company’s common stock payable December 10, 2020, to shareholders of record as of November 24, 2020. The dividend is primarily based on the cash flow driven by licensing income from the bebe and Brookstone brands through the Company’s ownership interests in the BB Brand Holdings LLC and BKST Brand Management LLC joint ventures, respectively.

About bebe stores, inc.

bebe is a global specialty licensor of women’s apparel and accessories that distributes bebe branded products worldwide through its licensees in approximately 100 international stores and www.bebe.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005357/en/

bebe stores, inc.

Mandy Lindly

[email protected]

(415) 251-3355

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Fashion Retail

MEDIA:

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November 12, 2020 8:33 am

The Peck Company Holdings Reports Third Quarter 2020 Results

The Peck Company Holdings Reports Third Quarter 2020 Results

Backlog Increased to Company Record $56 Million

SOUTH BURLINGTON, Vt.–(BUSINESS WIRE)–
The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, today announced the Company’s financial results for the third quarter ended September 30, 2020 (“Q3 2020”).

Key Highlights for Q3 2020

Backlog increased to $56 million, from $16 million a year earlier
Awarded $7.256 million contract for 5.3MW project in Rhode Island
Awarded $2.365 million contract for 6.8MW project in Maine
Awarded $7.641 million portfolio for 10.5MW of projects in Vermont
Announced proposed acquisition of Sunworks
Recognized as a top solar contractor for 2020, presented by Solar Power World

Management Commentary

The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “While we did resume and commence all projects previously impacted by the COVID-19 pandemic, Vermont’s State of Emergency was extended to November 15, 2020 resulting in more unpredictability. We continue to provide service and maintenance in support of critical infrastructure including utilities and telecommunications.”

Mr. Peck, continued, “With no projects cancelled, but many pushed out, our backlog has swelled to $56 million. Our record demand includes projects in our home state of Vermont as well as our regional expansion into Maine and Rhode Island. Our first project in Rhode Island is a milestone we are very excited about in helping with their renewable energy goals. We look forward to our continued expansion into Rhode Island, Maine, other states in the northeast and coast to coast. We expect to realize nearly all of the backlog within the next 12 months and anticipate that revenue growth will return and accelerate as we return to some normalcy post the COVID-19 pandemic.”

Mr. Peck, concluded, “Our previously announced proposed acquisition of Sunworks remains on track to close by the end of the year. We are excited for the potential of the two companies becoming one in creating an industry leading solar EPC with a national presence.”

Financial Results for the Three Months Ended September 30, 2020

Revenue for the three months ended September 30, 2020 was $5.0 million, a decrease of $6.8 million, or 58%, compared to $11.7 million for the three months ended September 30, 2019. Due to the State of Emergency declared by the State of Vermont, the Company was unable to complete or begin several projects due to the current COVID-19 pandemic.

Backlog at September 30, 2020 was $56 million, compared to the corresponding period in 2019 of $16 million. The Company expects to realize nearly all of the backlog within the next 12 months.

Gross profit for the three months ended September 30, 2020 was $0.2 million, a decrease of $1.2 million, or 84%, compared to $1.4 million for the three months ended September 30, 2019. The resulting gross margin was 4.8% for the three months ended September 30, 2020, compared to 12.3% for the three months ended September 30, 2019. Lower gross margin for the three months ended September 30, 2020 was the result of maintaining our labor force during the uncertainty of the COVID-19 pandemic. The Company was able to secure a loan through the CARES Act Payroll Protection Program to support our workforce.

General and administrative expenses for the three months ended September 30, 2020 were $0.7 million, a decrease of $0.3 million, or 27%, compared to $1.0 million for the three months ended September 30, 2019. G&A expense decreased primarily due to tighter internal controls implemented over expense management. In addition, the utilization of remote work capabilities reduced expenditures related to facility usage, compared to the three months ended September 30, 2019.

Warehousing and other operating expenses for the three months ended September 30, 2020 were $0.2 million, a decrease of $0.1 million, or 39%, compared to $0.3 million for the three months ended September 30, 2019. Warehousing and other operating expenses include Company-owned solar array depreciation and salaries associated with Company-owned solar arrays, general warehousing costs, project-related travel and performance related expenses.

Operating loss for the three months ended September 30, 2020 was $0.7 million, compared to an operating income of $0.2 million for the three months ended September 30, 2019. The decrease in operating income was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the Stay at Home orders issued in the State of Vermont.

Depreciation expenses for the three months ended September 30, 2020 were $0.1 million, compared to $0.2 million for the three months ended September 30, 2019. Depreciation expenses were stable when compared to the three months ended September 30, 2019 as the Company has not had significant capital expenditures for the three months ended September 30, 2020.

Income tax benefit for the three months ended September 30, 2020 was $0.2 million compared to the income tax provision for the three months ended September 30, 2019 of $0.5 million.

Net loss for the three months ended September 30, 2020 was $0.5 million, compared to a net income of $0.8 million for the there months ended September 30, 2019. The net loss was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the State of Emergency declared by the State of Vermont. The resulting earnings per share (EPS) for the three months ended September 30, 2020 was a loss of ($0.13) per diluted share, compared to a profit of $0.01 for the three months ended September 30, 2019.

Adjusted EBITDA for the three months ended September 30, 2020 was a loss of $0.5 million, compared to income of $0.4 million for the three months ended September 30, 2019.

Adjusted EPS for the three months ended September 30, 2020 was a loss of ($0.10), compared to a profit of $0.08 for the three months ended September 30, 2019.

Financial Results for the Nine Months Ended September 30, 2020

Revenue for the nine months ended September 30, 2020 was $11.7 million, a decrease of $10.2 million, or 46%, compared to $21.9 million for the nine months ended September 30, 2019.

Gross profit for the nine months ended September 30, 2020 was $0.6 million, a decrease of $3.4 million, or 86%, compared to $4.0 million for the nine months ended September 30, 2019. The resulting gross margin was 4.8% for the six months ended September 30, 2020, compared to 18.4% for the nine months ended September 30, 2019.

General and administrative expenses for the nine months ended September 30, 2020 were $2.2 million, an increase of $0.2 million, or 11%, compared to $2.0 million for the nine months ended September 30, 2019.

Warehousing and other operating expenses for the nine months ended September 30, 2020 were $0.6 million, a decrease of $0.4 million, or 46%, compared to $1.0 million for the nine months ended September 30, 2019.

Operating loss for the nine months ended September 30, 2020 was $2.2 million, compared to an operating income of $1.0 million for the nine months ended September 30, 2019.

Depreciation expenses for the nine months ended September 30, 2020 were $0.4 million, compared to $0.5 million for the nine months ended September 30, 2019.

Income tax benefit for the nine months ended September 30, 2020 was $0.6 million compared to the income tax provision for the nine months ended September 30, 2019 of $1.6 million.

Net loss for the nine months ended September 30, 2020 was $1.8 million, compared to a net loss of $0.7 million for the nine months ended September 30, 2019. The resulting earnings per share (EPS) for the nine months ended September 30, 2020 was a loss of ($0.37) per diluted share, compared to a loss of ($0.17) for the nine months ended September 30, 2019.

Adjusted EBITDA for the nine months ended September 30, 2020 was a loss of $1.7 million, compared to income of $1.7 million for the nine months ended September 30, 2019.

Adjusted EPS for the nine months ended September 30, 2020 was a loss of ($0.33), compared to a profit of $0.42 for the nine months ended September 30, 2019.

The reconciliations of EBITDA, Adjusted EBITDA to net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

	Three months ended September 30,					Nine months ended September 30,
	2020			2019		2020			2019
Net income (loss)	$	(515,680	)	$	76,155	$	(1,777,342	)	$	(697,909	)
Depreciation and amortization		138,164			155,169		448,188			466,222
Other expense, net		72,554			54,671		218,730			158,217
Income Tax		(209,000)			48,468		(630,585	)		1,555,330
EBITDA		(513,962	)		334,463		(1,741,009	)		1,481,860
Other costs		–			78,388		–			243,819

Adjusted EBITDA		(513,962	)		412,851		(1,741,009	)		1,725,679

Weighted Average shares outstanding		5,298,159			5,474,695		5,298,159			4,071,497

Adjusted Earnings per share		(0.10	)		0.08		(0.33	)		0.42

Certain Non-GAAP Measures

We periodically review the following key non-GAAP measures to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.

EBITDA, Adjusted EBITDA and Earnout Adjusted EBITDA

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net income in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time business combination expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

About The Peck Company Holdings, Inc.

Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transaction with Sunworks or otherwise. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Additional Information and Where to Find It

In connection with the proposed transaction with Sunworks, on October 1, 2020, we filed with the SEC a registration statement on Form S-4 (Registration No. 333-249183) (the “Registration Statement”), which included a document that serves as a prospectus of Peck and a joint proxy statement of Sunworks and Peck (the “Joint Proxy Statement”). These materials have not yet been declared effective, are not yet final and may be amended. After the Registration Statement has been declared effective by the SEC, the Joint Proxy Statement will be delivered to stockholders of Sunworks and Peck. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF SUNWORKS AND PECK ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Free copies of the Joint Proxy Statement, as well as other filings containing information about Peck and Sunworks, may be obtained at the SEC’s website, www.sec.gov, when they are filed. Stockholders and investors will also be able to obtain these documents, when they are filed, free of charge, by directing a request to The Peck Company Holdings, Inc., 4050 Williston Road, #511 South Burlington, Vermont 05403, Attention: Corporate Secretary, or by calling (802) 658-3378, or to Sunworks, Inc., 1030 Winding Creek Road, Suite 100, Roseville CA 95678, Attention: Corporate Secretary, or by calling (916) 409-6900, or by accessing Peck’s website at www.peckcompany.com under the “Company – Investors” tab or by accessing the Sunworks’ website at www.sunworksusa.com under the “Investor Relations” tab.

Participants in the Solicitation

Peck, and its respective directors, and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Peck in connection with the proposed transaction. Information about Peck’s directors and executive officers is available in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 14, 2020. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement regarding the proposed transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

The Peck Company Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, 2020 and December 31, 2019

	September 30, 2020			December 31, 2019
Assets
Current Assets:
Cash	$	118,450		$	95,930
Accounts receivable, net of allowance		9,998,463			7,294,605
Costs and estimated earnings in excess of billings		1,241,667			1,272,372
Other current assets		147,431			201,326
Total current assets		11,506,011			8,864,233

Property and equipment:
Building and improvements		672,727			672,727
Vehicles		1,283,364			1,283,364
Tools and equipment		517,602			517,602
Solar arrays		6,386,025			6,386,025
		8,859,718			8,859,718
Less accumulated depreciation		(2,641,196	)		(2,193,007	)
		6,218,522			6,666,711
Other Assets:
Investment in GreenSeed Investors, LLC		4,824,444			–
Investment in Solar Project Partners, LLC		96,052			–
Captive insurance investment		198,105			140,875

Total assets	$	22,843,134		$	15,671,819

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable, includes bank overdrafts of $524,324 and $1,496,695 at September 30, 2020 and December 31, 2019, respectively	$	3,245,792		$	4,274,517
Accrued expenses		74,674			119,211
Billings in excess of costs and estimated earnings on uncompleted contracts		3,301,903			126,026
Due to stockholders		37,315			342,718
Line of credit		4,907,521			3,185,041
Current portion of deferred compensation		27,880			27,880
Current portion of long-term debt		352,814			426,254
Total current liabilities		11,947,899			8,501,647

Long-term liabilities:
Deferred compensation, net of current portion		65,633			88,883
Deferred tax liability		467,146			1,098,481
Long-term debt, net of current portion		3,202,541			1,966,047
Total liabilities		15,683,219			11,655,058

Commitments and Contingencies (Note 9)

Stockholders’ equity:
Preferred stock – 0.0001 par value 1,000,000 shares authorized, 200,000 and 0 issued and outstanding at September 30, 2020 and December 31, 2019, respectively (Liquidation Value of $5,000,000)		20			–
Common stock – 0.0001 par value 49,000,000 shares authorized, 5,298,159 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		529			529
Additional paid-in capital-common stock		5,508,388			412,356
Retained earnings		1,650,978			3,603,876
Total Stockholders’ equity		7,159,915			4,016,761
Total liabilities and stockholders’ equity	$	22,843,134		$	15,671,819

The Peck Company Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) For the three and nine months ended September 30, 2020 and 2019

	Three Months ended September 30,						Nine Months ended September 30,
	2020			2019			2020			2019

Earned revenue	$	4,966,026		$	11,749,580		$	11,720,932		$	21,878,170
Cost of earned revenue		4,728,328			10,308,936			11,162,439			17,846,681
Gross profit		237,698			1,440,644			558,493			4,031,489

Warehousing and other operating expenses		180,471			294,154			556,927			1,034,965
General and administrative expenses		709,353			967,196			2,190,763			1,980,886
Total operating expenses		889,824			1,261,350			2,747,690			3,015,851
Operating income		(652,126	)		179,294			(2,189,197	)		1,015,638

Other expenses
Interest expense		(72,554	)		(54,671	)		(218,730	)		(158,217	)

(Loss) income before income taxes		(724,680	)		124,623			(2,407,927	)		857,421
(Benefit) provision for income taxes		(209,000	)		48,468			(630,585	)		1,555,330

Net (loss) income		(515,680	)		76,155			(1,777,342	)		(697,909	)

Net income applicable to preferred shareholders		(175,556	)		–			(175,556	)		–

Net (loss) income available to share of common stockholders	$	(691,236	)	$	76,155		$	(1,952,898	)	$	(697,909	)

Net (loss) income available to common stockholder:
Weighted average shares of common stock outstanding
Basic and diluted		5,298,159			5,474,695			5,298,159			4,071,497

Basic and diluted	$	(0.13	)	$	0.01		$	(0.37	)	$	(0.17	)

The Peck Company Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2020 and 2019

	2020			2019
Cash flows from operating activities
Net loss	$	(1,777,342	)	$	(697,909	)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		448,189			466,222
Deferred finance charge amortization		3,277			–
Bad debt expense		164,292			–
Deferred tax (benefit) provision		(631,335	)		1,527,311
Changes in operating assets and liabilities:
Accounts receivable		(2,868,150	)		(5,103,347	)
Other current assets		53,895			(210,852	)
Costs and estimated earnings in excess of billings		30,705			(2,709,006	)
Accounts payable		(1,028,725	)		2,085,197
Accrued expenses		(44,537	)		43,425
Billings in excess of costs and estimated earnings on uncompleted contracts		3,175,877			645,385
Deferred compensation		(23,250	)		(20,165	)
Net cash used in operating activities		(2,497,104	)		(3,973,739	)

Cash flows from investing activities:
Purchase of solar arrays and equipment		–			(39,243	)
Investment costs		–			(129,100	)
Cash surrender value of life insurance		–			(54,689	)
Investment in captive insurance		(57,230	)		(60,063	)
Net cash used in investing activities		(57,230	)		(283,095	)

Cash flows from financing activities:
Net borrowings on line of credit		2,232,580			4,027,476
Payments of line of credit		(510,100	)		–
Proceeds from long-term debt		1,487,624			–
Payments of long-term debt		(327,847	)		(230,629	)
Payments to stockholders		(305,403	)		–
Due to stockholders		–			395,070
Stockholder distributions paid		–			(219,600	)
Net cash provided by financing activities		2,576,854			3,972,317
Net increase (decrease) in cash		22,520			(284,517	)
Cash, beginning of period		95,930			313,217
Cash, end of period	$	118,450		$	28,700

Supplemental disclosure of cash flow information

Cash paid during the year for:
Interest	$	215,453		$	158,217
Income taxes		366			5,859

Supplemental schedule of non-cash investing and financing activities:
Shares of Preferred Stock issued for investment	$	5,000,000		$	–
Warrants issued for investment	$	96,052		$	–
Preferred dividends satisfied with distribution from investment	$	175,556
Vehicle purchased and financed	$	–		$	127,161
Accrued S corporation distributions which have not been paid	$	–		$	266,814

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005348/en/

Michael d’Amato

[email protected]

p802-264-2040

ClearThink

[email protected]

KEYWORDS: Vermont United States North America

INDUSTRY KEYWORDS: Alternative Energy Energy Environment Other Energy Utilities

MEDIA:

November 12, 2020 8:33 am

NutraLife BioSciences, Inc. (NLBS) Provides Company Update

Coconut Creek, FL, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — NutraLife BioSciences, Inc. (“NutraLife” or the “Company”) (OTC: NLBS) today provided the following shareholder update regarding NutraLife’s journey this past year and the outlook moving forward.

It’s been quite the year, and it’s hard to believe that 2020 is almost over. This year has been the most challenging for many of us. We have all had to face the trials and tribulations brought on by the COVID-19 pandemic, our political elections, and the unrest we face together as a country and global society.

As we continue to press on, we have had to adapt and adjust our operations to accommodate the current environment and meet the challenges presented head-on.

Upon entering the new year and in the wake of the global pandemic, the Company regrouped and took the necessary steps to secure the Company’s future and survive the economic slowdown. We began by making a strategic pivot from our then-current nutraceutical manufacturing business by adding the manufacture of consumer sanitizer products utilizing the Company’s existing manufacturing capabilities and the Company’s ability to retrofit its operations and accommodate production due to the shortage of supply and demand for sanitizer products. To do so, consistent with Food and Drug Administration (FDA) requirements, the Company registered and obtained a labeler code as an over-the-counter (OTC) manufacturing facility and began manufacturing and distributing a line of liquid-based multi-use sanitizer spray products under the Company’s in-house brand, “Eddie’s Clean Hands,” packaged as a multi-use sanitizer spray, formulated per the CDC’s recommendation of containing at least 60-95% ethanol or isopropanol alcohol to be effective. Recently, NutraLife announced it had secured distribution of the Company’s sanitizer sprays with W.W. Grainger Inc., a New York Stock Exchange (NYSE) listed national distributor.

This month, the Company announced that it had signed a multi-year production, fulfillment, and distribution agreement with 27Health Inc. to launch its patent-pending Oral Sanitizer mouth spray which we hope will provide some protection from viruses by reducing viral transmission. We are excited about the new product launch and the possibility of another revenue-producing line of products that the Company will be manufacturing and distributing.

Closing out the year and moving forward, the Company is focusing its efforts on getting the Company’s SEC filings current while continuing to drive sales revenue. Over the years, the Company has developed and acquired many products, including the Company’s patented derma-bug-patch insect repellent, a line of CBD products, and now a line of sanitizer products, with several other health and wellness products in development that the Company will manufacture and distribute. The Company also plans to establish a medical advisory board and research department to begin efficacy studies on the Company’s various lines of products.

“We are pleased to be continuing on the path we set out on over 10 years ago, with the vision of becoming a leader in the nutraceutical space, creating and providing result-driven products that deliver daily health and wellness benefits to help improve the quality of life for people and their pets,” said Edgar Ward, NutraLife’s Founder/President and CEO. “While the days ahead will continue to have challenges to overcome, we will meet them head-on. To our customers and shareholders, we are grateful for your support, and thank you all!”

About the Company

NutraLife BioSciences, Inc. operates a multifaceted life sciences company. For more than seven years, NutraLife has manufactured and distributed private label and branded nutraceutical and skincare wellness products.

Forward-Looking Statements

This press release contains statements of a forward-looking nature about NutraLife Biosciences, Inc. (the “Company”). You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. The Company has based these forward-looking statements primarily on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect Company’s financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company’s current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company’s information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors is set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on April 2, 2019, as amended. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

Contact:

NutraLife BioSciences, Inc.

6601 Lyons Road, Suite L-6

Coconut Creek, FL 33073

Telephone 888-509-8901

www.NutraLifeBioSciences.com

November 12, 2020 8:33 am

Coro Global Inc. to Present at Upcoming Conferences

Coro Global Inc. to Present at Upcoming Conferences

MIAMI–(BUSINESS WIRE)–
Coro Global Inc. (OTCQB: CGLO), a fintech company creating a new payment system where gold can be used in everyday transactions as easily as fiat currencies, today announced that the Company will present at the following virtual investor conferences:

On Wednesday, November 18, 2020 the Company will present at The Fall Investor Summit. The presentation will begin at 10:30 AM ET.

On Thursday, November 19, 2020 the Company will present at Sidoti’s Virtual Microcap Conference. The presentation will begin at 11:30 AM ET.

Investors and interested parties can access the presentations by visiting the Company’s investor relations website at https://ir.coro.global.

About Coro Global Inc.

Coro Global Inc. is a Miami, Florida-based fintech company that is creating a new financial payment system where gold can be used as money in everyday transactions as easily as fiat currencies. Coro’s platform is powered by cutting-edge Distributed Ledger Technology, allowing customers to send and receive global payments and exchange currency, including gold, seamlessly and securely.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005273/en/

PR contact

Craig Corbett

Publicize

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Professional Services Mining/Minerals Technology Natural Resources Software Finance Banking

MEDIA:

November 12, 2020 8:33 am

Notice of Flow Capital’s 2020 Third Quarter Financial Results Conference Call

Financial results to be released after markets on Tuesday, November 17, 2020

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV: FW) (“Flow Capital” and “Company”) today announced it will release its 2020 third quarter financial results after the markets close on Tuesday, November 17, 2020. Mr. Alex Baluta, Chief Executive Officer, and Mr. Gaurav Singh, Chief Financial Officer, will host a conference call at 8:30 a.m. ET, on Wednesday, November 18, 2020, to review the results. A question and answer session will follow the corporate update.

CONFERENCE CALL DETAILS

DATE:	Wednesday, November 18, 2020
TIME:	8:30 AM Eastern Time
DIAL IN NUMBER:	+1 833 968-1926 or +1 778 560-2703
TAPED REPLAY:	+1 800 585-8367 or +1 416 621-4642
CONFERENCE ID:	4878065

A recording of the call will be archived on the Company’s website at www.flowcap.com/financials/.

About FlowCapital
Flow Capital Corp. is a diversified alternative asset investor and advisor, specializing in providing minimally dilutive capital to emerging growth businesses. To apply for financing, visit www.flowcap.com.

For
further
information,
please
contact:

Flow Capital
Corp.:

Alex
Baluta

Chief
Executive
Officer
Tel: (416) 777-0383

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

November 12, 2020 8:33 am

First Republic Bank Prices Common Stock Offering

First Republic Bank Prices Common Stock Offering

SAN FRANCISCO–(BUSINESS WIRE)–
First Republic Bank (“First Republic”) (NYSE: FRC), a leading private bank and wealth management company, today announced the pricing of an underwritten public offering of 1,500,000 shares of its common stock for expected gross proceeds of approximately $198.3 million before underwriting discounts and commissions and estimated offering expenses. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares from First Republic. BofA Securities, J.P. Morgan and Morgan Stanley are serving as joint bookrunning managers.

The last reported sale price of its common stock on November 11, 2020 was $134.90 per share. The underwriters propose to offer the shares of common stock for sale from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.

First Republic intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio. Closing of the offering is expected to occur on or about November 16, 2020, subject to customary closing conditions.

The offering will be made only by means of an offering circular. The offering circular relating to the offering will be available at www.frc-offering.com and furnished on a Current Report on Form 8-K that will be filed with the Federal Deposit Insurance Corporation. Copies of the offering circular may also be obtained when available from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or email: [email protected]; from J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204, or by email at [email protected]; or from Morgan Stanley – Attn: Prospectus Department – 180 Varick Street, 2nd Floor – New York, New York 10014.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation or any other governmental agency.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about First Republic’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the section titled “Risk Factors” in First Republic’s offering circular relating to this offering, including the documents incorporated by reference therein, and other risks described in documents subsequently filed by First Republic from time to time under the Securities Exchange Act of 1934, as amended. Further, any forward-looking statement speaks only as of the date on which it is made, and First Republic undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005389/en/

Investors:

Andrew Greenebaum / Lasse Glassen

Addo Communications

[email protected]

[email protected]

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

[email protected]

(415) 239-7826

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo

November 12, 2020 8:33 am

Juniper Networks Announces Date and Webcast Information for Upcoming Investor Conferences in November 2020

SUNNYVALE, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today announced the Company will present at the following investor conferences in November:

Ken Miller, EVP and Chief Financial Officer, and Sujai Hajela, SVP Enterprise, at Juniper Networks, will present at the RBC Capital Markets Global Technology, Internet, Media, and Telecommunications Virtual Conference, Tuesday, November 17, 2020 at 11:20am ET.
Kevin Hutchins, SVP of Strategy and Corporate Development, at Juniper Networks, will present at the Needham Virtual Security, Networking and Communications Conference, Tuesday, November 17, 2020 at 10:15am ET.

These events will be available live via webcast on the Juniper Networks website: http://investor.juniper.net/.

About Juniper Networks

Juniper Networks challenges the inherent complexity that comes with networking and security in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter, LinkedIn or Facebook.

Juniper Networks, the Juniper Networks logo, Juniper, and Junos
,
and other trademarks listed here
are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Investor Relations:		Media Relations:
Jess Lubert		Leslie Moore
Juniper Networks		Juniper Networks
+1 (408) 936-3734		+1 (408) 936-5767
[email protected]		[email protected]

November 12, 2020 8:33 am

American Shared Hospital Services Reports Third Quarter 2020 Financial Results

Q3 Volumes Bounced Back Significantly from Q2 Pandemic-Related Lows

SAN FRANCISCO, CA, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the third quarter ended September 30, 2020.

Third Quarter Financial Highlights

Total revenue in the third quarter was $4,670,000, a decline of 11.9% from the comparable period in 2019, and an improvement of 17.0% from the $3,991,000 of revenue in the second quarter of 2020. Proton therapy revenue of $1,687,000 was consistent with the third quarter of 2019 and increased 20.4% compared to the second quarter of 2020. Gamma Knife revenue of $2,983,000 declined 9.9% compared to the third quarter of 2019 and increased 15.2% compared to $2,590,000 for the second quarter of 2020. The period-over-period decrease was due to lower average reimbursement at the Company’s retail sites and a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year.
Total proton therapy fractions in the third quarter increased 12.4% compared to the third quarter of 2019 and increased 20.8% compared to the second quarter of 2020. Gamma Knife procedures increased by 8.3% to 377 for the third quarter of 2020 from 348 in the same period of the prior year and increased 7.7% compared to 350 for the second quarter of 2020. Gamma Knife volumes for centers in operation decreased 3.0% from Gamma Knife volumes for those same centers during the same period of the prior year.
Net loss in the third quarter was $209,000 compared to net income of $165,000 for the third quarter of 2019 and a net loss of $483,000 for the second quarter of 2020. The decrease in net income compared to the prior year was primarily due to a decrease in the Gamma Knife average reimbursement rate as well as legal and other professional fees and transaction costs totaling $69,000 incurred from the June acquisition of the Gamma Knife Center in Ecuador (“GKCE”).
On September 18, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued the final rule that would implement a new mandatory payment model for radiation oncology services: the Radiation Oncology Alternative Payment Model (“RO APM”), which is scheduled to commence July 1, 2021 and be in effect for a five year period. Four of the Company’s Gamma Knife centers are scheduled to be included in the RO APM although a significant impact on the Company’s Gamma Knife revenues is not anticipated. The Company’s PBRT center was not selected for inclusion in the RO APM.

Ray Stachowiak, Chief Executive Officer of AMS, commented, “In the third quarter, volumes bounced back significantly from the pandemic lows of the previous quarter. Total revenue was up 17% sequentially from the second quarter of 2020, with PBRT revenue up 20% and Gamma Knife revenue up 15% in the period. Total revenue in the third quarter was also 2% ahead of total revenue in the pre-pandemic first quarter of 2020, and EBITDA increased a stronger 9% over the same period. We also ended the quarter with a strong cash position of $3.6 million. During the quarter we received the final ruling from the Centers for Medicare and Medicaid Services (“CMS”). Our Orlando Health PBRT Center was not selected to be part of the RO APM and we believe that the CMS decision will have no significant impact on the reimbursement of our Gamma Knife services. Looking ahead, we’ve begun taking a hard look at our expenses, especially with our vendors, and expect to initiate cost reductions in our administrative expenses in 2021.”

“In September, I was appointed by the Board as the CEO of AMS. At the same time, all of our corporate managers were elevated to titles more reflective of their positions and responsibilities. I believe that we have a great team in place to reach our goal of sustained profitability. To achieve this, our plan is to broaden the product line and geographic reach for our financing solutions and increase the Company’s revenue streams. To that end, during the third quarter we completed the upgrade of the Gamma Knife Perfexion to the Icon platform at the Lovelace Medical Center. We have additional upgrades pending, including at our recently acquired facility in Ecuador, and we continue to have productive discussions with prospective clients for additional equipment placements,” concluded Mr. Stachowiak.

Financial Results for the Three Months Ended September 30, 2020

For the three months ended September 30, 2020, total revenue decreased 11.9% to $4,670,000 compared to total revenue of $5,301,000 for the third quarter of 2019 and increased 17.0% compared to total revenue of $3,991,000 for the second quarter of 2020. The Company recorded no revenue from its IGRT equipment in the current quarter compared to $314,000 in the third quarter of 2019. The equipment was fully depreciated and sold in July upon expiration of the Company’s contract.

Third quarter revenue for the Company’s proton therapy system installed at Orlando Health in Florida increased 0.6% to $1,687,000 compared to revenue for the third quarter of 2019 of $1,677,000 and increased 20.4% compared to revenue of $1,401,000 in the second quarter of 2020. The period-over-period increase was due to higher volumes, offset by a lower average reimbursement per fraction. Average reimbursement per fraction was consistent with the second quarter of 2020. Total proton therapy fractions in the third quarter were 1,632, an increase of 12.4% compared to 1,452 proton therapy fractions in the third quarter of 2019 and an increase of 20.8% compared to 1,351 in the second quarter of 2020.

Revenue for the Company’s Gamma Knife operations decreased 9.9% to $2,983,000 for the third quarter of 2020 compared to $3,310,000 for the third quarter of 2019 and increased 15.2% compared to $2,590,000 for the second quarter of 2020. The period-over-period decline was due to lower volumes at same stores, a lower average reimbursement at the Company’s retail sites and a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year. Gamma Knife procedures increased by 8.3% to 377 for the third quarter of 2020 from 348 in the same period of the prior year and 7.7% compared to 350 for the second quarter of 2020. The increase from the second quarter reflects the acquisition of GKCE. Gamma Knife volumes for centers in operation decreased 3.0% from Gamma Knife volumes for those same centers during the same period of the prior year.

Gross margin for the third quarter of 2020 decreased to $1,138,000, or 24.4% of revenue, compared to gross margin of $1,813,000, or 34.2% of revenue, for the third quarter of 2019, and increased from $907,000, or 22.7% of revenue, for the second quarter of 2020.

Selling and administrative costs increased by $70,000, or 6.6%, to $1,135,000 for the third quarter compared to $1,065,000 for the third quarter of 2019, and a decline of 6.2% compared to $1,210,000 for the second quarter of 2020. The period-over-period increase is due to tax, legal, and consulting fees of $69,000 in the third quarter related to the Company’s acquisition of GKCE.

Net loss for the third quarter of 2020 was $209,000, or $(0.03) per share. This compares to net income for the third quarter of 2019 of $165,000, or $0.03 per diluted share, and a net loss of $483,000, or $(0.08) per diluted share, for the second quarter of 2020. Fully diluted weighted average common shares outstanding were 6,049,000 and 5,908,000 for the third quarter of 2020 and 2019, respectively.

Adjusted EBITDA, a non-GAAP financial measure, was $1,979,000 for the third quarter of 2020, compared to $2,445,000 for the third quarter of 2019 and $1,437,000 for the second quarter of 2020. The year-over-year decline was primarily due to the reduction in overall income.

Financial Results for the Nine Months Ended September 30, 2020

For the nine months ended September 30, 2020, revenue decreased 16.4% to $13,229,000 compared to revenue of $15,819,000 for the first nine months of 2019. The Company recorded no revenue from its IGRT equipment in the nine-month 2020 period compared to $771,000 in the comparable period of 2019, after the expiration of the Company’s contract and the equipment was fully depreciated and sold.

Proton therapy revenue increased 0.8% to $4,764,000 for the first nine months of 2020 compared to $4,728,000 for the first nine months of 2019. Total proton therapy fractions in the first nine months of 2020 were 4,659, an increase of 5.7% compared to 4,407 proton therapy fractions in the comparable period of 2019.

Gamma Knife revenue decreased 18.0% to $8,465,000 for the first nine months of 2020 compared to $10,320,000 for the first nine months of 2019. The number of Gamma Knife procedures in the first nine months of 2020 was 1,103, an increase of 1.8% compared to 1,084 Gamma Knife procedures in the comparable period of 2019. The year-over-year revenue decline was due to a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year and lower average reimbursement at the Company’s retail sites.

Net loss for the first nine months of 2020 was $827,000, or $(0.14) per share. This compares to net income for the first nine months of 2019 of $466,000, or $0.08 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, was $5,238,000 for the first nine months of 2020, compared to $7,620,000 for the first nine months of 2019.

Balance Sheet Highlights

At September 30, 2020, cash, cash equivalents, and restricted cash was $3,983,000, compared to $1,779,000 at December 31, 2019. Shareholders’ equity at September 30, 2020 was $30,714,000, or $5.34 per outstanding share. This compares to shareholders’ equity at December 31, 2019 of $31,811,000, or $5.47 per outstanding share.

Conference Call and Webcast Information

AMS has scheduled a conference call at 12:00 p.m. PDT (3:00 p.m. EDT) today. To participate, please call 1 (888) 466-9845 at least 5 minutes prior to the start of the call and enter passcode number: 6465095#. A simultaneous Webcast of the call may be accessed through the Company’s website, www.ashs.com, or at www.streetevents.com for institutional investors.

A replay of the call will be available at the following link through November 26, 2020: https://edge.media-server.com/mmc/p/7f7iwanm

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is a world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations, and trigeminal neuralgia (facial pain). The Company also offers proton therapy, and the latest IGRT, IMRT and MR/LINAC systems. For more information, please visit: www.ashs.com.

Earnings Disclosure

The outbreak of the novel coronavirus COVID-19, is now a pandemic as declared by the World Health Organization and has led to adverse impacts on the U.S. and global economies and will likely continue to impact business activity, including the Company’s. The pandemic has impacted and could further impact the Company’s operations and the operations of its customers as a result of quarantines, facility closures, and travel and logistics restrictions. While the disruption caused by the pandemic is currently expected to be temporary, there is uncertainty regarding its duration. Therefore, while the COVID-19 pandemic has impacted the Company’s results of operations, financial position, and liquidity, the duration and intensity of the impact of the COVID-19 pandemic and resulting disruption to the Company’s operations is uncertain. The Company will continue to monitor the situation closely and assess the impact on its operations and financial results for the remainder of the year.

On September 18, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued the final rule that would implement a new mandatory payment model for radiation oncology services: the Radiation Oncology Alternative Payment Model (“RO APM”). The RO APM is scheduled to commence July 1, 2021 and will be in effect for a five (5) year period. The RO APM significantly alters CMS’ payment methodology from a fee for service paradigm to a set reimbursement by cancer type methodology for radiation services provided within a 90 day episode of care. Under the RO APM, hospital based and free-standing radiation therapy providers are mandatorily required to participate in the model based on whether the radiation therapy provider is located within a randomly selected Core Based Statistical Area (“CBSA”). CMS projects that providers treating approximately 30% of radiation oncology patients have been selected to participate in the RO APM. The remaining providers not included in the RO APM will continue to receive reimbursement based on a fee-for-service methodology. The RO APM includes but is not limited to PBRT and Gamma Knife services. Four (4) of the Company’s Gamma Knife centers are scheduled to be included in the RO APM. It is not anticipated that inclusion in the RO APM will have a significant impact on the Company’s Gamma Knife revenues. The Company’s PBRT center was not selected for inclusion in the RO APM. For centers not included in the RO APM proposed model, Medicare reimbursement in 2021 for the most commonly used PBRT delivery codes is proposed (pending final determination) to increase by approximately 4.9% and to decrease by approximately 0.1% for Gamma Knife.

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services (including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of developing The Operating Room for the 21st Century program, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and MR/LINAC businesses, the risks of the COVID-19 pandemic and its effect on the Company’s business operations and financial condition, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and June 30, 2020, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 26, 2020.

Non-GAAP Financial Measure

Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income (loss) before income taxes, income (loss) from operations, net income (loss) attributable to the Company, earnings (loss) per share and other measures of performance as defined by GAAP as indicators of the Company’s performance or profitability.

Adjusted EBITDA is a non-GAAP financial measure representing our (loss) earnings before interest, taxes, depreciation, and amortization. We define Adjusted EBITDA as net (loss) income before interest expense, income tax (benefit) expense, depreciation and amortization expense, stock-based compensation expense, and acquisition transaction costs.

We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.

Contacts:

American Shared Hospital Services
Ray Stachowiak
Chief Executive Officer
[email protected]

Investor Relations
PCG Advisory
Stephanie Prince
P: (646) 762-4518
[email protected]

AMERICAN SHARED HOSPITAL SERVICES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Summary of Operations Data

	Three months ended September 30,		Nine months ended September 30,

	2020	2019	2020	2019
Revenues	4,670,000	5,301,000	13,229,000	15,819,000
Costs of revenue	3,532,000	3,488,000	9,790,000	10,340,000
Gross margin	1,138,000	1,813,000	3,439,000	5,479,000
Selling & administrative expense	1,135,000	1,065,000	3,556,000	3,201,000
Interest expense	254,000	302,000	803,000	1,015,000
Operating (loss) income	(251,000)	446,000	(920,000)	1,263,000
Other income	3,000	7,000	7,000	15,000
(Loss) income before income taxes	(248,000)	453,000	(913,000)	1,278,000
Income tax (benefit) expense	(34,000)	99,000	(192,000)	250,000
Net (loss) income	($214,000)	$354,000	($721,000)	$1,028,000
Less: Net loss (income) attributable to non-controlling interest	5,000	(189,000)	(106,000)	(562,000)
Net (loss) income attributable to American Shared Hospital Services	($209,000)	$165,000	($827,000)	$466,000

(Loss) earnings per common share:
Basic	($0.03)	$0.03	($0.14)	$0.08
Assuming dilution	($0.03)	$0.03	($0.14)	$0.08

Weighted Average Shares Outstanding:
Basic	6,049,000	5,889,000	6,060,000	5,899,000
Assuming dilution	6,049,000	5,908,000	6,060,000	5,917,000


	Balance Sheet Data

	9/30/2020	12/31/2019
Cash, cash equivalents and restricted cash	$3,983,000	$1,779,000
Current assets	$10,960,000	$10,742,000
Total assets	$52,340,000	$53,783,000

Current liabilities	$8,027,000	$8,214,000
Shareholders’ equity	$30,714,000	$31,811,000

American Shared Hospital Services

Adjusted EBITDA

Adjusted EBITDA
		Q3	Q3	YTD	YTD
		2020	2019	2020	2019
Net (Loss) Income		$(209,000)	$ 165,000	$ (827,000)	466,000
Plus:	Income Tax Expense	(34,000)	99,000	(192,000)	250,000
	Interest Expense	254,000	302,000	803,000	1,015,000
	Depreciation and Amortization Expense	1,819,000	1,817,000	5,103,000	5,719,000
	Stock-Based Compensation Expense	80,000	62,000	189,000	170,000
	Acquisition Transaction Costs	69,000	–	162,000	–
Adjusted EBITDA		1,979,000	2,445,000	5,238,000	7,620,000

November 12, 2020 8:33 am

Energy Focus, Inc. Reports Third Quarter 2020 Financial Results

Energy Focus, Inc. Reports Third Quarter 2020 Financial Results

Strong Growth in Sales to Military and Maritime Customers Offsets Pandemic-Related Softness in the Commercial Business; New Products Expected to Benefit 2021 Sales Growth

SOLON, Ohio–(BUSINESS WIRE)–
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting technologies, today announced financial results for its third quarter ended September 30, 2020.

Third Quarter 2020 and Subsequent Business Highlights:

Net sales of $6.0 million, up 104.6% compared to the third quarter of 2019 and up 78.8% sequentially from the second quarter of 2020, reflecting increased penetration in the military market and a shift in the timing of the partial shipment of a certain military contract order from the second quarter to the third quarter of 2020;
Loss from operations of $1.0 million, compared to a loss from operations of $0.8 million in the third quarter of 2019 and sequentially to a loss from operations of $0.9 million in the second quarter of 2020;
Net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, compared to a net loss of $0.9 million, or $(0.38) per basic and diluted share of common stock, in the third quarter of 2019. Sequentially, the net loss improved by $3.2 million compared to a net loss of $4.3 million, or $(1.36) per basic and diluted share of common stock, inclusive of a $3.3 million non-cash adjustment in the fair value of outstanding warrants, in the second quarter of 2020;
Cash of $2.6 million as of September 30, 2020, compared to $0.4 million as of December 31, 2019;
Expanded available credit lines in August by completing two debt financing arrangements, which substantially increased the Company’s borrowing capacity and reduced its blended interest expense rate;
Subsequent to the end of the third quarter of 2020, the Company launched a portfolio of germicidal UV-C disinfection (‘UVCD’) products with advanced, patent-pending technologies designed to inactivate over 99.9% of various pathogens such as influenza and coronavirus, including SARS-Cov-2.

“Our Military and Maritime business continues to demonstrate brisk, year-over-year growth with year-to-date net sales up more than 165% over the first nine months of last year,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “Overall demand remained strong and steady, and we secured significant contracts for our new generation Intellitube products. On the other hand, during the quarter, the COVID-19 pandemic continued to significantly impact facility occupancy and retrofit budgets and activities, as well as timing and reliability of supply chain logistics, resulting in our sales coming in towards the lower end of our expected range.”

Mr. Tu continued, “Despite the myriad of short-term challenges brought on by the pandemic, we are more optimistic than ever in our long-term growth prospects, led by both our EnFocus^TM lighting control platform products, which continued to be well received with initial shipments beginning in the third quarter, as well as our UVCD product lines that we recently introduced in October. With the pandemic still raging across most parts of the world, and elevated and routine disinfection practices expected to become the new normal for buildings and facilities, we believe that our complementary air and surface UVCD products represent some of the most advanced, powerful and affordable disinfection solutions in the market today. We have started to receive positive and enthusiastic feedback from customers, as well as existing and new channel partners, and remain on schedule to start delivering the products in the first quarter of 2021.”

“The UVCD product launches following our EnFocus^TM launch in the second quarter this year, further bolster our position as a recognized leader in the emerging and rapidly growing human-centric lighting and healthy buildings markets,” continued Mr. Tu. “We continue to aggressively expand our agency and distribution network and we are in discussions with multiple significant channel partners to market and distribute our LED lighting and UVCD products that together, address broader needs for buildings and facilities seeking to improve sustainability as well as occupant health and safety.”

Third Quarter 2020 Financial Results:

Net sales were $6.0 million for the third quarter of 2020, compared to $2.9 million in the third quarter of 2019, an increase of 104.6%. Net sales from commercial products were $1.5 million, or 24.4% of total net sales, for the third quarter of 2020, down from $1.7 million, or 59.5% of total net sales, in the third quarter of 2019, reflecting the impact of the COVID-19 pandemic and related customer interruptions and project delays. Net sales from military and maritime products were $4.5 million, or 75.6% of total net sales, for the third quarter of 2020, up from $1.2 million, or 40.5% of total net sales, in the third quarter of 2019. Sequentially, net sales were up 78.8% compared to $3.3 million in the second quarter of 2020, reflecting a shift in the timing of the shipment of a portion of a $3.4 million U.S. Navy order for the Company’s new generation of military Intellitubes. On an aggregate basis, removing the impact related to the timing of this U.S. Navy order, second and third quarter 2020 aggregate revenue was $9.3 million compared to $6.0 million for the second and third quarters of 2019, representing period-over-period growth of 55.1%.

Gross profit was $1.4 million, or 23.1% of net sales, for the third quarter of 2020. This compares with gross profit of $1.0 million, or 35.3% of net sales, in the third quarter of 2019. Sequentially, this compares with gross profit of $1.3 million, or 40.3% of net sales, in the second quarter of 2020. Gross margin for the third quarter of 2020 was positively impacted by favorable price and usage variances for material and labor and changes in inventory reserves. These increases were more than offset by the negative impact from unexpected supply chain challenges related primarily to the Company’s military and maritime products, which negatively impacted gross margin by approximately 4.1% in the third quarter, and resulted in higher outbound freight costs. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 24.6% for the third quarter of 2020, compared to 23.6% in the third quarter of 2019 and 33.0% in the second quarter of 2020.

Operating loss was $1.0 million for the third quarter of 2020, compared to an operating loss of $0.8 million in the third quarter of 2019. Sequentially, this compares to an operating loss of $0.9 million in the second quarter of 2020. Net loss was $1.2 million, or $(0.35) per basic and diluted share of common stock, for the third quarter of 2020, compared with a net loss of $0.9 million, or $(0.38) per basic and diluted share of common stock, in the third quarter of 2019. Sequentially, this compares with a net loss of $4.3 million or $(1.36) per basic and diluted share of common stock, in the second quarter of 2020, which was inclusive of a $3.3 million non-cash, pre-tax loss resulting from the revaluation of the warrant liability at June 30, 2020.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $0.9 million for the third quarter of 2020, compared with a loss of $0.8 million in the third quarter of 2019 and a loss of $0.7 million in the second quarter of 2020. The increased EBITDA loss from second quarter of 2020 and third quarter of 2019 was due to a combination of gross margin fluctuation, supply chain challenges and higher operating expenses due to our investment for future growth.

Cash was $2.6 million as of September 30, 2020. This compares with $0.4 million as of December 31, 2019. As of September 30, 2020, the Company had total availability, as defined under “Non-GAAP Measures” below, of $4.9 million, which consisted of $2.6 million of cash and $2.3 million of additional borrowing availability under its credit facilities. This compares to total availability of $1.9 million as of December 31, 2019 and total availability of $3.9 million as of June 30, 2020.

Financings:

On August 11, 2020, the Company entered into two debt financing arrangements. The facilities consist of a two-year inventory financing facility for up to $3 million and a two-year receivables financing facility for up to $2.5 million. These facilities replaced our previous credit facility, substantially increasing the Company’s borrowing capacity and reducing its blended interest expense rate.

Fourth Quarter 2020 Outlook:

While activities for our military and maritime business remain stronger than levels a year ago, and we expect fourth quarter 2020 sales to grow from fourth quarter 2019, we continue to confront significant short-term uncertainties surrounding our commercial business and logistics challenges on select components due to the ongoing pandemic. Therefore, we are suspending our quarterly sales guidance for the time being and will resume outlook forecast as these external factors become more stable and predictable.

Earnings Conference Call:

The Company will host a conference call and webcast today, November 12, 2020, at 11:00 a.m. ET to discuss the third quarter 2020 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

Toll free 1-877-451-6152 or
International 1-201-389-0879
Conference ID# 13712403

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: http://public.viavid.com/index.php?id=142169. The webcast will be available at this link through November 27, 2020. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus:

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UV-C Disinfection technologies and products, announced in October 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than 5,000,000 gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economy and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related stay-at-home orders, quarantine policies, school attendance restrictions and restrictions on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their performance and cost compared to other products; (iii) market acceptance of our LED lighting, control and UVCD technologies and products; (iv) our need for additional financing in the near term to continue our operations; (v) our ability to refinance or extend maturing debt on acceptable terms or at all; (vi) our ability to continue as a going concern for a reasonable period of time; (vii) our ability to implement plans to increase sales and control expenses; (viii) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (ix) our ability to add new customers to reduce customer concentration; (x) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xi) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xiv) our ability to compete effectively against companies with lower cost structures or greater resources, or more rapid development efforts, and new competitors in our target markets; (xv) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xvi) our ability to attract and retain qualified personnel, and to do so in a timely manner; (xvii) the impact of any type of legal inquiry, claim or dispute; (xviii) general economic conditions in the United States and in other markets in which we operate or secure products; (xix) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xx) the possible impact on our military maritime customers and their ability to honor the timing for existing orders or place future orders due to COVID-19 breakouts amongst personnel that might impact the use of ships in service; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xxiii) any delays we may encounter in making new products available or fulfilling customer specifications; (xxiv) any flaws or defects in our products or in the manner in which they are used or installed; (xxv) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xxvi) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxvii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxviii)our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxix) our ability to regain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Condensed Consolidated Balance Sheets
(in thousands)

	September 30, 2020			December 31, 2019
	(Unaudited)
ASSETS
Current assets:
Cash	$	2,574		$	350
Trade accounts receivable, less allowances of $10 and $28, respectively	3,366			2,337
Inventories, net	5,259			6,168
Prepaid and other current assets	1,361			479
Total current assets	12,560			9,334

Property and equipment, net	420			389
Operating lease, right-of-use asset	923			1,289
Restructured lease, right-of-use asset	161			322
Other assets	3			405
Total assets	$	14,067		$	11,739

LIABILITIES
Current liabilities:
Accounts payable	3,089			1,340
Accrued liabilities	257			186
Accrued legal and professional fees	237			215
Accrued payroll and related benefits	662			360
Accrued sales commissions	76			32
Accrued restructuring	18			24
Accrued warranty reserve	230			195
Deferred revenue	105			18
Operating lease liabilities	588			550
Restructured lease liabilities	250			319
Finance lease liabilities	3			3
Warrant liability	2,928			—
Convertible notes	—			1,700
Iliad Note, net of discount and loan origination fees	192			885
PPP loan	362			—
Credit line borrowings, net of loan origination fees	2,025			715
Total current liabilities	11,022			6,542

Other liabilities	—			14
Operating lease liabilities, net of current portion	472			906
Restructured lease liabilities, net of current portion	—			168
Finance lease liabilities, net of current portion	1			4
PPP loan, net of current maturities	433			—
Iliad Note, net of current maturities	—			109
Total liabilities	11,928			7,743

STOCKHOLDERS’ EQUITY
*Preferred stock, par value $0.0001 per share:*
Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at September 30, 2020 and 2,000,000 shares (no shares designated as Series A Convertible Preferred Stock) at December 31, 2019
Issued and outstanding: 2,597,470 at September 30, 2020 and no shares outstanding at December 31, 2019	—			—
*Common stock, par value $0.0001 per share:*
Authorized: 50,000,000 shares at September 30, 2020 and 30,000,000 shares at December 31, 2019
Issued and outstanding: 3,428,268 at September 30, 2020 and 2,485,684 at December 31, 2019	—			—
*Additional paid-in capital*	133,062			128,873
Accumulated other comprehensive loss	(3		)	(3		)
Accumulated deficit	(130,920		)	(124,874		)
Total stockholders’ equity	2,139			3,996
Total liabilities and stockholders’ equity	$	14,067		$	11,739

Condensed Consolidated Statements of Operations
*(In thousands, except per share data)*
*(Unaudited)*

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Net sales	$	5,964		$	2,915		$	13,082		$	9,174
Cost of sales	4,588			1,887			9,331			8,157
Gross profit	1,376			1,028			3,751			1,017

Operating expenses:
Product development	401			191			996			1,035
Selling, general, and administrative	2,003			1,689			6,003			5,524
Restructuring	(16		)	(19		)	(44		)	243
Total operating expenses	2,388			1,861			6,955			6,802
Loss from operations	(1,012		)	(833		)	(3,204		)	(5,785		)

Other expenses (income):
Interest expense	124			67			344			136
Loss on extinguishment of debt	159			—			159			—
(Gain) loss from change in fair value of warrants	(153		)	—			2,274			—
Other expenses	25			46			67			144

Loss before income taxes	(1,167		)	(946		)	(6,048		)	(6,065		)
Benefit from income taxes	(2		)	—			(2		)	—
Net loss	$	(1,165	)	$	(946	)	$	(6,046	)	$	(6,065	)

Net loss per share – basic and diluted
Net loss	$	(0.35	)	$	(0.38	)	$	(1.89	)	$	(2.47	)

Weighted average common shares outstanding:
Basic and diluted	3,308			2,474			3,196			2,455

Condensed Consolidated Statements of Cash Flows
*(In thousands)*

*(Unaudited)*	Nine months ended September 30,
	2020			2019
Cash flows from operating activities:
Net loss	$	(6,046	)	$	(6,065	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	140			277
Stock-based compensation	96			557
Change in fair value of warrant liabilities	2,274			—
Provision for doubtful accounts receivable	(21		)	20
Provision for slow-moving and obsolete inventories	(229		)	(643		)
Provision for warranties	34			107
Amortization of loan discounts and origination fees	221			72
Loss on dispositions of property and equipment	—			15
Changes in operating assets and liabilities:
Accounts receivable	(1,070		)	400
Inventories	1,138			1,301
Prepaid and other assets	(471		)	368
Accounts payable	1,811			(2,311		)
Accrued and other liabilities	453			(421		)
Deferred revenue	87			(6		)
Total adjustments	4,463			(264		)
Net cash used in operating activities	(1,583		)	(6,329		)
Cash flows from investing activities:
Acquisitions of property and equipment	(171		)	(57		)
Net cash used in investing activities	(171		)	(57		)
Cash flows from financing activities:
Proceeds from the issuance of common stock and warrants	2,749			—
Proceeds from the exercise of warrants	676			—
Offering costs paid on the issuance of common stock and warrants	(474		)	—
Proceeds from PPP loan	795			—
Principal payments under finance lease obligations	(3		)	(2		)
Proceeds from exercise of stock options and employee stock purchase plan purchases	30			—
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units	(3		)	(116		)
Payments on the Iliad Note	(976		)	—
Proceeds from convertible notes	—			1,700
Payments for Deferred Financing & Termination Fees	(320		)	—
Net proceeds from (payment on) credit line borrowings – AFS	(719		)	(896		)
Net proceeds from (payment on) credit line borrowings – New Facilities	2,223			—
Net cash provided by financing activities	3,978			686
Effect of exchange rate changes on cash	—			(1		)
Net increase (decrease) in cash and restricted cash	2,224			(5,701		)
Cash and restricted cash, beginning of period	692			6,335
Cash and restricted cash, end of period	$	2,916		$	634

Classification of cash and restricted cash:
Cash	$	2,574		$	292
Restricted cash held in other assets	342			342
Cash and restricted cash	$	2,916		$	634

Sales by Product
*(In thousands)*

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Net sales:
Commercial	$	1,456	$	1,733	$	4,250	$	5,847
MMM products	4,508		1,182		8,832		3,327
Total net sales	$	5,964	$	2,915	$	13,082	$	9,174

Non-GAAP Measures

In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include:

Total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date;
Adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation and amortization, stock compensation, incentive compensation, and change in fair value of warrant liability; and
Adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions.

We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance.

Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below.

	As of
*(in thousands)*	September 30, 2020			June 30, 2020			September 30, 2019
Total borrowing capacity under credit facilities	$	4,577		$	2,566		$	2,517
Less: Credit line borrowings, gross*	(2,290		)	(1,397		)	(1,328		)
Excess availability under credit facilities**	2,287			1,169			1,189
Cash	2,574			2,727			634
Total availability	$	4,861		$	3,896		$	1,823
*Does not reflect debt financing costs of $199, $66 and $75 as of September 30, 2020, June 30, 2020 and September 30, 2019, respectively.
**Represents the difference between the maximum borrowing capacity under the credit facilities and actual borrowings.

	Three Months Ended
*(in thousands)*	September 30, 2020			June 30, 2020			September 30, 2019
Net loss	$	(1,165	)	$	(4,340	)	$	(946	)
Restructuring (recovery)	(16		)	(14		)	(19		)
Net loss, excluding restructuring	(1,181		)	(4,354		)	(965		)
Interest expense	124			87			67
Loss on extinguishment of debt	159			—			—
Income tax benefit	(2		)	—			—
Depreciation	48			46			77
Stock-based compensation	35			41			34
Change in fair value of warrant liability	(153		)	3,300			—
Other incentive compensation	52			134			—
Adjusted EBITDA	$	(918	)	$	(746	)	$	(787	)

	Three Months Ended
*(in thousands)*	September 30, 2020				June 30, 2020					September 30, 2019
	($)		(%)		($)			(%)		($)			(%)
Net sales	$	5,964			$	3,335				$	2,915
Reported gross profit		1,376	23.1	%		1,343		40.3	%		1,028		35.3	%
E&O, in-transit and net realizable value inventory reserve changes		90	1.5	%		(241	)	(7.2	)%		(340	)	(11.7	)%
Adjusted gross margin	$	1,466	24.6	%	$	1,102		33.0	%	$	688		23.6	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005281/en/

Investor Contact:

Brett Maas

(646) 526-7331

[email protected]

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