0001104659-18-048771.txt : 20180801 0001104659-18-048771.hdr.sgml : 20180801 20180801163214 ACCESSION NUMBER: 0001104659-18-048771 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180801 DATE AS OF CHANGE: 20180801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Summer Infant, Inc. CENTRAL INDEX KEY: 0001314772 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 201994619 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33346 FILM NUMBER: 18985221 BUSINESS ADDRESS: STREET 1: 1275 PARK EAST DRIVE CITY: WOONSOCKET STATE: RI ZIP: 02895 BUSINESS PHONE: 401-671-6550 MAIL ADDRESS: STREET 1: 1275 PARK EAST DRIVE CITY: WOONSOCKET STATE: RI ZIP: 02895 FORMER COMPANY: FORMER CONFORMED NAME: KBL Healthcare Acquisition Corp. II DATE OF NAME CHANGE: 20050119 10-Q 1 a18-14081_110q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2018

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-33346

Summer Infant, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		20-1994619
(State or Other Jurisdiction		(IRS Employer Identification No.)
Of Incorporation or Organization)

1275 Park East Drive
Woonsocket, RI 02895		(401) 671-6550
(Address of principal executive offices) (Zip Code)		(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o		Accelerated filer o
Non-accelerated filer o		Smaller reporting company x
(Do not check if a smaller reporting company)		Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 30, 2018, there were 18,769,015 shares outstanding of the registrant’s Common Stock, $0.0001 par value per share.

Table of Contents

Summer Infant, Inc.

Form 10-Q

Table of Contents

		Page Number

Part I.	Financial Information

Item 1.	Condensed Consolidated Financial Statements (unaudited)	1

	Condensed Consolidated Balance Sheets as of June 30, 2018 (unaudited) and December 30, 2017	1

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and July 1, 2017 (unaudited)	2

	Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2018 and July 1, 2017 (unaudited)	3

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and July 1, 2017 (unaudited)	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16

Item 4.	Controls and Procedures	16

Part II.	Other Information	17

Item 1.	Legal Proceedings	17

Item 1A.	Risk Factors	17

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	17

Exhibit Index		18

Signatures		19

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PART I. FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Financial Statements (unaudited)

Summer Infant, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Note that all amounts presented in the table below are in thousands of U.S. dollars, except share and par value amounts.

	(Unaudited)
	June 30, 2018			December 30, 2017
ASSETS

CURRENT ASSETS

Cash and cash equivalents	$	929		$	681
Trade receivables, net of allowance for doubtful accounts	36,040			36,640
Inventory, net	26,726			34,035
Prepaid and other current assets	1,255			950
TOTAL CURRENT ASSETS	64,950			72,306
Property and equipment, net	9,696			9,640
Other intangible assets, net	13,669			14,046
Deferred tax assets, net	1,915			1,935
Other assets	101			103
TOTAL ASSETS	$	90,331		$	98,030

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable	$	24,558		$	24,642
Accrued expenses	9,428			9,818
Current portion of long term debt	656			3,250
TOTAL CURRENT LIABILITIES	34,642			37,710
Long-term debt, less current portion and unamortized debt issuance costs	41,647			43,772
Other liabilities	2,875			2,906
TOTAL LIABILITIES	79,164			84,388

STOCKHOLDERS’ EQUITY
Preferred Stock, $0.0001 par value, 1,000,000 authorized, none issued or outstanding at June 30, 2018 and December 30, 2017, respectively	—			—
Common Stock $0.0001 par value, authorized, issued and outstanding of 49,000,000, 19,040,664, and 18,769,015 at June 30, 2018 and 49,000,000, 18,901,386, and 18,629,737 at December 30, 2017, respectively	2			2
Treasury Stock at cost (271,649 shares at June 30, 2018 and December 30, 2017)	(1,283		)	(1,283		)
Additional paid-in capital	77,182			76,848
Accumulated deficit	(62,043		)	(59,634		)
Accumulated other comprehensive loss	(2,691		)	(2,291		)
TOTAL STOCKHOLDERS’ EQUITY	11,167			13,642
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	90,331		$	98,030

See notes to condensed consolidated financial statements

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Summer Infant, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

Note that all amounts presented in the table below are in thousands of U.S. dollars, except share and per share amounts.

	Unaudited				Unaudited
	For the three months ended				For the six months ended
	June 30, 2018		July 1, 2017		June 30, 2018			July 1, 2017
Net sales	$	47,678	$	52,579	$	89,733		$	99,919
Cost of goods sold	32,284		35,263		60,747			67,314
Gross profit	15,394		17,316		28,986			32,605
General & administrative expenses	9,376		10,252		21,964			19,524
Selling expenses	3,091		4,220		5,769			8,131
Depreciation and amortization	1,074		1,041		2,075			2,097
Operating income (loss)	1,853		1,803		(822		)	2,853
Interest expense, net	1,409		734		2,182			1,458
Income (loss) before provision (benefit) for income taxes	444		1,069		(3,004		)	1,395
Provision (benefit) for income taxes	146		528		(595		)	684
Net income (loss)	$	298	$	541	$	(2,409	)	$	711
Net income (loss) per share:
BASIC	$	0.02	$	0.03	$	(0.13	)	$	0.04
DILUTED	$	0.02	$	0.03	$	(0.13	)	$	0.04
Weighted average shares outstanding:
BASIC	18,731,553		18,554,523		18,690,711			18,532,412
DILUTED	18,735,858		18,600,949		18,690,711			18,599,899

See notes to condensed consolidated financial statements.

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Summer Infant, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive (Loss) Income

Note that all amounts presented in the table below are in thousands of U.S. dollars.

	Unaudited					Unaudited
	For the three months ended					For the six months ended
	June 30, 2018			July 1, 2017		June 30, 2018			July 1, 2017
Net income (loss)	$	298		$	541	$	(2,409	)	$	711
Other comprehensive (loss) income:
Changes in foreign currency translation adjustments	(348		)	243		(400		)	333

Comprehensive (loss) income	$	(50	)	$	784	$	(2,809	)	$	1,044

See notes to condensed consolidated financial statements.

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Summer Infant, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

Note that all amounts presented in the table below are in thousands of U.S. dollars.

	(Unaudited)
	For the six months ended
	June 30, 2018			July 1, 2017
Cash flows from operating activities:
Net (loss) income	$	(2,409	)	$	711
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	2,068			2,129
Stock-based compensation expense	314			274
Write off of unamortized deferred financing costs	518			—
Provision for allowance for doubtful accounts	2,269			29
Changes in assets and liabilities:
(Increase) in trade receivables	(1,972		)	(2,304		)
Decrease (increase) in inventory	6,953			(1,273		)
(Increase) decrease in prepaids and other assets	(317		)	753
(Decrease) increase in accounts payable and accrued expenses	(273		)	2,443
Net cash provided by operating activities	7,151			2,762
Cash flows from investing activities:
Acquisitions of property and equipment	(1,751		)	(1,287		)
Net cash used in investing activities	(1,751		)	(1,287		)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	19			—
Repayment of Prior Term Loan Facility	(5,000		)	(1,000		)
Repayment of Prior FILO	(1,250		)	(1,250		)
Payment of financing fees and expenses	(1,958		)	—
Proceeds from New Term Loan Facility	17,500			—
Net (repayment) borrowings on revolving facilities	(14,529		)	1,081
Net cash used in financing activities	(5,218		)	(1,169		)
Effect of exchange rate changes on cash and cash equivalents	66			109
Net increase in cash and cash equivalents	248			415
Cash and cash equivalents, beginning of period	681			999
Cash and cash equivalents, end of period	$	929		$	1,414
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,411		$	1,281
Cash paid for income taxes	$	4		$	—

See notes to condensed consolidated financial statements.

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SUMMER INFANT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The Company designs, markets and distributes branded juvenile health, safety and wellness products that are sold globally to large national retailers as well as independent retailers, primarily in North America. The Company currently markets its products in several product categories including monitoring, safety, nursery, baby gear, and feeding products. Most products are sold under our core brand names of Summer Infant®, SwaddleMe®, and Born Free®. When used herein, the terms the “Company,” “we,” “us,” and “our” mean Summer Infant, Inc. and its consolidated subsidiaries.

Basis of Presentation and Principles of Consolidation

The accompanying interim, condensed consolidated financial statements of the Company are unaudited, but in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The results of operations for interim periods are not necessarily indicative of results to be expected for the entire fiscal year or any other period. The balance sheet at December 30, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes for the year ended December 30, 2017 included in its Annual Report on Form 10-K filed with the SEC on February 20, 2018.

It is the Company’s policy to prepare its financial statements on the accrual basis of accounting in conformity with GAAP. The interim condensed consolidated financial statements include the accounts of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation.

All dollar amounts included in the Notes to Condensed Consolidated Financial Statements are in thousands of U.S. dollars, except share and per share amounts.

Revenue Recognition

As of December 31, 2017, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance.

The Company reviewed all contracts at the date of initial application and elected to use the modified retrospective transition method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at December 31, 2017. Therefore, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 605, Revenue Recognition, (“ASC 605”). The adoption of the new revenue recognition guidance was immaterial to the Company’s condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, and cash flows as of and for the six months ending June 30, 2018. Refer to Note 2 for additional information regarding the Company’s adoption of ASC 606.

The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business.

Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer when product delivery occurs. Consideration is typically paid approximately 60 days from the time control is transferred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in selling costs.

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A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of juvenile products to its customers. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation.

A transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimation into the determination of the transaction price. The Company conducts its business with customers through valid purchase or sales orders each of which is considered a separate contract because individual orders are not interdependent on one another. Product transaction prices on a purchase or sale order are discrete and stand-alone. Purchase or sales orders may be issued under either a customer master service agreement or a reseller allowance agreement. Purchase or sales orders, master service agreements, and reseller allowance agreements which are specific and unique to each customers, may include product price discounts, markdown allowances, return allowances, and/or volume rebates which reduce the consideration due from customers. Variable consideration is estimated using the most likely amount method, which is based on our historical experience as well as current information such as sales forecasts.

Contracts may also include cooperative advertising arrangements where the Company allows a discount from invoiced product amounts in exchange for customer purchased advertising that features the Company’s products. These allowances are generally based upon product purchases or specific advertising campaigns. Such allowances are accrued when the related revenue is recognized. These cooperative advertising arrangements provide a distinct benefit and fair value and are accounted for as direct selling expenses.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of revenues, expenses, assets, liabilities and related disclosures. These estimates are based on management’s best knowledge as of the date the financial statements are published of current events and actions the Company may undertake in the future. Accordingly, actual results could differ from those estimates.

Allowance for Doubtful Accounts

Trade receivables are carried at their outstanding unpaid principal balances reduced by an allowance for doubtful accounts. The Company estimates doubtful accounts based on historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectible. Amounts are considered to be uncollectable based upon historical experience and management’s evaluation of outstanding accounts receivable.

Changes in the allowance for doubtful accounts are as follows:

	For the six months ended
	June 30, 2018		July 1, 2017
Allowance for doubtful accounts, beginning of period	$	1,622	$	59
Charges to costs and expenses	2,269		29
Allowance for doubtful accounts, end of period	$	3,891	$	88

Inventory Valuation

Inventory is comprised mostly of finished goods and some component parts and is stated at the lower of cost using the first-in, first-out (“FIFO”) method, or net realizable value. The Company regularly reviews slow-moving and excess inventories, and writes down inventories to net realizable value if the expected net proceeds from the disposals of excess inventory are less than the carrying cost of the merchandise.

Income Taxes

Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred income tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not that such benefits will be realized. The net deferred tax assets and liabilities are presented as noncurrent.

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Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements.

Net Income (Loss) Per Share

Basic earnings (loss) per share for the Company is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share includes the dilutive impact of outstanding stock options and unvested restricted shares.

Translation of Foreign Currencies

All assets and liabilities of the Company’s foreign subsidiaries, each of whose functional currency is in its local currency, are translated into U.S. dollars at the exchange rate in effect at the end of the quarter and the income and expense accounts of these affiliates have been translated at average rates prevailing during each respective quarter. Resulting translation adjustments are made to a separate component of stockholders’ equity within accumulated other comprehensive (loss) income. Foreign exchange transaction gains and losses are included in the accompanying interim, condensed consolidated statement of operations.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“new lease standard”). The new lease standard will supersede the current guidance for lease accounting and will require lessees to recognize right-to-use assets and related lease liabilities on the balance sheet for leases with lease terms greater than twelve months. The objective is to increase transparency and comparability among organizations regarding lease accounting and disclosing key information about leasing arrangements. In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The effective date for both standards for the Company will be the first quarter of fiscal year 2019, with early adoption permitted. The Company is evaluating the impact the adoption of this new standard will have on its consolidated financial statements and believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2019.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

2. REVENUE

Disaggregation of Revenue

The Company’s revenue is primarily from distinct fixed-price product sales in the juvenile product market, to similar customers and channels utilizing similar types of contracts that are short term in nature (less than one year). The Company does not sell service agreements or goods over a period of time and does not sell or utilize customer financing arrangements or time-and-material contracts.

The following is a table that presents net sales by geographical area:

	For the three months ended June 30, 2018		For the six months ended June 30, 2018
United States	$	39,412	$	74,503
All Other	8,266		15,230
Net Sales	$	47,678	$	89,733

All Other consists of Canada, Europe, South America, Mexico, Asia, and the Middle East.

Contract Balances

The Company does not have any contract assets such as work-in-process or contract liabilities such as customer advances. All trade receivables on the Company’s condensed consolidated balance sheet are from contracts with customers.

Contract Costs

Costs incurred to obtain a contract are capitalized unless short term in nature. As a practical expedient, costs to obtain a contract that are short term in nature are expensed as incurred.

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3. DEBT

Credit Facilities

On June 28, 2018, the Company and its subsidiary, Summer Infant (USA), Inc. (“Summer USA”), as borrowers, entered into (i) a Second Amended and Restated Loan and Security Agreement, providing for a $60,000 asset-based revolving credit facility and (ii) a Term Loan and Security Agreement, providing for a $17,500 term loan.

Bank of America Credit Facility

Amended and Restated Credit Facility. On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Second Amended and Restated Loan and Security Agreement with Bank of America, N.A., as agent, the financial institutions party to the agreement from time to time as lenders, and certain subsidiaries of the Company as guarantors (the “Restated BofA Agreement”). The Restated BofA Agreement replaced the Company’s prior credit facility with Bank of America, and provides for a $60,000, asset-based revolving credit facility, with a $5,000 letter of credit sub-line facility. The total borrowing capacity is based on a borrowing base, which is defined as 85% of eligible receivables plus the lesser of (i) 70% of the value or (ii) 85% of the net orderly liquidation value (NOLV) of eligible inventory, less applicable reserves. The scheduled maturity date of loans under the Restated BofA Agreement is June 28, 2023 (subject to customary early termination provisions).

All obligations under the Restated BofA Agreement are secured by substantially all the assets of the Company, including a first priority lien on accounts receivable and inventory and a junior lien on certain assets subject to the term loan lender’s first priority lien as described below. Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Restated BofA Agreement. Proceeds from the loans were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Restated BofA Agreement and may be used to pay obligations under the Restated BofA Agreement, and for lawful corporate purposes, including working capital.

Loans under the Restated BofA Agreement bear interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability under the Restated BofA Agreement. Interest payments are due monthly, payable in arrears. The Company is also required to pay an annual non-use fee on unused amounts, as well as other customary fees as are set forth in the Restated BofA Agreement. The Restated BofA Agreement contains customary affirmative and negative covenants. Among other restrictions, the Company is restricted in its ability to incur additional debt, make acquisitions or investments, dispose of assets, or make distributions unless in each case certain conditions are satisfied. In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended.

The Restated BofA Agreement also contains customary events of default, including a cross default with the term loan and the occurrence of a change of control. In the event of a default, all of the obligations of the Company and its subsidiaries under the Restated BofA Agreement may be declared immediately due and payable. For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable.

As of June 30, 2018, under the Restated BofA Agreement, the rate on base-rate loans was 6.0% and the rate on LIBOR-rate loans was 4.125%. The amount outstanding on the Restated BofA Agreement at June 30, 2018 was $27,436. Total borrowing capacity at June 30, 2018 was $40,725 and permitted borrowing availability was $13,289.

Prior Credit Facility. Prior to entering into the Restated BofA Agreement, the Company and Summer USA were parties to an amended and restated loan and security agreement with Bank of America, N.A., as agent, which provided for an asset-based credit facility (the “Prior Credit Facility”). The Prior Credit Facility consisted of a $60,000 asset-based revolving credit facility, with a $10,000 letter of credit sub-line facility (the “Revolving Facility”), a $5,000 “first in last out” (FILO) revolving credit facility (the “FILO Facility”) and a $10,000 term loan facility (the “Term Loan Facility”). The total borrowing capacity under the Revolving Facility was based on a borrowing base, generally defined as 85% of the value of eligible accounts plus the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less reserves. The total borrowing capacity under the FILO Facility was based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts that steps down over time, plus a specified percentage of the value of eligible inventory that steps down over time. As noted above, all obligations under the Revolving Facility and Term Loan Facility were repaid in connection with the Restated BofA Agreement and Term Loan Agreement described below. Loans under the FILO Facility terminated April 21, 2018.

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and 1.0% on base rate borrowings. Loans under the FILO Facility and Term Loan Facility accrued interest, at the Company’s option, at a base rate or at LIBOR, plus a margin of 4.25% on LIBOR borrowings and 2.75% on base rate borrowings. From April 24, 2018 through May 21, 2018, interest on the Revolving Facility accrue an additional 2.0% on the then applicable interest rate.

The refinancing transaction was evaluated, to determine the proper accounting treatment for the transaction. Accordingly, debt extinguishment accounting was used to account for the prepayment of the prior term loan facility and to prepay two members of the lender group for the prior credit facility with Bank of America that did not continue in the amended and restated credit facility, resulting in the write off of $518 in remaining unamortized deferred financing costs for the six months ended June 30, 2018. Debt modification accounting was used for the remaining member of the lender group for the prior credit facility, resulting in remaining unamortized deferred financing costs of $675 and the new financing costs of $1,958 to be capitalized and amortized over the life of the new debt.

New Term Loan Agreement

On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Term Loan and Security Agreement (the “Term Loan Agreement”) with Pathlight Capital LLC, as agent, each lender from time to time a party to the Term Loan Agreement, and certain subsidiaries of the Company as guarantors, providing for a $17,500 term loan (the “Term Loan”). Proceeds from the Term Loan were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Term Loan and may be used to pay obligations under the Term Loan Agreement, and for lawful corporate purposes, including working capital. The Term Loan is secured by a lien on certain assets of the Company, including a first priority lien on intellectual property, machinery and equipment, and a pledge of (i) 100% of the ownership interests of domestic subsidiaries and (ii) 65% of the ownership interests in certain foreign subsidiaries of the Company, and a junior lien on certain assets subject to the liens under the Restated BofA Agreement described above. The Term Loan matures on June 28, 2023. Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Term Loan Agreement.

The principal of the Term Loan will be repaid, on a quarterly basis, in installments of $219, with the first installment to be paid on December 1, 2018, until paid in full on termination. The Term Loan bears interest at an annual rate equal to LIBOR, plus 9.0%. Interest payments are due monthly, in arrears. Obligations under the Term Loan Agreement are also subject to restrictions on prepayment and a prepayment penalty if the Term Loan is repaid prior to the third anniversary of the closing of the Term Loan.

The Term Loan Agreement contains customary affirmative and negative covenants that are substantially the same as the Restated BofA Agreement. In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended. The Term Loan Agreement also contains events of default, including a cross default and the occurrence of a change of control. In the event of a default, all of the obligations of the Company and its subsidiaries under the Term Loan Agreement may be declared immediately due and payable. For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable.

As of June 30, 2018, the interest rate on the Term Loan was 11.34%. The amount outstanding on the Term Loan at June 30, 2018 was $17,500.

Aggregate maturities of bank debt related to the Restated BofA Agreement and the Term Loan Agreement:

Fiscal Year ending:
2018	219
2019	875
2020	875
2021	875
2022 and thereafter	$	42,092
Total	$	44,936

Unamortized debt issuance costs were $2,633 at June 30, 2018 and $1,127 at December 30, 2017, and are presented as a direct deduction of long-term debt on the consolidated balance sheets.

4. INTANGIBLE ASSETS

Intangible assets consisted of the following:

	June 30,			December 30,
	2018			2017

Brand names	$	11,819		$	11,819
Patents and licenses	3,766			3,766
Customer relationships	6,946			6,946
Other intangibles	1,882			1,882
	24,413			24,413
Less: Accumulated amortization	(10,744		)	(10,367		)
Intangible assets, net	$	13,669		$	14,046

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The amortization period for the majority of the intangible assets ranges from 5 to 20 years for those assets that have an estimated life; certain of the assets have indefinite lives (brand names). Total of intangibles not subject to amortization amounted to $8,400 as of June 30, 2018 and December 30, 2017.

5. COMMITMENTS AND CONTINGENCIES

Litigation

The Company is a party to various routine claims, litigation and administrative complaints incidental to its business, including claims involving product liability, employee matters and other general liability claims, most of which are covered by insurance. We are not aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, results of operations or financial condition.

6. SHARE BASED COMPENSATION

The Company is currently authorized to issue up to 1,700,000 shares for equity awards under the Company’s 2012 Incentive Compensation Plan (as amended, “2012 Plan”). Periodically, the Company may also grant equity awards outside of its 2012 Plan as inducement grants for new hires.

Under the 2012 Plan, awards may be granted to participants in the form of non-qualified stock options, incentive stock options, restricted stock, deferred stock, restricted stock units and other stock-based awards. Subject to the provisions of the plans, awards may be granted to employees, officers, directors, advisors and consultants who are deemed to have rendered or are able to render significant services to the Company or its subsidiaries and who are deemed to have contributed or to have the potential to contribute to the Company’s success. The Company accounts for options under the fair value recognition standard. Share-based compensation expense for the three months ended June 30, 2018 and July 1, 2017 was $216 and $189, respectively, and share-based compensation expense for the six months ended June 30, 2018 and July 1, 2017 was $314 and $274, respectively. Share based compensation expense is included in general and administrative expenses.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of the options, but used an estimate for grants of “plain vanilla” stock options based on a formula prescribed by the Securities and Exchange Commission. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation expense recognized in the consolidated financial statements is based on awards that are ultimately expected to vest.

As of June 30, 2018, there were 1,188,010 stock options outstanding and 356,766 unvested restricted shares outstanding.

During the six months ended June 30, 2018, the Company granted 341,240 stock options and 168,000 shares of restricted stock, respectively. The following table summarizes the weighted average assumptions used for stock options granted during the six months ended June 30, 2018 and July 1, 2017.

	For the Six Months Ended June 30, 2018		For the Six Months Ended July 1, 2017
Expected life (in years)	4.9		4.9
Risk-free interest rate	2.68	%	1.88	%
Volatility	64.0	%	71.4	%
Dividend yield	0	%	0	%
Forfeiture rate	23.1	%	22.6	%

As of June 30, 2018, there were 856,182 shares available to grant under the 2012 Plan.

Restricted Stock Units

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vest if such performance metrics are achieved for fiscal year 2017 and fiscal year 2018. The RSUs expire if the performance metrics are not achieved or if employment is terminated. The fair value of the RSUs will be recognized as they are earned and when it is probable that the performance conditions will be met. In 2017, 50,000 of the RSUs expired as the performance metrics for 2017 were not achieved. The Company has not recognized any compensation expense in 2018 related to this award as it is unlikely that performance metrics will be achieved.

7. WEIGHTED AVERAGE COMMON SHARES

Basic and diluted earnings or loss per share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares outstanding also included common stock equivalents such as stock options and restricted shares. The Company does not include the anti-dilutive effect of common stock equivalents in the calculation of dilutive common shares outstanding. The computation of diluted common shares for the three months ended June 30, 2018 excluded 1,188,010 stock options and 321,000 shares of restricted stock outstanding. The computation of diluted common shares for the six months ended June 30, 2018 excluded 1,188,010 stock options and 356,766 shares of restricted stock outstanding. The computation of diluted common shares for the three months ended July 1, 2017 excluded 1,259,756 stock options and 239,930 shares of restricted stock outstanding. The computation of diluted common shares for the six months ended July 1, 2017 excluded 1,254,506 stock options and 239,930 shares of restricted stock outstanding.

8. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q and determined that no subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking information and statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements included in this document are based on information available to us on the date hereof. It is important to note that our actual results could differ materially from those projected in such forward-looking statements contained in this Quarterly Report on Form 10-Q. These forward-looking statements include statements concerning our expectations regarding the impact of the Toys R Us bankruptcy and liquidation of its U.S. assets on future results; the effectiveness of and expected savings from our cost reduction efforts; the expected impact of the recently completed refinancing on future growth and liquidity; our business strategy and future growth and profitability; our ability to deliver high quality, innovative products to the marketplace; our ability to maintain and build upon our existing customer and supplier relationships; our expected cash flow and liquidity for the next 12 months; and our ability to build awareness of our core brands. These statements are based on current expectations that involve numerous risks and uncertainties. These risks and uncertainties include the concentration of our business with retail customers; liquidity problems or bankruptcy of our customers and their ability to pay us in a timely manner; our ability to introduce new products or improve existing products that satisfy consumer preferences; our ability to develop new or improved products in a timely and cost-efficient manner; our ability to compete with larger and more financially stable companies in our markets; our ability to comply with financial and other covenants in our debt agreements; our dependence on key personnel; our reliance on foreign suppliers and potential disruption in foreign markets in which we operate; increases in the cost of raw materials used to manufacture our products; compliance with safety and testing regulations for our products; product liability claims arising from use of our products; unanticipated tax liabilities; an impairment of other intangible assets; and other risks as detailed in our Annual Report on Form 10-K for the year ended December 30, 2017, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, this Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. All these matters are difficult or impossible to predict accurately, many of which may be beyond our control. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Quarterly Report on Form 10-Q will prove to be accurate.

The following discussion is intended to assist in the assessment of significant changes and trends related to the results of operations and financial condition of our Company and our consolidated subsidiaries. This Management’s Discussion and Analysis should be read together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this filing and with our consolidated financial statements for the year ended December 30, 2017 included in our Annual Report on Form 10-K for the year ended December 30, 2017 (“2017 Form 10-K”).

Note that all dollar amounts in this section are in thousands of U.S. dollars, except share and per share data.

Overview

We are an infant and juvenile products company originally founded in 1985 and have publicly traded on the Nasdaq Stock Market since 2007 under the symbol “SUMR.” We are a leader in product innovation in the juvenile industry, providing parents and caregivers a full range of high-quality, high-value products to care for babies and toddlers. We seek to improve the quality of life of both caregivers and babies through our product offerings, while at the same time maximizing shareholder value over the long term.

We operate in one principal industry segment across geographically diverse marketplaces, selling our products globally to large, national retailers as well as independent retailers, and on our partner’s websites and our own summerinfant.com website. In North America, our customers include Amazon.com, Wal-Mart, Target, Buy Buy Baby, Home Depot, and Lowe’s. Our largest European-based customers are Argos, Amazon, and Mothercare. We also sell through international distributors, representatives, and to select international retail customers in geographic locations where we do not have a direct sales presence.

As expected, our financial results in the second quarter of 2018 continued to be impacted by the bankruptcy filing of Toys R Us, Inc. (“TRU”), the parent company of a former customer, Babies R Us, and the subsequent liquidation of its U.S. assets as well as continued competition in the monitor category, though we experienced growth with other customers and in certain product categories during the quarter. Sales decreased approximately 9.3% as compared to the three months ended July 1, 2017. While sales decreased, our efforts to control costs were reflected in lower general and administrative expenses, which declined 8.5% as compared to the prior period, and reduced selling expenses, that declined by 26.7% as compared to the prior period. Net income per diluted share for the quarter was $0.02 per share as compared to $0.03 per share for the three months ended July 1, 2017.

During the second quarter of 2018, we also successfully completed the refinancing of our credit facility and entered into a $60.0 million senior revolving credit facility with Bank of America, replacing our prior credit facility, FILO facility and term loan, and a $17.5 million term loan with Pathlight Capital. We expect the refinancing to provide us with the financial flexibility needed to facilitate the execution of our long-term growth strategy. In connection with the refinancing, we wrote-off approximately $518 of previously unamortized finance fees associated with the repayment of existing debt from the proceeds of the refinancing.

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Summary of Critical Accounting Policies and Estimates

There have been no significant changes in our critical accounting policies and estimates during the three months ended June 30, 2018 from our critical accounting policies and estimates disclosed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2017 Form 10-K except for the adoption of the new revenue recognition accounting policy in the first quarter of fiscal 2018 as noted in Note 1 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Results of Operations

	For the three months ended				For the six months ended
	(Unaudited)				(Unaudited)
	June 30, 2018		July 1, 2017		June 30, 2018			July 1, 2017
Net sales	$	47,678	$	52,579	$	89,733		$	99,919
Cost of goods sold	32,284		35,263		60,747			67,314
Gross profit	15,394		17,316		28,986			32,605
General & administrative expenses	9,376		10,252		21,964			19,524
Selling expenses	3,091		4,220		5,769			8,131
Depreciation and amortization	1,074		1,041		2,075			2,097
Operating income (loss)	1,853		1,803		(822		)	2,853
Interest expense, net	1,409		734		2,182			1,458
Income (loss) before provision (benefit) for income taxes	444		1,069		(3,004		)	1,395
Provision (benefit) for income taxes	146		528		(595		)	684
Net income (loss)	$	298	$	541	$	(2,409	)	$	711

Three Months ended June 30, 2018 compared with Three Months ended July 1, 2017

Net sales decreased 9.3% from $52,579 for the three months ended July 1, 2017 to $47,678 for the three months ended June 30, 2018. The decrease was primarily a result of the loss of $6,729 in sales to TRU due to the liquidation of its U.S. assets and a $2,449 decrease in monitor sales due to increased competition. The decrease in monitor sales excludes any overlapping impact with the decreased sales to TRU. These declines were partially offset by increased business with other customers and growth in our gates, entertainers, and booster categories.

Cost of goods sold includes cost of the finished product from suppliers, duties on certain imported items, freight-in from suppliers, and miscellaneous charges. The components of cost of goods sold remained substantially the same for the quarter ended June 30, 2018 as compared to the quarter ended July 1, 2017.

Gross profit decreased 11.1% from $17,316 for the three months ended July 1, 2017 to $15,394 for the three months ended June 30, 2018. Gross margin as a percent of net sales declined from 32.9% for the three months ended July 1, 2017 to 32.3% for the three months ended June 30, 2018. Gross profit decreased primarily due to lower sales. Gross margin decreased primarily due to higher closeout sales in the fiscal 2018 quarter related to exclusive and excess inventory associated with TRU.

General and administrative expenses decreased 8.5% from $10,252 for the three months ended July 1, 2017 to $9,376 for the three months ended June 30, 2018. General and administrative expenses increased from 19.5% of net sales for the three months ended July 1, 2017 to 19.7% of net sales for the three months ended June 30, 2018. The decline in dollars was attributable to the cost reduction actions taken in the first quarter of fiscal 2018. The increase in percent is attributable to lower sales.

Selling expenses decreased 26.7% from $4,220 for the three months ended July 1, 2017 to $3,091 for the three months ended June 30, 2018. Selling expenses also decreased as a percent of net sales from 8.0% for the three months ended July 1, 2017 to 6.5% for the three months ended June 30, 2018. The decrease in selling expense was primarily attributable to lower sales, customer mix, higher direct import sales and closout sales which did not have any associated cooperative advertisement costs and lower consumer advertising costs. The decrease in selling expenses as a percent of sales was primarily attributable to customer mix and higher direct import sales and closeout sales which did not have any associated cooperative advertisement costs and lower consumer advertising costs.

Depreciation and amortization increased 3.2% from $1,041 for the three months ended July 1, 2017 to $1,074 for the three months ended June 30, 2018. The increase in depreciation was primarily attributable to additional capital investment primarily over the past year.

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Interest expense increased 92.0% from $734 for the three months ended July 1, 2017 to $1,409 for the three months ended June 30, 2018. Interest expense increased primarily as a result of the write off of $518 of previously unamortized prepaid finance fees associated with the repayment of existing debt from the proceeds of our June 2018 refinancing and higher average interest rates under our prior credit facilities.

For the three months ended July 1, 2017, we recorded a $528 provision for income taxes on $1,069 of pretax income, reflecting an estimated 49.4% tax rate for the quarter. For the three months ended June 30, 2018, we recorded a $146 provision for income taxes on $444 of pretax income, reflecting an estimated 32.9% tax rate for the quarter. The reduction in tax rate was primarily attributable to the lower Federal tax rate enacted under the December 2017 Tax Cuts and Jobs Act that took effect on January 1, 2018.

Six Months ended June 30, 2018 compared with Six Months ended July 1, 2017

Net sales decreased 10.2% from $99,919 for the six months ended July 1, 2017 to $89,733 for the six months ended June 30, 2018. The decrease was primarily a result of a $10,556 reduction in sales to TRU due to the liquidation of its U.S. assets and a $5,493 decrease in monitor sales due to increased competition. The decrease in monitor sales excludes any overlapping impact with the decreased sales to TRU. These declines were partially offset by increased business with other customers and growth in our potty, entertainers, and booster categories.

Cost of goods sold includes cost of the finished product from suppliers, duties on certain imported items, freight-in from suppliers, and miscellaneous charges. The components of cost of goods sold remained substantially the same for the six months ended June 30, 2018 as compared to the six months ended July 1, 2017.

Gross profit decreased 11.1% from $32,605 for the six months ended July 1, 2017 to $28,986 for the six months ended June 30, 2018. Gross margin as a percent of net sales decreased from 32.6% for the six months ended July 1, 2017 to 32.3% for the six months ended June 30, 2018. Gross profit decreased primarily due to lower sales. Gross margin decreased primarily due to higher closeout sales in the first six months of fiscal 2018 related to exclusive and excess inventory associated with the TRU liquidation.

General and administrative expenses increased 12.5% from $19,524 for the six months ended July 1, 2017 to $21,964 for the six months ended June 30, 2018. General and administrative expenses increased from 19.5% of net sales for the six months ended July 1, 2017 to 24.5% of net sales for the six months ended June 30, 2018. The increase in dollars and as a percent of sales was primarily attributable to a $2,348 increase in our allowance for bad debts due to the liquidation of TRU’s U.S. assets announced in March 2018 and a $420 severance charge related to a reduction in headcount associated with our cost reduction actions discussed in the first quarter of fiscal 2018.

Selling expenses decreased 29.0% from $8,131 for the six months ended July 1, 2017 to $5,769 for the six months ended June 30, 2018. Selling expenses also decreased as a percent of net sales from 8.1% for the six months ended July 1, 2017 to 6.4% for the six months ended June 30, 2018. The decrease in selling expense is primarily attributable to lower sales, customer mix, higher direct import and closeout sales which did not have any associated cooperative advertisement costs, and lower consumer advertising costs. The decrease as a percent of sales was primarily attributable to customer mix, higher direct import and closeout sales which did not have any associated cooperative advertisement costs, and lower consumer advertising costs.

Depreciation and amortization decreased 1.0% from $2,097 for the six months ended July 1, 2017 to $2,075 for the six months ended June 30, 2018. The decrease in depreciation was attributable to the timing of capital investment primarily over the past year.

Interest expense increased 50% from $1,458 for the six months ended July 1, 2017 to $2,182 for the six months ended June 30, 2018. Interest expense increased primarily as a result of the write off of $518 of previously unamortized prepaid finance fees associated with the repayment of existing debt from the proceeds of our June 2018 refinancing and higher average interest rates under our prior credit facilities.

For the six months ended July 1, 2017, we recorded a $684 provision for income taxes on $1,395 of pretax income, reflecting an estimated 49.0% tax rate. For the six months ended June 30, 2018, we recorded a $595 benefit for income taxes on $3,004 of pretax loss, reflecting an estimated 19.8% tax rate. The reduction in tax rate was primarily attributable to the lower Federal tax rate enacted under the December 2017 Tax Cuts and Jobs Act that took effect on January 1, 2018.

Liquidity and Capital Resources

We fund our operations and working capital needs through cash generated from operations and borrowings under our credit facilities.

In our typical operational cash flow cycle, inventory is purchased in U.S. dollars to meet expected demand plus a safety stock. Because the majority of our suppliers are based in Asia, inventory takes from three to four weeks to arrive from Asia to the various distribution points we maintain in the United States, Canada and the United Kingdom. Payment terms for these vendors are approximately 60-90 days from the date the product ships from Asia, therefore we are generally paying for the product a short time

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after it is physically received in the United States. In turn, sales to customers generally have payment terms 60 days, resulting in an accounts receivable and increasing the amount of cash required to fund working capital. To bridge the gap between paying our suppliers and receiving payment from our customers for goods sold, we rely on our credit facilities.

The majority of our capital expenditures are for tools and molds related to new product introductions. We receive indications from retailers near the middle of each year as to what products the retailer will be taking into its product line for the upcoming year. Based on these indications, we will then acquire the tools and molds required to build and produce the products. In most cases, the payments for the tools are spread out over a three to four month period.

For the six months ended June 30, 2018, net cash provided by operating activities totaled $7,151. Net cash provided by operating activities for the six months ended June 30, 2018 was primarily attributable to lower inventory due to improved operational efficiency in managing inventory resulting in increased inventory turns. Net cash provided by operating activities for the six months ended July 1, 2017 was $2,762.

For the six months ended June 30, 2018, net cash used in investing activities was approximately $1,751. For the six months ended July 1, 2017, net cash used in investing activities was $1,287. The increase is primarily attributable to our investment in our U.S. west coast distribution facility’s racking and forklift equipment to maximize space utilization to reduce future demurrage, warehouse, and temporary employee costs.

Net cash used by financing activities was approximately $5,218 for the six months ended June 30, 2018 and net cash used by financing activities was approximately $1,169 for the six months ended June 30, 2017, reflecting repayments and borrowings on our credit facilities to fund investments and operations noted above.

Based primarily on the above factors, net cash increased for the six months ending June 30, 2018 by $248, resulting in a cash balance of approximately $929 at June 30, 2018.

Capital Resources

In addition to operating cash flow, we also rely on our asset-based revolving credit facility with Bank of America, N.A. and our term loan agreement with Pathlight Capital to meet our financing requirements, which are subject to changes in our inventory and account receivable levels. We regularly evaluate market conditions, our liquidity profile, and various financing alternatives for opportunities to enhance our capital structure.

If we are unable to meet our current financial forecast, do not adequately control expenses, or adjust our operations accordingly, we may not have access to all of our available lines of credit due to insufficient asset availability. If our availability drops below specified levels, we will be required to meet certain financial covenants under our revolving credit facility and term loan agreement. There is no assurance that we will meet all of our financial or other covenants in the future, or that our lenders will grant waivers if there are covenant violations. In addition, should we seek to raise additional funds through debt or equity financings, any sale of debt or equity securities may cause dilution to existing stockholders. If sufficient funds are not available or are not available on acceptable terms, our ability to address any unexpected changes in our operations could be limited.

Based on past performance and current expectations, we believe that our anticipated cash flow from operations and availability under our existing credit facility are sufficient to fund our working capital, capital expenditures and debt service requirements for at least the next 12 months.

Credit Facilities

On June 29, 2018, we entered into (i) a Second Amended and Restated Loan and Security Agreement with Bank of America, N.A., as agent, the financial institutions party to the agreement from time to time as lenders, and certain of our subsidiaries as guarantors, providing for a $60,000 asset-based revolving credit facility (the “Restated BofA Agreement”) and (ii) a Term Loan and Security Agreement with Pathlight Capital LLC, as agent, each lender from time to time a party to the Term Loan Agreement, and certain of our subsidiaries as guarantors, providing for a $17,500 term loan (the “Term Loan Agreement”).

Under the Restated BofA Agreement, total borrowing capacity is based on a borrowing base, which is defined as 85% of eligible receivables plus the lesser of (i) 70% of the value or (ii) 85% of the net orderly liquidation value (NOLV) of eligible inventory, less applicable reserves. The scheduled maturity date of loans under the Restated BofA Agreement is June 28, 2023 (subject to customary early termination provisions). All obligations under the Restated BofA Agreement are secured by substantially all the assets of the Company, including a first priority lien on accounts receivable and inventory and a junior lien on certain assets subject to the term loan lender’s first priority lien as described below.

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Under the Term Loan Agreement, we will repay the principal of the term loan on a quarterly basis in installments of $218,750, with the first installment to be paid on December 1, 2018, until paid in full on termination, and interest payments are due monthly, in arrears. Obligations under the Term Loan Agreement are also subject to restrictions on prepayment and a prepayment penalty if the term loan is repaid prior to the third anniversary of the closing of the term loan. The term loan is secured by a lien on certain assets of the Company, including a first priority lien on intellectual property, machinery and equipment, and a pledge of (i) 100% of the ownership interests of domestic subsidiaries and (ii) 65% of the ownership interests in certain foreign subsidiaries of the Company, and a junior lien on certain assets subject to the liens under the Restated BofA Agreement described above. The Term Loan matures on June 28, 2023.

Proceeds from the Restated BofA Agreement and Term Loan Agreement were be used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Restated BofA Agreement and Term Loan, and may be used to pay obligations under the Restated BofA Agreement and Term Loan Agreement, and for lawful corporate purposes, including working capital.

For additional information on the Restated BofA Agreement, the Term Loan Agreement, and our prior loan agreement with Bank of America, please see Note 3 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

As of June 30, 2018, under the Restated BofA Agreement, the rate for base-rate loans was 6.0% and the rate for LIBOR-rate loans was 4.125%. The rate for the Term Loan Agreement was 11.34% as of June 30, 2018. The amount outstanding under the Restated BofA Agreement at June 30, 2018 was $27,436. Total borrowing capacity under the Restated BofA Agreement at June 30, 2018 was $40,725 and permitted borrowing availability was $13,289. The amount outstanding on the Term Loan Agreement at June 30, 2018 was $17,500.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures, as of June 30, 2018. Our Chief Executive Officer and Chief Financial Officer have concluded, based on this evaluation, that our controls and procedures were effective as of June 30, 2018.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

ITEM 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” of our 2017 Form 10-K, and Part II, Item 1A, “Risk Factors,” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, except as set forth below:

Increased tariffs or other taxes on our products could have an adverse impact on the cost of our product, the demand for our products and our business.

The United States and other countries have levied tariffs and taxes on certain goods, and recently, the United States government announced further potential tariffs on certain products imported into the United States from China. The majority of our products are manufactured outside the United States, mainly in China, and imported for sale in the United States. While we estimate that tariffs currently in place have not had a material impact on our business, if the United States government follows through on its proposed China tariffs or if additional tariffs or trade restrictions are implemented by the United States or other countries in connection with a global trade war, the cost of our products manufactured in China or other countries and imported into the United States could increase substantially, which may force us to increase the prices of the affected products. Any increase in pricing to allow us to maintain reasonable margins could adversely affect the demand for those products and result in decreased profitability and lower sales, thereby having a material adverse effect on our business, results of operations and financial condition.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information.

None.

ITEM 6. Exhibits

The exhibits listed in the Exhibit Index immediately preceding the signature page hereto are filed as part of this Quarterly Report on Form 10-Q.

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EXHIBIT INDEX

Exhibit No.		Description

10.1		Seventh Amendment and Waiver to Amended and Restated Loan and Security Agreement, dated as of April 24, 2018, among Summer Infant, Inc. and Summer Infant (USA) Inc., as Borrowers, Summer Infant Canada, Limited and Summer Infant Europe Limited, as Guarantors, certain financial institutions that are parties to the amendment, as Lenders, and Bank of America, N.A, as Agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on April 25, 2018)

10.2*		Second Amended and Restated Loan and Security Agreement, dated as of June 28, 2018, among Summer Infant, Inc. and Summer Infant (USA), Inc., as borrowers, the guarantors from time to time party thereto, the financial institutions from time to time party thereto as lenders, and Bank of America, N.A., as agent for the lenders (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on June 29, 2018)

10.3*		Term Loan and Security Agreement, dated as of June 28, 2018, among Summer Infant, Inc. and Summer Infant (USA), Inc., as borrowers, the guarantors from time to time party thereto, the financial institutions from time to time party thereto as lenders, and Pathlight Capital LLC, as agent for the lenders (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on June 29, 2018)

31.1		Certification of Chief Executive Officer

31.2		Certification of Chief Financial Officer

32.1		Section 1350 Certification of Chief Executive Officer

32.2		Section 1350 Certification of Chief Financial Officer

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

* Portions of this Exhibit have been omitted pursuant to a request for confidential treatment.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Summer Infant, Inc.


Date: August 1, 2018	By:	/s/ Mark Messner
		Mark Messner
		Chief Executive Officer (Principal Executive Officer)

Date: August 1, 2018	By:	/s/ William E. Mote, Jr.
		William E. Mote, Jr.
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 a18-14081_1ex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Mark Messner, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Summer Infant, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2018	/s/ Mark Messner
	Mark Messner
	Chief Executive Officer

EX-31.2 3 a18-14081_1ex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, William E. Mote, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Summer Infant, Inc.;

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2018	/s/ William E. Mote, Jr.
	William E. Mote, Jr.
	Chief Financial Officer

EX-32.1 4 a18-14081_1ex32d1.htm EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report on Form 10-Q of Summer Infant, Inc. (the “Company”) for the quarter ended June 30, 2018 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Mark Messner, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2018	/s/ Mark Messner
	Mark Messner
	Chief Executive Officer

EX-32.2 5 a18-14081_1ex32d2.htm EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report on Form 10-Q of Summer Infant, Inc. (the “Company”) for the quarter ended June 30, 2018 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, William E. Mote, Jr., Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2018	/s/ William E. Mote, Jr.
	William E. Mote, Jr.
	Chief Financial Officer

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P12M 1.0 0.02 29000 2269000 0.70 0.85 0.85 42092000 1.00 0.65 1000000 5000000 <div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> December 30, </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Brand names </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,819 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,819 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;"> Patents and licenses </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,766 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,766 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Customer relationships </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,946 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,946 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;"> Other intangibles </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,882 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,882 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,413 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,413 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;"> Less: Accumulated amortization </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,744 </td> <td valign="bottom" style="width:02.68%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,367 </td> <td valign="bottom" style="width:01.02%;"> ) </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Intangible assets, net </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,669 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,046 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> 0.226 0.231

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0.0001

49000000

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1041000

2075000

1074000

<div> <div>   3.            DEBT   Credit Facilities   On June 28, 2018, the Company and its subsidiary, Summer Infant (USA), Inc. (“Summer USA”), as borrowers, entered into (i) a Second Amended and Restated Loan and Security Agreement, providing for a $60,000 asset-based revolving credit facility and (ii) a Term Loan and Security Agreement, providing for a $17,500 term loan.   Bank of America Credit Facility   Amended and Restated Credit Facility.  On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Second Amended and Restated Loan and Security Agreement with Bank of America, N.A., as agent, the financial institutions party to the agreement from time to time as lenders, and certain subsidiaries of the Company as guarantors (the “Restated BofA Agreement”).  The Restated BofA Agreement replaced the Company’s prior credit facility with Bank of America, and provides for a $60,000, asset-based revolving credit facility, with a $5,000 letter of credit sub-line facility.  The total borrowing capacity is based on a borrowing base, which is defined as 85% of eligible receivables plus the lesser of (i) 70% of the value or (ii) 85% of the net orderly liquidation value (NOLV) of eligible inventory, less applicable reserves.  The scheduled maturity date of loans under the Restated BofA Agreement is June 28, 2023 (subject to customary early termination provisions).   All obligations under the Restated BofA Agreement are secured by substantially all the assets of the Company, including a first priority lien on accounts receivable and inventory and a junior lien on certain assets subject to the term loan lender’s first priority lien as described below.  Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Restated BofA Agreement.  Proceeds from the loans were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Restated BofA Agreement and may be used to pay obligations under the Restated BofA Agreement, and for lawful corporate purposes, including working capital.   Loans under the Restated BofA Agreement bear interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability under the Restated BofA Agreement.  Interest payments are due monthly, payable in arrears.  The Company is also required to pay an annual non-use fee on unused amounts, as well as other customary fees as are set forth in the Restated BofA Agreement.  The Restated BofA Agreement contains customary affirmative and negative covenants.  Among other restrictions, the Company is restricted in its ability to incur additional debt, make acquisitions or investments, dispose of assets, or make distributions unless in each case certain conditions are satisfied.  In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended.   The Restated BofA Agreement also contains customary events of default, including a cross default with the term loan and the occurrence of a change of control.  In the event of a default, all of the obligations of the Company and its subsidiaries under the Restated BofA Agreement may be declared immediately due and payable.  For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable.   As of June 30, 2018, under the Restated BofA Agreement, the rate on base-rate loans was 6.0% and the rate on LIBOR-rate loans was 4.125%.  The amount outstanding on the Restated BofA Agreement at June 30, 2018 was $27,436. Total borrowing capacity at June 30, 2018 was $40,725 and permitted borrowing availability was $13,289.   Prior Credit Facility. Prior to entering into the Restated BofA Agreement, the Company and Summer USA were parties to an amended and restated loan and security agreement with Bank of America, N.A., as agent, which provided for an asset-based credit facility (the “Prior Credit Facility”). The Prior Credit Facility consisted of a $60,000 asset-based revolving credit facility, with a $10,000 letter of credit sub-line facility (the “Revolving Facility”), a $5,000 “first in last out” (FILO) revolving credit facility (the “FILO Facility”) and a $10,000 term loan facility (the “Term Loan Facility”). The total borrowing capacity under the Revolving Facility was based on a borrowing base, generally defined as 85% of the value of eligible accounts plus the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less reserves. The total borrowing capacity under the FILO Facility was based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts that steps down over time, plus a specified percentage of the value of eligible inventory that steps down over time. As noted above, all obligations under the Revolving Facility and Term Loan Facility were repaid in connection with the Restated BofA Agreement and Term Loan Agreement described below. Loans under the FILO Facility terminated April 21, 2018.   Borrowings under the Revolving Facility generally accrued interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability and ranging between 2.0% and 2.5% on LIBOR borrowings and 0.5% and 1.0% on base rate borrowings. Loans under the FILO Facility and Term Loan Facility accrued interest, at the Company’s option, at a base rate or at LIBOR, plus a margin of 4.25% on LIBOR borrowings and 2.75% on base rate borrowings. From April 24, 2018 through May 21, 2018, interest on the Revolving Facility  accrue an additional 2.0% on the then applicable interest rate.   The refinancing transaction was evaluated, to determine the proper accounting treatment for the transaction. Accordingly, debt extinguishment accounting was used to account for the prepayment of the prior term loan facility and to prepay two members of the lender group for the prior credit facility with Bank of America that did not continue in the amended and restated credit facility, resulting in the write off of $518 in remaining unamortized deferred financing costs for the six months ended June 30, 2018. Debt modification accounting was used for the remaining member of the lender group for the prior credit facility, resulting in remaining unamortized deferred financing costs of $675 and the new financing costs of $1,958 to be capitalized and amortized over the life of the new debt.   New Term Loan Agreement   On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Term Loan and Security Agreement (the “Term Loan Agreement”) with Pathlight Capital LLC, as agent, each lender from time to time a party to the Term Loan Agreement, and certain subsidiaries of the Company as guarantors, providing for a $17,500 term loan (the “Term Loan”).  Proceeds from the Term Loan were used to satisfy existing debt, pay fees and transaction expenses associated with the closing of the Term Loan and may be used to pay obligations under the Term Loan Agreement, and for lawful corporate purposes, including working capital.  The Term Loan is secured by a lien on certain assets of the Company, including a first priority lien on intellectual property, machinery and equipment, and a pledge of (i) 100% of the ownership interests of domestic subsidiaries and (ii) 65% of the ownership interests in certain foreign subsidiaries of the Company, and a junior lien on certain assets subject to the liens under the Restated BofA Agreement described above.  The Term Loan matures on June 28, 2023.  Summer Infant Canada Limited and Summer Infant Europe Limited, subsidiaries of the Company, are guarantors under the Term Loan Agreement.   The principal of the Term Loan will be repaid, on a quarterly basis, in installments of $219, with the first installment to be paid on December 1, 2018, until paid in full on termination.  The Term Loan bears interest at an annual rate equal to LIBOR, plus 9.0%.  Interest payments are due monthly, in arrears.  Obligations under the Term Loan Agreement are also subject to restrictions on prepayment and a prepayment penalty if the Term Loan is repaid prior to the third anniversary of the closing of the Term Loan.   The Term Loan Agreement contains customary affirmative and negative covenants that are substantially the same as the Restated BofA Agreement.  In addition, if availability falls below a specified amount, then the Company must maintain a fixed charge coverage ratio at the end of each fiscal month of at least 1.0 to 1.0 for the twelve-month period then ended.  The Term Loan Agreement also contains events of default, including a cross default and the occurrence of a change of control.  In the event of a default, all of the obligations of the Company and its subsidiaries under the Term Loan Agreement may be declared immediately due and payable.  For certain events of default relating to insolvency and receivership, all outstanding obligations become due and payable.   As of June 30, 2018, the interest rate on the Term Loan was 11.34%.  The amount outstanding on the Term Loan at June 30, 2018 was $17,500.   Aggregate maturities of bank debt related to the Restated BofA Agreement and the Term Loan Agreement:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:84.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fiscal Year ending: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2022 and thereafter </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,092 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,936 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   Unamortized debt issuance costs were $2,633 at June 30, 2018 and $1,127 at December 30, 2017, and are presented as a direct deduction of long-term debt on the consolidated balance sheets.   <div /></div> </div>

0.0275

0.0425

0.01

0.025

0.005

0.02

0.09

44936000

LIBOR

base rate

LIBOR

0.1134

1935000

1915000

2129000

2068000

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.66%;margin-left:46.8pt;"> <tr> <td valign="bottom" style="width:48.60%;padding:0pt;">   </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the three months ended June 30, 2018 </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the six months ended June 30, 2018 </td> <td valign="bottom" style="width:01.52%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:48.60%;background-color: #CCEEFF;padding:0pt;"> United States </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.80%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,412 </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.80%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74,503 </td> <td valign="bottom" style="width:01.52%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:48.60%;padding:0pt;"> All Other </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,266 </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,230 </td> <td valign="bottom" style="width:01.52%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:48.60%;padding:0pt;">   </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:48.60%;background-color: #CCEEFF;padding:0pt;"> Net Sales </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.80%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,678 </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.78%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,733 </td> <td valign="bottom" style="width:01.52%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:48.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

0.04

0.03

-0.13

0.02

0.04

0.03

-0.13

0.02

109000

66000

10367000

10744000

P20Y

P5Y

19524000

10252000

21964000

9376000

32605000

17316000

28986000

15394000

1395000

1069000

-3004000

444000

4000

684000

528000

-595000

146000

2443000

-273000

2304000

1972000

1273000

-6953000

-753000

317000

8400000

24413000

11819000

3766000

6946000

1882000

24413000

11819000

3766000

6946000

1882000

14046000

13669000

-1458000

-734000

-2182000

-1409000

1281000

1411000

34035000

26726000

84388000

79164000

98030000

90331000

37710000

34642000

17500000

27436000

40725000

0.060

0.04125

60000000

17500000

5000000

10000000

60000000

10000000

219000

13289000

3250000

656000

875000

219000

43772000

41647000

-1169000

-5218000

-1287000

-1751000

2762000

7151000

711000

541000

-2409000

298000

2853000

1803000

-822000

1853000

<div> <div>   1.            BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Nature of Operations   The Company designs, markets and distributes branded juvenile health, safety and wellness products that are sold globally to large national retailers as well as independent retailers, primarily in North America. The Company currently markets its products in several product categories including monitoring, safety, nursery, baby gear, and feeding products. Most products are sold under our core brand names of Summer Infant®, SwaddleMe®, and Born Free®. When used herein, the terms the “Company,” “we,” “us,” and “our” mean Summer Infant, Inc. and its consolidated subsidiaries.   Basis of Presentation and Principles of Consolidation   The accompanying interim, condensed consolidated financial statements of the Company are unaudited, but in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The results of operations for interim periods are not necessarily indicative of results to be expected for the entire fiscal year or any other period. The balance sheet at December 30, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes for the year ended December 30, 2017 included in its Annual Report on Form 10-K filed with the SEC on February 20, 2018.   It is the Company’s policy to prepare its financial statements on the accrual basis of accounting in conformity with GAAP. The interim condensed consolidated financial statements include the accounts of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation.   All dollar amounts included in the Notes to Condensed Consolidated Financial Statements are in thousands of U.S. dollars, except share and per share amounts.   Revenue Recognition   As of December 31, 2017, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).  The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance.   The Company reviewed all contracts at the date of initial application and elected to use the modified retrospective transition method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at December 31, 2017. Therefore, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 605, Revenue Recognition, (“ASC 605”). The adoption of the new revenue recognition guidance was immaterial to the Company’s condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, and cash flows as of and for the six months ending June 30, 2018. Refer to Note 2 for additional information regarding the Company’s adoption of ASC 606.   The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business.   Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation in a contract by transferring control over a product to a customer when product delivery occurs. Consideration is typically paid approximately 60 days from the time control is transferred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in selling costs.   A performance obligation is a promise in a contract to transfer a distinct product to the customer, which for the Company is transfer of juvenile products to its customers. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation.   A transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimation into the determination of the transaction price. The Company conducts its business with customers through valid purchase or sales orders each of which is considered a separate contract because individual orders are not interdependent on one another. Product transaction prices on a purchase or sale order are discrete and stand-alone. Purchase or sales orders may be issued under either a customer master service agreement or a reseller allowance agreement. Purchase or sales orders, master service agreements, and reseller allowance agreements which are specific and unique to each customers, may include product price discounts, markdown allowances, return allowances, and/or volume rebates which reduce the consideration due from customers. Variable consideration is estimated using the most likely amount method, which is based on our historical experience as well as current information such as sales forecasts.   Contracts may also include cooperative advertising arrangements where the Company allows a discount from invoiced product amounts in exchange for customer purchased advertising that features the Company’s products. These allowances are generally based upon product purchases or specific advertising campaigns. Such allowances are accrued when the related revenue is recognized. These cooperative advertising arrangements provide a distinct benefit and fair value and are accounted for as direct selling expenses.   Use of Estimates   The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect certain reported amounts of revenues, expenses, assets, liabilities and related disclosures. These estimates are based on management’s best knowledge as of the date the financial statements are published of current events and actions the Company may undertake in the future.  Accordingly, actual results could differ from those estimates.   Allowance for Doubtful Accounts   Trade receivables are carried at their outstanding unpaid principal balances reduced by an allowance for doubtful accounts. The Company estimates doubtful accounts based on historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectible. Amounts are considered to be uncollectable based upon historical experience and management’s evaluation of outstanding accounts receivable.   Changes in the allowance for doubtful accounts are as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the six months ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2018 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> July 1, 2017 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;"> Allowance for doubtful accounts, beginning of period </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,622 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;padding:0pt;"> Charges to costs and expenses </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,269 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;"> Allowance for doubtful accounts, end of period </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,891 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Inventory Valuation   Inventory is comprised mostly of finished goods and some component parts and is stated at the lower of cost using the first-in, first-out (“FIFO”) method, or net realizable value. The Company regularly reviews slow-moving and excess inventories, and writes down inventories to net realizable value if the expected net proceeds from the disposals of excess inventory are less than the carrying cost of the merchandise.   Income Taxes   Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred income tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not that such benefits will be realized. The net deferred tax assets and liabilities are presented as noncurrent.   The Company follows the appropriate guidance relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements.   Net Income (Loss) Per Share   Basic earnings (loss) per share for the Company is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share includes the dilutive impact of outstanding stock options and unvested restricted shares.   Translation of Foreign Currencies   All assets and liabilities of the Company’s foreign subsidiaries, each of whose functional currency is in its local currency, are translated into U.S. dollars at the exchange rate in effect at the end of the quarter and the income and expense accounts of these affiliates have been translated at average rates prevailing during each respective quarter. Resulting translation adjustments are made to a separate component of stockholders’ equity within accumulated other comprehensive (loss) income. Foreign exchange transaction gains and losses are included in the accompanying interim, condensed consolidated statement of operations.   Recently Issued Accounting Pronouncements   In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“new lease standard”). The new lease standard  will supersede the current guidance for lease accounting and will require lessees to recognize right-to-use assets and related lease liabilities on the balance sheet for leases with lease terms greater than twelve months. The objective is to increase transparency and comparability among organizations regarding lease accounting and disclosing key information about leasing arrangements. In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The effective date for both standards for the Company will be the first quarter of fiscal year 2019, with early adoption permitted. The Company is evaluating the impact the adoption of this new standard will have on its consolidated financial statements and believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2019.   Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.   <div /></div> </div>

103000

101000

333000

243000

-400000

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1044000

784000

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-50000

2906000

2875000

1958000

1287000

1751000

0.0001

1000000

950000

1255000

17500000

1081000

-14529000

19000

711000

-2409000

9640000

9696000

29000

2269000

1250000

-59634000

-62043000

99919000

52579000

89733000

74503000

15230000

47678000

39412000

8266000

60 days

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the six months ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2018 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> July 1, 2017 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;"> Allowance for doubtful accounts, beginning of period </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,622 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;padding:0pt;"> Charges to costs and expenses </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,269 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;"> Allowance for doubtful accounts, end of period </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,891 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:84.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fiscal Year ending: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>875 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;"> 2022 and thereafter </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,092 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,936 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:84.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

8131000

4220000

5769000

3091000

274000

314000

100000

168000

356766

0.00

P4Y10M24D

0.0188

0.0268

0.714

0.640

50000

1700000

856182

341240

1188010

13642000

11167000

271649

1283000

1127000

2633000

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1958000

18599899

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18690711

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518000

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General & administrative expenses Selling Expense Selling expenses Cost of Goods and Services Sold, Depreciation and Amortization Depreciation and amortization Operating Income (Loss) Operating income (loss) Interest Income (Expense), Nonoperating, Net Interest expense, net Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income (loss) before provision (benefit) for income taxes Income Tax Expense (Benefit) Provision (benefit) for income taxes Net Income (Loss) Available to Common Stockholders, Basic Net income (loss) Net income (loss) WEIGHTED AVERAGE COMMON SHARES Net income (loss) per share: Earnings Per Share, Basic BASIC (in dollars per share) Earnings Per Share, Diluted DILUTED (in dollars per share) Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted average shares outstanding: Weighted Average Number of Shares Outstanding, Basic BASIC (in shares) Weighted Average Number of Shares Outstanding, Diluted DILUTED (in shares) Condensed Consolidated Statements of Comprehensive (Loss) Income Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other comprehensive (loss) income: Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent Changes in foreign currency translation adjustments Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive (loss) income Condensed Consolidated Statements of Cash Flows Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net (loss) income Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Share-based Compensation Stock-based compensation Write off of Deferred Debt Issuance Cost Write off of unamortized deferred financing costs Write off of unamortized deferred financing costs Provision for Doubtful Accounts Provision for allowance for doubtful accounts Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Accounts Receivable (Increase) in trade receivables Increase (Decrease) in Inventories Decrease (increase) in inventory Increase (Decrease) in Prepaid Expense and Other Assets (Increase) decrease in prepaids and other assets Increase (Decrease) in Accounts Payable and Accrued Liabilities (Decrease) increase in accounts payable and accrued expenses Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Payments to Acquire Property, Plant, and Equipment Acquisitions of property and equipment Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Proceeds from Stock Options Exercised Proceeds from issuance of common stock upon exercise of stock options The cash outflow for the settlement of term loan facilities drawn from a contractual arrangement with the lender. Repayments Of Term Loan Facility Repayment of Prior Term Loan Facility Repayments of Secured Debt Repayment of Prior FILO Payments of Debt Issuance Costs Payment of financing fees and expenses Proceeds from Issuance of Secured Debt Proceeds from New Term Loan Facility Proceeds from (Repayments of) Lines of Credit Net (repayment) borrowings on revolving facilities Net Cash Provided by (Used in) Financing Activities Net cash used in provided by financing activities Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Effect of exchange rate changes on cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Net increase in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Interest Paid, Net Cash paid for interest Income Taxes Paid Cash paid for income taxes BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REVENUE Revenue Recognition Revenue from Contract with Customer [Text Block] REVENUE DEBT Debt Disclosure [Text Block] DEBT INTANGIBLE ASSETS Intangible Assets Disclosure [Text Block] INTANGIBLE ASSETS COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Text Block] COMMITMENTS AND CONTINGENCIES SHARE BASED COMPENSATION Disclosure of Compensation Related Costs, Share-based Payments [Text Block] SHARE BASED COMPENSATION Earnings Per Share [Text Block] WEIGHTED AVERAGE COMMON SHARES SUBSEQUENT EVENTS Subsequent Events [Text Block] SUBSEQUENT EVENTS Revenue from Contract with Customer [Policy Text Block] Revenue Recognition Use of Estimates, Policy [Policy Text Block] Use of Estimates Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] Allowance for Doubtful Accounts Inventory, Policy [Policy Text Block] Inventory Valuation Income Tax, Policy [Policy Text Block] Income Taxes Earnings Per Share, Policy [Policy Text Block] Net Income (Loss) Per Share Foreign Currency Transactions and Translations Policy [Policy Text Block] Translation of Foreign Currencies New Accounting Pronouncements, Policy [Policy Text Block] Recently Issued Accounting Pronouncements Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Changes in the allowance for doubtful accounts Disaggregation of Revenue [Table Text Block] Schedule of net sales by geographical area Schedule of Maturities of Long-term Debt [Table Text Block] Schedule of aggregate maturities of bank debt Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period and infinite-lived intangible assets by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. Schedule of Acquired Intangible Assets by Major Class [Text Block] Schedule of intangible assets Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] SHARE BASED COMPENSATION Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Summary of weighted average assumptions used for stock options granted Number of Reportable Segments Number of reportable segment Revenue, Performance Obligation, Description of Payment Terms Payment terms Schedule of Accounts, Notes, Loans and Financing Receivable [Table] Accounts, Notes, Loans and Financing Receivable [Line Items] Allowance for Doubtful Accounts Receivable [Roll Forward] Changes in the allowance for doubtful accounts Allowance for Doubtful Accounts Receivable Allowance for doubtful accounts, end of period Allowance for doubtful accounts, beginning of period Increases during the period in the valuation allowance for receivables due a company that are expected to be uncollectible. Increases In Allowance For Doubtful Accounts Reserve During The Period Charges to costs and expenses Disaggregation of Revenue [Table] Disaggregation of Revenue [Line Items] Net sales by geographical area Line of Credit Facility [Table] Line of Credit Facility [Line Items] Credit Facilities Line of Credit Facility, Maximum Borrowing Capacity Maximum amount of credit available Represents the borrowing base as a percentage of eligible receivables. Line of Credit Facility Borrowing Base as Percentage of Eligible Receivables Borrowing base as a percentage of eligible receivables Represents the borrowing base as a percentage of eligible inventory. Line of Credit Facility Borrowing Base as Percentage of Eligible Inventory Borrowing base as a percentage of eligible inventory Represents the borrowing base as a percentage of net orderly liquidation value of eligible inventory and less reserves. Line of Credit Facility Borrowing Base as Percentage of Net Orderly Liquidation Eligible Inventory Less Reserve Borrowing base as a percentage of net orderly liquidation value of eligible inventory and less reserves Debt Instrument, Description of Variable Rate Basis Interest rate basis Debt Instrument, Basis Spread on Variable Rate Applicable margin (as a percent) Debt Instrument, Interest Rate at Period End Interest rate on borrowings Contractual additional interest rate for funds borrowed, under the Loan Amendment. Debt Interest, Loan Amendment, Additional Interest Percentage Loan Amendment, additional interest rate Line of Credit Facility, Interest Rate During Period Interest rate during the period Line of Credit Facility, Periodic Payment Quarterly basis installment amount Represents the fixed charge coverage ratio. Debt Instrument Fixed Charge Coverage Ratio Fixed charge coverage ratio Represents the testing period for testing the fixed charge coverage covenant. Debt Instrument Covenant Trailing Period For Testing Fixed Charge Coverage Number of most recent consecutive months used to measure fixed charge coverage ratio Long-term Line of Credit Amount outstanding on credit facility Line of Credit Facility, Current Borrowing Capacity Borrowing capacity Unamortized Debt Issuance Expense Unamortized debt issuance costs Line of Credit Facility, Remaining Borrowing Capacity Borrowing availability The percentage of ownership interests of domestic subsidiaries pledged. Ownership Interests of Domestic Subsidiaries, Pledge Percentage of ownership interests of domestic subsidiaries pledged The percentage of ownership interests of foreign subsidiaries pledged. Ownership Interests of Foreign Subsidiaries, Pledge percentage of ownership interests of foreign subsidiaries pledged Long-term Debt, Fiscal Year Maturity [Abstract] Aggregate maturities of bank debt Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year 2018 Long-term Debt, Maturities, Repayments of Principal in Year Two 2019 Long-term Debt, Maturities, Repayments of Principal in Year Three 2020 Long-term Debt, Maturities, Repayments of Principal in Year Four 2021 Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year and thereafter following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date Long-term Debt, Maturities, Repayments of Principal in Year Five and Thereafter 2022 and thereafter Long-term Debt, Gross Total Disclosure of finite-lived and indefinite-lived intangible assets, excluding goodwill, in total and by major class. Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table] Indefinite-lived Intangible Assets [Axis] Indefinite Lived Intangible Assets Major Class Name [Domain] Indefinite-lived Intangible Assets, Major Class Name [Domain] Represents information pertaining to brand name. Brand Name [Member] Brand names Finite-Lived Intangible Assets by Major Class [Axis] Finite Lived Intangible Assets Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Represents the exclusive legal right granted by the government to the owner of the patent to exploit an invention or a process and rights, under a license arrangement for a specified period of time. Patents And Licenses [Member] Patents and licenses Customer Relationships [Member] Customer relationships Other Intangible Assets [Member] Other intangibles Range [Axis] Range [Member] Range [Domain] Minimum [Member] Minimum Maximum [Member] Maximum Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items] Intangible assets Intangible Assets, Gross (Excluding Goodwill) Intangible assets, gross Finite-Lived Intangible Assets, Accumulated Amortization Less: accumulated amortization Finite-Lived Intangible Asset, Useful Life Amortization period of intangible assets Indefinite-Lived Intangible Assets (Excluding Goodwill) Intangibles not subject to amortization Plan Name [Axis] Plan Name [Domain] Plan Name [Domain] Represents the information pertaining to 2012 Incentive Compensation Plan. Incentive Compensation Plan2012 [Member] 2012 Plan EX-101.PRE 11 sumr-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 30, 2018
Document and Entity Information
Entity Registrant Name	Summer Infant, Inc.
Entity Central Index Key	0001314772
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,769,015
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 929	$ 681
Trade receivables, net of allowance for doubtful accounts	36,040	36,640
Inventory, net	26,726	34,035
Prepaid and other current assets	1,255	950
TOTAL CURRENT ASSETS	64,950	72,306
Property and equipment, net	9,696	9,640
Other intangible assets, net	13,669	14,046
Deferred tax assets, net	1,915	1,935
Other assets	101	103
TOTAL ASSETS	90,331	98,030
CURRENT LIABILITIES
Accounts payable	24,558	24,642
Accrued expenses	9,428	9,818
Current portion of long-term debt	656	3,250
TOTAL CURRENT LIABILITIES	34,642	37,710
Long-term debt, less current portion and unamortized debt issuance costs	41,647	43,772
Other liabilities	2,875	2,906
TOTAL LIABILITIES	79,164	84,388
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 1,000,000 authorized, none issued or outstanding at June 30, 2018 and December 30, 2017, respectively
Common Stock $0.0001 par value, authorized, issued and outstanding of 49,000,000, 19,040,664, and 18,769,015 at June 30, 2018 and 49,000,000, 18,901,386, and 18,629,737 at December 30, 2017, respectively	2	2
Treasury Stock at cost (271,649 shares at June 30, 2018 and December 30, 2017)	(1,283)	(1,283)
Additional paid-in capital	77,182	76,848
Accumulated deficit	(62,043)	(59,634)
Accumulated other comprehensive loss	(2,691)	(2,291)
TOTAL STOCKHOLDERS' EQUITY	11,167	13,642
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 90,331	$ 98,030

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 30, 2017
Condensed Consolidated Balance Sheets
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, authorized	1,000,000	1,000,000
Preferred Stock, issued	0	0
Preferred Stock, outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, authorized	49,000,000	49,000,000
Common Stock, issued	19,040,664	18,901,386
Common Stock, outstanding	18,769,015	18,629,737
Treasury Stock at cost, shares	271,649	271,649

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Consolidated Statements of Operations
Net sales	$ 47,678	$ 52,579	$ 89,733	$ 99,919
Cost of goods sold	32,284	35,263	60,747	67,314
Gross profit	15,394	17,316	28,986	32,605
General & administrative expenses	9,376	10,252	21,964	19,524
Selling expenses	3,091	4,220	5,769	8,131
Depreciation and amortization	1,074	1,041	2,075	2,097
Operating income (loss)	1,853	1,803	(822)	2,853
Interest expense, net	1,409	734	2,182	1,458
Income (loss) before provision (benefit) for income taxes	444	1,069	(3,004)	1,395
Provision (benefit) for income taxes	146	528	(595)	684
Net income (loss)	$ 298	$ 541	$ (2,409)	$ 711
Net income (loss) per share:
BASIC (in dollars per share)	$ 0.02	$ 0.03	$ (0.13)	$ 0.04
DILUTED (in dollars per share)	$ 0.02	$ 0.03	$ (0.13)	$ 0.04
Weighted average shares outstanding:
BASIC (in shares)	18,731,553	18,554,523	18,690,711	18,532,412
DILUTED (in shares)	18,735,858	18,600,949	18,690,711	18,599,899

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net income (loss)	$ 298	$ 541	$ (2,409)	$ 711
Other comprehensive (loss) income:
Changes in foreign currency translation adjustments	(348)	243	(400)	333
Comprehensive (loss) income	$ (50)	$ 784	$ (2,809)	$ 1,044

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities:
Net (loss) income	$ (2,409)	$ 711
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	2,068	2,129
Stock-based compensation	314	274
Write off of unamortized deferred financing costs	518
Provision for allowance for doubtful accounts	2,269	29
Changes in assets and liabilities:
(Increase) in trade receivables	(1,972)	(2,304)
Decrease (increase) in inventory	6,953	(1,273)
(Increase) decrease in prepaids and other assets	(317)	753
(Decrease) increase in accounts payable and accrued expenses	(273)	2,443
Net cash provided by operating activities	7,151	2,762
Cash flows from investing activities:
Acquisitions of property and equipment	(1,751)	(1,287)
Net cash used in investing activities	(1,751)	(1,287)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	19
Repayment of Prior Term Loan Facility	(5,000)	(1,000)
Repayment of Prior FILO	(1,250)	(1,250)
Payment of financing fees and expenses	(1,958)
Proceeds from New Term Loan Facility	17,500
Net (repayment) borrowings on revolving facilities	(14,529)	1,081
Net cash used in provided by financing activities	(5,218)	(1,169)
Effect of exchange rate changes on cash and cash equivalents	66	109
Net increase in cash and cash equivalents	248	415
Cash and cash equivalents, beginning of period	681	999
Cash and cash equivalents, end of period	929	1,414
Supplemental disclosure of cash flow information:
Cash paid for interest	1,411	$ 1,281
Cash paid for income taxes	$ 4

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2018

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Basis of Presentation and Principles of Consolidation

All dollar amounts included in the Notes to Condensed Consolidated Financial Statements are in thousands of U.S. dollars, except share and per share amounts.

Revenue Recognition

As of December 31, 2017, the Company adopted FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance.

The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business.

Use of Estimates

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts are as follows:

	For the six months ended
	June 30, 2018		July 1, 2017
Allowance for doubtful accounts, beginning of period	$	1,622	$	59
Charges to costs and expenses	2,269		29

Allowance for doubtful accounts, end of period	$	3,891	$	88

Inventory Valuation

Income Taxes

The Company follows the appropriate guidance relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements.

Net Income (Loss) Per Share

Translation of Foreign Currencies

Recently Issued Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT

REVENUE

6 Months Ended

Jun. 30, 2018

REVENUE

REVENUE

2. REVENUE

Disaggregation of Revenue

The following is a table that presents net sales by geographical area:

	For the three months ended June 30, 2018		For the six months ended June 30, 2018
United States	$	39,412	$	74,503
All Other	8,266		15,230

Net Sales	$	47,678	$	89,733

All Other consists of Canada, Europe, South America, Mexico, Asia, and the Middle East.

Contract Balances

Contract Costs

Costs incurred to obtain a contract are capitalized unless short term in nature. As a practical expedient, costs to obtain a contract that are short term in nature are expensed as incurred.

XML 20 R9.htm IDEA: XBRL DOCUMENT

DEBT

6 Months Ended

Jun. 30, 2018

DEBT

DEBT

3. DEBT

Credit Facilities

Bank of America Credit Facility

Amended and Restated Credit Facility. On June 28, 2018, the Company and Summer USA, as borrowers, entered into a Second Amended and Restated Loan and Security Agreement with Bank of America, N.A., as agent, the financial institutions party to the agreement from time to time as lenders, and certain subsidiaries of the Company as guarantors (the “Restated BofA Agreement”). The Restated BofA Agreement replaced the Company’s prior credit facility with Bank of America, and provides for a $60,000, asset-based revolving credit facility, with a $5,000 letter of credit sub-line facility. The total borrowing capacity is based on a borrowing base, which is defined as 85% of eligible receivables plus the lesser of (i) 70% of the value or (ii) 85% of the net orderly liquidation value (NOLV) of eligible inventory, less applicable reserves. The scheduled maturity date of loans under the Restated BofA Agreement is June 28, 2023 (subject to customary early termination provisions).

Prior Credit Facility. Prior to entering into the Restated BofA Agreement, the Company and Summer USA were parties to an amended and restated loan and security agreement with Bank of America, N.A., as agent, which provided for an asset-based credit facility (the “Prior Credit Facility”). The Prior Credit Facility consisted of a $60,000 asset-based revolving credit facility, with a $10,000 letter of credit sub-line facility (the “Revolving Facility”), a $5,000 “first in last out” (FILO) revolving credit facility (the “FILO Facility”) and a $10,000 term loan facility (the “Term Loan Facility”). The total borrowing capacity under the Revolving Facility was based on a borrowing base, generally defined as 85% of the value of eligible accounts plus the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less reserves. The total borrowing capacity under the FILO Facility was based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts that steps down over time, plus a specified percentage of the value of eligible inventory that steps down over time. As noted above, all obligations under the Revolving Facility and Term Loan Facility were repaid in connection with the Restated BofA Agreement and Term Loan Agreement described below. Loans under the FILO Facility terminated April 21, 2018.

Borrowings under the Revolving Facility generally accrued interest, at the Company’s option, at a base rate or at LIBOR, plus applicable margins based on average quarterly availability and ranging between 2.0% and 2.5% on LIBOR borrowings and 0.5% and 1.0% on base rate borrowings. Loans under the FILO Facility and Term Loan Facility accrued interest, at the Company’s option, at a base rate or at LIBOR, plus a margin of 4.25% on LIBOR borrowings and 2.75% on base rate borrowings. From April 24, 2018 through May 21, 2018, interest on the Revolving Facility accrue an additional 2.0% on the then applicable interest rate.

New Term Loan Agreement

As of June 30, 2018, the interest rate on the Term Loan was 11.34%. The amount outstanding on the Term Loan at June 30, 2018 was $17,500.

Aggregate maturities of bank debt related to the Restated BofA Agreement and the Term Loan Agreement:

Fiscal Year ending:
2018	219
2019	875
2020	875
2021	875
2022 and thereafter	$	42,092

Total	$	44,936

Unamortized debt issuance costs were $2,633 at June 30, 2018 and $1,127 at December 30, 2017, and are presented as a direct deduction of long-term debt on the consolidated balance sheets.

XML 21 R10.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2018

INTANGIBLE ASSETS

INTANGIBLE ASSETS

4. INTANGIBLE ASSETS

Intangible assets consisted of the following:

	June 30,			December 30,
	2018			2017

Brand names	$	11,819		$	11,819
Patents and licenses	3,766			3,766
Customer relationships	6,946			6,946
Other intangibles	1,882			1,882

	24,413			24,413
Less: Accumulated amortization	(10,744		)	(10,367		)

Intangible assets, net	$	13,669		$	14,046

XML 22 R11.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Litigation The Company is a party to various routine claims, litigation and administrative complaints incidental to its business, including claims involving product liability, employee matters and other general liability claims, most of which are covered by insurance. We are not aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, results of operations or financial condition.

XML 23 R12.htm IDEA: XBRL DOCUMENT

SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2018

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

6. SHARE BASED COMPENSATION

As of June 30, 2018, there were 1,188,010 stock options outstanding and 356,766 unvested restricted shares outstanding.

	For the Six Months Ended June 30, 2018		For the Six Months Ended July 1, 2017
Expected life (in years)	4.9		4.9
Risk-free interest rate	2.68	%	1.88	%
Volatility	64.0	%	71.4	%
Dividend yield	0	%	0	%
Forfeiture rate	23.1	%	22.6	%

As of June 30, 2018, there were 856,182 shares available to grant under the 2012 Plan.

Restricted Stock Units

On July 13, 2016, the Company granted 100,000 performance-based RSUs to its new Chief Executive Officer. The RSUs represent the right to receive shares of the Company’s common stock upon achievement of specified performance metrics, and only vest if such performance metrics are achieved for fiscal year 2017 and fiscal year 2018. The RSUs expire if the performance metrics are not achieved or if employment is terminated. The fair value of the RSUs will be recognized as they are earned and when it is probable that the performance conditions will be met. In 2017, 50,000 of the RSUs expired as the performance metrics for 2017 were not achieved. The Company has not recognized any compensation expense in 2018 related to this award as it is unlikely that performance metrics will be achieved.

XML 24 R13.htm IDEA: XBRL DOCUMENT

WEIGHTED AVERAGE COMMON SHARES	6 Months Ended
WEIGHTED AVERAGE COMMON SHARES	Jun. 30, 2018
WEIGHTED AVERAGE COMMON SHARES
WEIGHTED AVERAGE COMMON SHARES	7. WEIGHTED AVERAGE COMMON SHARES Basic and diluted earnings or loss per share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares outstanding also included common stock equivalents such as stock options and restricted shares. The Company does not include the anti-dilutive effect of common stock equivalents in the calculation of dilutive common shares outstanding. The computation of diluted common shares for the three months ended June 30, 2018 excluded 1,188,010 stock options and 321,000 shares of restricted stock outstanding. The computation of diluted common shares for the six months ended June 30, 2018 excluded 1,188,010 stock options and 356,766 shares of restricted stock outstanding. The computation of diluted common shares for the three months ended July 1, 2017 excluded 1,259,756 stock options and 239,930 shares of restricted stock outstanding. The computation of diluted common shares for the six months ended July 1, 2017 excluded 1,254,506 stock options and 239,930 shares of restricted stock outstanding.

XML 25 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q and determined that no subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.

XML 26 R15.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2018

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company’s principal activities from which it generates its revenue is product sales. The Company has one reportable segment of business.

Use of Estimates

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts are as follows:

	For the six months ended
	June 30, 2018		July 1, 2017
Allowance for doubtful accounts, beginning of period	$	1,622	$	59
Charges to costs and expenses	2,269		29

Allowance for doubtful accounts, end of period	$	3,891	$	88

Inventory Valuation

Income Taxes

Net Income (Loss) Per Share

Translation of Foreign Currencies

Recently Issued Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2018

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Changes in the allowance for doubtful accounts

	For the six months ended
	June 30, 2018		July 1, 2017
Allowance for doubtful accounts, beginning of period	$	1,622	$	59
Charges to costs and expenses	2,269		29

Allowance for doubtful accounts, end of period	$	3,891	$	88

XML 28 R17.htm IDEA: XBRL DOCUMENT

REVENUE (Tables)

6 Months Ended

Jun. 30, 2018

REVENUE

Schedule of net sales by geographical area

	For the three months ended June 30, 2018		For the six months ended June 30, 2018
United States	$	39,412	$	74,503
All Other	8,266		15,230

Net Sales	$	47,678	$	89,733

XML 29 R18.htm IDEA: XBRL DOCUMENT

DEBT (Tables)

6 Months Ended

Jun. 30, 2018

DEBT

Schedule of aggregate maturities of bank debt

Fiscal Year ending:
2018	219
2019	875
2020	875
2021	875
2022 and thereafter	$	42,092

Total	$	44,936

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INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2018

INTANGIBLE ASSETS

Schedule of intangible assets

	June 30,			December 30,
	2018			2017

Brand names	$	11,819		$	11,819
Patents and licenses	3,766			3,766
Customer relationships	6,946			6,946
Other intangibles	1,882			1,882

	24,413			24,413
Less: Accumulated amortization	(10,744		)	(10,367		)

Intangible assets, net	$	13,669		$	14,046

XML 31 R20.htm IDEA: XBRL DOCUMENT

SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2018

SHARE BASED COMPENSATION

Summary of weighted average assumptions used for stock options granted

	For the Six Months Ended June 30, 2018		For the Six Months Ended July 1, 2017
Expected life (in years)	4.9		4.9
Risk-free interest rate	2.68	%	1.88	%
Volatility	64.0	%	71.4	%
Dividend yield	0	%	0	%
Forfeiture rate	23.1	%	22.6	%

XML 32 R21.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	6 Months Ended
	Jun. 30, 2018 segment
Revenue Recognition
Number of reportable segment	1
Payment terms	60 days

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Changes in the allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	$ 1,622	$ 59
Charges to costs and expenses	2,269	29
Allowance for doubtful accounts, end of period	$ 3,891	$ 88

XML 34 R23.htm IDEA: XBRL DOCUMENT

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Net sales by geographical area
Net sales	$ 47,678	$ 52,579	$ 89,733	$ 99,919
United States
Net sales by geographical area
Net sales	39,412		74,503
All Other
Net sales by geographical area
Net sales	$ 8,266		$ 15,230

XML 35 R24.htm IDEA: XBRL DOCUMENT

DEBT (Details) $ in Thousands			1 Months Ended	6 Months Ended
DEBT (Details) $ in Thousands	Jun. 30, 2018 USD ($)	Jun. 28, 2018 USD ($)	May 21, 2018	Jun. 30, 2018 USD ($)	Dec. 30, 2017 USD ($)
Credit Facilities
Write off of unamortized deferred financing costs				$ 518
Aggregate maturities of bank debt
2018	$ 219			219
2019	875			875
2020	875			875
2021	875			875
2022 and thereafter	42,092			42,092
Total	44,936			$ 44,936
Credit Facility
Credit Facilities
Number of most recent consecutive months used to measure fixed charge coverage ratio				12 months
Unamortized debt issuance costs	2,633			$ 2,633	$ 1,127
Write off of unamortized deferred financing costs				518
Credit Facility \| Minimum
Credit Facilities
Fixed charge coverage ratio		1.0
Revolving Facility
Credit Facilities
Maximum amount of credit available	60,000	$ 60,000		$ 60,000
Borrowing base as a percentage of eligible receivables				85.00%
Borrowing base as a percentage of eligible inventory				70.00%
Borrowing base as a percentage of net orderly liquidation value of eligible inventory and less reserves				85.00%
Loan Amendment, additional interest rate			2.00%
Unamortized debt issuance costs	$ 675			$ 675
Revolving Facility \| LIBOR
Credit Facilities
Interest rate basis	LIBOR
Revolving Facility \| Base rate
Credit Facilities
Interest rate basis	base rate
Letter of Credit
Credit Facilities
Maximum amount of credit available	$ 10,000			10,000
FILO Facility
Credit Facilities
Maximum amount of credit available	5,000			5,000
Term Loan Facility
Credit Facilities
Maximum amount of credit available	$ 10,000	$ 17,500		$ 10,000
Interest rate basis	LIBOR
Interest rate on borrowings	11.34%			11.34%
Quarterly basis installment amount	$ 219
Amount outstanding on credit facility	$ 17,500			$ 17,500
Term Loan Facility \| LIBOR
Credit Facilities
Applicable margin (as a percent)	9.00%
Interest Rate Option One \| Revolving Facility \| LIBOR \| Minimum
Credit Facilities
Applicable margin (as a percent)				2.00%
Interest Rate Option One \| Revolving Facility \| LIBOR \| Maximum
Credit Facilities
Applicable margin (as a percent)				2.50%
Interest Rate Option One \| Revolving Facility \| Base rate \| Minimum
Credit Facilities
Applicable margin (as a percent)				0.50%
Interest Rate Option One \| Revolving Facility \| Base rate \| Maximum
Credit Facilities
Applicable margin (as a percent)				1.00%
Interest Rate Option Two \| Term Loan Facility \| LIBOR
Credit Facilities
Applicable margin (as a percent)				4.25%
Interest Rate Option Two \| Term Loan Facility \| Base rate
Credit Facilities
Applicable margin (as a percent)				2.75%
Restated Bank of America Agreement \| Credit Facility
Credit Facilities
Amount outstanding on credit facility	$ 27,436			$ 27,436
Borrowing capacity	40,725			40,725
Borrowing availability	$ 13,289			13,289
Restated Bank of America Agreement \| Credit Facility \| LIBOR
Credit Facilities
Interest rate during the period	4.125%
Restated Bank of America Agreement \| Credit Facility \| Base rate
Credit Facilities
Interest rate during the period	6.00%
Term Loan and Security Agreement \| Term Loan Facility
Credit Facilities
Unamortized debt issuance costs	$ 1,958			$ 1,958
Percentage of ownership interests of domestic subsidiaries pledged		100.00%
percentage of ownership interests of foreign subsidiaries pledged		65.00%
Bank of America \| Restated Bank of America Agreement \| Letter of Credit
Credit Facilities
Maximum amount of credit available		$ 5,000

XML 36 R25.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017
Intangible assets
Intangible assets, gross	$ 24,413	$ 24,413
Less: accumulated amortization	(10,744)	(10,367)
Intangible assets, net	13,669	14,046
Intangibles not subject to amortization	$ 8,400	8,400
Minimum
Intangible assets
Amortization period of intangible assets	5 years
Maximum
Intangible assets
Amortization period of intangible assets	20 years
Patents and licenses
Intangible assets
Intangible assets, gross	$ 3,766	3,766
Customer relationships
Intangible assets
Intangible assets, gross	6,946	6,946
Other intangibles
Intangible assets
Intangible assets, gross	1,882	1,882
Brand names
Intangible assets
Intangible assets, gross	$ 11,819	$ 11,819

XML 37 R26.htm IDEA: XBRL DOCUMENT

SHARE BASED COMPENSATION - Summary of Plans and Stock Option Info (Details) - 2012 Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
SHARE BASED COMPENSATION
Number of shares authorized under the plan	1,700,000		1,700,000
Shares available to grant	856,182		856,182
Weighted average assumptions
Expected life (in years)			4 years 10 months 24 days	4 years 10 months 24 days
Risk-free interest rate (as a percent)			2.68%	1.88%
Volatility (as a percent)			64.00%	71.40%
Dividend yield (as a percent)			0.00%	0.00%
Forfeiture rate (as a percent)			23.10%	22.60%
General and Administrative Expense
SHARE BASED COMPENSATION
Share-based compensation expense	$ 216	$ 189	$ 314	$ 274
Stock Options
SHARE BASED COMPENSATION
Stock options outstanding (in shares)	1,188,010		1,188,010
Stock options granted during the period (in shares)			341,240
Restricted Stock Awards
SHARE BASED COMPENSATION
Unvested restricted shares outstanding	356,766		356,766
Granted (in shares)			168,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

SHARE BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units - Chief Executive Officer - shares		12 Months Ended
	Jul. 13, 2016	Dec. 30, 2017
SHARE BASED COMPENSATION
Granted (in shares)	100,000
Expired shares		50,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

WEIGHTED AVERAGE COMMON SHARES (Details) - shares	3 Months Ended		6 Months Ended
WEIGHTED AVERAGE COMMON SHARES (Details) - shares	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Stock Options
WEIGHTED AVERAGE COMMON SHARES
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	1,188,010	1,259,756	1,188,010	1,254,506
Restricted Stock Awards
WEIGHTED AVERAGE COMMON SHARES
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	321,000	239,930	356,766	239,930

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