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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)

13.    Quarterly Financial Information (Unaudited)

The following table sets forth specific unaudited consolidated quarterly statement of operations data for the eight quarters ended December 31, 2015 (in thousands). This information is unaudited, but in the opinion of management, it has been prepared on the same basis as the audited consolidated financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to state fairly the unaudited consolidated quarterly results of operations. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.

 

     First
Quarter		      Second
Quarter		      Third
Quarter		      Fourth
Quarter		  
2015            

Revenues

    $ 8,326       $ 10,213       $ 11,455       $ 7,564   

Gross profit

      3,448         4,643         5,025         3,028   

Operating expenses

      4,279         4,976         4,156         5,244   

(Loss) income from operations

      (831 )       (333 )       869         (2,216 ) 

Net (loss) income

      (692 )       (326 )       953         (2,069 ) 

(Loss) income per common share:

            

Basic

    $ (0.06 )     $ (0.03 )     $ 0.09       $ (0.19 ) 

Diluted

    $ (0.06 )     $ (0.03 )     $ 0.09       $ (0.19 ) 

 

     First
Quarter		      Second
Quarter		      Third
Quarter		      Fourth
Quarter		  
2014            

Revenues

    $ 7,016       $ 6,654       $ 11,537       $ 7,259   

Gross profit

      2,744         2,785         6,437         2,811   

Operating expenses

      2,852         2,706         2,851         2,551   

Income from operations

      (108 )       79         3,586         260   

Change in fair value of common stock warrants

      309         70         1         —     

Net (loss) income

      152         (10 )       3,744         (494 ) 

Income (loss) per common share:

            

Basic

    $ 0.01       $ (0.00 )     $ 0.35       $ (0.05 ) 

Diluted

    $ (0.01 )     $ (0.01 )     $ 0.35       $ (0.05 ) 

The explanations for major variances from the fourth quarters for the years ended December 31, 2015 and 2014 are:

 

  1. In the fourth quarter of 2015, the Company increased personnel and temp labor as a VP of Business Development, and Two VP’s of Product Development were hired.

 

  2. In the fourth quarter of 2014, the Company recorded an income tax provision for approximately $0.9 million, associated with recording a valuation allowance of its net deferred tax assets in the United Kingdom jurisdiction.