SAFEGUARD SCIENTIFICS INC - FORM 10-K - EX-99.2 - EXHIBIT 99.2 - March 6, 2015

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10-K - 10-K - SAFEGUARD SCIENTIFICS INCsfe201410k.htm
EX-14.1 - EXHIBIT 14.1 - SAFEGUARD SCIENTIFICS INCsfe201410kex141.htm
EX-31.2 - EXHIBIT 31.2 - SAFEGUARD SCIENTIFICS INCsfe201410kex312.htm
EX-21.1 - EXHIBIT 21.1 - SAFEGUARD SCIENTIFICS INCsfe201410kex211.htm
EX-23.1 - EXHIBIT 23.1 - SAFEGUARD SCIENTIFICS INCsfe201410kex231.htm
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EX-32.2 - EXHIBIT 32.2 - SAFEGUARD SCIENTIFICS INCsfe201410kex322.htm
EX-99.1 - EXHIBIT 99.1 - SAFEGUARD SCIENTIFICS INCsfe-20131231xex991.htm
EX-32.1 - EXHIBIT 32.1 - SAFEGUARD SCIENTIFICS INCsfe201410kex321.htm
EX-31.1 - EXHIBIT 31.1 - SAFEGUARD SCIENTIFICS INCsfe201410kex311.htm


Exhibit 99.2
 PixelOptics, Inc.
(A Development Stage Company)
 Unaudited Balance Sheet
 (In Thousands)
 
 
 
 June 30,
 
 December 31,
 
2013
 
2012
Assets
 
 
 
Cash and cash equivalents
$
51

 
$
211

Accounts receivable
2

 
7

Prepaid expenses
231

 
105

 Total current assets
285

 
323

    
 
 
 
Intangible assets
1,885

 
2,007

Property & equipment, net
2,493

 
3,042

Other assets
210

 
210

 
 
 
 
 Total assets
$
4,873

 
$
5,582

 
 
 
 
Liabilities and stockholders' equity:
 
 
 
Accounts payable
1,950

 
1,521

Accrued expenses
4,514

 
3,528

Current portion of long term debt and capital lease obligation
41,478

 
25,825

Deferred revenue
6,808

 
1,339

Warrant liability
1,971

 
1,971

 Total current liabilities
56,721

 
34,184

 
 
 
 
Long-term debt - less current portion
1,818

 
3,944

Deferred revenue
—

 
6,284

 Total liabilities
58,539

 
44,412

 
 
 
 
Stockholders’ equity:
 
 
 
Preferred stock
9

 
9

Additional paid in capital
107,300

 
107,299

Accumulated deficit during the development stage
(160,975
)
 
(146,138
)
 Total stockholders' equity
(53,666
)
 
(38,830
)
 
 
 
 
 Total liabilities and stockholders' equity
$
4,873

 
$
5,582

 
 
 
 




 PixelOptics, Inc.
(A Development Stage Company)
 Unaudited Statements of Operations
 (In Thousands)
 
 
 
 
 
Six Months Ended
 
 June 30,
 
 June 30,
 
2013
 
2012
Revenue:
 
 
 
Revenue net
$
800

 
$
569

 
 
 
 
Cost of goods sold
812

 
3,628

 
 
 
 
Gross profit
(12
)
 
(3,059
)
 
 
 
 
Operating expenses:
 
 
 
Operations
2,309

 
1,788

Research and development
3,508

 
3,261

Sales & marketing
2,403

 
4,692

General and administrative
3,987

 
3,370

Royalties
—

 
2

Total operating expenses
12,207

 
13,113

 
 
 
 
Operating loss
(12,219
)
 
(16,172
)
 
 
 
 
Interest expense
(2,610
)
 
(737
)
Other expense
(9
)
 
(14
)
 
 
 
 
 
 
 
 
Net loss
$
(14,838
)
 
$
(16,923
)
    
 
 
 





 PixelOptics, Inc.
(A Development Stage Company)
 Unaudited Statements of Cash Flows
 (In Thousands)
 
 
 
 
 
Six Months Ended
 
 June 30,
 
 June 30,
 
2013
 
2012
Net loss
$
(14,838
)
 
$
(16,923
)
 
 
 
 
Adjustments to reconcile net loss to net cash used in operating activities
 
 
 
Depreciation / amortization
666

 
692

(Increase) decrease in assets:
 
 
 
 
 
 
 
Accounts receivable
4

 
549

Inventory
                  –

 
(590
)
Prepaid expenses
(127
)
 
268

 
 
 
 
Increase (decrease) in liabilities:
 
 
 
Accounts payable
430

 
(173
)
Deferred revenue
(815
)
 
(370
)
Accrued expense
988

 
482

Net cash used in operating activities
(13,692
)
 
(16,067
)
    
 
 
 
Cash flows used investing activities
 
 
 
Purchase of fixed assets
5

 
(165
)
Net cash used in investing activities
5

 
(165
)
 
 
 
 
Cash flows from financing activities
 
 
 
Bridge loan
14,750

 
9,472

Venture debt
(1,907
)
 
(295
)
Discount on venture debt
20

 
20

Discount on warrant debt
664

 
                  –

Common stock
                  –

 
15

Preferred stock / financing cost
                  –

 
1

Net cash from financing activities
13,527

 
9,213

 
 
 
 
Net increase (decrease) in cash
(160
)
 
(7,019
)
 
 
 
 
Cash & cash equivalents, beginning of period
211

 
9,474

 
 
 
 
Cash & cash equivalents, end of period
$
51

 
$
2,455

 
 
 
 



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