P1YP1Y--12-31Q3P1YfalseP1Y00013516360001351636country:BS2021-07-012021-09-300001351636us-gaap:RetainedEarningsMember2020-09-3000013516362019-12-3100013516362020-01-012020-12-310001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-09-300001351636us-gaap:CommonStockMember2020-06-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001351636us-gaap:SellingAndMarketingExpenseMember2020-07-012020-09-3000013516362021-10-310001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2020-07-012020-09-300001351636us-gaap:CommonStockMember2020-12-310001351636srt:MinimumMemberssti:CompensatoryDamagesMember2021-10-122021-10-120001351636us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001351636us-gaap:SellingAndMarketingExpenseMember2020-01-012020-09-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001351636us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-09-300001351636us-gaap:AdditionalPaidInCapitalMember2021-06-300001351636ssti:ShotSpotterLabsMember2020-01-012020-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001351636us-gaap:AdditionalPaidInCapitalMember2020-09-300001351636us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-3000013516362022-01-012021-09-300001351636us-gaap:AdditionalPaidInCapitalMember2020-12-310001351636us-gaap:CustomerRelationshipsMember2021-09-300001351636us-gaap:CostOfSalesMember2020-07-012020-09-300001351636ssti:ShotSpotterLabsMember2021-01-012021-09-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-3000013516362020-01-012020-03-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2021-01-012021-09-300001351636country:ZA2021-01-012021-09-300001351636country:US2021-01-012021-09-300001351636us-gaap:RetainedEarningsMember2020-12-310001351636us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001351636country:ZA2021-07-012021-09-300001351636us-gaap:CommonStockMember2021-07-012021-09-300001351636us-gaap:AccountingStandardsUpdate201613Member2021-09-300001351636us-gaap:RetainedEarningsMember2021-07-012021-09-300001351636us-gaap:CustomerConcentrationRiskMemberssti:CustomerThreeMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001351636ssti:AzaveaIncMember2020-01-012020-01-310001351636us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-09-300001351636us-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2020-07-012020-09-300001351636us-gaap:CostOfSalesMember2020-01-012020-09-300001351636us-gaap:CommonStockMember2021-03-310001351636us-gaap:RetainedEarningsMember2019-12-310001351636us-gaap:CostOfSalesMember2021-07-012021-09-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300001351636us-gaap:RetainedEarningsMember2021-06-300001351636us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2020-07-012020-09-300001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2021-07-012021-09-300001351636us-gaap:ResearchAndDevelopmentExpenseMember2020-07-012020-09-300001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2021-07-012021-09-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2020-01-012020-09-3000013516362020-12-310001351636us-gaap:AdditionalPaidInCapitalMember2020-06-300001351636us-gaap:CommonStockMember2021-01-012021-03-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2021-07-012021-09-300001351636us-gaap:CommonStockMember2021-09-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-300001351636us-gaap:CommonStockMember2020-01-012020-03-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001351636us-gaap:CommonStockMember2020-07-012020-09-300001351636srt:MinimumMember2021-01-012021-09-300001351636country:US2021-07-012021-09-300001351636us-gaap:RetainedEarningsMember2020-04-012020-06-300001351636ssti:LeedsLLCMember2020-10-012020-12-310001351636us-gaap:RetainedEarningsMember2020-07-012020-09-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2021-07-012021-09-300001351636us-gaap:CommonStockMember2021-06-300001351636us-gaap:RetainedEarningsMember2021-04-012021-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-3000013516362021-01-012021-09-3000013516362020-06-300001351636us-gaap:CommonStockMember2020-09-300001351636country:US2020-07-012020-09-300001351636ssti:AzaveaIncMember2021-02-012021-02-280001351636ssti:ShotSpotterLabsMember2021-07-012021-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001351636us-gaap:RestrictedStockUnitsRSUMember2021-09-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2020-01-012020-09-300001351636us-gaap:PatentsMember2021-09-3000013516362021-03-310001351636us-gaap:GeneralAndAdministrativeExpenseMember2020-07-012020-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001351636us-gaap:RetainedEarningsMember2021-03-310001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001351636us-gaap:RestrictedStockUnitsRSUMember2020-12-310001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2021-07-012021-09-300001351636ssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-09-3000013516362020-09-300001351636ssti:LeedsLLCMemberus-gaap:CommonStockMember2020-10-012020-12-310001351636us-gaap:RetainedEarningsMember2021-09-300001351636us-gaap:AdditionalPaidInCapitalMember2019-12-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100013516362020-04-012020-06-3000013516362020-03-3100013516362021-04-012021-06-300001351636country:BS2020-01-012020-09-300001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2020-01-012020-09-300001351636us-gaap:AdditionalPaidInCapitalMember2021-03-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2021-01-012021-09-300001351636us-gaap:CommonStockMember2020-03-310001351636country:BS2020-07-012020-09-3000013516362020-01-012020-09-300001351636country:BS2021-01-012021-09-300001351636us-gaap:RetainedEarningsMember2021-01-012021-03-310001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2021-01-012021-09-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-09-300001351636us-gaap:PatentsMember2020-12-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300001351636ssti:LeaseAgreementMember2021-08-012021-08-3100013516362024-01-012021-09-3000013516362021-01-012021-09-300001351636us-gaap:CommonStockMember2020-04-012020-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001351636us-gaap:RetainedEarningsMember2020-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2021-01-012021-09-300001351636us-gaap:AdditionalPaidInCapitalMember2020-03-310001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001351636ssti:LeedsLLCMember2020-12-310001351636us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001351636ssti:ShotSpotterLabsMember2020-07-012020-09-300001351636us-gaap:CustomerRelationshipsMember2020-12-310001351636us-gaap:CommonStockMember2021-04-012021-06-300001351636us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2021-09-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2021-01-012021-09-300001351636us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-09-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2021-01-012021-09-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001351636us-gaap:RetainedEarningsMember2020-01-012020-03-310001351636us-gaap:ResearchAndDevelopmentExpenseMember2021-07-012021-09-3000013516362020-07-012020-09-300001351636ssti:PunitiveDamagesMember2021-10-122021-10-120001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001351636us-gaap:CostOfSalesMember2021-01-012021-09-300001351636us-gaap:AccountingStandardsUpdate201912Member2021-09-300001351636ssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001351636us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001351636us-gaap:SellingAndMarketingExpenseMember2021-07-012021-09-300001351636us-gaap:AdditionalPaidInCapitalMember2021-09-3000013516362023-01-012021-09-300001351636country:US2020-01-012020-09-300001351636us-gaap:RetainedEarningsMember2020-03-310001351636us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001351636us-gaap:CommonStockMember2019-12-3100013516362021-01-012021-03-3100013516362021-06-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-3000013516362021-09-3000013516362021-07-012021-09-300001351636us-gaap:SellingAndMarketingExpenseMember2021-01-012021-09-300001351636us-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMemberus-gaap:AccountsReceivableMember2021-01-012021-09-30iso4217:USDxbrli:sharesxbrli:pureutr:sqftxbrli:sharesssti:Cityssti:Customeriso4217:USD

 

00

014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

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: 001-38107

 

ShotSpotter, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-0949915

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

39300 Civic Center Dr., Suite 300

Fremont, California

94538

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (510) 794-3100

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

 

 

Common stock, par value $0.005 per share

SSTI

The Nasdaq Capital Market

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

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.

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

As of October 31, 2021, the registrant had 11,675,860 shares of common stock, $0.005 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements

2

 

Condensed Consolidated Balance Sheets

2

 

Condensed Consolidated Statements of Operations

3

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 6.

Exhibits

61

Exhibit Index

62

Signatures

63

 

 

 

1


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

ShotSpotter, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,114

 

 

$

16,043

 

Accounts receivable and contract asset

 

 

13,374

 

 

 

12,921

 

Prepaid expenses and other current assets

 

 

2,880

 

 

 

2,172

 

Total current assets

 

 

29,368

 

 

 

31,136

 

Property and equipment, net

 

 

16,493

 

 

 

15,346

 

Operating lease right-of-use assets

 

 

491

 

 

 

882

 

Goodwill

 

 

2,816

 

 

 

2,811

 

Intangible assets, net

 

 

13,807

 

 

 

14,540

 

Other assets

 

 

1,924

 

 

 

1,605

 

Total assets

 

$

64,899

 

 

$

66,320

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

1,443

 

 

$

1,192

 

Deferred revenue, short-term

 

 

21,218

 

 

 

24,174

 

Accrued expenses and other current liabilities

 

 

5,869

 

 

 

5,613

 

Total current liabilities

 

 

28,530

 

 

 

30,979

 

Deferred revenue, long-term

 

 

612

 

 

 

405

 

Other liabilities

 

 

481

 

 

 

631

 

Total liabilities

 

 

29,623

 

 

 

32,015

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock: $0.005 par value; 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock: $0.005 par value; 500,000,000 shares authorized;
11,675,860 and 11,538,998 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

58

 

 

 

58

 

Additional paid-in capital

 

 

130,855

 

 

 

128,771

 

Accumulated deficit

 

 

(95,474

)

 

 

(94,354

)

Accumulated other comprehensive loss

 

 

(163

)

 

 

(170

)

Total stockholders' equity

 

 

35,276

 

 

 

34,305

 

Total liabilities and stockholders' equity

 

$

64,899

 

 

$

66,320

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

14,547

 

 

$

11,350

 

 

$

44,184

 

 

$

33,085

 

Costs

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

6,520

 

 

 

4,745

 

 

 

19,137

 

 

 

13,440

 

Impairment of property and equipment

 

 

 

 

 

161

 

 

 

25

 

 

 

161

 

Total costs

 

 

6,520

 

 

 

4,906

 

 

 

19,162

 

 

 

13,601

 

Gross profit

 

 

8,027

 

 

 

6,444

 

 

 

25,022

 

 

 

19,484

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

4,018

 

 

 

2,400

 

 

 

11,881

 

 

 

7,237

 

Research and development

 

 

1,703

 

 

 

1,375

 

 

 

5,156

 

 

 

4,104

 

General and administrative

 

 

3,217

 

 

 

2,040

 

 

 

8,900

 

 

 

6,627

 

Total operating expenses

 

 

8,938

 

 

 

5,815

 

 

 

25,937

 

 

 

17,968

 

Operating (loss) income

 

 

(911

)

 

 

629

 

 

 

(915

)

 

 

1,516

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

8

 

 

 

3

 

 

 

28

 

 

 

101

 

Other expense, net

 

 

(46

)

 

 

(58

)

 

 

(184

)

 

 

(173

)

Total other income (expense), net

 

 

(38

)

 

 

(55

)

 

 

(156

)

 

 

(72

)

(Loss) income before income taxes

 

 

(949

)

 

 

574

 

 

 

(1,071

)

 

 

1,444

 

Provision (benefit) for income taxes

 

 

 

 

 

8

 

 

 

49

 

 

 

(1

)

Net (loss) income

 

$

(949

)

 

$

566

 

 

$

(1,120

)

 

$

1,445

 

Net (loss) income per share, basic

 

$

(0.08

)

 

$

0.05

 

 

$

(0.10

)

 

$

0.13

 

Net (loss) income per share, diluted

 

$

(0.08

)

 

$

0.05

 

 

$

(0.10

)

 

$

0.12

 

Weighted average shares used in computing net (loss) income per share, basic

 

 

11,680,413

 

 

 

11,423,079

 

 

 

11,634,422

 

 

 

11,383,860

 

Weighted average shares used in computing net (loss) income per share, diluted

 

 

11,680,413

 

 

 

11,727,112

 

 

 

11,634,422

 

 

 

11,718,770

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net (loss) income

 

$

(949

)

 

$

566

 

 

$

(1,120

)

 

$

1,445

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment, net

 

 

(14

)

 

 

29

 

 

 

7

 

 

 

(174

)

Comprehensive (loss) income

 

$

(963

)

 

$

595

 

 

$

(1,113

)

 

$

1,271

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data)

(Unaudited)

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at January 1, 2021

 

 

11,538,998

 

 

$

58

 

 

$

128,771

 

 

$

(94,354

)

 

$

(170

)

 

$

34,305

 

Exercise of stock options

 

 

60,600

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

213

 

Issuance of common stock in connection with exercise of warrants

 

 

50,716

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

8

 

Issuance of common stock from RSUs vested

 

 

24,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(56,162

)

 

 

 

 

 

(2,192

)

 

 

 

 

 

 

 

 

(2,192

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,375

 

 

 

 

 

 

 

 

 

1,375

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

(17

)

Net income

 

 

 

 

 

 

 

 

 

 

 

79

 

 

 

 

 

 

79

 

Balance at March 31, 2021

 

 

11,618,484

 

 

 

58

 

 

 

128,175

 

 

 

(94,275

)

 

 

(187

)

 

 

33,771

 

Exercise of stock options

 

 

16,432

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

364

 

Issuance of common stock from RSUs vested

 

 

37,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from ESPP purchase

 

 

18,294

 

 

 

 

 

 

462

 

 

 

 

 

 

 

 

 

462

 

Repurchase of common stock

 

 

(12,585

)

 

 

 

 

 

(491

)

 

 

 

 

 

 

 

 

(491

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,494

 

 

 

 

 

 

 

 

 

1,494

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

38

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(250

)

 

 

 

 

 

(250

)

Balance at June 30, 2021

 

 

11,678,163

 

 

 

58

 

 

 

130,004

 

 

 

(94,525

)

 

 

(149

)

 

 

35,388

 

Exercise of stock options

 

 

14,550

 

 

 

 

 

 

316

 

 

 

 

 

 

 

 

 

316

 

Issuance of common stock from RSUs vested

 

 

9,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(26,404

)

 

 

 

 

 

(918

)

 

 

 

 

 

 

 

 

(918

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,453

 

 

 

 

 

 

 

 

 

1,453

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

(14

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(949

)

 

 

 

 

 

(949

)

Balance at September 30, 2021

 

 

11,675,860

 

 

$

58

 

 

$

130,855

 

 

$

(95,474

)

 

$

(163

)

 

$

35,276

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at January 1, 2020

 

 

11,314,150

 

 

$

57

 

 

$

122,907

 

 

$

(95,579

)

 

$

(134

)

 

$

27,251

 

Exercise of stock options

 

 

17,543

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Issuance of common stock in connection with exercise of warrants

 

 

46,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from RSUs vested

 

 

20,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

887

 

 

 

 

 

 

 

 

 

887

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(227

)

 

 

(227

)

Net income

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

Balance at March 31, 2020

 

 

11,398,929

 

 

 

57

 

 

 

123,851

 

 

 

(95,566

)

 

 

(361

)

 

 

27,981

 

Exercise of stock options

 

 

26,562

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Issuance of common stock from RSUs vested

 

 

22,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from ESPP purchase

 

 

21,431

 

 

 

 

 

 

408

 

 

 

 

 

 

 

 

 

408

 

Repurchase of common stock

 

 

(74,520

)

 

 

 

 

 

(1,615

)

 

 

 

 

 

 

 

 

(1,615

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

 

 

 

1,163

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

24

 

Net income

 

 

 

 

 

 

 

 

 

 

 

866

 

 

 

 

 

 

866

 

Balance at June 30, 2020

 

 

11,395,156

 

 

 

57

 

 

 

123,848

 

 

 

(94,700

)

 

 

(337

)

 

 

28,868

 

Exercise of stock options

 

 

40,565

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Issuance of common stock from RSUs vested

 

 

6,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,196

 

 

 

 

 

 

 

 

 

1,196

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

29

 

Net income

 

 

 

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

566

 

Balance at September 30, 2020

 

 

11,441,762

 

 

$

57

 

 

$

125,113

 

 

$

(94,134

)

 

$

(308

)

 

$

30,728

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Cash Flows