Ekso Bionics(EKSO) - 2020 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents the company's unaudited condensed consolidated financial statements and management's analysis Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations and comprehensive loss, statements of stockholders' (deficit) equity, and statements of cash flows, along with their accompanying notes, providing a detailed financial overview of Ekso Bionics Holdings, Inc. for the periods ended June 30, 2020, and December 31, 2019 Condensed Consolidated Balance Sheets The condensed consolidated balance sheets show the company's financial position as of June 30, 2020, compared to December 31, 2019, highlighting changes in assets, liabilities, and stockholders' equity | (In thousands) | June 30, 2020 (unaudited) | December 31, 2019 (Note 2) | |:---------------|:--------------------------|:---------------------------| | Cash | $13,260 | $10,872 | | Total assets | $22,349 | $21,915 | | Total liabilities | $22,377 | $15,118 | | Total stockholders' (deficit) equity | $(28) | $6,797 | - Total liabilities increased significantly from $15,118 thousand at December 31, 2019, to $22,377 thousand at June 30, 2020, primarily driven by an increase in warrant liabilities[10] - Total stockholders' (deficit) equity shifted from a positive $6,797 thousand at December 31, 2019, to a deficit of $(28) thousand at June 30, 2020[10] Condensed Consolidated Statements of Operations and Comprehensive Loss This statement outlines the company's financial performance, including revenue, gross profit, operating expenses, and net loss, for the three and six months ended June 30, 2020, compared to the same periods in 2019 | (In thousands, except per share amounts) | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |:-----------------------------------------|:---------------------------------|:---------------------------------|:-------------------------------|:-------------------------------| | Revenue | $2,264 | $3,262 | $3,731 | $6,878 | | Cost of revenue | $1,005 | $1,702 | $1,835 | $3,719 | | Gross profit | $1,259 | $1,560 | $1,896 | $3,159 | | Total operating expenses | $4,351 | $6,658 | $9,769 | $13,169 | | Loss from operations | $(3,092) | $(5,098) | $(7,873) | $(10,010) | | Total other (expense) income, net | $(8,675) | $2,032 | $(6,428) | $393 | | Net loss | $(11,767) | $(3,066) | $(14,301) | $(9,617) | | Basic and diluted net loss per share | $(1.88) | $(0.65) | $(2.37) | $(2.12) | - Net loss significantly increased to $(11,767) thousand for the three months ended June 30, 2020, from $(3,066) thousand in the prior year, primarily due to a substantial loss on revaluation of warrant liabilities[13] - Revenue decreased by 31% for the three months ended June 30, 2020, and by 46% for the six months ended June 30, 2020, compared to the respective prior periods[13] Condensed Consolidated Statements of Stockholders' (Deficit) Equity This statement details the changes in stockholders' (deficit) equity for the three and six months ended June 30, 2020, and 2019, reflecting net losses, stock issuances, and other comprehensive income/loss | (In thousands) | December 31, 2019 | March 31, 2020 | June 30, 2020 | |:---------------|:------------------|:---------------|:--------------| | Total Stockholders' (Deficit) Equity | $6,797 | $5,228 | $(28) | - The company's total stockholders' equity decreased from $6,797 thousand at December 31, 2019, to a deficit of $(28) thousand at June 30, 2020, primarily due to net losses and warrant-related adjustments[15] - Issuance of common stock from equity financing and exercise of warrants contributed to additional paid-in capital, partially offsetting the accumulated deficit[15] Condensed Consolidated Statements of Cash Flows This statement presents the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2020, and 2019, showing the overall change in cash | (In thousands) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |:---------------|:-------------------------------|:-------------------------------| | Net cash used in operating activities | $(5,745) | $(9,708) | | Net cash used in investing activities | $0 | $(60) | | Net cash provided by financing activities | $8,160 | $15,368 | | Net increase in cash | $2,388 | $5,607 | | Cash at end of period | $13,260 | $13,262 | - Net cash used in operating activities decreased by $3,963 thousand (41%) for the six months ended June 30, 2020, compared to the same period in 2019, indicating improved operational cash management[22] - Net cash provided by financing activities decreased from $15,368 thousand in H1 2019 to $8,160 thousand in H1 2020, despite new equity financing and PPP loan proceeds[22] Notes to Condensed Consolidated Financial Statements These notes provide additional information and explanations for the figures presented in the condensed consolidated financial statements, covering significant accounting policies, business operations, financial instruments, and other relevant disclosures 1. Organization This section describes the company's business, its exoskeleton technology for medical and industrial markets, and addresses its liquidity and going concern status, including management's actions to mitigate substantial doubt - Ekso Bionics designs, develops, sells, and rents exoskeleton technology for medical rehabilitation (neurological conditions, upper extremity impairments) and industrial use (able-bodied workers)[27][194] - As of June 30, 2020, the company had an accumulated deficit of $197,579 thousand and used $5,745 thousand cash in operations during the six months ended June 30, 2020[29] - Workforce reduced by approximately 35% to lower operating expenses and cash burn[30] - Conducted a registered direct offering for net proceeds of $7,082 thousand[30] - Received FDA clearance for Acquired Brain Injury (ABI) to market products to a larger patient population[31] - Received proceeds of $785 thousand from warrant exercises in Q2 2020 and $2,422 thousand subsequent to quarter-end[31] 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates This note details the basis of financial statement preparation, key accounting policies, and estimates, including revenue recognition, inventory valuation, leases, and the impact of recent accounting pronouncements - The financial statements are prepared in accordance with SEC rules and U.S. GAAP, with certain information condensed or omitted[37] - Revenue from medical device product sales (EksoNR, EksoGT, EksoUE, software, accessories) is recognized upon transfer of control, typically shipment. Ekso Care support and maintenance revenue is recognized over the contract term (12-48 months)[50] - Revenue from industrial device sales (EksoVest, EksoZeroG) is recognized upon shipment, while rental revenue is recognized over the rental term (typically 12 months)[51] - The company adopted ASU 2017-04 (Goodwill Impairment) and ASU 2018-13 (Fair Value Measurement Disclosure) as of January 1, 2020, with no material impact on financial statements[66][67] 3. Restructuring This note describes the restructuring plan implemented in May 2020, which involved a workforce reduction and the associated expenses - In May 2020, the company reduced its workforce by approximately 35% to streamline operations and lower operating expenses[68] - Restructuring expense of $244 thousand was recorded for the three and six months ended June 30, 2020, primarily for employee severance payments[69] 4. Accumulated Other Comprehensive Income This note provides a summary of changes in accumulated other comprehensive income, specifically focusing on foreign currency translation adjustments | (In thousands) | Foreign Currency Translation | |:---------------|:-----------------------------| | Balance at December 31, 2019 | $50 | | Net unrealized loss on foreign currency translation | $(20) | | Balance at June 30, 2020 | $30 | 5. Fair Value Measurements This note explains the fair value hierarchy used for financial instruments and presents the fair value measurements for warrant liabilities and contingent success fee liability | (In thousands) | June 30, 2020 | December 31, 2019 | |:---------------|:--------------|:------------------| | Warrant liabilities | $12,361 | $4,307 | | Contingent success fee liability | $0 | $6 | - Warrant liabilities significantly increased from $4,307 thousand at December 31, 2019, to $12,361 thousand at June 30, 2020, primarily due to the initial valuation of warrants from June 2020 financing and a loss on revaluation[75] - All warrant liabilities and contingent success fee liabilities are classified as Level 3 in the fair value hierarchy, indicating the use of significant unobservable inputs[75] 6. Inventories, net This note provides a breakdown of the company's inventories, net, as of June 30, 2020, and December 31, 2019 | (In thousands) | June 30, 2020 | December 31, 2019 | |:---------------|:--------------|:------------------| | Raw materials | $2,041 | $2,208 | | Work in progress | $29 | $29 | | Finished goods | $314 | $252 | | Inventories, net | $2,384 | $2,489 | - Total inventories, net, decreased slightly from $2,489 thousand at December 31, 2019, to $2,384 thousand at June 30, 2020, mainly due to a reduction in raw materials[76] 7. Revenue Recognition This note details the company's revenue recognition policies, contract balances, and disaggregates revenue by major source and segment for the reported periods - Deferred revenue, primarily from extended support and maintenance contracts, totaled $3,051 thousand as of June 30, 2020[83] | (In thousands) | Three Months Ended June 30, 2020 | |:---------------|:---------------------------------| | EksoHealth Revenue | $2,086 | | EksoWorks Revenue | $178 | | Total Revenue | $2,264 | | (In thousands) | Six Months Ended June 30, 2020 | |:---------------|:-------------------------------| | EksoHealth Revenue | $3,276 | | EksoWorks Revenue | $455 | | Total Revenue | $3,731 | - EksoHealth revenue decreased from $2,848 thousand in Q2 2019 to $2,086 thousand in Q2 2020, and EksoWorks revenue decreased from $414 thousand to $178 thousand in the same period[89] 8. Investment in Unconsolidated Affiliate This note discusses the termination of the company's involvement with the China JV due to national security concerns raised by CFIUS - CFIUS determined that national security concerns regarding the China JV could not be mitigated, leading to a National Security Agreement (NSA) requiring the termination of the company's agreements and role with the China JV[93][259] - A $66 thousand loss on investment in unconsolidated affiliate was recorded for the six months ended June 30, 2020, related to the write-off of direct costs for establishing the China JV[94] 9. Accrued Liabilities This note provides a breakdown of accrued liabilities and details the changes in the device warranty liability | (In thousands) | June 30, 2020 | December 31, 2019 | |:---------------|:--------------|:------------------| | Salaries, benefits and related expenses | $746 | $1,098 | | Device warranty | $200 | $285 | | Other | $234 | $300 | | Total | $1,180 | $1,683 | - Total accrued liabilities decreased from $1,683 thousand at December 31, 2019, to $1,180 thousand at June 30, 2020, primarily due to lower salaries, benefits, and device warranty liabilities[95] | (In thousands) | Six Months Ended June 30, 2020 | |:---------------|:-------------------------------| | Balance at beginning of period | $350 | | Additions for estimated future expense | $73 | | Incurred costs | $(194) | | Balance at end of period | $229 | 10. Notes Payable, net This note details the company's security loan and the Paycheck Protection Program (PPP) loan, including their terms, amendments, and repayment schedules - The security loan agreement was amended on April 29, 2020, to defer principal payments for three months, with payments resuming on August 1, 2020[102] - A liquidity covenant requires maintaining unrestricted cash equal to the outstanding term loan balance ($1,750 thousand as of June 30, 2020), which the company was compliant with[102] - The company received an unsecured PPP loan of $1,086 thousand on April 20, 2020, with a 1.00% interest rate, maturing in two years, and may be eligible for forgiveness[107] | (In thousands) | Security Loan Principal Payments | |:---------------|:---------------------------------| | Remainder of 2020 | $1,458 | | 2021 | $537 | | Total | $1,995 | | (In thousands) | PPP Loan Principal Payments (if not forgiven) | |:---------------|:----------------------------------------------| | Remainder of 2020 | $57 | | 2021 | $770 | | 2022 | $259 | | Total | $1,086 | 11. Lease Obligations This note outlines the company's operating lease agreements for its facilities in Richmond, California, and Hamburg, Germany, including lease terms and liabilities - The Richmond Lease for headquarters and manufacturing facility expires in May 2022. An amendment in June 2020 resulted in a $48 thousand abatement and a $79 thousand payment deferral[109] - The Hamburg, Germany office has a five-year operating lease ending in July 2022, with an option to extend for another five years[112] | (In thousands) | Operating Leases | |:---------------|:-----------------| | Remainder of 2020 | $50 | | 2021 | $589 | | 2022 | $232 | | Total lease payments | $871 | | Present value of lease liabilities | $777 | | Lease liabilities, current | $269 | | Lease liabilities, noncurrent | $508 | 12. Capitalization and Equity Structure This note details the company's capital structure, including the impact of a reverse stock split, common stock and warrant offerings, and a comprehensive overview of outstanding warrants - A 1-for-15 reverse stock split was effected on March 24, 2020, retroactively adjusting all common stock share and per share amounts[116] - In June 2020, the company sold 1,748 thousand shares of common stock and warrants to purchase 874 thousand shares, generating gross proceeds of $7,890 thousand[120] - Warrant liabilities increased significantly due to the issuance of June 2020 warrants and the revaluation of existing warrants, driven by an increase in the common stock market price[130][135][138][148][151] | (In thousands) | Warrants Outstanding (June 30, 2020) | |:---------------|:-------------------------------------| | June 2020 Investor Warrants | 874 | | June 2020 Placement Agent Warrants | 122 | | December 2019 Warrants | 556 | | May 2019 Warrants | 221 | | 2017 Information Agent Warrants | 13 | | 2015 Warrants | 107 | | Total | 1,945 | 13. Stock-based Compensation This note outlines the company's stock-based compensation plans, including stock options and restricted stock units (RSUs), and the associated compensation expense - As of June 30, 2020, 555 thousand stock options were outstanding with a weighted-average exercise price of $31.90 and a remaining contractual life of 7.81 years[159] - Total unrecognized compensation cost for unvested stock options was $2,989 thousand, expected to be recognized over 2.4 years[162] - As of June 30, 2020, 147 thousand RSUs were unvested, with $752 thousand of unrecognized compensation expense expected to be recognized over 3.07 years[165] | (In thousands) | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |:---------------|:---------------------------------|:-------------------------------| | Sales and marketing | $98 | $236 | | Research and development | $40 | $113 | | General and administrative | $370 | $746 | | Total | $508 | $1,095 | 14. Income Taxes This note addresses the company's income tax position, specifically regarding unrecognized tax benefits and the open tax examination periods - No material changes to unrecognized tax benefits occurred in the six months ended June 30, 2020, and no significant changes are expected through year-end[171] - Due to a history of tax losses, all years remain open to tax examination[171] 15. Commitments and Contingencies This note outlines the company's material contracts, including license agreements and purchase obligations, and addresses potential legal contingencies - The company has license agreements with the Regents of the University of California, requiring 1% royalty on net sales and minimum annual royalties of $50 thousand[173] - A license agreement related to the Equipois acquisition requires a single-digit royalty on net receipts, subject to a $50 thousand annual minimum[174] - Purchase obligations, primarily for inventory and manufacturing services, totaled $539 thousand as of June 30, 2020, expected to be paid within one year[175] - Management believes that the resolution of current legal matters will not have a material adverse effect on the company's financial statements[176] 16. Net Loss Per Share This note provides the computation of basic and diluted net loss per share and lists common stock equivalents that were anti-dilutive | (In thousands, except per share amounts) | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |:-----------------------------------------|:---------------------------------|:-------------------------------| | Net loss applicable to common stockholders | $(11,767) | $(14,301) | | Weighted-average number of shares, basic and diluted | 6,261 | 6,032 | | Net loss per share, basic and diluted | $(1.88) | $(2.37) | | (In thousands) | Common Stock Equivalents (June 30, 2020) | |:---------------|:-----------------------------------------| | Options to purchase common stock | 555 | | Restricted stock units | 147 | | Warrants for common stock | 1,945 | | Total common stock equivalents | 2,647 | 17. Segment Disclosures This note provides financial information disaggregated by the company's two reportable segments, EksoHealth and EksoWorks, and by geographic location - The company operates in two segments: EksoHealth (medical devices) and EksoWorks (industrial devices), managed separately due to distinct markets[180] | (In thousands) | Three Months Ended June 30, 2020 | |:---------------|:---------------------------------| | EksoHealth Revenue | $2,086 | | EksoWorks Revenue | $178 | | Total Revenue | $2,264 | | EksoHealth Gross Profit | $1,226 | | EksoWorks Gross Profit | $33 | | Total Gross Profit | $1,259 | | (In thousands) | Six Months Ended June 30, 2020 | |:---------------|:-------------------------------| | EksoHealth Revenue | $3,276 | | EksoWorks Revenue | $455 | | Total Revenue | $3,731 | | EksoHealth Gross Profit | $1,799 | | EksoWorks Gross Profit | $97 | | Total Gross Profit | $1,896 | - Revenue from the United States for the six months ended June 30, 2020, was $2,888 thousand, while all other regions contributed $843 thousand[185] 18. Related Party Transactions This note discloses transactions with related parties, including consulting services and sales to the China JV - During the six months ended June 30, 2019, Angel Pond Capital LLC, an entity affiliated with a director, provided $30 thousand in consulting services[186] - During the six months ended June 30, 2020, the company sold EksoVest raw material inventory and tooling to the China JV for $45 thousand[187] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial condition and results of operations, discussing key performance indicators, liquidity, capital resources, and the impact of significant events like the COVID-19 pandemic Overview This overview describes the company's core business of designing, developing, and selling exoskeleton technology for both medical and industrial applications, highlighting the accelerating commercial opportunity - Ekso Bionics develops exoskeleton technology to augment human strength, endurance, and mobility for medical rehabilitation (EksoNR, EksoUE) and industrial use (EksoVest, EksoZeroG)[194][196][197][198] - The company believes the commercial opportunity for exoskeleton technology is accelerating due to advancements in material technologies, electronic/electrical engineering, control technologies, and sensor/software development[195] Second Quarter 2020 Highlights This section summarizes key achievements and financial results for the second quarter of 2020, including revenue, financing activities, workforce adjustments, and regulatory milestones, alongside the impact of the COVID-19 pandemic - Reported revenue of $2.3 million in Q2 2020[199] - Sold 1,747,704 shares of common stock and warrants for net proceeds of $7.1 million[199] - Received $1.1 million PPP loan proceeds under the CARES Act[199] - Reduced workforce by 35% to lower operating expenses[199] - Received FDA clearance for EksoNR™ robotic exoskeleton for acquired brain injury patients[199] - Named 'Best Healthcare Robotics Company' in 2020 MedTech Breakthrough Awards Program[199] - The COVID-19 pandemic negatively impacted demand for exoskeleton products, as rehabilitation facilities shifted priorities and delayed capital expenditures, though clinical need for stroke patients increased[202] Critical Accounting Policies and Estimates This section highlights the importance of management's estimates and assumptions in preparing the condensed consolidated financial statements, acknowledging that actual results may differ - The preparation of financial statements requires management to make estimates and assumptions affecting reported amounts, including revenue recognition, warrant valuation, and inventory[205][40] - Critical accounting policies involve highly uncertain matters where different estimates or changes could materially impact financial statements[206] Results of Operations This section provides a detailed analysis of the company's financial performance for the three and six months ended June 30, 2020, compared to the prior year, explaining the drivers behind changes in revenue, gross profit, operating expenses, and other income/expense | (In thousands) | Q2 2020 | Q2 2019 | Change | % Change | |:---------------|:--------|:--------|:-------|:---------| | Revenue | $2,264 | $3,262 | $(998) | (31)% | | Gross profit | $1,259 | $1,560 | $(301) | (19)% | | Sales and marketing | $1,712 | $3,039 | $(1,327) | (44)% | | Research and development | $452 | $1,499 | $(1,047) | (70)% | | General and administrative | $1,943 | $2,120 | $(177) | (8)% | | Restructuring | $244 | $0 | $244 | n/m | | Loss from operations | $(3,092) | $(5,098) | $2,006 | (39)% | | (Loss) gain on warrant liabilities | $(8,574) | $2,737 | $(11,311) | (413)% |\ | Net loss | $(11,767) | $(3,066) | $(8,701) | 284% | | (In thousands) | H1 2020 | H1 2019 | Change | % Change | |:---------------|:--------|:--------|:-------|:---------| | Revenue | $3,731 | $6,878 | $(3,147) | (46)% | | Gross profit | $1,896 | $3,159 | $(1,263) | (40)% | | Sales and marketing | $4,232 | $5,848 | $(1,616) | (28)% | | Research and development | $1,163 | $2,883 | $(1,720) | (60)% | | General and administrative | $4,130 | $4,438 | $(308) | (7)% | | Restructuring | $244 | $0 | $244 | n/m | | Loss from operations | $(7,873) | $(10,010) | $2,137 | (21)% | | (Loss) gain on warrant liabilities | $(6,055) | $1,615 | $(7,670) | (475)% |\ | Net loss | $(14,301) | $(9,617) | $(4,684) | 49% | - Revenue decreases in both Q2 and H1 2020 were primarily due to decreased device sales volume, driven by the COVID-19 pandemic's impact on customer priorities[209][220] - Operating expenses decreased significantly in both periods (35% in Q2, 26% in H1) due to workforce reductions, lower marketing/trade show activities, and completion of clinical trials[211][212][213][224][225][226] - A substantial loss on revaluation of warrant liabilities ($8.6 million in Q2, $6.1 million in H1) was recorded, primarily due to increases in the common stock market price[216][229] Financial Condition, Liquidity and Capital Resources This section discusses the company's financial health, its ability to meet short-term obligations, and its strategies for funding future operations, including actions taken to address going concern issues and a summary of cash flow activities - As of June 30, 2020, the company had an accumulated deficit of $197.6 million and used $5.7 million cash in operations during the six months ended June 30, 2020[232] - Streamlined operations and reduced workforce by 35%[234] - Conducted a registered direct offering for $7.1 million net proceeds[234] - Received FDA clearance for ABI, increasing product value proposition[235] - Received $0.8 million from warrant exercises in Q2 2020 and $2.4 million post-quarter end[235] - Unrestricted cash was estimated at $11.5 million as of June 30, 2020, after considering a $1.8 million restricted cash balance due to a secured term loan covenant[236] - The company believes it has sufficient cash to fund operations beyond one year but may require additional financing through equity offerings, debt, or collaborations[236][237] | (In thousands) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |:---------------|:-------------------------------|:-------------------------------| | Net cash used in operating activities | $(5,745) | $(9,708) | | Net cash provided by financing activities | $8,160 | $15,368 | | Net increase in cash | $2,388 | $5,607 | | Cash at the end of the period | $13,260 | $13,262 | | (In thousands) | Total | Less than One Year | 1-3 Years | 3-5 Years | After 5 Years | |:---------------|:------|:-------------------|:----------|:----------|:--------------| | Notes payable, principal and interest | $3,142 | $2,497 | $645 | $0 | $0 | | Facility operating leases | $777 | $269 | $508 | $0 | $0 | | Purchase obligations | $539 | $539 | $0 | $0 | $0 | | Financing lease | $3 | $3 | $0 | $0 | $0 | | Total | $4,461 | $3,308 | $1,153 | $0 | $0 | Item 3. Quantitative and Qualitative Disclosures About Market Risk This section addresses the company's exposure to market risks, specifically inflation and foreign exchange rate fluctuations - The company does not believe inflation has had a material effect on its business, but inability to offset higher costs could be harmful[247] - The company is exposed to exchange rate risk due to foreign operations in Germany and Singapore, but does not use foreign currency hedging agreements[248][41] Item 4. Controls and Procedures This section reports on the effectiveness of the company's disclosure controls and procedures and confirms no material changes in internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of June 30, 2020, ensuring timely and accurate reporting[250] - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[252] PART II. OTHER INFORMATION This section presents legal proceedings, risk factors, exhibits, and required signatures for the quarterly report Item 1. Legal Proceedings This section states that the company is not currently involved in any material legal proceedings - The company is not subject to any pending legal proceedings, nor are any presently threatened, that would have a material adverse impact on its properties, results of operations, or financial condition[254] Item 1A. Risk Factors This section updates and supplements previously disclosed risk factors, focusing on the adverse impacts of the China JV termination and the ongoing COVID-19 pandemic - The Committee on Foreign Investment in the United States (CFIUS) required the termination of the company's China JV due to national security concerns, which will adversely impact global expansion, particularly in China[256][259] - The COVID-19 pandemic has negatively impacted demand, caused supply chain disruptions, led to workforce reductions, and created economic uncertainty, potentially having a material adverse effect on financial condition and operations[261][262][264][265] - The termination of the China JV is not expected to materially impact operations for the remainder of 2020, but failure to find alternative manufacturing and distribution sources could adversely affect future financial results[260] Item 6. Exhibits This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including certifications and financial statements in XBRL format - Second Amendment to Loan and Security Agreement (Exhibit 10.1)[267] - Certifications of Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32.1, 32.2)[268] - Financial statements formatted in Extensible Business Reporting Language (XBRL) (Exhibit 101)[269] Signatures This section contains the required signatures of the company's authorized officers, confirming the submission of the Quarterly Report - The report is signed by Jack Peurach, President and Chief Executive Officer, and John F. Glenn, Chief Financial Officer, on July 30, 2020[275]