Quarterly report pursuant to Section 13 or 15(d)

Note 1 - The Company and Basis of Presentation

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Note 1 - The Company and Basis of Presentation
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1.
        The Company and Basis of Presentation
 
Viveve Medical, Inc. (“Viveve Medical”, the “Company”, “we”, “our”, or “us”)
 competes in the women’s health industry in some countries by marketing Geneveve™ as a way to improve the overall sexual well-being and quality of life of women suffering from vaginal laxity.
 
Public Offering
 
On
March 22, 2017,
in connection with the closing of a public offering (the
“March 2017
Offering”), the Company issued an aggregate of
8,625,000
shares of common stock, including the shares issued in connection with the exercise of the underwriters
’ overallotment option, at a public offering price of
$4.00
per share for gross proceeds of approximately
$34,500,000.
The net proceeds to the Company, after the deduction of underwriting discounts, commissions and other offering expenses, were approximately
$31,440,000.
 
 
On
June 17, 2016,
in connection with the closing of a public offering (the
“June 2016
Offering”), the Company issued an aggregate of
3,105,000
shares of common stock, including the shares issued in connection with the exercise of the underwriters
’ overallotment option, at a public offering price of
$5.00
per share for gross proceeds of approximately
$15,525,000.
The net proceeds to the Company, after the deduction of underwriting discounts, commissions and other offering expenses, were approximately
$13,886,000.
 
Change of Corporate Domicile
 
On
May 9, 2016,
the Company filed the necessary Application for Authorization to Continue into Another Jurisdiction and Statutory Declaration with the Yukon registrar. On
May 10, 2016,
the Company filed a Certificate of Incorporation with the Secretary of State of the State of Delaware to move its domicile from the Yukon Territory to Delaware. In connection with the incorporation in Delaware, the Company's stock now has a par value of
$0.0001
per share.
 
Interim Unaudited Financial Information
 
The accompanying unaudited condensed consolidated financial statements of Viveve Medical have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form
10
-Q and Article
 
8
-
03
of Regulation S-
X.
Accordingly, they do
not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.
 
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form
10
-K for the year ended
December 31, 2016,
which was filed with the Securities and Exchange Commission on
February 16, 2017.
The results of operations for the
three
and
nine
months ended
September 30, 2017
are
not
necessarily indicative of the results for the year ending
December 
31,
2017
or any future interim period.
 
Liquidity
 
Since inception we have funded our operations primarily through sales of common and preferred stock and borrowing arrangements. We have incurred net losses since our inception, and as of
September 30, 2017
have an accumulated deficit of approximately
$95.
4
million. We expect to continue to incur operating losses and negative cash flows from operations through the foreseeable future. Due to the proceeds received from the
March 2017
Offering, the loan proceeds received and the additional funding expected to be received under the Company’s debt facility (see Note
6
) and our forecasted operating results, management believes that the substantial doubt about the Company’s ability to continue as a going concern, which existed as of the date of filing our Annual Report on Form
10
-K for the year ended
December 31, 2016,
is
no
longer present. In the future, we expect to require additional capital to fund our ongoing operations, respond to business opportunities, challenges, acquisitions or unforeseen circumstances and
may
decide to engage in equity or debt financings or enter into credit facilities; however, we
may
not
be able to timely secure additional debt or equity financing or raise additional capital in the public markets on favorable terms or at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to grow or support our business and to respond to business challenges could be significantly limited. As of
September 30, 2017,
our principal sources of liquidity consisted of cash and cash equivalents of
$19.2
million and
$10.0
million of additional borrowing capacity under our debt facility.