Overstock.com 2002 Annual Report Download - page 35

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Total liabilities 10,450 20,322
Commitments and contingencies (notes 11, 12 and 13)
Redeemable common stock, $0.0001 par value, 851 shares and 683 shares issued and outstanding as of December 31, 2001 and
2002, respectively 5,284 4,363
Stockholders' equity:
Common stock, $0.0001 par value, 100,000 shares authorized, 10,327 shares and 13,866 shares issued
as of December 31, 2001 and 2002, respectively 1 1
Additional paid-in capital 52,187 97,282
Accumulated deficit (44,093) (55,666)
Unearned stock-based compensation (2,015) (2,327)
Treasury stock, 35 shares at cost (100) (100)
Other comprehensive income — 81
Total stockholders' equity 5,980 39,271
Total liabilities, redeemable securities and stockholders'
equity $ 21,714 $ 63,956
The accompanying notes are an integral part of these consolidated financial statements.
Overstock.com, Inc.
Consolidated Statements of Operations
Year ended December 31,
2000 2001 2002
(in thousands, except per share data)
Direct revenue $ 21,762 $ 35,243 $ 77,943
Commission revenue 867 3,965 12,379
Warehouse revenue 2,894 795 1,462
Total revenue 25,523 40,003 91,784
Cost of goods sold (includes amortization of stock-based compensation of $0, $78, and $373, respectively) 27,812 34,640 73,441
Gross profit (loss) (2,289) 5,363 18,343
Operating expenses:
Sales and marketing expenses (excludes amortization of stock-based compensation of $0, $14, and $83, respectively) 11,376 5,784 8,669
General and administrative expenses (excludes amortization of stock-based compensation of $0, $635, and $2,820,
respectively) 7,556 9,441 10,825
Amortization of goodwill 226 3,056 —
Amortization of stock-based compensation — 649 2,903
Total operating expenses 19,158 18,930 22,397
Operating loss (21,447) (13,567) (4,054)
Interest income 241 461 403
Interest expense (73) (729) (465)
Other income (expense), net (33) 29 (444)
Net loss (21,312) (13,806) (4,560)
Deemed dividend related to redeemable common stock (210) (404) (406)
Deemed dividend related to beneficial conversion feature of preferred stock — — (6,607)
Net loss attributable to common shares $(21,522) $(14,210) $(11,573)
Net loss per common share - basic and diluted $ (3.63) $ (1.29) $ (0.88)
Weighted average common shares outstanding - basic and diluted 5,922 10,998 13,108
The accompanying notes are an integral part of these consolidated financial statements.