Overstock.com 2003 Annual Report Download - page 52

Unearned stock-based compensation from options issued to employees — — 2,534 — (2,534) — — —
Amortization of stock-based compensation — — — — 727 — — 727
Issuance of stock options to consultants in exchange for services — — 384 — (208) — — 176
Lapse of rescission rights on redeemable common stock 7 — 50 — — — — 50
Deemed dividend related to redeemable common stock — — — (404) — — — (404)
Net loss — — — (13,806) — — — (13,806)
Balance at December 31, 2001 10,327 1 52,187 (44,093) (2,015) (100) — 5,980
Issuance of common stock 7 — 212 — — — — 212
Exercise of stock options and warrants 149 — 615 — — — — 615
Deemed dividend related to beneficial conversion feature of preferred
stock — — 6,607 (6,607) — — — —
Conversion of Series A redeemable preferred stock to common stock 959 — 6,582 — — — — 6,582
Issuance of common stock in IPO 2,256 — 26,140 — — — — 26,140
Unearned stock-based compensation from options issued to employees — — 3,481 — (3,481) — — —
Amortization of stock-based compensation — — — — 3,276 — — 3,276
Issuance of stock options to consultants in exchange for services — — 131 — (107) — — 24
Lapse of rescission rights on redeemable common stock 168 — 1,327 — — — — 1,327
Deemed dividend related to redeemable common stock — — — (406) — — — (406)
Net loss — — — (4,560) — — — (4,560)
Unrealized gain on marketable securities — — — — — — 81 81
Total comprehensive loss (4,479)
Balance at December 31, 2002 13,866 1 97,282 (55,666) (2,327) (100) 81 39,271
Exercise of stock options and warrants 247 — 1,227 — — — — 1,227
Issuance of common stock in Follow-on offering 1,725 1 23,967 — — — — 23,968
Issuance of common stock — — 21 — — — — 21
Forfeitures of unearned stock-based compensation from options issued
to employees — — (478) — 478 — — —
Amortization of stock-based compensation — — — — 846 — — 846
Issuance of stock options to consultants in exchange for services — — 268 — (91) — — 177
Lapse of rescission rights on redeemable common stock 222 — 1,647 — — — — 1,647
Deemed dividend related to redeemable common stock — — — (262) — — — (262)
Net loss — — — (11,887) — — — (11,887)
Realized gain on marketable securities — — — — — — (15) (15)
Unrealized loss on marketable securities — — — — — — (78) (78)
Cumulative translation adjustment — — — — — — (1) (1)
Total comprehensive loss (11,981)
Balance at December 31, 2003 16,060 $ 2 $ 123,934 $ (67,815) $ (1,094) $ (100) $ (13) $ 54,914
The accompanying notes are an integral part of these consolidated financial statements.
F-5
Overstock.com, Inc.
Consolidated Statements of Cash Flows
Year ended December 31,
2001 2002 2003
(in thousands)
Cash flows from operating activities:
Net loss $(13,806) $ (4,560) $(11,887)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 1,735 1,873 2,325
Amortization of goodwill 3,056 — —
Amortization of unearned stock-based compensation 727 3,276 846
Realized loss (gain) on marketable securities — 55 (15)
Stock options issued to consultants for services 176 24 177
Stock issued to employees 63 181 21
Amortization of debt discount 291 242 —
Selling shareholder fees — 439 —
Changes in operating assets and liabilities: