TaoWeave, Inc 10-K for FY2023

TaoWeave, Inc. (TWAV)

10-K 2024-03-19 For: 2023-12-31

Added on April 06, 2026

About this 10-K

TaoWeave, Inc filed this 10-K on March 19, 2024, covering the fiscal year ended December 31, 2023 (FY2023).

Headline figures

Fiscal year ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.81M; down 30.4% from $5.48M a year earlier
Net loss: $4.38M; compared with a net loss of $21.94M a year earlier
Diluted EPS: -$0.98; compared with -$10.62 a year earlier

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Delaware		77-0312442
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

110 16th Street, Suite 1400-1024
Denver, CO		80202
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (213) 683-8863 ext. 5

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	OBLG	Nasdaq Capital Market


Large accelerated filer	☐	Accelerated filer	¨
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐


Item		Page
	PART I
1.	Business	3
1A.	Risk Factors	7
1B.	Unresolved Staff Comments	24
1C.	Cybersecurity	24
2.	Properties	25
3.	Legal Proceedings	25
4.	Mine Safety Disclosures	25

	PART II
5.	Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities	25
6.	Reserved	26
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
7A.	Qualitative and Quantitative Disclosures About Market Risk	33
8.	Financial Statements and Supplemental Data	33
9	Change in and Disagreements with Accountants on Accounting and Financial Disclosure	33
9A.	Controls and Procedures	33
9B.	Other Information	34
9C.	Disclosures Regarding Foreign Jurisdictions that Prevent Inspections	34

	PART III
10.	Directors, Executive Officers and Corporate Governance	34
11.	Executive Compensation	39
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	43
13.	Certain Relationships and Related Transactions, and Director Independence	44
14.	Principal Accounting Fees and Services	45

	PART IV
15.	Exhibits and Financial Statement Schedules	47
16.	Signatures	51


	Year Ended December 31, 2023
	Managed Services			Collaboration Products			Corporate			Total
Revenue	$	2,518		$	1,292		$	—		$	3,810
Cost of revenues	1,671			1,228			—			2,899
Gross profit	$	847		$	64		$	—		$	911
Gross profit %	34		%	5		%	—		%	24		%

Allocated operating expenses	$	3		$	481		$	—		$	484
Unallocated operating expenses	—			—			4,922			4,922
Total operating expenses	$	3		$	481		$	4,922		$	5,406

Income (loss) from operations	$	844		$	(417)		$	(4,922)		$	(4,495)
Interest and other income, net	—			—			(138)			(138)
Income (loss) before income taxes	$	844		$	(417)		$	(4,784)		$	(4,357)
Income tax expense	$	11		$	16		$	—		$	27
Net income (loss)	$	833		$	(433)		$	(4,784)		$	(4,384)

	Year Ended December 31, 2023
Total assets	$	367		$	568		$	5,990		$	6,925


	Year Ended December 31, 2022
	Managed Services			Collaboration Products			Corporate			Total
Revenue	$	3,348		$	2,128		$	—		$	5,476
Cost of revenues	2,273			1,657			—			3,930
Gross profit	$	1,075		$	471		$	—		$	1,546
Gross profit %	32		%	22		%	—		%	28		%

Allocated operating expenses	$	19		$	18,355		$	—		$	18,374
Unallocated operating expenses	—			—			5,160			5,160
Total operating expenses	$	19		$	18,355		$	5,160		$	23,534

Income (loss) from operations	$	1,056		$	(17,884)		$	(5,160)		$	(21,988)
Interest and other (income) expense, net	12			(52)			—			(40)
Income (loss) before income taxes	$	1,044		$	(17,832)		$	(5,160)		$	(21,948)
Income tax benefit	$	(4)		$	(3)					$	(7)
Net income (loss)	$	1,048		$	(17,829)		$	(5,160)		$	(21,941)

	Year Ended December 31, 2022
Total assets	$	752		$	1,824		$	3,085		$	5,661


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


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


	Year Ended December 31,
	2023		% of Revenue		2022		% of Revenue
Revenue: Managed Services
Video collaboration services	$	183	5	%	$	334	6	%
Network services	2,301		60	%	2,954		54	%
Professional and other services	34		1	%	60		1	%
Total Managed Services revenue	$	2,518	66	%	$	3,348	61	%

Revenue: Collaboration Products
Visual collaboration product offerings	$	1,291	34	%	$	2,114	39	%

Licensing	1		—	%	$	14	—	%
Total Collaboration Products revenue	$	1,292	34	%	$	2,128	39	%
Total consolidated revenue	$	3,810	100	%	$	5,476	100	%


Name	Age	Position with Company
Jason Adelman (1)(2)(3)	54	Director
Jonathan Schechter(1)(2)(3)(4)	49	Director, Chairman of the Compensation Committee
Peter Holst	55	Director, Chairman of the Board, President and Chief Executive Officer
Robert Weinstein (1)(3)(4)	63	Director, Chairman of the Audit Committee
Deborah Meredith (2)(3)	64	Director, Chairman of the Nominating Committee
(1) Member of the Audit Committee
(2) Member of the Compensation Committee
(3) Member of the Nominating Committee
(4) Appointed pursuant to that certain Securities Purchase Agreement, dated March 30,2023, by and among the Company and the investors named therein.


Name	Cash Fees Earned ($)	Stock Awards($)	Total($)
Jason Adelman	32,000	95,000	127,000
Matthew Blumberg	19,000	95,000	114,000
James S. Lusk	15,000	95,000	110,000
Deborah Meredith	26,000	95,000	121,000
Jonathan Schechter	17,000	None	17,000
Robert Weinstein	17,000	None	17,000


Name and Principal Positions	Year	Salary ($)	Bonus ($)	Stock Awards ($)	All Other Compensation ($)		Total ($)
Peter Holst	2023	295,000	394,000	—	10,000	(1)	699,000
Director, President and CEO	2022	295,000	147,000	—	9,000	(1)	451,000

David Clark	2023	260,000	173,000	—	10,000	(1)	443,000
CFO, Treasurer and Secretary	2022	260,000	65,000	—	8,000	(1)	333,000


(1) Represents matching contributions under the Company’s 401(k) Plan for Mr. Holst of $10,000 for 2023 and $9,000 for 2022; for Mr. Clark of $10,000 for 2023 and $8,000 for 2022.


(a) Year	(b) Summary Comp Table Total for PEO ($)(1)		(c) Comp. Actually Paid to PEO ($)(2)		(d) Average Summary Comp. Table for Non-PEO NEOs ($)(3)		(e) Average Comp. Actually Paid to Non-PEO NEOs ($)(4)		(f) Value of Initial Fixed $100 Investment Based On Total Shareholder Return ($)(5)		(g) Net Income ($)(6)
(a) Year	(b) Summary Comp Table Total for PEO ($)(1)		(c) Comp. Actually Paid to PEO ($)(2)		(d) Average Summary Comp. Table for Non-PEO NEOs ($)(3)		(e) Average Comp. Actually Paid to Non-PEO NEOs ($)(4)				(g) Net Income ($)(6)
2021	$	455,000	$	455,000	$	464,000	$	353,000	$	20.04	$	(9,755,000)
2022	$	451,000	$	451,000	$	210,000	$	135,000	$	2.29	$	(21,941,000)
2023	$	699,000	$	699,000	$	443,000	$	443,000	$	0.26	$	(4,384,000)


	Common Stock
Name and Address of Beneficial Owners (1)	Amount and Nature of Beneficial Ownership (2)		Percent of Class
Named Executive Officers and Directors:
Peter Holst	21,733	(3)	0.1	%
David Clark	3,262	(4)	—	%
Jason Adelman	—	(5)	—	%
Jonathan Schechter	122,500	(6)	0.7	%
Robert Weinstein	—	(7)	—	%
Deborah Meredith	—	(8)	—	%
All directors and executive officers as a group (6 people)	147,495		0.9	%

Greater than 5% Owners:
None

(1) Unless otherwise noted, the address of each person listed is c/o Oblong, Inc., 110 16th Street, Suite 1400-1024, Denver, CO, 80202
(2) Unless otherwise indicated by footnote, the named persons have sole voting and investment power with respect to the shares of Common Stock beneficially owned.
(3) Includes 21,733 shares of Common Stock
(4) Includes 3,262 shares of Common Stock
(5) Based on ownership information from the Form 4 filed by Mr. Adelman with the SEC on October 25, 2023.
(6) Based on ownership information from the Form 3 filed by Mr. Schechter with the SEC on June 1, 2023. Represents warrants to purchase common stock of the issuer with an exercise price of $1.71 per share. The warrants expire on September 30, 2028.
(7) Based on ownership information from the Form 3 filed by Mr. Weinstein with the SEC on June 1, 2023.
(8) Based on ownership information from the Form 4 filed by Ms. Meredith with the SEC on June 20, 2023.


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Stock Options (a)	Weighted Average Exercise Price of Outstanding Stock Options (b)		Number of Securities to be Issued Upon Vesting of Outstanding Restricted Stock Units (c)	Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Columns (a) & (c))
Equity compensation plans approved by security holders	10,000	$	49.00	—	3


			Page
Report of Independent Registered Public Accounting Firm			F-1
Consolidated Balance Sheets at December 31, 2023 and 2022			F-3
Consolidated Statements of Operations for the years ended December 31, 2023 and 2022			F-4
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2023 and 2022			F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022			F-6
Notes to Consolidated Financial Statements			F-8


	Year Ended December 31,
	2023		2022		$ Change		% Change
Operating expenses (gains):
Research and development	$	20	$	1,699	$	(1,679)	(99)	%
Sales and marketing	309		1,431		(1,122)		(78)	%
General and administrative	4,870		5,278		(408)		(8)	%
Impairment charges	262		12,740		(12,478)		(98)	%
Casualty (gain) loss, net	(400)		483		(883)		100	%
Depreciation and amortization	345		1,903		(1,558)		(82)	%
Total operating expenses	$	5,406	$	23,534	$	(18,128)	(77)	%


	December 31, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	5,990	$	3,085

Accounts receivable, net	424		415
Inventory, net	239		723
Prepaid expenses and other current assets	243		649
Total current assets	6,896		4,872
Property and equipment, net	—		3

Intangibles, net	—		604
Operating lease, right-of-use assets, net	17		142
Other assets	12		40
Total assets	$	6,925	$	5,661
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:

Accounts payable	211		184
Accrued expenses and other current liabilities	1,038		1,074
Current portion deferred revenue	132		436
Operating lease liabilities, current	17		219



Total current liabilities	1,398		1,913
Long-term liabilities:


Operating lease liabilities, net of current portion	—		17
Deferred revenue, net of current portion	26		114

Total long-term liabilities	26		131
Total liabilities	1,424		2,044
Commitments and contingencies (see Note 14)
Stockholders’ equity:
Preferred stock Series F, convertible; $.0001 par value; $2,064,063 stated value; 42,000 shares authorized, 1,930 and zero shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	—		—
Common stock, $.0001 par value; 150,000,000 shares authorized; 16,692,000 shares issued and 16,685,000 shares outstanding at December 31, 2023 and 2,071,000 shares issued and 2,063,000 outstanding at December 31, 2022	2		—
Treasury stock, 8,000 common shares at December 31, 2023 and 2022	(181)		(181)


	Year Ended December 31,
	2023		2022
Cash flows from Operating Activities:
Net loss	$	(4,384)	$	(21,941)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	345		1,903
Bad debt (recovery) expense	(52)		118
Non-cash lease expense from right-of-use assets	125		349
Stock-based compensation	504		146

Forfeiture of unvested stock options	—		(85)
Loss (gain) on disposal of assets	3		(2)

Casualty loss on inventory	—		483

Impairment charges - property and equipment	—		61
Impairment charges - intangible assets	259		5,133
Impairment charges - right-of use assets	—		179
Impairment charges - goodwill	—		7,367
Changes in assets and liabilities:
Accounts receivable	43		316
Prepaid expenses and other current assets	406		432
Inventory	484		615
Other assets	28		69
Accounts payable	27		(75)
Accrued expenses and other current liabilities	(170)		115
Deferred revenue	(392)		(614)
Lease liabilities	(219)		(503)

Net cash used in operating activities	(2,993)		(5,934)
Cash flows from Investing Activities:
Proceeds on sale of equipment	—		30
Purchases of property and equipment	—		(11)
Net cash provided by investing activities	—		19
Cash flows from Financing Activities:
Proceeds from private placement, net of issuance costs	5,364		—
Net proceeds from exercise of common stock warrants	534		—
Net cash provided by financing activities	5,898		—


Reconciliation of cash and cash equivalents
Cash	$	5,490	$	3,085
Current certificates of deposit	500		—

Total cash and cash equivalents	$	5,990	$	3,085

Non-cash investing and financing activities:
New operating lease agreement	$	—	$	11
Preferred stock dividends	$	343	$	—
Warrant modification	$	25	$	—

Induced exercise of common stock warrants	$	751	$	—
Common stock issued for conversion of Preferred Stock and accrued dividends	$	209	$	—


Exhibit Number						Description
2.1†						Agreement and Plan of Merger, dated September 12, 2019, by and among the Registrant, Oblong Industries, Inc. and Glowpoint Merger Sub II, Inc. (filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 16, 2019, and incorporated herein by reference).
2.2						Amendment to Agreement and Plan of Merger, dated October 1, 2019, by and among the Registrant, Oblong Industries, Inc. and Glowpoint Merger Sub II, Inc. (filed as Exhibit 2.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 7, 2019, and incorporated herein by reference).
3.1						Amended and Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-K filed with the SEC on May 10, 2023, and incorporated herein by reference).
3.2*						Amended and Restated By-laws, as amended by the First Amendment to Amended and Restated By-Laws, dated October 19, 2023.
4.1						Specimen Common Stock Certificate (filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K filed with the SEC on June 6, 2007, and incorporated herein by reference).
4.2						Certificate of Designations, Preferences and Rights of Series D Preferred Stock (filed as Exhibit 4.6 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 24, 2007, and incorporated herein by reference).
4.3						Certificate of Designations, Preferences and Rights of Series A-2 Preferred Stock of the Registrant (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 11, 2009, and incorporated herein by reference).
4.4						Certificate of Designations, Preferences and Rights of Perpetual Series B Preferred Stock of the Registrant (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 30, 2010, and incorporated herein by reference).
4.5						Certificate of Designations, Preferences and Rights of Perpetual Series B-1 Preferred Stock of the Registrant (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 9, 2011, and incorporated herein by reference).
4.6						Certificate of Designations of Rights, Powers, Preferences, Privileges and Restrictions of the 0% Series B Convertible Preferred Stock (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 14, 2017, and incorporated herein by reference).
4.7						Certificate of Designations of Rights, Powers, Preferences, Privileges and Restrictions of the 0% Series C Convertible Preferred Stock (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 25, 2018, and incorporated herein by reference).
4.8						Certificate of Designations of the 6.0% Series D Convertible Preferred Stock (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 7, 2019, and incorporated herein by reference).
4.9						Certificate of Designations of the 6.0% Series E Convertible Preferred Stock (filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 7, 2019, and incorporated herein by reference).
4.10						Certificate of Designations of the 9.0% Series F Convertible Preferred Stock (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
4.11						Form of Common Stock Purchase Warrant (filed as Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 16, 2020, and incorporated herein by reference).
4.12						Form of Series A Common Stock Purchase Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 28, 2021, and incorporated herein by reference).
4.13						Form of Series B Common Stock Purchase Warrant (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 28, 2021, and incorporated herein by reference).
4.14						Form of Amendment to Series A Warrants (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 3, 2022, and incorporated herein by reference).
4.15						Form of Amendment to Series A Warrants (filed as Exhibit 4.1 to the Registrant’s Current Report of Form 8-K filed with the SEC on January 3, 2023, and incorporated herein by reference).
4.16						Form of Common Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
4.17						Form of Preferred Warrant (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
4.18						Form of Exchange Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2023, and incorporated herein by reference.
4.19*						Description of Common Securities.


10.1#						Form of Stock Option Award Agreement (filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 15, 2012, and incorporated herein by reference).
10.2#						Form of Restricted Stock Award Agreement (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 15, 2012, and incorporated herein by reference).
10.3#						Glowpoint, Inc. 2014 Equity Incentive Plan (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 2, 2014, and incorporated herein by reference).
10.4#						2015 Form of Performance-Vested Restricted Stock Unit Agreement (Executive Officers) (filed as Exhibit 10.6 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 5, 2015, and incorporated herein by reference).
10.5#						2015 Form of Performance-Vested Restricted Stock Unit Agreement (Employees) (filed as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 5, 2015, and incorporated herein by reference).
10.6#						2016 Form of Performance-Vested Restricted Stock Unit Agreement (Executive Officers) (filed as Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2017, and incorporated herein by reference).
10.7#						2016 Form of Performance-Vested Restricted Stock Unit Agreement (Employees) (filed as Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2017, and incorporated herein by reference).
10.8#						Form of Time-Vested Restricted Stock Unit Agreement (Executive Officers) (filed as Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 5, 2015, and incorporated herein by reference).
10.9#						Form of Time-Vested Restricted Stock Unit Agreement (Employees) (filed as Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 5, 2015, and incorporated herein by reference).
10.10#						Form of Restricted Stock Grant Agreement (filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2017, and incorporated herein by reference).
10.11#						Form of Director Restricted Stock Unit Agreement (filed as Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 5, 2015, and incorporated herein by reference).
10.12#						Form of Indemnification Agreement for directors and officers (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 2, 2014, and incorporated herein by reference).
10.13						Form of Securities Purchase Agreement, dated October 23, 2017 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 23, 2017, and incorporated herein by reference).
10.14						Form of Securities Purchase Agreement, dated January 22, 2018 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 22, 2018, and incorporated herein by reference).
10.15#						First Amendment to the Glowpoint, Inc. 2014 Equity Incentive Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 1, 2018, and incorporated herein by reference).
10.16						Representation Agreement, dated July 19, 2019, by and among the Registrant and the Stockholders named therein (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2019, and incorporated herein by reference).
10.17#						Second Amended and Restated Employment Agreement, by and between the Registrant and Peter Holst, dated July 19, 2019 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2019, and incorporated herein by reference).
10.18#						Amended and Restated Employment Agreement, by and between the Registrant and David Clark, dated July 19, 2019 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2019, and incorporated herein by reference).
10.19						Series E Preferred Stock Purchase Agreement, dated October 1, 2019, by and among the Registrant and the Purchasers party thereto (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 7, 2019, and incorporated herein by reference).
10.20						Registration Rights Agreement, dated October 1, 2019, by and among the Registrant and the Purchasers party thereto (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 7, 2019, and incorporated herein by reference).
10.21#						Glowpoint, Inc. 2019 Equity Incentive Plan (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 20, 2019, and incorporated herein by reference).
10.22						Form of Securities Purchase Agreement (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 16, 2020, and incorporated herein by reference).
10.23						Form of Securities Purchase Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on June 28, 2021, and incorporated herein by reference).
10.24						Separation Agreement dated March 4, 2022, between the Company and Pete Hawkes (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 8, 2022. and incorporated herein by reference)


10.25						Securities Purchase Agreement, dated March 31, 2023 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
10.26						Registration Rights Agreement, dated March 31, 2023 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
10.27						Engagement Letter, dated March 30, 2023 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2023, and incorporated herein by reference).
10.28						Form of Warrant Repricing Letter, dated April 18, 2023 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 24, 2023, and incorporated herein by reference).
10.29						Exchange Agreement, dated as of June 30, 2023, between Oblong, Inc. and Foundry Venture Capital 2007, L.P. and Foundry Group Select Fund, L.P. (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2023, and incorporated herein by reference).
10.30						Waiver, dated as of October 6, 2023, between Oblong, Inc. and certain Investors (filed as exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 10, 2023, and incorporated herein by reference).
21.1*						Subsidiaries of the Registrant.
23.1*						Consent of Independent Registered Public Accounting Firm-EisnerAmper LLP.
24.1						Power of Attorney (included in the signature page hereto)
31.1*						Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
31.2*						Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
32.1**						Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer.
97.1*#						Compensation Clawback Policy
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase
104						Cover Page Interactive Data File (embedded within the Inline XBRL document.


			OBLONG, INC.

			By:			/s/ Peter Holst
						Peter Holst
						Chief Executive Officer and President


/s/ Peter Holst						Chairman, President and Chief Executive Officer
Peter Holst


/s/ David Clark						Chief Financial Officer (Principal Financial and Accounting Officer)
David Clark


	Series F Preferred Stock			Common Stock			Treasury Stock
	Shares	Amount		Shares	Amount		Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Total
Balance at December 31, 2021	—	$	—	2,071	$	—	8	$	(181)	$	227,584	$	(201,906)	$	25,497
Net loss	—	—		—	—		—	—		—		(21,941)		(21,941)
Stock-based compensation	—	—		—	—		—	—		146		—		146
Forfeiture of unvested stock options	—	—		—	—		—	—		(85)		—		(85)
Balance at December 31, 2022	—	—		2,071	—		8	(181)		227,645		(223,847)		3,617
Net loss	—	—		—	—		—	—		—		(4,384)		(4,384)
Stock-based compensation	—	—		180	—		—	—		504		—		504
Proceeds from private placement, net of fees	6,550	—		—	—		—	—		5,364		—		5,364
Proceeds from warrant exercise, net of fees	—	—		339	—		—	—		534		—		534
Common stock exchanged for pre-funded warrants	—	—		(407)	—		—	—		—		—		—
Exercise of pre-funded warrants	—	—		407	—		—	—		—		—		—
Conversions of Series F Preferred Stock and accrued dividends	(4,620)	—		14,102	2		—	—		207		—		209
Series F Preferred Stock dividends	—	—		—	—		—	—		(343)		—		(343)
Balance at December 31, 2023	1,930	$	—	16,692	$	2	8	$	(181)	$	233,911	$	(228,231)	$	5,501


	As of December 31,
	2023		2022
Accounts receivable	$	577,000	$	624,000
Allowance for estimated credit losses	(153,000)		(209,000)
Accounts receivable, net	$	424,000	$	415,000


Reserve balance as of December 31, 2021	$	(731)
Reserve adjustments	(316)
Disposals	595
Reserve balance as of December 31, 2022	(452)
Reserve adjustments	(342)
Disposals	103
Reserve balance as of December 31, 2023	$	(691)


	December 31
	2023		2022
Prepaid expenses	$	75	$	131
Employee Retention Credit receivable	—		316
Other current assets	98		90
Prepaid software licenses	70		112



Prepaid expenses and other current assets	$	243	$	649


	December 31,				Estimated Useful Life
	2023		2022
Network equipment and software	$	—	$	1,913	3 to 5 Years
Computer equipment and software	—		$	294	3 to 5 Years


	—		2,207

Accumulated depreciation	—		(2,204)
Property and equipment, net	$	—	$	3


Total lease payments remaining in 2024	$	17
Effect of discounting (1)	—
Total lease liability	17
Less: current portion of lease liabilities	17
Operating lease liabilities, net of current portion	$	—


	Right-of-Use Asset		Operating Lease Liability
Balance at December 31, 2021	$	659	$	728
Additions	11		11

Amortizations and Reductions	(349)		(503)
Impairment Charges	(179)
Balance at December 31, 2022	142		236


Amortizations and Reductions	(125)		(219)

Balance at December 31, 2023	$	17	$	17


Issued Shares as of December 31, 2022 and 2021						2,070,861
Issuances from Preferred Stock conversions						14,102,477
Issuances related to warrants						746,027
Issuances related to stock compensation						179,535
Common shares exchanged for prefunded warrants						(406,776)
Issued Shares as of December 31, 2023						16,692,124
Less Treasury Shares:						7,553
Outstanding Shares as of December 31, 2023						16,684,571


Issue Date	Warrants Issued	Exercise Price		Expiration Date
June 30, 2021 - Series A*	250	$	60.00	January 4, 2024
June 30, 2021 - Series B	750	$	66.00	June 28, 2024
Investor Common Warrants	3,830,417	$	1.71	September 30, 2028
Placement Agent Warrants	306,433	$	1.71	September 30, 2028
	4,137,850

*The Series A warrant’ expiration date has been updated to reflect the extension described above that occurred on January 3, 2023, and as of the date of this filing, the remaining Series A Warrants have expired.


	Outstanding
	Number of Warrants	Weighted Average Exercise Price















Warrants outstanding and exercisable, December 31, 2021	343,099	$	995.06

Warrants outstanding and exercisable, December 31, 2022	343,099	66.34
Granted	4,543,626	1.71
Exercised	(746,027)	0.78
Expired	(2,601)	76.93
Forfeited	(247)	—
Warrants outstanding and exercisable, December 31, 2023	4,137,850	$	1.73


	Series F Preferred Stock Shares	Accrued Dividends		Weighted Average Conversion Price		Common Shares Issued from Conversions
March 31, 2023 Issuance	6,550	$	—
2023 Accrued Dividends		$	343,000
2023 Conversions	(4,620)	$	(207,000)	$	0.34	14,102,477
December 31, 2023 Balance	1,930	$	136,000			14,102,477


	Year Ended December 31,
Stock Based Compensation		2023		2022
Options		$	124	$	61

RSUs		380		—


Total		$	504	$	61


	Outstanding			Exercisable
	Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price





Options outstanding and exercisable, December 31, 2021	27,169	113.63		7,169	294.63


Vested	—	—		3,332	97.56
Expired	(501)	410.18		(501)	410.18
Forfeited	(10,000)	48.75		—	—
Options outstanding and exercisable, December 31, 2022	16,668	$	29.25	10,000	$	223.11


Vested	—	—		3,336	48.75
Expired	(6,668)	285.89		(6,668)	285.89

Options outstanding and exercisable, December 31, 2023	10,000	$	48.75	6,668	$	48.75


	Year Ended December 31,
Numerator:	2023		2022
Net loss	$	(4,384)	$	(21,941)
Less: preferred stock dividends	343		—

Less: conversion inducement	751		—
Less: warrant modification	25		—
Net loss attributable to common stockholders	$	(5,503)	$	(21,941)
Denominator:
Weighted-average number of shares of common stock for basic net loss per share	5,595		2,065
Basic net loss per share	$	(0.98)	$	(10.62)