Restructuring |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||
| Restructuring Impairment and Other Activities Disclosure |
In May of 2017, the Company streamlined its operations and reduced its workforce by approximately 27 employees to lower operating expenses and reduce cash burn. The Company will focus its on the commercialization of its proprietary Ekso GT for rehabilitation and its exoskeleton offerings for industrial applications. The restructuring plan was completed by the end of the second quarter of 2017.
The Company recorded restructuring expense of $0.7 million for the three and six months ended June 30, 2017 comprised of employee severance payments of $0.4 million, stock compensation expense of $0.2 million related to restricted stock units issued to terminated employees, and $0.1 million of other severance related benefits. (refer to Note 13 Stock Based Compensation for issuance of restricted stock units) As of June 30, 2017, $0.1 million of the restructuring expenses remained in accrued restructuring on the Company’s condensed consolidated balance sheet.
The following table summarizes accrued restructuring costs as of June 30, 2017:
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