- 33 - effective february 1 , 2017 , we entered into an exclusive oem distribution agreement with esthetic education , llc to be the exclusive marketer and seller of private label versions of the skinstylus® microsystem and associated parts under the name of stratapen . this three-year agreement has minimum annual sales requirements for renewal . the company does not expect to meet the criteria for renewal . during 2017 we entered into an agreement to license the nordlys product line from ellipse a/s . in 2018 , following the financing , we determined we would no longer market the line and the agreement was terminated . for 2017 quarterly sales of the nordlys product line were $ 0 , $ 391 , $ 118 , $ 698 for the first through fourth quarters of 2017 , respectively . for 2018 quarterly sales were $ 218 , $ 59 , $ 57 and $ 75 for the first through fourth quarters of 2018 , respectively . we discontinued carrying the nordlys product line and the distribution agreement with ellipse a/s was terminated on may 31 , 2018. key technology xtrac® excimer laser . xtrac received fda clearance in 2000 and has since become a widely recognized treatment among dermatologists for psoriasis and other skin diseases . the xtrac excimer laser delivers ultra-narrowband ultraviolet b ( “ uvb ” ) light to affected areas of skin . following a series of treatments typically performed twice weekly , psoriasis remission can be achieved , and vitiligo patches can be re-pigmented . xtrac is endorsed by the national psoriasis foundation , and its use for psoriasis is covered by nearly all major insurance companies , including medicare . we estimate that more than half of all major insurance companies now offer reimbursement for vitiligo as well , a figure that is increasing . in the third quarter of 2018 we announced the fda granted clearance for our multi micro dose ( mmd ) tip for our xtrac excimer laser . the mmd tip accessory is indicated for use in conjunction with the xtrac laser system to filter the narrow band uvb ( “ nb-uvb ” ) light at delivery in order to calculate and individualize the maximum non-blistering dose for a particular patient . in the third quarter of 2018 we announced the launch of our s3 , the next generation xtrac . the s3 is smaller , faster and has a smart user interface . vtrac® lamp . vtrac received fda clearance in 2005 and provides targeted therapeutic efficacy demonstrated by excimer technology with the simplicity of design and reliability of a lamp system . stratapen® . stratapen uses the patent-pending biolock cartridge . the biolock needle depth can be adjusted during the course of the procedure to accommodate different treatment areas and can easily maneuver around facial contours and delicate features , such as the eyes , nose and mouth . recent developments equity financing on march 30 , 2018 , we entered into multiple agreements in order to obtain $ 17.0 million of equity financing from the following sources : on may 29 , 2018 , we completed the sale and issuance ( the “ financing ” ) of 15,740,741 shares of the company 's common stock , subject to customary post-closing adjustments , to accelmed growth partners l.p. ( `` accelmed `` ) , broadfin capital llc ( `` broadfin `` ) , sabby management llc ( `` sabby `` ) , gohan investments , ltd. and dr. dolev rafaeli , our president and chief executive officer , for gross proceeds of $ 17.0 million at a per share price of $ 1.08. the various stock purchase agreements were entered into on march 30 , 2018 ( collectively , the “ spas ” ) . we incurred $ 2.3 million of costs related to the financing during the year ended december 31 , 2018 , which have been offset against the proceeds in the accompanying financial statements . these costs included $ 500 to accelmed for legal fees , consulting and due diligence costs related to the stock purchase agreement . in addition , we incurred placement agent fees in the amount of $ 1.4 million , among other costs directly related to the financing . - 34 - in further consideration of entering into their respective stock purchase agreements , sabby and broadfin have each entered into separate agreements restricting their abilities to sell their holdings ( the “ leak-out agreements ” ) . under the terms of each of the respective leak-out agreements , the stockholder agreed that from the later of ( a ) the date that the approval by the shareholders of the transactions is deemed effective and ( b ) the closing of the transactions contemplated pursuant to the spa , the stockholder shall not sell dispose or otherwise transfer , directly or indirectly , ( including , without limitation , any sales , short sales , swaps or any derivative transactions that would be equivalent to any sales or short positions ) any shares of common stock of the company held by the stockholder on the date hereof or issuable to the stockholder upon conversion of shares of the company 's series c convertible preferred stock held by the stockholder on the date hereof , ( a ) if prior to april 1 , 2019 , at a price per share of the company 's common stock less than $ 1.296 , subject to adjustment for reverse and forward stock splits and the like , or ( b ) thereafter , at a price per share reflecting less than the price set forth on the schedule in the leak-out agreements subject to adjustment for reverse and forward stock splits and the like , unless , ( 1 ) in the case of either clause ( a ) or ( b ) , otherwise approved by the company 's board of directors , story_separator_special_tag considerable management judgment is necessary to assess recoverable amounts of intangible assets and measure fair value of the intangible assets that were impaired as such measurements involve estimation of future revenues , royalty rates , profit margins and other cash flows . changes in our actual results and or estimates or any of our other assumptions used in our analysis could result in a different conclusion . income taxes as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process requires us to estimate our actual current tax exposure and make an assessment of temporary differences resulting from differing treatment of items , for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included within our consolidated balance sheet . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not more likely than not , we establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the tax provision in the consolidated statement of operations and comprehensive loss . significant management judgment is required in determining any valuation allowance recorded against our deferred tax assets . in the event that we generate taxable income in the jurisdictions in which we operate and in which we have net operating loss carry-forwards , we may be required to adjust our valuation allowance . - 38 - asc topic 740-10 requires that we recognize in our financial statements the impact of a tax position , if that position will more likely than not be sustained upon examination , based on the technical merits of the position , without regard to the likelihood that the tax position may be challenged . if an uncertain tax position meets the “ more-likely-than-not ” threshold , the largest amount of tax benefit , that is greater than 50 % , likely to be recognized upon ultimate settlement with the taxing authority is recorded . we do not have any uncertain tax positions or accrued penalties and interest . if such matters were to arise , we would recognize interest and penalties related to income tax matters in income tax expense . stock-based compensation we account for stock based compensation to employees in accordance with the “ share-based payment ” accounting standard . the standard requires estimating the fair value of equity-based payment awards on the date of grant using an option-pricing model . the value of the award is recognized as an expense over the requisite service periods in our consolidated statements of operations and comprehensive loss . for performance-based awards , we recognize the expense only if we deem it probable that the vesting condition will occur . there were no performance awards granted in 2018 or 2017. the fair value of employee stock options is estimated using a black-scholes valuation model . compensation costs are recognized over the requisite service period . total stock-based compensation expense was $ 904 and $ 186 for the years ended december 31 , 2018 and 2017 , respectively . fair value measurements we measure fair value in accordance with financial accounting standards board accounting standards codification 820 , fair value measurements and disclosures ( “ asc topic 820 ” ) . asc topic 820 defines fair value , establishes a framework and gives guidance regarding the methods used for measuring fair value , and expands disclosures about fair value measurements . fair value is an exit price , representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants . as such , fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability . as a basis for considering such assumptions there exists a three-tier fair-value hierarchy , which prioritizes the inputs used in measuring fair value . our derivative financial instruments were measured using significant unobservable inputs ( level 3 ) . results of operations ( the following financial data , in this narrative , are expressed in thousands , except for the earnings per share and per treatment . amounts have been revised to give effect to the restatements of the 2017 financial statements as described in note 2 to the consolidated financial statements . ) revenues the following table presents revenues from our three segments for the periods indicated below : replace_table_token_1_th dermatology recurring procedures revenues from dermatology recurring procedures for the year ended december 31 , 2018 was $ 21,053 which approximates 300,000 treatments , with prices from $ 65 to $ 95 per treatment . revenues from dermatology recurring procedures for the year ended december 31 , 2017 was $ 22,954 which approximates 328,000 treatments , with prices from $ 65 to $ 95 per treatment . - 39 - increases in procedures are dependent upon building market acceptance through marketing programs with our physician partners and their patients to show that the xtrac procedures will be of clinical benefit and will be generally reimbursed by insurers . we believe that several factors have had a negative impact on the prescribed use of xtrac treatments for psoriasis and vitiligo patients . specifically , we believe that there is a lack of awareness of the positive effects of xtrac treatments among both sufferers and providers ; and the treatment regimen which can sometimes require up to 12 or more treatments has limited xtrac use to certain patient populations . therefore , we have initiated a direct to patient program for xtrac advertising in the united states , targeting psoriasis and vitiligo patients through a variety of media including television and radio ; and

liquidity and capital resources as of december 31 , 2018 , we had $ 14,595 of working capital compared to $ 279 as of december 31 , 2017 ( as restated ) . cash and cash equivalents were $ 16,487 as of december 31 , 2018 , as compared to $ 4,069 , as of december 31 , 2017. working capital at march 31 , june 30 , and september 30 , 2017 , as restated , was $ 111 , $ ( 78 ) , $ 991 , respectively . working capital at march 31 , june 30 , and september 30 , 2018 , as restated , was $ ( 1,270 ) , $ 13,176 , $ 13,259 , respectively . on december 30 , 2015 , we entered into a $ 12,000 credit facility pursuant to a credit agreement and related financing documents with midcap and the lenders listed therein . our obligations under the credit facility are secured by a first priority lien on all of our assets . on may 29 , 2018 , we entered into a fourth amendment to credit and security agreement with midcap , pursuant to which the company repaid $ 3.0 million in principal of the existing $ 10.6 million credit facility established with midcap in 2015. the terms of the credit facility have been amended to impose less restrictive covenants and lower prepayment fees for the company and extended the maturity date to may 2022. the agreement modified the principal payments including a period of 18 months where there are no principal payments due . the company was in compliance with its covenants as of december 31 , 2018. on april 30 , july 15 , august 26 , and october 15 , 2019 , we received a waiver from midcap as administrative agent for the lenders who are party to the agreement , wherein the lenders waived all our compliance defaults with the obligation to deliver audited financial statements within 120 days of our year-end pursuant to the agreement .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2018 , we had $ 14,595 of working capital compared to $ 279 as of december 31 , 2017 ( as restated ) . cash and cash equivalents were $ 16,487 as of december 31 , 2018 , as compared to $ 4,069 , as of december 31 , 2017. working capital at march 31 , june 30 , and september 30 , 2017 , as restated , was $ 111 , $ ( 78 ) , $ 991 , respectively . working capital at march 31 , june 30 , and september 30 , 2018 , as restated , was $ ( 1,270 ) , $ 13,176 , $ 13,259 , respectively . on december 30 , 2015 , we entered into a $ 12,000 credit facility pursuant to a credit agreement and related financing documents with midcap and the lenders listed therein . our obligations under the credit facility are secured by a first priority lien on all of our assets . on may 29 , 2018 , we entered into a fourth amendment to credit and security agreement with midcap , pursuant to which the company repaid $ 3.0 million in principal of the existing $ 10.6 million credit facility established with midcap in 2015. the terms of the credit facility have been amended to impose less restrictive covenants and lower prepayment fees for the company and extended the maturity date to may 2022. the agreement modified the principal payments including a period of 18 months where there are no principal payments due . the company was in compliance with its covenants as of december 31 , 2018. on april 30 , july 15 , august 26 , and october 15 , 2019 , we received a waiver from midcap as administrative agent for the lenders who are party to the agreement , wherein the lenders waived all our compliance defaults with the obligation to deliver audited financial statements within 120 days of our year-end pursuant to the agreement .
```    
 Suspicious Activity Report : - 33 - effective february 1 , 2017 , we entered into an exclusive oem distribution agreement with esthetic education , llc to be the exclusive marketer and seller of private label versions of the skinstylus® microsystem and associated parts under the name of stratapen . this three-year agreement has minimum annual sales requirements for renewal . the company does not expect to meet the criteria for renewal . during 2017 we entered into an agreement to license the nordlys product line from ellipse a/s . in 2018 , following the financing , we determined we would no longer market the line and the agreement was terminated . for 2017 quarterly sales of the nordlys product line were $ 0 , $ 391 , $ 118 , $ 698 for the first through fourth quarters of 2017 , respectively . for 2018 quarterly sales were $ 218 , $ 59 , $ 57 and $ 75 for the first through fourth quarters of 2018 , respectively . we discontinued carrying the nordlys product line and the distribution agreement with ellipse a/s was terminated on may 31 , 2018. key technology xtrac® excimer laser . xtrac received fda clearance in 2000 and has since become a widely recognized treatment among dermatologists for psoriasis and other skin diseases . the xtrac excimer laser delivers ultra-narrowband ultraviolet b ( “ uvb ” ) light to affected areas of skin . following a series of treatments typically performed twice weekly , psoriasis remission can be achieved , and vitiligo patches can be re-pigmented . xtrac is endorsed by the national psoriasis foundation , and its use for psoriasis is covered by nearly all major insurance companies , including medicare . we estimate that more than half of all major insurance companies now offer reimbursement for vitiligo as well , a figure that is increasing . in the third quarter of 2018 we announced the fda granted clearance for our multi micro dose ( mmd ) tip for our xtrac excimer laser . the mmd tip accessory is indicated for use in conjunction with the xtrac laser system to filter the narrow band uvb ( “ nb-uvb ” ) light at delivery in order to calculate and individualize the maximum non-blistering dose for a particular patient . in the third quarter of 2018 we announced the launch of our s3 , the next generation xtrac . the s3 is smaller , faster and has a smart user interface . vtrac® lamp . vtrac received fda clearance in 2005 and provides targeted therapeutic efficacy demonstrated by excimer technology with the simplicity of design and reliability of a lamp system . stratapen® . stratapen uses the patent-pending biolock cartridge . the biolock needle depth can be adjusted during the course of the procedure to accommodate different treatment areas and can easily maneuver around facial contours and delicate features , such as the eyes , nose and mouth . recent developments equity financing on march 30 , 2018 , we entered into multiple agreements in order to obtain $ 17.0 million of equity financing from the following sources : on may 29 , 2018 , we completed the sale and issuance ( the “ financing ” ) of 15,740,741 shares of the company 's common stock , subject to customary post-closing adjustments , to accelmed growth partners l.p. ( `` accelmed `` ) , broadfin capital llc ( `` broadfin `` ) , sabby management llc ( `` sabby `` ) , gohan investments , ltd. and dr. dolev rafaeli , our president and chief executive officer , for gross proceeds of $ 17.0 million at a per share price of $ 1.08. the various stock purchase agreements were entered into on march 30 , 2018 ( collectively , the “ spas ” ) . we incurred $ 2.3 million of costs related to the financing during the year ended december 31 , 2018 , which have been offset against the proceeds in the accompanying financial statements . these costs included $ 500 to accelmed for legal fees , consulting and due diligence costs related to the stock purchase agreement . in addition , we incurred placement agent fees in the amount of $ 1.4 million , among other costs directly related to the financing . - 34 - in further consideration of entering into their respective stock purchase agreements , sabby and broadfin have each entered into separate agreements restricting their abilities to sell their holdings ( the “ leak-out agreements ” ) . under the terms of each of the respective leak-out agreements , the stockholder agreed that from the later of ( a ) the date that the approval by the shareholders of the transactions is deemed effective and ( b ) the closing of the transactions contemplated pursuant to the spa , the stockholder shall not sell dispose or otherwise transfer , directly or indirectly , ( including , without limitation , any sales , short sales , swaps or any derivative transactions that would be equivalent to any sales or short positions ) any shares of common stock of the company held by the stockholder on the date hereof or issuable to the stockholder upon conversion of shares of the company 's series c convertible preferred stock held by the stockholder on the date hereof , ( a ) if prior to april 1 , 2019 , at a price per share of the company 's common stock less than $ 1.296 , subject to adjustment for reverse and forward stock splits and the like , or ( b ) thereafter , at a price per share reflecting less than the price set forth on the schedule in the leak-out agreements subject to adjustment for reverse and forward stock splits and the like , unless , ( 1 ) in the case of either clause ( a ) or ( b ) , otherwise approved by the company 's board of directors , story_separator_special_tag considerable management judgment is necessary to assess recoverable amounts of intangible assets and measure fair value of the intangible assets that were impaired as such measurements involve estimation of future revenues , royalty rates , profit margins and other cash flows . changes in our actual results and or estimates or any of our other assumptions used in our analysis could result in a different conclusion . income taxes as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process requires us to estimate our actual current tax exposure and make an assessment of temporary differences resulting from differing treatment of items , for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included within our consolidated balance sheet . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not more likely than not , we establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the tax provision in the consolidated statement of operations and comprehensive loss . significant management judgment is required in determining any valuation allowance recorded against our deferred tax assets . in the event that we generate taxable income in the jurisdictions in which we operate and in which we have net operating loss carry-forwards , we may be required to adjust our valuation allowance . - 38 - asc topic 740-10 requires that we recognize in our financial statements the impact of a tax position , if that position will more likely than not be sustained upon examination , based on the technical merits of the position , without regard to the likelihood that the tax position may be challenged . if an uncertain tax position meets the “ more-likely-than-not ” threshold , the largest amount of tax benefit , that is greater than 50 % , likely to be recognized upon ultimate settlement with the taxing authority is recorded . we do not have any uncertain tax positions or accrued penalties and interest . if such matters were to arise , we would recognize interest and penalties related to income tax matters in income tax expense . stock-based compensation we account for stock based compensation to employees in accordance with the “ share-based payment ” accounting standard . the standard requires estimating the fair value of equity-based payment awards on the date of grant using an option-pricing model . the value of the award is recognized as an expense over the requisite service periods in our consolidated statements of operations and comprehensive loss . for performance-based awards , we recognize the expense only if we deem it probable that the vesting condition will occur . there were no performance awards granted in 2018 or 2017. the fair value of employee stock options is estimated using a black-scholes valuation model . compensation costs are recognized over the requisite service period . total stock-based compensation expense was $ 904 and $ 186 for the years ended december 31 , 2018 and 2017 , respectively . fair value measurements we measure fair value in accordance with financial accounting standards board accounting standards codification 820 , fair value measurements and disclosures ( “ asc topic 820 ” ) . asc topic 820 defines fair value , establishes a framework and gives guidance regarding the methods used for measuring fair value , and expands disclosures about fair value measurements . fair value is an exit price , representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants . as such , fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability . as a basis for considering such assumptions there exists a three-tier fair-value hierarchy , which prioritizes the inputs used in measuring fair value . our derivative financial instruments were measured using significant unobservable inputs ( level 3 ) . results of operations ( the following financial data , in this narrative , are expressed in thousands , except for the earnings per share and per treatment . amounts have been revised to give effect to the restatements of the 2017 financial statements as described in note 2 to the consolidated financial statements . ) revenues the following table presents revenues from our three segments for the periods indicated below : replace_table_token_1_th dermatology recurring procedures revenues from dermatology recurring procedures for the year ended december 31 , 2018 was $ 21,053 which approximates 300,000 treatments , with prices from $ 65 to $ 95 per treatment . revenues from dermatology recurring procedures for the year ended december 31 , 2017 was $ 22,954 which approximates 328,000 treatments , with prices from $ 65 to $ 95 per treatment . - 39 - increases in procedures are dependent upon building market acceptance through marketing programs with our physician partners and their patients to show that the xtrac procedures will be of clinical benefit and will be generally reimbursed by insurers . we believe that several factors have had a negative impact on the prescribed use of xtrac treatments for psoriasis and vitiligo patients . specifically , we believe that there is a lack of awareness of the positive effects of xtrac treatments among both sufferers and providers ; and the treatment regimen which can sometimes require up to 12 or more treatments has limited xtrac use to certain patient populations . therefore , we have initiated a direct to patient program for xtrac advertising in the united states , targeting psoriasis and vitiligo patients through a variety of media including television and radio ; and

