international in november 2016 , we signed an exclusive distribution agreement with medikit co. , ltd. ( “ medikit ” ) to sell our diamondback 360 ® coronary and peripheral oas in japan . in march 2017 , we received approval from japan 's ministry of health , labor and welfare for our diamondback 360 ® coronary oas micro crown . pending reimbursement approval , japan will be the first international market for any of our products . we are currently evaluating options for additional international markets to expand the coronary and peripheral opportunities . financial overview net revenues . we derive substantially all of our revenues from the sale of peripheral oas , the coronary oas and ancillary products . the peripheral oas and coronary oas each use a disposable , single-use , low-profile catheter that travels over our proprietary viperwire guide wire . the systems use a saline infusion pump as a power supply for the operation of the catheter . additional ancillary products include the viperslide lubricant and vipertrack radiopaque tape . cost of goods sold . we assemble the single-use catheter with components purchased from third-party suppliers , as well as with components manufactured in-house . the infusion pump and guide wires are purchased from third-party suppliers . our cost of goods sold consists primarily of raw materials , direct labor , and manufacturing overhead . selling , general and administrative expenses . selling , general and administrative expenses include compensation for executive , sales , marketing , finance , information technology , human resources and administrative personnel , including stock-based compensation . other significant expenses include the medical device excise tax , bad debt expense , travel , marketing costs , professional fees and professional education . research and development expenses . research and development expenses include costs associated with the design , development , testing , enhancement and regulatory approval of our products . research and development expenses include employee compensation including stock-based compensation , supplies and materials , patent expenses , consulting expenses , travel and facilities overhead . we also incur significant expenses to operate clinical trials , including trial design , third-party fees , clinical site reimbursement , data management and travel expenses . all research and development expenses are expensed as incurred . approved patent applications are capitalized and amortized using the straight-line method over their remaining estimated lives . patent amortization begins at the time of patent application approval , and does not exceed 20 years . other ( income ) and expense , net . other ( income ) and expense , net primarily includes interest expense from amounts owed under the facility lease and doj settlement , and interest income from money market funds . net operating loss carryforwards . we have established valuation allowances to fully offset our deferred tax assets due to the uncertainty about our ability to generate the future taxable income necessary to realize these deferred assets , particularly in light of our historical losses . the future use of net operating loss carryforwards is dependent on us attaining profitable operations and will be limited in any one year under internal revenue code section 382 due to significant ownership changes ( as defined in section 382 ) resulting from our equity financings . at june 30 , 2017 , we had net operating loss carryforwards for federal and state income tax reporting purposes of approximately $ 239.3 million , which will expire at various dates through fiscal 2036 . 33 critical accounting policies and significant judgments and estimates our management 's discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . the preparation of our consolidated financial statements requires us to make estimates , assumptions and judgments that affect amounts reported in those statements . our estimates , assumptions and judgments , including those related to revenue recognition , allowance for doubtful accounts , excess and obsolete inventory , and stock-based compensation are updated as appropriate at least quarterly . we use authoritative pronouncements , our technical accounting knowledge , cumulative business experience , valuation specialists , judgment and other factors in the selection and application of our accounting policies . while we believe that the estimates , assumptions and judgments that we use in preparing our consolidated financial statements are appropriate , these estimates , assumptions and judgments are subject to factors and uncertainties regarding their outcome . therefore , actual results may materially differ from these estimates . some of our significant accounting policies require us to make subjective or complex judgments or estimates . an accounting estimate is considered to be critical if it meets both of the following criteria : ( 1 ) the estimate requires assumptions about matters that are highly uncertain at the time the accounting estimate is made , and ( 2 ) different estimates that reasonably could have been used , or changes in the estimate that are reasonably likely to occur from period to period , would have a material impact on the presentation of our financial condition , results of operations , or cash flows . revenue recognition . we sell the majority of our products via direct shipment to hospitals or clinics . we recognize revenue when all of the following criteria are met : persuasive evidence of an arrangement exists ; delivery has occurred ; the sales price is fixed or determinable ; and collectability is reasonably assured . revenue recognition may occur upon shipment or upon delivery to the customer site , based on the contract terms . we record estimated sales returns , discounts and rebates as a reduction of net sales . costs related to products delivered are recognized in the period the revenue is recognized . story_separator_special_tag research and development expenses decreased by $ 5.0 million , or 16.3 % , from $ 31.0 million for the year ended june 30 , 2015 to $ 25.9 million for the year ended june 30 , 2016. research and development expenses relate to the specific projects to develop new products or expand into new markets , such as the development of new versions of our peripheral oas and coronary oas , and ancillary products , and pad and cad clinical studies . the decrease primarily related to the completion of enrollment in several of our clinical studies . research and development expenses for the years ended june 30 , 2016 and 2015 include $ 1.8 million and $ 1.5 million , respectively , for stock-based compensation . 37 restructuring charges . in march 2016 , we announced a broad-based restructuring to reduce costs as a key part of our plan to balance revenue growth with a pathway to profitability and positive cash flow . as a result , we recorded a restructuring expense of $ 2.4 million during the year ended june 30 , 2016 , which was comprised of severance and other employee related costs . legal settlement . on june 28 , 2016 , we entered into a settlement agreement with the united states of america , acting through the doj and on behalf of the office of inspector general of the department of health and human services , and the relator , to resolve the previously disclosed investigation by the doj and the qui tam complaint filed by the relator pursuant to the false claims act in the u.s. district court for the western district of north carolina , charlotte division . we recorded an $ 8.0 million legal settlement expense during the year ended june 30 , 2016. non-gaap financial information to supplement our consolidated financial statements prepared in accordance with gaap , our management uses a non-gaap financial measure referred to as “ adjusted ebitda . ” the following table sets forth , for the periods indicated , a reconciliation of adjusted ebitda to the most comparable united states gaap measure expressed as dollar amounts ( in thousands ) : replace_table_token_5_th adjusted ebitda improved as compared to the prior year due to the lower loss from operations as a result of higher revenues and lower costs , slightly offset by lower stock based compensation as a result of reduced headcount . use and economic substance of non-gaap financial measures used and usefulness of such non-gaap financial measures to investors we use adjusted ebitda as a supplemental measure of performance and believe this measure facilitates operating performance comparisons from period to period and company to company by factoring out potential differences caused by depreciation and amortization expense and non-cash charges such as stock-based compensation . our management uses adjusted ebitda to analyze the underlying trends in our business , assess the performance of our core operations , establish operational goals and forecasts that are used to allocate resources and evaluate our performance period over period and in relation to our competitors ' operating results . additionally , our management is partially evaluated on the basis of adjusted ebitda when determining achievement of their incentive compensation performance targets . management does not use this adjusted ebitda measure as a liquidity measure or in the calculation of our financial covenants under the revolving credit facility with silicon valley bank . we believe that presenting adjusted ebitda provides investors greater transparency to the information used by our management for its financial and operational decision-making and allows investors to see our results “ through the eyes ” of management . we also believe that providing this information better enables our investors to understand our operating performance and evaluate the methodology used by our management to evaluate and measure such performance . the following is an explanation of each of the items that management excluded from adjusted ebitda and the reasons for excluding each of these individual items : stock-based compensation . our management believes that excluding this item from our non-gaap results is useful to investors to understand the application of stock-based compensation guidance and its impact on our operational performance and ability to make additional investments in the company , and it allows for greater transparency to certain line items in our financial statements . depreciation and amortization expense . our management believes that excluding these items from our non-gaap results is useful to investors to understand our operational performance and ability to make additional investments in the company . 38 material limitations associated with the use of non-gaap financial measures and manner in which we compensate for these limitations non-gaap financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap . some of the limitations associated with our use of these non-gaap financial measures are : items such as stock-based compensation do not directly affect our cash flow position ; however , such items reflect economic costs to us and are not reflected in our adjusted ebitda , and therefore these non-gaap measures do not reflect the full economic effect of these items . non-gaap financial measures are not based on any comprehensive set of accounting rules or principles and therefore other companies may calculate similarly titled non-gaap financial measures differently than we do , limiting the usefulness of those measures for comparative purposes . our management exercises judgment in determining which types of charges or other items should be excluded from the non-gaap financial measures we use . we compensate for these limitations by relying primarily upon our gaap results and using non-gaap financial measures only supplementally . liquidity and capital resources we had cash and cash equivalents of $ 107.9 million and $ 60.6 million at june 30 , 2017 and 2016 , respectively . during the year ended june 30 , 2017 , net cash provided by

. net cash used in investing activities was $ 1.8 million , $ 3.8 million , and $ 23.0 million for the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash used in fiscal 2017 was primarily due to the purchase of property and equipment and patents . during fiscal 2016 , cash was used primarily for the purchase of property and equipment and patents , and for the issuance of a convertible note receivable , partially offset by the sale of available-for-sale marketable securities under the deferred compensation plan . during fiscal 2015 , cash was used primarily for the construction of our new headquarters and the related equipment purchases . in addition , we purchased available-for-sale marketable securities for the deferred compensation plans . financing activities . net cash provided by financing activities was $ 29.5 million , $ 4.1 million , and $ 2.6 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash provided by financing activities during these periods included : proceeds of $ 20.9 million from the sale of the facility in march 2017. employee stock purchase plan purchases of $ 3.3 million , $ 3.1 million , and $ 2.9 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . proceeds from the exercise of stock options of $ 5.3 million , $ 1.0 million , and $ 2.2 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash used in financing activities in these periods included payments on long-term debt of $ 2.4 million during the year ended june 30 , 2015 .


 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.
     ```. net cash used in investing activities was $ 1.8 million , $ 3.8 million , and $ 23.0 million for the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash used in fiscal 2017 was primarily due to the purchase of property and equipment and patents . during fiscal 2016 , cash was used primarily for the purchase of property and equipment and patents , and for the issuance of a convertible note receivable , partially offset by the sale of available-for-sale marketable securities under the deferred compensation plan . during fiscal 2015 , cash was used primarily for the construction of our new headquarters and the related equipment purchases . in addition , we purchased available-for-sale marketable securities for the deferred compensation plans . financing activities . net cash provided by financing activities was $ 29.5 million , $ 4.1 million , and $ 2.6 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash provided by financing activities during these periods included : proceeds of $ 20.9 million from the sale of the facility in march 2017. employee stock purchase plan purchases of $ 3.3 million , $ 3.1 million , and $ 2.9 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . proceeds from the exercise of stock options of $ 5.3 million , $ 1.0 million , and $ 2.2 million during the years ended june 30 , 2017 , 2016 , and 2015 , respectively . cash used in financing activities in these periods included payments on long-term debt of $ 2.4 million during the year ended june 30 , 2015 .
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 Suspicious Activity Report : international in november 2016 , we signed an exclusive distribution agreement with medikit co. , ltd. ( “ medikit ” ) to sell our diamondback 360 ® coronary and peripheral oas in japan . in march 2017 , we received approval from japan 's ministry of health , labor and welfare for our diamondback 360 ® coronary oas micro crown . pending reimbursement approval , japan will be the first international market for any of our products . we are currently evaluating options for additional international markets to expand the coronary and peripheral opportunities . financial overview net revenues . we derive substantially all of our revenues from the sale of peripheral oas , the coronary oas and ancillary products . the peripheral oas and coronary oas each use a disposable , single-use , low-profile catheter that travels over our proprietary viperwire guide wire . the systems use a saline infusion pump as a power supply for the operation of the catheter . additional ancillary products include the viperslide lubricant and vipertrack radiopaque tape . cost of goods sold . we assemble the single-use catheter with components purchased from third-party suppliers , as well as with components manufactured in-house . the infusion pump and guide wires are purchased from third-party suppliers . our cost of goods sold consists primarily of raw materials , direct labor , and manufacturing overhead . selling , general and administrative expenses . selling , general and administrative expenses include compensation for executive , sales , marketing , finance , information technology , human resources and administrative personnel , including stock-based compensation . other significant expenses include the medical device excise tax , bad debt expense , travel , marketing costs , professional fees and professional education . research and development expenses . research and development expenses include costs associated with the design , development , testing , enhancement and regulatory approval of our products . research and development expenses include employee compensation including stock-based compensation , supplies and materials , patent expenses , consulting expenses , travel and facilities overhead . we also incur significant expenses to operate clinical trials , including trial design , third-party fees , clinical site reimbursement , data management and travel expenses . all research and development expenses are expensed as incurred . approved patent applications are capitalized and amortized using the straight-line method over their remaining estimated lives . patent amortization begins at the time of patent application approval , and does not exceed 20 years . other ( income ) and expense , net . other ( income ) and expense , net primarily includes interest expense from amounts owed under the facility lease and doj settlement , and interest income from money market funds . net operating loss carryforwards . we have established valuation allowances to fully offset our deferred tax assets due to the uncertainty about our ability to generate the future taxable income necessary to realize these deferred assets , particularly in light of our historical losses . the future use of net operating loss carryforwards is dependent on us attaining profitable operations and will be limited in any one year under internal revenue code section 382 due to significant ownership changes ( as defined in section 382 ) resulting from our equity financings . at june 30 , 2017 , we had net operating loss carryforwards for federal and state income tax reporting purposes of approximately $ 239.3 million , which will expire at various dates through fiscal 2036 . 33 critical accounting policies and significant judgments and estimates our management 's discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . the preparation of our consolidated financial statements requires us to make estimates , assumptions and judgments that affect amounts reported in those statements . our estimates , assumptions and judgments , including those related to revenue recognition , allowance for doubtful accounts , excess and obsolete inventory , and stock-based compensation are updated as appropriate at least quarterly . we use authoritative pronouncements , our technical accounting knowledge , cumulative business experience , valuation specialists , judgment and other factors in the selection and application of our accounting policies . while we believe that the estimates , assumptions and judgments that we use in preparing our consolidated financial statements are appropriate , these estimates , assumptions and judgments are subject to factors and uncertainties regarding their outcome . therefore , actual results may materially differ from these estimates . some of our significant accounting policies require us to make subjective or complex judgments or estimates . an accounting estimate is considered to be critical if it meets both of the following criteria : ( 1 ) the estimate requires assumptions about matters that are highly uncertain at the time the accounting estimate is made , and ( 2 ) different estimates that reasonably could have been used , or changes in the estimate that are reasonably likely to occur from period to period , would have a material impact on the presentation of our financial condition , results of operations , or cash flows . revenue recognition . we sell the majority of our products via direct shipment to hospitals or clinics . we recognize revenue when all of the following criteria are met : persuasive evidence of an arrangement exists ; delivery has occurred ; the sales price is fixed or determinable ; and collectability is reasonably assured . revenue recognition may occur upon shipment or upon delivery to the customer site , based on the contract terms . we record estimated sales returns , discounts and rebates as a reduction of net sales . costs related to products delivered are recognized in the period the revenue is recognized . story_separator_special_tag research and development expenses decreased by $ 5.0 million , or 16.3 % , from $ 31.0 million for the year ended june 30 , 2015 to $ 25.9 million for the year ended june 30 , 2016. research and development expenses relate to the specific projects to develop new products or expand into new markets , such as the development of new versions of our peripheral oas and coronary oas , and ancillary products , and pad and cad clinical studies . the decrease primarily related to the completion of enrollment in several of our clinical studies . research and development expenses for the years ended june 30 , 2016 and 2015 include $ 1.8 million and $ 1.5 million , respectively , for stock-based compensation . 37 restructuring charges . in march 2016 , we announced a broad-based restructuring to reduce costs as a key part of our plan to balance revenue growth with a pathway to profitability and positive cash flow . as a result , we recorded a restructuring expense of $ 2.4 million during the year ended june 30 , 2016 , which was comprised of severance and other employee related costs . legal settlement . on june 28 , 2016 , we entered into a settlement agreement with the united states of america , acting through the doj and on behalf of the office of inspector general of the department of health and human services , and the relator , to resolve the previously disclosed investigation by the doj and the qui tam complaint filed by the relator pursuant to the false claims act in the u.s. district court for the western district of north carolina , charlotte division . we recorded an $ 8.0 million legal settlement expense during the year ended june 30 , 2016. non-gaap financial information to supplement our consolidated financial statements prepared in accordance with gaap , our management uses a non-gaap financial measure referred to as “ adjusted ebitda . ” the following table sets forth , for the periods indicated , a reconciliation of adjusted ebitda to the most comparable united states gaap measure expressed as dollar amounts ( in thousands ) : replace_table_token_5_th adjusted ebitda improved as compared to the prior year due to the lower loss from operations as a result of higher revenues and lower costs , slightly offset by lower stock based compensation as a result of reduced headcount . use and economic substance of non-gaap financial measures used and usefulness of such non-gaap financial measures to investors we use adjusted ebitda as a supplemental measure of performance and believe this measure facilitates operating performance comparisons from period to period and company to company by factoring out potential differences caused by depreciation and amortization expense and non-cash charges such as stock-based compensation . our management uses adjusted ebitda to analyze the underlying trends in our business , assess the performance of our core operations , establish operational goals and forecasts that are used to allocate resources and evaluate our performance period over period and in relation to our competitors ' operating results . additionally , our management is partially evaluated on the basis of adjusted ebitda when determining achievement of their incentive compensation performance targets . management does not use this adjusted ebitda measure as a liquidity measure or in the calculation of our financial covenants under the revolving credit facility with silicon valley bank . we believe that presenting adjusted ebitda provides investors greater transparency to the information used by our management for its financial and operational decision-making and allows investors to see our results “ through the eyes ” of management . we also believe that providing this information better enables our investors to understand our operating performance and evaluate the methodology used by our management to evaluate and measure such performance . the following is an explanation of each of the items that management excluded from adjusted ebitda and the reasons for excluding each of these individual items : stock-based compensation . our management believes that excluding this item from our non-gaap results is useful to investors to understand the application of stock-based compensation guidance and its impact on our operational performance and ability to make additional investments in the company , and it allows for greater transparency to certain line items in our financial statements . depreciation and amortization expense . our management believes that excluding these items from our non-gaap results is useful to investors to understand our operational performance and ability to make additional investments in the company . 38 material limitations associated with the use of non-gaap financial measures and manner in which we compensate for these limitations non-gaap financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap . some of the limitations associated with our use of these non-gaap financial measures are : items such as stock-based compensation do not directly affect our cash flow position ; however , such items reflect economic costs to us and are not reflected in our adjusted ebitda , and therefore these non-gaap measures do not reflect the full economic effect of these items . non-gaap financial measures are not based on any comprehensive set of accounting rules or principles and therefore other companies may calculate similarly titled non-gaap financial measures differently than we do , limiting the usefulness of those measures for comparative purposes . our management exercises judgment in determining which types of charges or other items should be excluded from the non-gaap financial measures we use . we compensate for these limitations by relying primarily upon our gaap results and using non-gaap financial measures only supplementally . liquidity and capital resources we had cash and cash equivalents of $ 107.9 million and $ 60.6 million at june 30 , 2017 and 2016 , respectively . during the year ended june 30 , 2017 , net cash provided by

