our customers operate in diverse markets , such as automotive manufacturing , heavy industry , retail and wholesale distribution , transportation , aviation , aerospace and defense , homeland security and vehicle rental . we have incurred net losses of approximately $ 10.0 million , $ 6.4 million and $ 3.9 million for the years ended december 31 , 2015 , 2016 and 2017 respectively , and have incurred additional net losses since inception . as of december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 16.9 million , working capital of $ 10.1 million , and an accumulated deficit of $ 95.4 million . our primary sources of cash are cash flows from operating activities and the company 's holdings of cash , cash equivalents and investments from the sale of common stock . to date , the company has not generated sufficient cash flow solely from operating activities to fund our operations . during the year ended december 31 , 2017 , we generated revenues of $ 41.0 million with wal-mart stores , inc. accounting for 16 % of our revenues . during the year ended december 31 , 2016 , we generated revenues of $ 36.8 million with wal-mart stores , inc. accounting for 18 % of our revenues . during the year ended december 31 , 2015 , we generated revenues of $ 41.8 million with wal-mart stores , inc. accounting for 23 % of our revenues . on july 17 , 2017 , we closed an underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $ 5.75. in addition , the underwriters of the public offering exercised in full their option to purchase an additional 391,304 shares of common stock . including this option exercise , the aggregate gross proceeds from the offering of a total of 2,999,999 shares of common stock , before deducting discounts and commissions and offering expenses , were approximately $ 17.3 million . net proceeds from the public offering were approximately $ 16.1 million . we used a portion of the net proceeds from the offering to fund the keytroller acquisition ( as defined below ) and intends to use the remaining portion of the net proceeds for general corporate purposes . on july 31 , 2017 , the company , together with our wholly-owned subsidiary keytroller , llc , a delaware limited liability company ( “ keytroller ” ) , acquired substantially all of the assets of keytroller , llc , a florida limited liability company ( “ keytroller fl ” and such acquisition , the “ keytroller acquisition ” ) . the business we acquired in the keytroller acquisition develops and markets electronic products for managing forklifts and construction vehicles . the keytroller acquisition gives us a full suite of industrial fleet management product offerings capable of covering any sized fleet and budget and provides our industrial truck business more scale , both from a product and revenue standpoint and markets its line of forklift management devices mainly through a network of lift truck dealers , offering solutions for different fleet sizes at a wide range of price points . in 2017 , we improved our next generation vehicle management system on-vehicle platform and improved our product line of over-the-road asset management solutions , as described below : ● we increased the performance and reliability of our fourth-generation on-vehicle device , the vac4 , which we expect to provide benefits to both the company ( primarily through lower costs , fewer product sku 's , easier installation , integration with our hosted service offering , and expanded functional capabilities ) and end users ( including a simpler , universal interface with multiple vehicle types , reduced installation time , reduced upgrade time , compatibility with all known driver id cards , newer wireless networking protocols , a larger display for vehicle operators , and enhancements to the content and style of the information displayed ) ; we also upgraded our core processor and firmware platform to simplify ongoing development , testing and upgrade , as well as improve development quality and timeliness ; ● we increased the performance and reliability of three new transportation asset management products , the gsm-d400 , an intermodal container tracking system , the gsm-d150 , an intermodal chassis tracking device , and the gsm-d300 , a dry van management system with an advanced cargo sensor , which enables customers to perform full-function asset monitoring with either satellite or cellular communications ; ● we initiated two new product development projects for the transportation asset management product line that will enable the use of lte cellular communication as well as the incorporation of wireless sensors ; and ● we developed and delivered our next-generation motor-vehicle asset communicator , tailored to the needs of both on-lot and off-lot car rental - and for the connected car market in general , including lte cellular communication , improved , hardened , secure firmware and a more secure , scalable software platform ; and ● we improved the enterprise analysis capabilities of our analytics platform for multi-site , multi-region customers . 36 we are highly dependent upon sales of our system to a few customers . the loss of any of these key customers , or any material reduction in the amount of our products they purchase during a particular period , could materially and adversely affect our revenues for such period . conversely , a material increase in the amount of our products purchased by a key customer ( or customers ) during a particular period could result in a significant increase in our revenues for such period , and such increased revenues may not recur in subsequent periods . story_separator_special_tag revenues increased by approximately $ 4.1 million , or 11.2 % , to $ 41.0 million in 2017 from $ 36.8 million in 2016. the increase in revenue is attributable to an increase in total industrial truck asset management and connected vehicles revenue of approximately $ 5.7 million to $ 26.7 million in 2017 from $ 21.0 million in 2016 , partially offset by a decrease in total transportation asset management revenue of approximately $ 1.6 million to $ 14.3 million in 2017 from $ 15.8 million in 2016. revenues from products increased by approximately $ 2.2 million , or 10.2 % , to $ 23.6 million in 2017 from $ 21.4 million in 2016. industrial truck asset management and connected vehicles product revenue increased by approximately $ 3.2 million to $ 17.5 million in 2017 from $ 14.3 million in 2016. the increase in industrial truck asset management and connected vehicles product revenue resulted principally from increased product sales of approximately $ 3.5 million in product sales from keytroller . transportation asset management product revenue decreased by approximately $ 1.0 million to $ 6.0 million in 2017 from $ 7.1 million in 2016. the decrease in transportation asset management product revenue resulted principally from decreased spare parts sales . revenues from services increased by approximately $ 2.0 million , or 12.6 % , to $ 17.4 million in 2017 from $ 15.5 million in 2016. industrial truck asset management and connected vehicles service revenue increased by approximately $ 2.5 million to $ 9.2 million in 2017 from $ 6.7 million in 2016 , principally due to increased service revenue pursuant to a statement of work ( “ sow # 4 ” ) we entered into with avis budget car rental , llc ( “ abcr ” ) in march 2017. transportation asset management service revenue decreased by approximately $ 0.5 million to $ 8.3 million in 2017 from $ 8.8 million in 2016 principally due to a decrease in revenue per active units . the following table sets forth our cost of revenues by product line for the periods indicated : replace_table_token_7_th 42 cost of revenues . cost of revenues increased by approximately $ 1.5 million , or 8.1 % , to $ 20.0 million in 2017 from $ 18.5 million for the same period in 2016. gross profit was $ 20.9 million in 2017 compared to $ 18.3 million for the same period in 2016. as a percentage of revenues , gross profit increased to 51.1 % in 2017 from 49.7 % in 2016. cost of products decreased by approximately $ 0.6 million , or 4.2 % , to $ 13.5 million in 2016 from $ 14.0 million in the same period in 2016. gross profit for products was $ 10.1 million in 2017 compared to $ 7.3 million in 2016. the increase in gross profit was attributable to an increase of approximately $ 3.1 million in the industrial truck asset management and connected vehicles gross profit to $ 8.9 million in 2015 from $ 5.8 million in 2016. the transportation asset management gross profit decreased approximately $ 0.4 million to $ 1.2 million in 2017 from $ 1.6 in 2016. as a percentage of product revenues , gross profit increased to 42.9 % in 2017 from 34.3 % in 2016. the increase in gross profit as a percentage of product revenue was due to an increase in the industrial truck asset management and connected vehicles gross profit percentage to 50.8 % in 2017 from 40.3 % in 2016 , which was principally due to improved customer pricing . the transportation asset management product revenue gross profit percentage decreased to 19.9 % in 2017 from 22.2 % in 2016 principally due to an increase in warranty expense . cost of services increased by approximately $ 2.1 million , or 46.4 % , to $ 6.6 million in 2017 from $ 4.5 million in 2016. gross profit for services was $ 10.8 million in 2017 compared to $ 11.0 million in 2016. the decrease in gross profit was attributable to a decrease in the transportation asset management gross profit of approximately $ 0.3 million to $ 5.9 million in 2017 from $ 6.2 million in 2016 , partially offset by increase of approximately $ 0.2 million in the industrial truck asset management and connected vehicles gross profit to $ 4.9 million in 2017 from $ 4.7 million in 2016. as a percentage of service revenues , gross profit decreased to 62.2 % in 2017 from 70.9 % in 2016. the decrease in gross profit as a percentage of service revenue was principally due to a decrease in the industrial truck asset management and connected vehicles management gross profit percentage to 53.8 % in 2017 from 70.8 % in 2016 principally due to a lower gross margin on the development project portion of the sow # 4 we entered into with avis . the transportation asset management gross profit percentage of 71.5 % in 2017 remained generally consistent with the gross profit percentage of 71.0 % in 2016. selling , general and administrative expenses . selling , general and administrative expenses ( “ sg & a ” ) increased by approximately $ 0.9 million , or 4.6 % , to $ 21.1 million in 2017 compared to $ 20.1 million in the same period in 2016. the increase was principally due to approximately $ 1.0 million in in sg & a expenses from keytroller , $ 0.7 million increase in stock-based compensation and $ 0.4 in acquisition related fees , partially offset by a $ 0.7 million decrease in severance costs and $ 0.8 million decrease in foreign currency translation . as a percentage of revenues , selling , general and administrative expenses decreased to 51.4 % in 2017 from 54.7 % in the same period in 2016 , primarily due to the increase in revenues from 2016 to 2017. research and development expenses . research and development expenses decreased

liquidity and capital resources historically , our capital requirements have been funded primarily from the net proceeds from the issuance of our securities , including any issuances of our common stock upon the exercise of options . as of december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 16.9 million and working capital of $ 10.1 million , compared to cash , cash equivalents and marketable securities of $ 6.9 million and working capital of $ 10.1 million as of december 31 , 2016. on may 12 , 2017 , we filed a shelf registration statement on form s-3 that was declared effective by the securities and exchange commission ( the “ sec ” ) on may 18 , 2017. pursuant to the shelf registration statement , we may offer to the public from time to time , in one or more offerings , up to $ 60.0 million of our common stock , preferred stock , warrants , debt securities , and units , or any combination of the foregoing , at prices and on terms to be determined at the time of any such offering . the specific terms of any future offering will be determined at the time of the offering and described in a prospectus supplement that will be filed with the sec in connection with such offering .


 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 historically , our capital requirements have been funded primarily from the net proceeds from the issuance of our securities , including any issuances of our common stock upon the exercise of options . as of december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 16.9 million and working capital of $ 10.1 million , compared to cash , cash equivalents and marketable securities of $ 6.9 million and working capital of $ 10.1 million as of december 31 , 2016. on may 12 , 2017 , we filed a shelf registration statement on form s-3 that was declared effective by the securities and exchange commission ( the “ sec ” ) on may 18 , 2017. pursuant to the shelf registration statement , we may offer to the public from time to time , in one or more offerings , up to $ 60.0 million of our common stock , preferred stock , warrants , debt securities , and units , or any combination of the foregoing , at prices and on terms to be determined at the time of any such offering . the specific terms of any future offering will be determined at the time of the offering and described in a prospectus supplement that will be filed with the sec in connection with such offering .
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 Suspicious Activity Report : our customers operate in diverse markets , such as automotive manufacturing , heavy industry , retail and wholesale distribution , transportation , aviation , aerospace and defense , homeland security and vehicle rental . we have incurred net losses of approximately $ 10.0 million , $ 6.4 million and $ 3.9 million for the years ended december 31 , 2015 , 2016 and 2017 respectively , and have incurred additional net losses since inception . as of december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 16.9 million , working capital of $ 10.1 million , and an accumulated deficit of $ 95.4 million . our primary sources of cash are cash flows from operating activities and the company 's holdings of cash , cash equivalents and investments from the sale of common stock . to date , the company has not generated sufficient cash flow solely from operating activities to fund our operations . during the year ended december 31 , 2017 , we generated revenues of $ 41.0 million with wal-mart stores , inc. accounting for 16 % of our revenues . during the year ended december 31 , 2016 , we generated revenues of $ 36.8 million with wal-mart stores , inc. accounting for 18 % of our revenues . during the year ended december 31 , 2015 , we generated revenues of $ 41.8 million with wal-mart stores , inc. accounting for 23 % of our revenues . on july 17 , 2017 , we closed an underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $ 5.75. in addition , the underwriters of the public offering exercised in full their option to purchase an additional 391,304 shares of common stock . including this option exercise , the aggregate gross proceeds from the offering of a total of 2,999,999 shares of common stock , before deducting discounts and commissions and offering expenses , were approximately $ 17.3 million . net proceeds from the public offering were approximately $ 16.1 million . we used a portion of the net proceeds from the offering to fund the keytroller acquisition ( as defined below ) and intends to use the remaining portion of the net proceeds for general corporate purposes . on july 31 , 2017 , the company , together with our wholly-owned subsidiary keytroller , llc , a delaware limited liability company ( “ keytroller ” ) , acquired substantially all of the assets of keytroller , llc , a florida limited liability company ( “ keytroller fl ” and such acquisition , the “ keytroller acquisition ” ) . the business we acquired in the keytroller acquisition develops and markets electronic products for managing forklifts and construction vehicles . the keytroller acquisition gives us a full suite of industrial fleet management product offerings capable of covering any sized fleet and budget and provides our industrial truck business more scale , both from a product and revenue standpoint and markets its line of forklift management devices mainly through a network of lift truck dealers , offering solutions for different fleet sizes at a wide range of price points . in 2017 , we improved our next generation vehicle management system on-vehicle platform and improved our product line of over-the-road asset management solutions , as described below : ● we increased the performance and reliability of our fourth-generation on-vehicle device , the vac4 , which we expect to provide benefits to both the company ( primarily through lower costs , fewer product sku 's , easier installation , integration with our hosted service offering , and expanded functional capabilities ) and end users ( including a simpler , universal interface with multiple vehicle types , reduced installation time , reduced upgrade time , compatibility with all known driver id cards , newer wireless networking protocols , a larger display for vehicle operators , and enhancements to the content and style of the information displayed ) ; we also upgraded our core processor and firmware platform to simplify ongoing development , testing and upgrade , as well as improve development quality and timeliness ; ● we increased the performance and reliability of three new transportation asset management products , the gsm-d400 , an intermodal container tracking system , the gsm-d150 , an intermodal chassis tracking device , and the gsm-d300 , a dry van management system with an advanced cargo sensor , which enables customers to perform full-function asset monitoring with either satellite or cellular communications ; ● we initiated two new product development projects for the transportation asset management product line that will enable the use of lte cellular communication as well as the incorporation of wireless sensors ; and ● we developed and delivered our next-generation motor-vehicle asset communicator , tailored to the needs of both on-lot and off-lot car rental - and for the connected car market in general , including lte cellular communication , improved , hardened , secure firmware and a more secure , scalable software platform ; and ● we improved the enterprise analysis capabilities of our analytics platform for multi-site , multi-region customers . 36 we are highly dependent upon sales of our system to a few customers . the loss of any of these key customers , or any material reduction in the amount of our products they purchase during a particular period , could materially and adversely affect our revenues for such period . conversely , a material increase in the amount of our products purchased by a key customer ( or customers ) during a particular period could result in a significant increase in our revenues for such period , and such increased revenues may not recur in subsequent periods . story_separator_special_tag revenues increased by approximately $ 4.1 million , or 11.2 % , to $ 41.0 million in 2017 from $ 36.8 million in 2016. the increase in revenue is attributable to an increase in total industrial truck asset management and connected vehicles revenue of approximately $ 5.7 million to $ 26.7 million in 2017 from $ 21.0 million in 2016 , partially offset by a decrease in total transportation asset management revenue of approximately $ 1.6 million to $ 14.3 million in 2017 from $ 15.8 million in 2016. revenues from products increased by approximately $ 2.2 million , or 10.2 % , to $ 23.6 million in 2017 from $ 21.4 million in 2016. industrial truck asset management and connected vehicles product revenue increased by approximately $ 3.2 million to $ 17.5 million in 2017 from $ 14.3 million in 2016. the increase in industrial truck asset management and connected vehicles product revenue resulted principally from increased product sales of approximately $ 3.5 million in product sales from keytroller . transportation asset management product revenue decreased by approximately $ 1.0 million to $ 6.0 million in 2017 from $ 7.1 million in 2016. the decrease in transportation asset management product revenue resulted principally from decreased spare parts sales . revenues from services increased by approximately $ 2.0 million , or 12.6 % , to $ 17.4 million in 2017 from $ 15.5 million in 2016. industrial truck asset management and connected vehicles service revenue increased by approximately $ 2.5 million to $ 9.2 million in 2017 from $ 6.7 million in 2016 , principally due to increased service revenue pursuant to a statement of work ( “ sow # 4 ” ) we entered into with avis budget car rental , llc ( “ abcr ” ) in march 2017. transportation asset management service revenue decreased by approximately $ 0.5 million to $ 8.3 million in 2017 from $ 8.8 million in 2016 principally due to a decrease in revenue per active units . the following table sets forth our cost of revenues by product line for the periods indicated : replace_table_token_7_th 42 cost of revenues . cost of revenues increased by approximately $ 1.5 million , or 8.1 % , to $ 20.0 million in 2017 from $ 18.5 million for the same period in 2016. gross profit was $ 20.9 million in 2017 compared to $ 18.3 million for the same period in 2016. as a percentage of revenues , gross profit increased to 51.1 % in 2017 from 49.7 % in 2016. cost of products decreased by approximately $ 0.6 million , or 4.2 % , to $ 13.5 million in 2016 from $ 14.0 million in the same period in 2016. gross profit for products was $ 10.1 million in 2017 compared to $ 7.3 million in 2016. the increase in gross profit was attributable to an increase of approximately $ 3.1 million in the industrial truck asset management and connected vehicles gross profit to $ 8.9 million in 2015 from $ 5.8 million in 2016. the transportation asset management gross profit decreased approximately $ 0.4 million to $ 1.2 million in 2017 from $ 1.6 in 2016. as a percentage of product revenues , gross profit increased to 42.9 % in 2017 from 34.3 % in 2016. the increase in gross profit as a percentage of product revenue was due to an increase in the industrial truck asset management and connected vehicles gross profit percentage to 50.8 % in 2017 from 40.3 % in 2016 , which was principally due to improved customer pricing . the transportation asset management product revenue gross profit percentage decreased to 19.9 % in 2017 from 22.2 % in 2016 principally due to an increase in warranty expense . cost of services increased by approximately $ 2.1 million , or 46.4 % , to $ 6.6 million in 2017 from $ 4.5 million in 2016. gross profit for services was $ 10.8 million in 2017 compared to $ 11.0 million in 2016. the decrease in gross profit was attributable to a decrease in the transportation asset management gross profit of approximately $ 0.3 million to $ 5.9 million in 2017 from $ 6.2 million in 2016 , partially offset by increase of approximately $ 0.2 million in the industrial truck asset management and connected vehicles gross profit to $ 4.9 million in 2017 from $ 4.7 million in 2016. as a percentage of service revenues , gross profit decreased to 62.2 % in 2017 from 70.9 % in 2016. the decrease in gross profit as a percentage of service revenue was principally due to a decrease in the industrial truck asset management and connected vehicles management gross profit percentage to 53.8 % in 2017 from 70.8 % in 2016 principally due to a lower gross margin on the development project portion of the sow # 4 we entered into with avis . the transportation asset management gross profit percentage of 71.5 % in 2017 remained generally consistent with the gross profit percentage of 71.0 % in 2016. selling , general and administrative expenses . selling , general and administrative expenses ( “ sg & a ” ) increased by approximately $ 0.9 million , or 4.6 % , to $ 21.1 million in 2017 compared to $ 20.1 million in the same period in 2016. the increase was principally due to approximately $ 1.0 million in in sg & a expenses from keytroller , $ 0.7 million increase in stock-based compensation and $ 0.4 in acquisition related fees , partially offset by a $ 0.7 million decrease in severance costs and $ 0.8 million decrease in foreign currency translation . as a percentage of revenues , selling , general and administrative expenses decreased to 51.4 % in 2017 from 54.7 % in the same period in 2016 , primarily due to the increase in revenues from 2016 to 2017. research and development expenses . research and development expenses decreased

