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Supplemental Financial Information | 9 Months Ended
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Sep. 28, 2019
Supplemental Financial Information |
Supplemental Financial Information | Note 3—Supplemental Financial Information Inventories Inventories consisted of the following (in thousands):
|  | September 28, |  | December 29,
|  | 2019 |  | 2018
Raw materials |  | $ | 843 |  | $ | 1,072
Work in process |  |  | 23 |  |  | 25
Finished goods |  |  | 1,532 |  |  | 1,849
|  | $ | 2,398 |  | $ | 2,946
Computation of Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except per share data):
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net loss per share—basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |
Numerator: Net loss |  | $ | (3,108) |  | $ | (4,644) |  | $ | (10,677) |  | $ | (12,734)
Denominator: Weighted-average common shares outstanding—basic and diluted |  |  | 148,058 |  |  | 115,402 |  |  | 142,624 |  |  | 96,516
Net loss per share—basic and diluted |  | $ | (0.02) |  | $ | (0.04) |  | $ | (0.07) |  | $ | (0.13)
No allocation of undistributed earnings to participating securities was performed for periods with net losses as such securities do not have a contractual obligation to share in the losses of the Company. The table below sets forth potentially dilutive weighted average common share equivalents, consisting of shares issuable upon the exercise of outstanding stock options and warrants using the treasury stock method, shares issuable upon conversion of the SVIC Note and the Iliad Note (see Note 5) using the “if-converted” method, and the vesting of restricted stock awards. These potential weighted average common share equivalents have been excluded from the diluted net loss per share calculations above as their effect would be anti-dilutive (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Weighted average common share equivalents |  |  | 16,120 |  |  | 15,125 |  |  | 16,212 |  |  | 13,506
Disaggregation of Net Sales The following table shows disaggregated net sales by major source (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Resales of third-party products |  | $ | 5,180 |  | $ | 5,089 |  | $ | 13,725 |  | $ | 18,531
Sale of the Company's modular memory subsystems |  |  | 936 |  |  | 2,114 |  |  | 3,008 |  |  | 5,977
Total net sales |  | $ | 6,116 |  | $ | 7,203 |  | $ | 16,733 |  | $ | 24,508
Major Customers and Products The Company’s net sales have historically been concentrated in a small number of customers. The following table sets forth the percentage of net sales made to customers that each comprise 10% or more of total net sales:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 28, |  | September 29, |  |  | September 28, |  | September 29, |
|  | 2019 |  | 2018 |  |  | 2019 |  | 2018 |
Customer: |  |  |  |  |  |  |  |  |  |
Customer A |  | 13 | % | 16 | % |  | 11 | % | 19 | %
Customer B |  | 10 | % | * | % |  | * | % | * | %
Customer C |  | * | % | 12 | % |  | * | % | * | %
Customer D |  | * | % | 11 | % |  | * | % | * | %
Customer E |  | * | % | 11 | % |  | * | % | * | %
*Less than 10% of net sales during the period. The Company’s accounts receivable are concentrated with two customers as of September 28, 2019 representing 14% and 21%, respectively, of aggregate gross receivables. As of December 29, 2018, two customers represented 22% and 15%, respectively, of aggregate gross receivables. The loss of any of the significant customers or a reduction in sales to or difficulties collecting payments from any of these customers could significantly reduce the net sales and adversely affect the operating results of the Company. The Company tries to mitigate risks associated with foreign receivables by purchasing comprehensive foreign credit insurance. The Company resells certain component products to end-customers that are not reached in the distribution models of the component manufacturers, including storage customers, appliance customers, system builders and cloud and datacenter customers. For the three and nine months ended September 28, 2019 and September 29, 2018, resales of these products represented approximately 85%, 82%, 71% and 76%, respectively, of net sales. Cash Flow Information The following table sets forth supplemental disclosure of non-cash financing activities:
|  | Nine Months Ended
|  | September 28, |  | September 29,
|  | 2019 |  | 2018
Common stock issued on conversion of convertible note payable and accrued interest |  | $ | 1,417 |  | $ | —
Debt financing of insurance |  | $ | — |  | $ | 344

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