Current Results

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2017
Mar. 31, 2017
Current Assets:    
Cash and cash equivalents $ 14,139 $ 14,191
Restricted cash 5,000 5,514
Accounts receivable, net of allowances of $6,804 at June 30, 2017 and $6,845 at March 31, 2017 12,231 17,003
Inventories 15,438 14,538
Prepaid expenses and other current assets 2,583 3,073
Total current assets 49,391 54,319
Property, plant and equipment, net 2,007 2,115
Non-current portion of inventories 887 961
Intangible assets, net 583 651
Other assets 302 225
Total assets 53,170 58,271
Current Liabilities:    
Accounts payable and accrued expenses 13,590 14,719
Accrued salaries and wages 1,374 1,819
Accrued warranty reserve 3,073 3,766
Deferred revenue 5,877 5,050
Revolving credit facility 9,484 11,533
Current portion of notes payable and capital lease obligations 128 302
Total current liabilities 33,526 37,189
Long-term portion of notes payable and capital lease obligations 23 26
Other long-term liabilities 147 158
Total liabilities 33,696 37,373
Commitments and contingencies (Note 15)
Stockholders' Equity:    
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued
Common stock, $.001 par value; 515,000,000 shares authorized, 42,388,199 shares issued and 42,268,594 shares outstanding at June 30, 2017; 38,920,174 shares issued and 38,803,630 shares outstanding at March 31, 2017 42 39
Additional paid-in capital 877,364 874,697
Accumulated deficit (856,291) (852,199)
Treasury stock, at cost; 119,605 shares at June 30, 2017 and 116,544 shares at March 31, 2017 (1,641) (1,639)
Total stockholders' equity 19,474 20,898
Total liabilities and stockholders' equity $ 53,170 $ 58,271

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Revenue:    
Product, accessories and parts $ 15,491 $ 15,783
Service 3,749 3,282
Total revenue 19,240 19,065
Cost of goods sold:    
Product, accessories and parts 14,037 13,637
Service 2,964 2,429
Total cost of goods sold 17,001 16,066
Gross margin 2,239 2,999
Operating expenses:    
Research and development 1,149 1,621
Selling, general and administrative 4,960 5,746
Total operating expenses 6,109 7,367
Loss from operations (3,870) (4,368)
Other expense (10) (16)
Interest income 9 5
Interest expense (221) (134)
Loss before income taxes (4,092) (4,513)
Provision for income taxes   3
Net loss $ (4,092) $ (4,516)
Net loss per common share-basic and diluted (in dollars per share) $ (0.10) $ (0.17)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 41,081 27,171

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:    
Net loss $ (4,092) $ (4,516)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 304 407
Amortization of deferred financing costs 105 44
Reduction in accounts receivable allowances (13) (904)
Inventory provision 183 208
Provision for warranty expenses 779 142
Loss on disposal of equipment 23 171
Stock-based compensation 154 238
Changes in operating assets and liabilities:    
Accounts receivable 4,786 (1,254)
Inventories (1,010) 1,935
Prepaid expenses and other current assets 296 230
Accounts payable and accrued expenses (1,147) (32)
Accrued salaries and wages and long term liabilities (455) (359)
Accrued warranty reserve (1,472) (377)
Deferred revenue 827 1,863
Net cash used in operating activities (732) (2,204)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (178) (9)
Net cash used in investing activities (178) (9)
Cash Flows from Financing Activities:    
Net repayments of revolving credit facility (2,049) (3,382)
Repayment of notes payable and capital lease obligations (122) (194)
Cash used in employee stock-based transactions (5) (2)
Net proceeds from issuance of common stock and warrants 2,520 13,128
Net cash provided by financing activities 344 9,550
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash (566) 7,337
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 19,705 16,706
Cash, Cash Equivalents and Restricted Cash, End of Period 19,139 24,043
Cash paid during the period for:    
Interest 108 136
Income taxes   3
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable $ 7 $ 53

Source