Current Results

v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Mar. 31, 2016
Current Assets:    
Cash and cash equivalents $ 14,191 $ 11,704
Restricted cash 5,514 5,002
Accounts receivable, net of allowances of $6,845 at March 31, 2017 and $8,909 at March 31, 2016 17,003 13,575
Inventories 14,538 16,126
Prepaid expenses and other current assets 3,073 2,636
Total current assets 54,319 49,043
Property, plant and equipment, net 2,115 3,537
Non-current portion of inventories 961 2,143
Intangible assets, net 651 941
Other assets 225 228
Total 58,271 55,892
Current Liabilities:    
Accounts payable and accrued expenses 14,719 13,187
Accrued salaries and wages 1,819 1,880
Accrued warranty reserve 3,766 1,639
Deferred revenue 5,050 4,368
Revolving credit facility 11,533 9,459
Current portion of notes payable and capital lease obligations 302 361
Warrant liability 2,917  
Total current liabilities 40,106 30,894
Long-term portion of notes payable and capital lease obligations 26 74
Other long-term liabilities 158 184
Total liabilities 40,290 31,152
Commitments and contingencies (Note 12)
Stockholders' Equity:    
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued
Common stock, $.001 par value; 515,000,000 shares authorized, 38,920,174 shares issued and 38,803,630 shares outstanding at March 31, 2017; 23,857,516 shares issued and 23,753,873 shares outstanding at March 31, 2016 39 24
Additional paid-in capital 870,457 853,288
Accumulated deficit (850,876) (826,955)
Treasury stock, at cost; 116,544 shares at March 31, 2017 and 103,643 shares at March 31, 2016 (1,639) (1,617)
Total stockholders' equity 17,981 24,740
Total liabilities and stockholders' equity $ 58,271 $ 55,892

Source

v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue:    
Product, accessories and parts $ 63,325 $ 73,116
Service 13,844 12,095
Total revenue 77,169 85,211
Cost of goods sold:    
Product, accessories and parts 64,453 61,866
Service 10,927 10,578
Total cost of goods sold 75,380 72,444
Gross margin 1,789 12,767
Operating expenses:    
Research and development 5,388 10,152
Selling, general and administrative 20,651 27,106
Total operating expenses 26,039 37,258
Loss from operations (24,250) (24,491)
Other expense (470) (40)
Interest income 31  
Interest expense (536) (640)
Change in fair value of warrant liability 1,323  
Loss before income taxes (23,902) (25,171)
Provision for income taxes 19 20
Net loss $ (23,921) $ (25,191)
Net loss per common share-basic and diluted (in dollars per share) $ (0.75) $ (1.39)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 32,074 18,162

Source

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities:    
Net loss $ (23,921) $ (25,191)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,577 1,746
Amortization of deferred financing costs 173 172
Accounts receivable allowances (1,525) (1,459)
Inventory provision 1,278 1,925
Provision for warranty expenses 7,052 111
Loss on disposal of equipment 365 27
Stock-based compensation 810 2,570
Change in fair value of warrant liability (1,323)  
Warrant issuance expenses 421  
Changes in operating assets and liabilities:    
Accounts receivable (1,903) 1,021
Inventories 1,491 5,161
Prepaid expenses and other current assets (117) 314
Accounts payable and accrued expenses 1,405 (8,317)
Accrued salaries and wages and long term liabilities (87) (210)
Accrued warranty reserve (4,925) (1,655)
Deferred revenue 683 1,317
Net cash used in operating activities (18,546) (22,468)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (204) (1,513)
Net cash used in investing activities (204) (1,513)
Cash Flows from Financing Activities:    
Net proceeds from (repayments of) revolving credit facility 2,074 (3,494)
Repayment of notes payable and capital lease obligations (497) (697)
Cash used in employee stock-based transactions (16) (91)
Net proceeds from issuance of common stock and warrants 20,188 12,748
Net cash provided by financing activities 21,749 8,466
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash 2,999 (15,515)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 16,706 32,221
Cash, Cash Equivalents and Restricted Cash, End of Period 19,705 16,706
Cash paid during the period for:    
Interest 363 473
Income taxes 24 24
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 45 28
Renewal of insurance contracts which was financed by notes payable $ 503 477
Acquisition of property and equipment in consideration for the issuance of a note payable   $ 101

Source