Current Results

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Current Assets:    
Cash and cash equivalents $ 16,229 $ 15,068
Accounts receivable, net of allowances of $751 at June 30, 2020 and $703 at March 31, 2020 14,655 16,240
Inventories, net 17,582 21,460
Prepaid expenses and other current assets 4,778 3,987
Total current assets 53,244 56,755
Property, plant, equipment and rental assets, net 7,560 7,749
Non-current portion of inventories 1,571 1,221
Other assets 8,093 8,230
Total assets 70,468 73,955
Current Liabilities:    
Accounts payable and accrued expenses 10,804 15,000
Accrued salaries and wages 1,159 1,644
Accrued warranty reserve 1,768 1,934
Deferred revenue 7,025 7,898
Current portion of notes payable and lease obligations 878 477
Total current liabilities 21,634 26,953
Deferred revenue - non-current 902 944
Term note payable, net 30,112 27,963
Long-term portion of notes payable and lease obligations 4,941 5,074
Total liabilities 57,589 60,934
Commitments and contingencies (Note 12)
Stockholders’ Equity:    
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 11,084,940 shares issued and 11,023,921 shares outstanding at June 30, 2020; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020 11 10
Additional paid-in capital 917,439 915,755
Accumulated deficit (902,692) (900,869)
Treasury stock, at cost; 61,019 shares at June 30, 2020 and 57,577 shares at March 31, 2020 (1,879) (1,875)
Total stockholders’ equity 12,879 13,021
Total liabilities and stockholders' equity $ 70,468 $ 73,955

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Revenue:    
Total revenue $ 14,193 $ 19,244
Cost of goods sold:    
Total cost of goods sold 10,820 16,379
Gross margin 3,373 2,865
Operating expenses:    
Research and development 370 938
Selling, general and administrative 3,546 6,237
Total operating expenses 3,916 7,175
Loss from operations (543) (4,310)
Other income (expense) 4 1
Interest income 8  
Interest expense (1,291) (1,276)
Loss before provision for income taxes (1,822) (5,585)
Provision for income taxes 1 8
Net loss $ (1,823) $ (5,593)
Net loss per common share attributable to common stockholders-basic and diluted (in dollars per share) $ (0.17) $ (0.77)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 10,598 7,258
Product, accessories and parts    
Revenue:    
Total revenue $ 8,936 $ 14,073
Cost of goods sold:    
Total cost of goods sold 7,995 12,232
Service    
Revenue:    
Total revenue 5,257 5,171
Cost of goods sold:    
Total cost of goods sold $ 2,825 $ 4,147

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net loss $ (1,823) $ (5,593)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 354 373
Amortization of financing costs and discounts 298 290
Amortization of right-of-use assets 94 359
Inventory provision (118) 220
Provision for warranty expenses 186 205
(Gain) loss on disposal of equipment (1)  
Stock-based compensation 210 262
Changes in operating assets and liabilities:    
Accounts receivable 1,584 1,402
Inventories 3,646 (363)
Prepaid expenses, other current assets and other assets (188) (459)
Accounts payable and accrued expenses (4,361) (1,864)
Accrued salaries and wages and long term liabilities (484) (276)
Accrued warranty reserve (352) (372)
Deferred revenue (916) 651
Net cash used in operating activities (1,871) (5,165)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (74) (977)
Net cash used in investing activities (74) (977)
Cash Flows from Financing Activities:    
Net proceeds from term note payable 1,950  
Repayment of notes payable and lease obligations (216) (195)
Cash used in employee stock-based transactions (4) (1)
Net proceeds from issuance of common stock and warrants 1,376 1,223
Net cash provided by financing activities 3,106 1,027
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash 1,161 (5,115)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 15,068 29,727
Cash, Cash Equivalents and Restricted Cash, End of Year 16,229 24,612
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 1,043 607
Cash paid during the period for: Income taxes 5 15
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 56 93
Renewal of insurance contracts which was financed by notes payable $ 593 $ 536

Source