Current Results

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Mar. 31, 2020
Current Assets:    
Cash and cash equivalents $ 16,782 $ 15,068
Accounts receivable, net of allowances of $525 at September 30, 2020 and $703 at March 31, 2020 13,481 16,240
Inventories, net 13,906 21,460
Prepaid expenses and other current assets 3,663 3,987
Total current assets 47,832 56,755
Property, plant, equipment and rental assets, net 8,358 7,749
Non-current portion of inventories 1,618 1,221
Other assets 7,942 8,230
Total assets 65,750 73,955
Current Liabilities:    
Accounts payable and accrued expenses 10,908 15,000
Accrued salaries and wages 1,341 1,644
Accrued warranty reserve 1,427 1,934
Deferred revenue 6,459 7,898
Current portion of notes payable and lease obligations 568 477
Total current liabilities 20,703 26,953
Deferred revenue - non-current 860 944
Term note payable, net 30,419 27,963
Long-term portion of notes payable and lease obligations 4,920 5,074
Total liabilities 56,902 60,934
Commitments and contingencies (Note 15)
Stockholders’ Equity:    
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 11,143,708 shares issued and 11,073,286 shares outstanding at September 30, 2020; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020 11 10
Additional paid-in capital 917,674 915,755
Accumulated deficit (906,919) (900,869)
Treasury stock, at cost; 70,422 shares at September 30, 2020 and 57,577 shares at March 31, 2020 (1,918) (1,875)
Total stockholders’ equity 8,848 13,021
Total liabilities and stockholders' equity $ 65,750 $ 73,955

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue:        
Total revenue $ 14,906 $ 20,740 $ 29,099 $ 39,984
Cost of goods sold:        
Total cost of goods sold 12,344 17,659 23,164 34,038
Gross margin 2,562 3,081 5,935 5,946
Operating expenses:        
Research and development 599 900 969 1,838
Selling, general and administrative 4,872 5,499 8,418 11,736
Total operating expenses 5,471 6,399 9,387 13,574
Loss from operations (2,909) (3,318) (3,452) (7,628)
Other income (expense) 11 157 15 158
Interest income 8   16  
Interest expense (1,313) (1,287) (2,604) (2,563)
Loss before provision for income taxes (4,203) (4,448) (6,025) (10,033)
Provision for income taxes 9   10 8
Net loss (4,212) (4,448) (6,035) (10,041)
Less: Deemed dividend on purchase warrant for common shares 15 75 15 75
Net loss attributable to common stockholders $ (4,227) $ (4,523) $ (6,050) $ (10,116)
Net loss per common share attributable to common stockholders-basic and diluted (in dollars per share) $ (0.38) $ (0.59) $ (0.56) $ (1.36)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 11,040 7,650 10,862 7,455
Product, accessories and parts        
Revenue:        
Total revenue $ 9,344 $ 15,988 $ 18,280 $ 30,061
Cost of goods sold:        
Total cost of goods sold 8,693 13,460 16,688 25,692
Service        
Revenue:        
Total revenue 5,562 4,752 10,819 9,923
Cost of goods sold:        
Total cost of goods sold $ 3,651 $ 4,199 $ 6,476 $ 8,346

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net loss $ (6,035) $ (10,041)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 703 816
Amortization of financing costs and discounts 605 573
Amortization of right-of-use assets 192 691
Reduction in accounts receivable allowances (48) (77)
Inventory provision 78 428
Provision for warranty expenses 179 452
Gain on disposal of equipment (1) (2)
Stock-based compensation 429 366
Changes in operating assets and liabilities:    
Accounts receivable 2,807 (1,795)
Inventories 7,079 64
Prepaid expenses, other current assets and other assets 946 299
Accounts payable and accrued expenses (4,442) (1,426)
Accrued salaries and wages and long term liabilities (303) (8)
Accrued warranty reserve (686) (735)
Deferred revenue (1,523) (1,025)
Net cash used in operating activities (20) (11,420)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (1,116) (3,031)
Net cash used in investing activities (1,116) (3,031)
Cash Flows from Financing Activities:    
Net proceeds from term note payable 1,935  
Repayment of notes payable and lease obligations (434) (393)
Cash used in employee stock-based transactions (43) (26)
Net proceeds from issuance of common stock and warrants 1,392 6,041
Net cash provided by financing activities 2,850 5,622
Net increase (decrease) in Cash and Cash Equivalents 1,714 (8,829)
Cash and Cash Equivalents, Beginning of Year 15,068 29,727
Cash and Cash Equivalents, End of Period 16,782 20,898
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 2,038 1,579
Cash paid during the period for: Income taxes 14 15
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 127 17
Renewal of insurance contracts which was financed by notes payable 593  
Deemed dividend $ 15 $ 75

Source