Current Results

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Mar. 31, 2018
Current Assets:    
Cash and cash equivalents $ 13,569 $ 14,408
Restricted cash 6,000 5,000
Accounts receivable, net of allowances of $5,677 at June 30, 2018 and $5,744 at March 31, 2018 15,886 15,968
Inventories, net 16,055 15,633
Prepaid expenses and other current assets 5,018 2,803
Total current assets 56,528 53,812
Property, plant and equipment, net 2,788 2,859
Non-current portion of inventories 1,103 1,041
Intangible assets, net 355 411
Other assets 315 250
Total assets 61,089 58,373
Current Liabilities:    
Accounts payable and accrued expenses 13,560 13,503
Accrued salaries and wages 1,334 1,588
Accrued warranty reserve 1,861 1,682
Deferred revenue 6,529 6,596
Revolving credit facility 10,024 8,527
Current portion of notes payable and capital lease obligations 77 192
Total current liabilities 33,385 32,088
Deferred revenue - non-current 1,121  
Long-term portion of notes payable and capital lease obligations 121 130
Other long-term liabilities 403 396
Total liabilities 35,030 32,614
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, 64,340,430 shares issued and 64,192,796 shares outstanding at June 30, 2018; 57,062,598 shares issued and 56,916,646 shares outstanding at March 31, 2018 64 57
Additional paid-in capital 894,777 889,585
Accumulated deficit (867,121) (862,225)
Treasury stock, at cost; 147,634 shares at June 30, 2018 and 145,952 shares at March 31, 2018 (1,661) (1,658)
Total stockholders' equity 26,059 25,759
Total liabilities and stockholders' equity $ 61,089 $ 58,373

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Revenue:    
Total revenue $ 21,189 $ 19,240
Cost of goods sold:    
Total cost of goods sold 19,367 17,001
Gross margin 1,822 2,239
Operating expenses:    
Research and development 932 1,149
Selling, general and administrative 5,651 4,960
Total operating expenses 6,583 6,109
Loss from operations (4,761) (3,870)
Other expense (14) (10)
Interest income   9
Interest expense (118) (221)
Loss before provision for income taxes (4,893) (4,092)
Provision for income taxes 4  
Net loss $ (4,897) $ (4,092)
Net loss per common share-basic and diluted (in dollars per share) $ (0.08) $ (0.10)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 61,762 41,081
Product, accessories and parts    
Revenue:    
Total revenue $ 17,085 $ 15,491
Cost of goods sold:    
Total cost of goods sold 15,630 14,037
Service    
Revenue:    
Total revenue 4,104 3,749
Cost of goods sold:    
Total cost of goods sold $ 3,737 $ 2,964

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net loss $ (4,897) $ (4,092)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 287 304
Amortization of deferred financing costs 38 105
Reduction in accounts receivable allowances (3) (13)
Inventory provision 137 183
Provision for warranty expenses 397 779
Loss on disposal of equipment 7 23
Stock-based compensation 227 154
Changes in operating assets and liabilities:    
Accounts receivable 84 4,786
Inventories (621) (1,010)
Prepaid expenses and other current assets (2,324) 296
Accounts payable and accrued expenses 61 (1,147)
Accrued salaries and wages and long term liabilities (247) (455)
Accrued warranty reserve (218) (1,472)
Deferred revenue 1,054 827
Net cash used in operating activities (6,018) (732)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (163) (178)
Net cash used in investing activities (163) (178)
Cash Flows from Financing Activities:    
Net proceeds from (repayments of) revolving credit facility 1,497 (2,049)
Repayment of notes payable and capital lease obligations (125) (122)
Cash used in employee stock-based transactions (3) (5)
Net proceeds from issuance of common stock and warrants 4,973 2,520
Net cash provided by financing activities 6,342 344
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash 161 (566)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 19,408 19,705
Cash, Cash Equivalents and Restricted Cash, End of Period 19,569 19,139
Cash paid during the period for:    
Interest 82 108
Income taxes $ 4  
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable   $ 7

Source