Current Results

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2017
Mar. 31, 2017
Current Assets:    
Cash and cash equivalents $ 10,156 $ 14,191
Restricted cash 5,000 5,514
Accounts receivable, net of allowances of $6,773 at September 30, 2017 and $6,845 at March 31, 2017 13,248 17,003
Inventories 16,274 14,538
Prepaid expenses and other current assets 2,545 3,073
Total current assets 47,223 54,319
Property, plant and equipment, net 2,232 2,115
Non-current portion of inventories 994 961
Intangible assets, net 523 651
Other assets 331 225
Total assets 51,303 58,271
Current Liabilities:    
Accounts payable and accrued expenses 14,096 14,719
Accrued salaries and wages 1,834 1,819
Accrued warranty reserve 2,562 3,766
Deferred revenue 4,999 5,050
Revolving credit facility 9,575 11,533
Current portion of notes payable and capital lease obligations 14 302
Total current liabilities 33,080 37,189
Long-term portion of notes payable and capital lease obligations 20 26
Other long-term liabilities 136 158
Total liabilities 33,236 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, 44,959,744 shares issued and 44,813,869 shares outstanding at September 30, 2017; 38,920,174 shares issued and 38,803,630 shares outstanding at March 31, 2017 45 39
Additional paid-in capital 879,639 874,697
Accumulated deficit (859,959) (852,199)
Treasury stock, at cost; 145,875 shares at September 30, 2017 and 116,544 shares at March 31, 2017 (1,658) (1,639)
Total stockholders' equity 18,067 20,898
Total liabilities and stockholders' equity $ 51,303 $ 58,271

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Product, accessories and parts $ 16,005 $ 11,518 $ 31,496 $ 27,301
Service 3,769 3,480 7,518 6,762
Total revenue 19,774 14,998 39,014 34,063
Cost of goods sold:        
Product, accessories and parts 13,549 11,341 27,586 24,978
Service 3,209 2,987 6,173 5,416
Total cost of goods sold 16,758 14,328 33,759 30,394
Gross margin 3,016 670 5,255 3,669
Operating expenses:        
Research and development 1,139 1,350 2,288 2,972
Selling, general and administrative 4,796 5,036 9,757 10,782
Total operating expenses 5,935 6,386 12,045 13,754
Loss from operations (2,919) (5,716) (6,790) (10,085)
Other income (expense) 14 (27) 4 (43)
Interest income   7 9 12
Interest expense (98) (129) (319) (263)
Change in warrant valuation (657)   (657)  
Loss before income taxes (3,660) (5,865) (7,753) (10,379)
Provision for income taxes 7   7 3
Net loss $ (3,667) $ (5,865) $ (7,760) $ (10,382)
Net loss per common share-basic and diluted (in dollars per share) $ (0.09) $ (0.19) $ (0.18) $ (0.36)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 42,941 30,498 42,606 28,843

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities:    
Net loss $ (7,760,000) $ (10,382,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 583,000 802,000
Amortization of deferred financing costs 133,000 86,000
Reduction in accounts receivable allowances (22,000) (1,396,000)
Inventory provision 590,000 483,000
Provision for warranty expenses 995,000 775,000
Loss on disposal of equipment 26,000 170,000
Stock-based compensation 307,000 479,000
Change in warrant valuation 657,000  
Changes in operating assets and liabilities:    
Accounts receivable 3,778,000 2,221,000
Inventories (2,360,000) (1,442,000)
Prepaid expenses and other current assets 266,000 322,000
Accounts payable and accrued expenses (790,000) (1,156,000)
Accrued salaries and wages and long term liabilities (7,000) (55,000)
Accrued warranty reserve (2,199,000) (1,087,000)
Deferred revenue (49,000) 153,000
Net cash used in operating activities (5,852,000) (10,027,000)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (521,000) (84,000)
Net cash used in investing activities (521,000) (84,000)
Cash Flows from Financing Activities:    
Net repayments of revolving credit facility (1,958,000) (3,281,000)
Repayment of notes payable and capital lease obligations (183,000) (298,000)
Cash used in employee stock-based transactions (22,000) (17,000)
Net proceeds from issuance of common stock and warrants 3,987,000 13,113,000
Net cash provided by financing activities 1,824,000 9,517,000
Net decrease in Cash, Cash Equivalents and Restricted Cash (4,549,000) (594,000)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 19,705,000 16,706,000
Cash, Cash Equivalents and Restricted Cash, End of Period 15,156,000 16,112,000
Cash paid during the period for:    
Interest 205,000 87,000
Income taxes 7,000  
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable $ 99,000 $ 27,000

Source