Current Results

v3.20.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Mar. 31, 2020
Current Assets:    
Cash and cash equivalents $ 31,970 $ 15,068
Accounts receivable, net of allowances of $353 at December 31, 2020 and $703 at March 31, 2020 19,079 16,240
Inventories, net 11,224 21,460
Prepaid expenses and other current assets 3,752 3,987
Total current assets 66,025 56,755
Property, plant, equipment and rental assets, net 8,075 7,749
Non-current portion of inventories 1,917 1,221
Other assets 7,782 8,230
Total assets 83,799 73,955
Current Liabilities:    
Accounts payable and accrued expenses 14,600 15,000
Accrued salaries and wages 1,471 1,644
Accrued warranty reserve 1,523 1,934
Deferred revenue 5,113 7,898
Current portion of notes payable and lease obligations 495 477
Total current liabilities 23,202 26,953
Deferred revenue - non-current 818 944
Term note payable, net 52,856 27,963
Long-term portion of notes payable and lease obligations 4,661 5,074
Total liabilities 81,537 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, 11,158,647 shares issued and 11,088,225 shares outstanding at December 31, 2020; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020 11 10
Additional paid-in capital 918,683 915,755
Accumulated deficit (914,514) (900,869)
Treasury stock, at cost; 70,422 shares at December 31, 2020 and 57,577 shares at March 31, 2020 (1,918) (1,875)
Total stockholders’ equity 2,262 13,021
Total liabilities and stockholders' equity $ 83,799 $ 73,955

Source

v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Revenue:        
Total revenue $ 20,676 $ 17,383 $ 49,774 $ 57,366
Cost of goods sold:        
Total cost of goods sold 17,204 14,755 40,367 48,792
Gross margin 3,472 2,628 9,407 8,574
Operating expenses:        
Research and development 735 972 1,703 2,811
Selling, general and administrative 4,816 5,280 13,234 17,015
Total operating expenses 5,551 6,252 14,937 19,826
Loss from operations (2,079) (3,624) (5,530) (11,252)
Other income (expense) (11) 6 4 165
Interest income 7   23  
Interest expense (1,230) (1,289) (3,835) (3,853)
Loss on debt extinguishment (4,282)   (4,282)  
Loss before provision for income taxes (7,595) (4,907) (13,620) (14,940)
Provision for income taxes     10 8
Net loss (7,595) (4,907) (13,630) (14,948)
Less: Deemed dividend on purchase warrant for common shares     15 75
Net loss attributable to common stockholders $ (7,595) $ (4,907) $ (13,645) $ (15,023)
Net loss per common share attributable to common stockholders-basic and diluted (in dollars per share) $ (0.69) $ (0.59) $ (1.25) $ (1.94)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 11,081 8,367 10,935 7,730
Product, accessories and parts        
Revenue:        
Total revenue $ 15,374 $ 12,010 $ 33,654 $ 42,070
Cost of goods sold:        
Total cost of goods sold 13,484 10,815 30,171 36,506
Service        
Revenue:        
Total revenue 5,302 5,373 16,120 15,296
Cost of goods sold:        
Total cost of goods sold $ 3,720 $ 3,940 $ 10,196 $ 12,286

Source

v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net loss $ (13,630) $ (14,948)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,072 1,223
Amortization of financing costs and discounts 614 850
Amortization of right-of-use assets 289 779
Loss on debt extinguishment 4,282  
Reduction in accounts receivable allowances (228) (77)
Inventory provision 138 489
Provision for warranty expenses 535 459
Gain on disposal of equipment (1) (13)
Stock-based compensation 678 669
Changes in operating assets and liabilities:    
Accounts receivable (2,612) (3,522)
Inventories 9,402 (827)
Prepaid expenses, other current assets and other assets 899 591
Accounts payable and accrued expenses (774) 1,956
Accrued salaries and wages and long term liabilities (173) (234)
Accrued warranty reserve (946) (939)
Deferred revenue (2,911) (2,176)
Net cash used in operating activities (3,366) (15,720)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (1,269) (3,900)
Net cash used in investing activities (1,269) (3,900)
Cash Flows from Financing Activities:    
Net proceeds from term note payable 20,833  
Repayment of notes payable and lease obligations (655) (593)
Cash used in employee stock-based transactions (43) (44)
Net proceeds from issuance of common stock and warrants 1,402 7,260
Net cash provided by financing activities 21,537 6,623
Net increase (decrease) in Cash and Cash Equivalents 16,902 (12,997)
Cash and Cash Equivalents, Beginning of Year 15,068 29,727
Cash and Cash Equivalents, End of Period 31,970 16,730
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 3,038 2,625
Cash paid during the period for: Income taxes 14 15
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 39 7
Renewal of insurance contracts which was financed by notes payable 593  
Deemed dividend $ 15 $ 75

Source