Current Results

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Mar. 31, 2018
Current Assets:    
Cash and cash equivalents $ 10,681 $ 14,408
Restricted cash 6,000 5,000
Accounts receivable, net of allowances of $5,356 at December 31, 2018 and $5,744 at March 31, 2018 13,225 15,968
Inventories, net 18,375 15,633
Prepaid expenses and other current assets 3,905 2,803
Total current assets 52,186 53,812
Property, plant, equipment and rental assets, net 5,150 2,859
Non-current portion of inventories 1,083 1,041
Intangible assets, net 243 411
Other assets 3,077 250
Total assets 61,739 58,373
Current Liabilities:    
Accounts payable and accrued expenses 15,686 13,503
Accrued salaries and wages 1,357 1,588
Accrued warranty reserve 2,569 1,682
Deferred revenue 4,749 6,596
Revolving credit facility 10,736 8,527
Current portion of notes payable and capital lease obligations 190 192
Total current liabilities 35,287 32,088
Deferred revenue - non-current 1,163  
Long-term portion of notes payable and capital lease obligations 246 130
Other long-term liabilities 369 396
Total liabilities 37,065 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, 71,803,478 shares issued and 71,593,269 shares outstanding at December 31, 2018; 57,062,598 shares issued and 56,916,646 shares outstanding at March 31, 2018 72 57
Additional paid-in capital 901,261 889,585
Accumulated deficit (874,928) (862,225)
Treasury stock, at cost; 210,209 shares at December 31, 2018 and 145,952 shares at March 31, 2018 (1,731) (1,658)
Total stockholders' equity 24,674 25,759
Total liabilities and stockholders' equity $ 61,739 $ 58,373

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Revenue:        
Total revenue $ 18,030 $ 22,761 $ 61,393 $ 61,776
Cost of goods sold:        
Total cost of goods sold 15,790 17,804 55,294 51,564
Gross margin 2,240 4,957 6,099 10,212
Operating expenses:        
Research and development 891 957 2,713 3,244
Selling, general and administrative 4,574 4,057 15,535 13,815
Total operating expenses 5,465 5,014 18,248 17,059
Loss from operations (3,225) (57) (12,149) (6,847)
Other expense (23) (12) (44) (8)
Interest income       9
Interest expense (202) (170) (506) (489)
Change in warrant valuation   (84)   (741)
Loss before provision for income taxes (3,450) (323) (12,699) (8,076)
Provision for income taxes     5 7
Net loss $ (3,450) $ (323) $ (12,704) $ (8,083)
Net loss per common share-basic and diluted (in dollars per share) $ (0.05) $ (0.01) $ (0.19) $ (0.18)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 69,542 46,760 65,469 45,465
Product, accessories and parts        
Revenue:        
Total revenue $ 13,310 $ 18,876 $ 49,022 $ 50,373
Cost of goods sold:        
Total cost of goods sold 12,534 15,471 45,109 43,059
Service        
Revenue:        
Total revenue 4,720 3,885 12,371 11,403
Cost of goods sold:        
Total cost of goods sold $ 3,256 $ 2,333 $ 10,185 $ 8,505

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:    
Net loss $ (12,704) $ (8,083)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 957 854
Amortization of deferred financing costs 132 168
Accounts receivable allowances (345) (771)
Inventory provision 617 1,027
Provision for warranty expenses 1,921 610
Loss on disposal of equipment 7 25
Stock-based compensation 743 409
Change in warrant valuation   741
Changes in operating assets and liabilities:    
Accounts receivable 3,088 1,697
Inventories (3,401) (791)
Prepaid expenses, other current assets and other assets (3,821) (252)
Accounts payable and accrued expenses 2,185 (1,769)
Accrued salaries and wages and long term liabilities (258) (598)
Accrued warranty reserve (1,034) (2,616)
Deferred revenue (684) 181
Net cash used in operating activities (12,597) (9,168)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (3,070) (1,421)
Net cash used in investing activities (3,070) (1,421)
Cash Flows from Financing Activities:    
Net proceeds from (repayments of) revolving credit facility 2,209 (567)
Repayment of notes payable and capital lease obligations (144) (298)
Cash used in employee stock-based transactions (73) (22)
Net proceeds from issuance of common stock and warrants 10,948 8,293
Net cash provided by financing activities 12,940 7,406
Net decrease in Cash, Cash Equivalents and Restricted Cash (2,727) (3,183)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 19,408 19,705
Cash, Cash Equivalents and Restricted Cash, End of Period 16,681 16,522
Cash paid during the period for:    
Interest 343 317
Income taxes 5 7
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable   162
Renewal of insurance contracts which was financed by notes payable $ 260 $ 422

Source