Current Results

v3.19.3.a.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Mar. 31, 2019
Current Assets:    
Cash and cash equivalents $ 16,730 $ 29,727
Accounts receivable, net of allowances of $267 at December 31, 2019 and $5,298 at March 31, 2019 19,821 16,222
Inventories, net 20,855 20,343
Prepaid expenses and other current assets 3,904 3,818
Total current assets 61,310 70,110
Property, plant, equipment and rental assets, net 7,744 5,291
Non-current portion of inventories 1,229 1,403
Intangible assets, net 19 187
Other assets 8,363 2,972
Total assets 78,665 79,963
Current Liabilities:    
Accounts payable and accrued expenses 19,351 16,638
Accrued salaries and wages 1,403 1,637
Accrued warranty reserve 2,134 2,614
Deferred revenue 4,941 7,167
Current portion of notes payable and lease obligations 471 31
Total current liabilities 28,300 28,087
Deferred revenue - non-current 1,120 1,069
Term note payable, net 27,657 27,099
Long-term portion of notes payable and lease obligations 5,205 212
Other long-term liabilities   342
Total liabilities 62,282 56,809
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, 8,841,634 shares issued and 8,804,910 shares outstanding at December 31, 2019; 7,216,910 shares issued and 7,190,671 shares outstanding at March 31, 2019 9 7
Additional paid-in capital 912,097 903,803
Accumulated deficit (893,907) (878,884)
Treasury stock, at cost; 36,724 shares at December 31, 2019 and 26,239 shares at March 31, 2019 (1,816) (1,772)
Total stockholders' equity 16,383 23,154
Total liabilities and stockholders' equity $ 78,665 $ 79,963

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v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Revenue:        
Total revenue $ 17,383 $ 18,030 $ 57,366 $ 61,393
Cost of goods sold:        
Total cost of goods sold 14,755 15,790 48,792 55,294
Gross margin 2,628 2,240 8,574 6,099
Operating expenses:        
Research and development 972 891 2,811 2,713
Selling, general and administrative 5,280 4,574 17,015 15,535
Total operating expenses 6,252 5,465 19,826 18,248
Loss from operations (3,624) (3,225) (11,252) (12,149)
Other income (expense) 6 (23) 165 (44)
Interest expense (1,289) (202) (3,853) (506)
Loss before provision for income taxes (4,907) (3,450) (14,940) (12,699)
Provision for income taxes     8 5
Net loss (4,907) (3,450) (14,948) (12,704)
Less: Deemed dividend on purchase warrant for common shares     75  
Net loss attributable to common stockholders $ (4,907) $ (3,450) $ (15,023) $ (12,704)
Net loss per common share attributable to common stockholders—basic and diluted (in dollars per share) $ (0.59) $ (0.50) $ (1.94) $ (1.94)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 8,367 6,955 7,730 6,547
Product, accessories and parts        
Revenue:        
Total revenue $ 12,010 $ 13,310 $ 42,070 $ 49,022
Cost of goods sold:        
Total cost of goods sold 10,815 12,534 36,506 45,109
Service        
Revenue:        
Total revenue 5,373 4,720 15,296 12,371
Cost of goods sold:        
Total cost of goods sold $ 3,940 $ 3,256 $ 12,286 $ 10,185

Source

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (14,948) $ (12,704)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,223 957
Amortization of financing costs and discounts 850 132
Amortization of right-of-use assets 779  
(Reduction) in accounts receivable allowances (77) (345)
Inventory provision 489 617
Provision for warranty expenses 459 1,921
(Gain) loss on disposal of equipment (13) 7
Stock-based compensation 669 743
Changes in operating assets and liabilities:    
Accounts receivable (3,522) 3,088
Inventories (827) (3,401)
Prepaid expenses, other current assets and other assets 591 (3,821)
Accounts payable and accrued expenses 1,956 2,185
Accrued salaries and wages and long term liabilities (234) (258)
Accrued warranty reserve (939) (1,034)
Deferred revenue (2,176) (684)
Net cash used in operating activities (15,720) (12,597)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (3,900) (3,070)
Net cash used in investing activities (3,900) (3,070)
Cash Flows from Financing Activities:    
Net proceeds from revolving credit facility   2,209
Repayment of notes payable and lease obligations (593) (144)
Cash used in employee stock-based transactions (44) (73)
Net proceeds from issuance of common stock and warrants 7,260 10,948
Net cash provided by financing activities 6,623 12,940
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash (12,997) (2,727)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 29,727 19,408
Cash, Cash Equivalents and Restricted Cash, End of Year 16,730 16,681
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 2,625 343
Cash paid during the period for: Income taxes 15 5
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 7  
Renewal of insurance contracts which was financed by notes payable   $ 260
Deemed dividend $ 75  

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