Current Results

v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2019
Mar. 31, 2019
Current Assets:    
Cash and cash equivalents $ 24,612 $ 29,727
Accounts receivable, net of allowances of $5,468 at June 30, 2019 and $5,298 at March 31, 2019 14,820 16,222
Inventories, net 20,481 20,343
Prepaid expenses and other current assets 4,407 3,818
Total current assets 64,320 70,110
Property, plant, equipment and rental assets, net 6,048 5,291
Non-current portion of inventories 1,407 1,403
Intangible assets, net 131 187
Other assets 8,492 2,972
Total assets 80,398 79,963
Current Liabilities:    
Accounts payable and accrued expenses 15,252 16,638
Accrued salaries and wages 1,360 1,637
Accrued warranty reserve 2,448 2,614
Deferred revenue 7,766 7,167
Current portion of notes payable and lease obligations 1,181 31
Total current liabilities 28,007 28,087
Deferred revenue - non-current 1,121 1,069
Term note payable, net 27,389 27,099
Long-term portion of notes payable and lease obligations 4,836 212
Other long-term liabilities   342
Total liabilities 61,353 56,809
Commitments and contingencies (Note 13)
Stockholders' Equity:    
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued
Common stock, $.001 par value; 515,000,000 shares authorized, 73,407,734 shares issued and 73,144,573 shares outstanding at June 30, 2019; 71,971,586 shares issued and 71,709,203 shares outstanding at March 31, 2019 73 72
Additional paid-in capital 905,221 903,738
Accumulated deficit (884,477) (878,884)
Treasury stock, at cost; 263,162 shares at June 30, 2019 and 262,383 shares at March 31, 2019 (1,772) (1,772)
Total stockholders' equity 19,045 23,154
Total liabilities and stockholders' equity $ 80,398 $ 79,963

Source

v3.19.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Revenue:    
Total revenue $ 19,244 $ 21,189
Cost of goods sold:    
Total cost of goods sold 16,379 19,367
Gross margin 2,865 1,822
Operating expenses:    
Research and development 938 932
Selling, general and administrative 6,237 5,651
Total operating expenses 7,175 6,583
Loss from operations (4,310) (4,761)
Other income (expense) 1 (14)
Interest expense (1,276) (118)
Loss before provision for income taxes (5,585) (4,893)
Provision for income taxes 8 4
Net loss $ (5,593) $ (4,897)
Net loss per common share-basic and diluted (in dollars per share) $ (0.08) $ (0.08)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 72,578 61,762
Product, accessories and parts    
Revenue:    
Total revenue $ 14,073 $ 17,085
Cost of goods sold:    
Total cost of goods sold 12,232 15,630
Service    
Revenue:    
Total revenue 5,171 4,104
Cost of goods sold:    
Total cost of goods sold $ 4,147 $ 3,737

Source

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net loss $ (5,593) $ (4,897)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 373 287
Amortization of financing costs and discounts 290 38
Amortization Of Right Of Use Assets 359  
Reduction in accounts receivable allowances   (3)
Inventory provision 220 137
Provision for warranty expenses 205 397
Loss on disposal of equipment   7
Stock-based compensation 262 227
Changes in operating assets and liabilities:    
Accounts receivable 1,402 84
Inventories (363) (621)
Prepaid expenses, other current assets and other assets (459) (2,324)
Accounts payable and accrued expenses (1,864) 61
Accrued salaries and wages and long term liabilities (276) (247)
Accrued warranty reserve (372) (218)
Deferred revenue 651 1,054
Net cash used in operating activities (5,165) (6,018)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (977) (163)
Net cash used in investing activities (977) (163)
Cash Flows from Financing Activities:    
Net proceeds from revolving credit facility   1,497
Repayment of notes payable and lease obligations (195) (125)
Cash used in employee stock-based transactions (1) (3)
Net proceeds from issuance of common stock and warrants 1,223 4,973
Net cash provided by financing activities 1,027 6,342
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash (5,115) 161
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 29,727 19,408
Cash, Cash Equivalents and Restricted Cash, End of Year 24,612 19,569
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 607 82
Cash paid during the period for: Income taxes 15 $ 4
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 93  
Renewal of insurance contracts which was financed by notes payable $ 536  

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