Current Results

v3.19.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2019
Mar. 31, 2019
Current Assets:    
Cash and cash equivalents $ 20,898 $ 29,727
Accounts receivable, net of allowances of $5,115 at September 30, 2019 and $5,298 at March 31, 2019 18,095 16,222
Inventories, net 19,857 20,343
Prepaid expenses and other current assets 4,178 3,818
Total current assets 63,028 70,110
Property, plant, equipment and rental assets, net 7,186 5,291
Non-current portion of inventories 1,398 1,403
Intangible assets, net 75 187
Other assets 8,508 2,972
Total assets 80,195 79,963
Current Liabilities:    
Accounts payable and accrued expenses 15,883 16,638
Accrued salaries and wages 1,631 1,637
Accrued warranty reserve 2,331 2,614
Deferred revenue 6,224 7,167
Current portion of notes payable and lease obligations 1,490 31
Total current liabilities 27,559 28,087
Deferred revenue - non-current 987 1,069
Term note payable, net 27,672 27,099
Long-term portion of notes payable and lease obligations 4,482 212
Other long-term liabilities   342
Total liabilities 60,700 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, 8,425,495 shares issued and 8,395,191 shares outstanding at September 30, 2019; 7,197,349 shares issued and 7,171,110 shares outstanding at March 31, 2019 80 72
Additional paid-in capital 910,213 903,738
Accumulated deficit (889,000) (878,884)
Treasury stock, at cost; 30,304 shares at September 30, 2019 and 26,239 shares at March 31, 2019 (1,798) (1,772)
Total stockholders' equity 19,495 23,154
Total liabilities and stockholders' equity $ 80,195 $ 79,963

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v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue:        
Total revenue $ 20,740 $ 22,174 $ 39,984 $ 43,363
Cost of goods sold:        
Total cost of goods sold 17,659 20,137 34,038 39,504
Gross margin 3,081 2,037 5,946 3,859
Operating expenses:        
Research and development 900 891 1,838 1,822
Selling, general and administrative 5,499 5,308 11,736 10,962
Total operating expenses 6,399 6,199 13,574 12,784
Loss from operations (3,318) (4,162) (7,628) (8,925)
Other income (expense) 157 (7) 158 (21)
Interest expense (1,287) (186) (2,563) (304)
Loss before provision for income taxes (4,448) (4,355) (10,033) (9,250)
Provision for income taxes   2 8 5
Net loss (4,448) (4,357) (10,041) (9,255)
Less: Deemed dividend on purchase warrant for common shares 75   75  
Net loss attributable to common stockholders $ (4,523) $ (4,357) $ (10,116) $ (9,255)
Net loss per common share attributable to common stockholders—basic and diluted (in dollars per share) $ (0.59) $ (0.67) $ (1.36) $ (1.46)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 7,650 6,506 7,455 6,342
Product, accessories and parts        
Revenue:        
Total revenue $ 15,988 $ 18,627 $ 30,061 $ 35,712
Cost of goods sold:        
Total cost of goods sold 13,460 16,945 25,692 32,575
Service        
Revenue:        
Total revenue 4,752 3,547 9,923 7,651
Cost of goods sold:        
Total cost of goods sold $ 4,199 $ 3,192 $ 8,346 $ 6,929

Source

v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net loss $ (10,041) $ (9,255)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 816 568
Amortization of financing costs and discounts 573 85
Amortization Of Right Of Use Assets 691  
Reduction in accounts receivable allowances (77) 55
Inventory provision 428 408
Provision for warranty expenses 452 1,251
Loss on disposal of equipment (2) 7
Stock-based compensation 366 451
Changes in operating assets and liabilities:    
Accounts receivable (1,795) (619)
Inventories 64 (320)
Prepaid expenses, other current assets and other assets 299 (5,135)
Accounts payable and accrued expenses (1,426) 448
Accrued salaries and wages and long term liabilities (8) (32)
Accrued warranty reserve (735) (691)
Deferred revenue (1,025) 184
Net cash used in operating activities (11,420) (12,595)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (3,031) (316)
Net cash used in investing activities (3,031) (316)
Cash Flows from Financing Activities:    
Net proceeds from revolving credit facility   3,969
Repayment of notes payable and lease obligations (393) (173)
Cash used in employee stock-based transactions (26) (73)
Net proceeds from issuance of common stock and warrants 6,041 8,083
Net cash provided by financing activities 5,622 11,806
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash (8,829) (1,105)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 29,727 19,408
Cash, Cash Equivalents and Restricted Cash, End of Year 20,898 18,303
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 1,579 186
Cash paid during the period for: Income taxes 15 5
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 17 $ 110
Deemed dividend $ 75  

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