Current Results

v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2019
Mar. 31, 2018
Current Assets:    
Cash and cash equivalents $ 29,727 $ 14,408
Restricted cash   5,000
Accounts receivable, net of allowances of $5,298 at March 31, 2019 and $5,744 at March 31, 2018 16,222 15,968
Inventories, net 20,343 15,633
Prepaid expenses and other current assets 3,818 2,803
Total current assets 70,110 53,812
Property, plant, equipment and rental assets, net 5,291 2,859
Non-current portion of inventories 1,403 1,041
Intangible assets, net 187 411
Other assets 2,972 250
Total assets 79,963 58,373
Current Liabilities:    
Accounts payable and accrued expenses 16,638 13,503
Accrued salaries and wages 1,637 1,588
Accrued warranty reserve 2,614 1,682
Deferred revenue 7,167 6,596
Revolving credit facility   8,527
Current portion of notes payable and capital lease obligations 31 192
Total current liabilities 28,087 32,088
Deferred revenue - non-current 1,069  
Term note payable, net 27,099  
Long-term portion of notes payable and capital lease obligations 212 130
Other long-term liabilities 342 396
Total liabilities 56,809 32,614
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, 71,971,586 shares issued and 71,709,203 shares outstanding at March 31, 2019; 57,062,598 shares issued and 56,916,646 shares outstanding at March 31, 2018 72 57
Additional paid-in capital 903,738 889,585
Accumulated deficit (878,884) (862,225)
Treasury stock, at cost; 262,383 shares at March 31, 2019 and 145,952 shares at March 31, 2018 (1,772) (1,658)
Total stockholders' equity 23,154 25,759
Total liabilities and stockholders' equity $ 79,963 $ 58,373

Source

v3.19.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue:    
Total revenue $ 83,412 $ 82,837
Cost of goods sold:    
Total cost of goods sold 73,960 67,856
Gross margin 9,452 14,981
Operating expenses:    
Research and development 3,600 4,040
Selling, general and administrative 20,958 19,609
Total operating expenses 24,558 23,649
Loss from operations (15,106) (8,668)
Other income (expense) (43) (2)
Interest income   9
Interest expense (1,502) (606)
Change in warrant valuation   (741)
Loss before provision for income taxes (16,651) (10,008)
Provision for income taxes 8 18
Net loss $ (16,659) $ (10,026)
Net loss per common share-basic and diluted (in dollars per share) $ (0.25) $ (0.20)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 66,994 51,339
Product, accessories and parts    
Revenue:    
Total revenue $ 66,303 $ 66,754
Cost of goods sold:    
Total cost of goods sold 60,149 56,590
Service    
Revenue:    
Total revenue 17,109 16,083
Cost of goods sold:    
Total cost of goods sold $ 13,811 $ 11,266

Source

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (16,659) $ (10,026)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,261 1,170
Amortization of deferred financing costs 311 202
Reduction in accounts receivable allowances (345) (1,099)
Inventory provision 778 1,420
Provision for warranty expenses 2,201 942
Loss on disposal of equipment 2 210
Stock-based compensation 907 586
Change in warrant valuation   741
Changes in operating assets and liabilities:    
Accounts receivable 91 3,222
Inventories (5,850) (2,595)
Prepaid expenses, other current assets and other assets (3,813) 10
Accounts payable and accrued expenses 3,048 (866)
Accrued salaries and wages and long term liabilities (6) 9
Accrued warranty reserve (1,269) (3,026)
Deferred revenue 1,640 459
Net cash used in operating activities (17,703) (8,641)
Cash Flows from Investing Activities:    
Expenditures for property, equipment and rental assets (3,360) (1,752)
Net cash used in investing activities (3,360) (1,752)
Cash Flows from Financing Activities:    
Net repayments of revolving credit facility (8,527) (3,006)
Net proceeds from term note payable 29,262  
Repayment of notes payable and capital lease obligations (337) (457)
Cash used in employee stock-based transactions (114) (22)
Net proceeds from issuance of common stock and warrants 11,098 13,581
Net cash provided by financing activities 31,382 10,096
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash 10,319 (297)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 19,408 19,705
Cash, Cash Equivalents and Restricted Cash, End of Year 29,727 19,408
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 453 414
Cash paid during the period for: Income taxes $ 6 30
Supplemental Disclosures of Non-Cash Information:    
Renewal of insurance contracts which was financed by notes payable   $ 422

Source