Current Results

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Mar. 31, 2017
Current Assets:    
Cash and cash equivalents $ 14,408 $ 14,191
Restricted cash 5,000 5,514
Accounts receivable, net of allowances of $5,744 at March 31, 2018 and $6,845 at March 31, 2017 15,968 17,003
Inventories, net 15,633 14,538
Prepaid expenses and other current assets 2,803 3,073
Total current assets 53,812 54,319
Property, plant and equipment, net 2,859 2,115
Non-current portion of inventories 1,041 961
Intangible assets, net 411 651
Other assets 250 225
Total assets 58,373 58,271
Current Liabilities:    
Accounts payable and accrued expenses 13,503 14,719
Accrued salaries and wages 1,588 1,819
Accrued warranty reserve 1,682 3,766
Deferred revenue 6,596 5,050
Revolving credit facility 8,527 11,533
Current portion of notes payable and capital lease obligations 192 302
Total current liabilities 32,088 37,189
Long-term portion of notes payable and capital lease obligations 130 26
Other long-term liabilities 396 158
Total liabilities 32,614 37,373
Commitments and contingencies (Note 12)
Stockholders' Equity:    
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued
Common stock, $.001 par value; 515,000,000 shares authorized, 57,062,598 shares issued and 56,916,646 shares outstanding at March 31, 2018; 38,920,174 shares issued and 38,803,630 shares outstanding at March 31, 2017 57 39
Additional paid-in capital 889,585 874,697
Accumulated deficit (862,225) (852,199)
Treasury stock, at cost; 145,952 shares at March 31, 2018 and 116,544 shares at March 31, 2017 (1,658) (1,639)
Total stockholders' equity 25,759 20,898
Total liabilities and stockholders' equity $ 58,373 $ 58,271

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue:    
Product, accessories and parts $ 66,754 $ 63,325
Service 16,083 13,844
Total revenue 82,837 77,169
Cost of goods sold:    
Product, accessories and parts 56,590 64,453
Service 11,266 10,927
Total cost of goods sold 67,856 75,380
Gross margin 14,981 1,789
Operating expenses:    
Research and development 4,040 5,388
Selling, general and administrative 19,609 20,651
Total operating expenses 23,649 26,039
Loss from operations (8,668) (24,250)
Other expense (2) (49)
Interest income 9 31
Interest expense (606) (536)
Change in warrant valuation (741) (421)
Loss before provision for income taxes (10,008) (25,225)
Provision for income taxes 18 19
Net loss $ (10,026) $ (25,244)
Net loss per common share-basic and diluted (in dollars per share) $ (0.20) $ (0.79)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 51,339 32,074

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities:    
Net loss $ (10,026) $ (25,244)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,170 1,577
Amortization of deferred financing costs 202 173
Reduction in accounts receivable allowances (1,099) (1,525)
Inventory provision 1,420 1,278
Provision for warranty expenses 942 7,052
Loss on disposal of equipment 210 365
Stock-based compensation 586 810
Change in warrant valuation 741 421
Warrant issuance expenses   421
Changes in operating assets and liabilities:    
Accounts receivable 3,222 (1,903)
Inventories (2,595) 1,491
Prepaid expenses and other current assets 10 (117)
Accounts payable and accrued expenses (866) 1,405
Accrued salaries and wages and long term liabilities 9 (87)
Accrued warranty reserve (3,026) (4,925)
Deferred revenue 459 683
Net cash used in operating activities (8,641) (18,546)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (1,752) (204)
Net cash used in investing activities (1,752) (204)
Cash Flows from Financing Activities:    
Net (repayments of) proceeds from revolving credit facility (3,006) 2,074
Repayment of notes payable and capital lease obligations (457) (497)
Cash used in employee stock-based transactions (22) (16)
Net proceeds from issuance of common stock and warrants 13,581 20,188
Net cash provided by financing activities 10,096 21,749
Net (decrease) increase in Cash, Cash Equivalents and Restricted Cash (297) 2,999
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 19,705 16,706
Cash, Cash Equivalents and Restricted Cash, End of Year 19,408 19,705
Cash paid during the period for:    
Interest 414 363
Income taxes 30 24
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable   45
Renewal of insurance contracts which was financed by notes payable $ 422 $ 503

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