Current Results

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2018
Mar. 31, 2018
Current Assets:    
Cash and cash equivalents $ 12,303 $ 14,408
Restricted cash 6,000 5,000
Accounts receivable, net of allowances of $5,828 at September 30, 2018 and $5,744 at March 31, 2018 16,531 15,968
Inventories, net 15,477 15,633
Prepaid expenses and other current assets 4,967 2,803
Total current assets 55,278 53,812
Property, plant and equipment, net 2,831 2,859
Non-current portion of inventories 1,109 1,041
Intangible assets, net 299 411
Other assets 3,125 250
Total assets 62,642 58,373
Current Liabilities:    
Accounts payable and accrued expenses 14,055 13,503
Accrued salaries and wages 1,562 1,588
Accrued warranty reserve 2,242 1,682
Deferred revenue 5,497 6,596
Revolving credit facility 12,496 8,527
Current portion of notes payable and capital lease obligations 39 192
Total current liabilities 35,891 32,088
Deferred revenue - non-current 1,284  
Long-term portion of notes payable and capital lease obligations 111 130
Other long-term liabilities 390 396
Total liabilities 37,676 32,614
Commitments and contingencies (Note 15)
Stockholders' Equity:    
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued
Common stock, $.001 par value; 515,000,000 shares authorized, 67,817,994 shares issued and 67,607,817 shares outstanding at September 30, 2018; 57,062,598 shares issued and 56,916,646 shares outstanding at March 31, 2018 68 57
Additional paid-in capital 898,108 889,585
Accumulated deficit (871,479) (862,225)
Treasury stock, at cost; 210,177 shares at September 30, 2018 and 145,952 shares at March 31, 2018 (1,731) (1,658)
Total stockholders' equity 24,966 25,759
Total liabilities and stockholders' equity $ 62,642 $ 58,373

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v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue:        
Total revenue $ 22,174 $ 19,774 $ 43,363 $ 39,014
Cost of goods sold:        
Total cost of goods sold 20,137 16,758 39,504 33,759
Gross margin 2,037 3,016 3,859 5,255
Operating expenses:        
Research and development 891 1,139 1,822 2,288
Selling, general and administrative 5,308 4,796 10,962 9,757
Total operating expenses 6,199 5,935 12,784 12,045
Loss from operations (4,162) (2,919) (8,925) (6,790)
Other income (expense) (7) 14 (21) 4
Interest income       9
Interest expense (186) (98) (304) (319)
Change in warrant valuation   (657)   (657)
Loss before provision for income taxes (4,355) (3,660) (9,250) (7,753)
Provision for income taxes 2 7 5 7
Net loss $ (4,357) $ (3,667) $ (9,255) $ (7,760)
Net loss per common share-basic and diluted (in dollars per share) $ (0.07) $ (0.09) $ (0.15) $ (0.18)
Weighted average shares used to calculate basic and diluted net loss per common share (in shares) 65,065 42,941 63,422 42,606
Product, accessories and parts        
Revenue:        
Total revenue $ 18,627 $ 16,005 $ 35,712 $ 31,496
Cost of goods sold:        
Total cost of goods sold 16,945 13,549 32,575 27,586
Service        
Revenue:        
Total revenue 3,547 3,769 7,651 7,518
Cost of goods sold:        
Total cost of goods sold $ 3,192 $ 3,209 $ 6,929 $ 6,173

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities:    
Net loss $ (9,255) $ (7,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 568 583
Amortization of deferred financing costs 85 133
Accounts receivable allowances 55 (22)
Inventory provision 408 590
Provision for warranty expenses 1,251 995
Loss on disposal of equipment 7 26
Stock-based compensation 451 307
Change in warrant valuation   657
Changes in operating assets and liabilities:    
Accounts receivable (619) 3,778
Inventories (320) (2,360)
Prepaid expenses, other current assets and other assets (5,135) 266
Accounts payable and accrued expenses 448 (790)
Accrued salaries and wages and long term liabilities (32) (7)
Accrued warranty reserve (691) (2,199)
Deferred revenue 184 (49)
Net cash used in operating activities (12,595) (5,852)
Cash Flows from Investing Activities:    
Expenditures for property and equipment (316) (521)
Net cash used in investing activities (316) (521)
Cash Flows from Financing Activities:    
Net proceeds from (repayments of) revolving credit facility 3,969 (1,958)
Repayment of notes payable and capital lease obligations (173) (183)
Cash used in employee stock-based transactions (73) (22)
Net proceeds from issuance of common stock and warrants 8,083 3,987
Net cash provided by financing activities 11,806 1,824
Net decrease in Cash, Cash Equivalents and Restricted Cash (1,105) (4,549)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 19,408 19,705
Cash, Cash Equivalents and Restricted Cash, End of Period 18,303 15,156
Cash paid during the period for:    
Interest 186 205
Income taxes 5 7
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable $ 110 $ 99

Source