Annual report pursuant to Section 13 and 15(d)

Restatement of Quarterly Financial Information (Tables)

v3.24.1.1.u2
Restatement of Quarterly Financial Information (Tables)
12 Months Ended
Mar. 31, 2022
Restatement of Quarterly Financial Information  
Schedule of quarterly financial information

As of June 30, 2021

 

FPP

Note

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

49,216

$

$

$

$

49,216

Accounts receivable, net of allowances

 

23,871

 

(13,592)

 

 

 

10,279

Inventories, net

 

14,937

 

12,218

 

 

 

27,155

Prepaid expenses and other current assets

 

5,718

 

 

 

 

5,718

Total current assets

 

93,742

 

(1,374)

 

 

 

92,368

Property, plant, equipment and rental assets, net

 

10,669

 

10,669

Non-current portion of inventories

 

1,802

 

 

 

 

1,802

Other assets

 

7,497

 

 

 

 

7,497

Total assets

$

113,710

$

(1,374)

$

$

$

112,336

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

22,396

$

$

$

$

22,396

Accrued salaries and wages

 

1,565

 

 

 

 

1,565

Accrued warranty reserve

 

3,904

 

 

 

 

3,904

Deferred revenue

 

6,000

 

3,041

 

 

 

9,041

Current portion of notes payable and lease obligations

 

1,097

 

 

 

 

1,097

Factory protection plan liability

 

 

 

8,566

 

 

8,566

Term note payable

50,923

50,923

Total current liabilities

 

34,962

 

3,041

 

8,566

 

50,923

 

97,492

Deferred revenue, non-current

734

734

Long-term portion of notes payable and lease obligations

 

4,589

 

 

 

 

4,589

Term note payable, non-current

50,923

(50,923)

Total liabilities

 

91,208

 

3,041

 

8,566

 

 

102,815

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

15

 

15

Additional paid-in capital

 

945,918

 

945,918

Accumulated deficit

 

(921,453)

(4,415)

(8,566)

 

(934,434)

Treasury stock

 

(1,978)

 

(1,978)

Total stockholders’ (deficiency) equity

 

22,502

 

(4,415)

 

(8,566)

 

 

9,521

Total liabilities and stockholders' (deficiency) equity

$

113,710

$

(1,374)

$

$

$

112,336

As of September 30, 2021

FPP

Note

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

38,267

$

$

$

$

38,267

Accounts receivable, net of allowances

 

25,360

 

(10,832)

 

 

 

14,528

Inventories, net

 

18,023

 

11,545

 

 

 

29,568

Prepaid expenses and other current assets

 

4,310

 

 

 

 

4,310

Total current assets

 

85,960

 

713

 

 

 

86,673

Property, plant, equipment and rental assets, net

 

11,687

 

11,687

Non-current portion of inventories

 

1,752

 

 

 

 

1,752

Other assets

 

8,958

 

 

 

 

8,958

Total assets

$

108,357

$

713

$

$

$

109,070

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

24,754

$

$

$

$

24,754

Accrued salaries and wages

 

1,351

 

 

 

 

1,351

Accrued warranty reserve

 

1,864

 

 

 

 

1,864

Deferred revenue

 

4,965

 

5,235

 

 

 

10,200

Current portion of notes payable and lease obligations

 

860

 

 

 

 

860

Factory protection plan liability

 

 

 

8,027

 

 

8,027

Term note payable

50,932

50,932

Total current liabilities

 

33,794

 

5,235

 

8,027

 

50,932

 

97,988

Deferred revenue, non-current

700

700

Long-term portion of notes payable and lease obligations

 

6,155

 

 

 

 

6,155

Term note payable, non-current

50,932

(50,932)

Total liabilities

 

91,581

 

5,235

 

8,027

 

 

104,843

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

15

 

15

Additional paid-in capital

 

946,278

 

946,278

Accumulated deficit

 

(927,447)

(4,522)

(8,027)

 

(939,996)

Treasury stock

 

(2,070)

 

(2,070)

Total stockholders’ (deficiency) equity

 

16,776

 

(4,522)

 

(8,027)

 

 

4,227

Total liabilities and stockholders' (deficiency) equity

$

108,357

$

713

$

$

$

109,070

As of December 31, 2021

FPP

Note

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

31,267

$

$

$

$

31,267

Accounts receivable, net of allowances

 

26,842

 

(12,656)

 

 

 

14,186

Inventories, net

 

17,290

 

13,711

 

 

 

31,001

Prepaid expenses and other current assets

 

5,158

 

 

 

 

5,158

Total current assets

 

80,557

 

1,055

 

 

 

81,612

Property, plant, equipment and rental assets, net

 

14,262

 

14,262

Non-current portion of inventories

 

1,635

 

 

 

 

1,635

Other assets

 

8,790

 

 

 

 

8,790

Total assets

$

105,244

$

1,055

$

$

$

106,299

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

26,340

$

$

$

$

26,340

Accrued salaries and wages

 

1,722

 

 

 

 

1,722

Accrued warranty reserve

 

1,428

 

 

 

 

1,428

Deferred revenue

 

5,231

 

6,059

 

 

 

11,290

Current portion of notes payable and lease obligations

 

707

 

 

 

 

707

Factory protection plan liability

 

 

 

7,687

 

 

7,687

Term note payable

50,940

50,940

Total current liabilities

 

35,428

 

6,059

 

7,687

 

50,940

 

100,114

Deferred revenue, non-current

927

927

Long-term portion of notes payable and lease obligations

 

5,984

 

 

 

 

5,984

Term note payable, non-current

50,940

(50,940)

Total liabilities

 

93,279

 

6,059

 

7,687

 

 

107,025

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

15

 

15

Additional paid-in capital

 

946,621

 

946,621

Accumulated deficit

 

(932,593)

(5,004)

(7,687)

 

(945,284)

Treasury stock

 

(2,078)

 

(2,078)

Total stockholders’ (deficiency) equity

 

11,965

 

(5,004)

 

(7,687)

 

 

(726)

Total liabilities and stockholders' (deficiency) equity

$

105,244

$

1,055

$

$

$

106,299

As of June 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

16,229

$

$

$

16,229

Accounts receivable, net of allowances

 

14,655

 

(4,266)

 

 

10,389

Inventories, net

 

17,582

 

6,546

 

 

24,128

Prepaid expenses and other current assets

 

4,778

 

 

 

4,778

Total current assets

 

53,244

 

2,280

 

 

55,524

Property, plant, equipment and rental assets, net

 

7,560

 

7,560

Non-current portion of inventories

 

1,571

 

 

 

1,571

Other assets

 

8,093

 

 

 

8,093

Total assets

$

70,468

$

2,280

$

$

72,748

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

10,804

$

$

$

10,804

Accrued salaries and wages

 

1,159

 

 

 

1,159

Accrued warranty reserve

 

1,768

 

 

 

1,768

Deferred revenue

 

7,025

 

4,465

 

 

11,490

Current portion of notes payable and lease obligations

 

878

 

 

 

878

Factory protection plan liability

 

 

 

5,703

 

5,703

Total current liabilities

 

21,634

 

4,465

 

5,703

 

31,802

Deferred revenue, non-current

902

902

Long-term portion of notes payable and lease obligations

 

4,941

 

 

 

4,941

Term note payable, net

30,112

30,112

Total liabilities

 

57,589

 

4,465

 

5,703

 

67,757

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

11

 

11

Additional paid-in capital

 

917,439

 

917,439

Accumulated deficit

 

(902,692)

(2,185)

(5,703)

 

(910,580)

Treasury stock

 

(1,879)

 

(1,879)

Total stockholders’ (deficiency) equity

 

12,879

 

(2,185)

 

(5,703)

 

4,991

Total liabilities and stockholders' (deficiency) equity

$

70,468

$

2,280

$

$

72,748

As of September 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

16,782

$

$

$

16,782

Accounts receivable, net of allowances

 

13,481

 

(3,991)

 

 

9,490

Inventories, net

 

13,906

 

7,301

 

 

21,207

Prepaid expenses and other current assets

 

3,663

 

 

 

3,663

Total current assets

 

47,832

 

3,310

 

 

51,142

Property, plant, equipment and rental assets, net

 

8,358

 

8,358

Non-current portion of inventories

 

1,618

 

 

 

1,618

Other assets

 

7,942

 

 

 

7,942

Total assets

$

65,750

$

3,310

$

$

69,060

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

10,908

$

$

$

10,908

Accrued salaries and wages

 

1,341

 

 

 

1,341

Accrued warranty reserve

 

1,427

 

 

 

1,427

Deferred revenue

 

6,459

 

5,724

 

 

12,183

Current portion of notes payable and lease obligations

 

568

 

 

 

568

Factory protection plan liability

 

 

 

6,935

 

6,935

Total current liabilities

 

20,703

 

5,724

 

6,935

 

33,362

Deferred revenue, non-current

860

860

Long-term portion of notes payable and lease obligations

 

4,920

 

 

 

4,920

Term note payable, net

30,419

30,419

Total liabilities

 

56,902

 

5,724

 

6,935

 

69,561

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

11

 

11

Additional paid-in capital

 

917,674

 

917,674

Accumulated deficit

 

(906,919)

(2,414)

(6,935)

 

(916,268)

Treasury stock

 

(1,918)

 

(1,918)

Total stockholders’ (deficiency) equity

 

8,848

 

(2,414)

 

(6,935)

 

(501)

Total liabilities and stockholders' (deficiency) equity

$

65,750

$

3,310

$

$

69,060

As of December 31, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

Current Assets:

Cash and cash equivalents

$

31,970

$

$

$

31,970

Accounts receivable, net of allowances

 

19,079

 

(7,692)

 

 

11,387

Inventories, net

 

11,224

 

10,411

 

 

21,635

Prepaid expenses and other current assets

 

3,752

 

 

 

3,752

Total current assets

 

66,025

 

2,719

 

 

68,744

Property, plant, equipment and rental assets, net

 

8,075

 

8,075

Non-current portion of inventories

 

1,917

 

 

 

1,917

Other assets

 

7,782

 

 

 

7,782

Total assets

$

83,799

$

2,719

$

$

86,518

Liabilities and Stockholders’ (Deficiency) Equity

Current Liabilities:

Accounts payable and accrued expenses

$

14,600

$

$

$

14,600

Accrued salaries and wages

 

1,471

 

 

 

1,471

Accrued warranty reserve

 

1,523

 

 

 

1,523

Deferred revenue

 

5,113

 

5,863

 

 

10,976

Current portion of notes payable and lease obligations

 

495

 

 

 

495

Factory protection plan liability

 

 

 

7,460

 

7,460

Total current liabilities

 

23,202

 

5,863

 

7,460

 

36,525

Deferred revenue, non-current

818

818

Long-term portion of notes payable and lease obligations

 

4,661

 

 

 

4,661

Term note payable, net

52,856

52,856

Total liabilities

 

81,537

 

5,863

 

7,460

 

94,860

Commitments and contingencies

Stockholders’ (Deficiency) Equity:

Preferred stock

Common stock

 

11

 

11

Additional paid-in capital

 

918,683

 

918,683

Accumulated deficit

 

(914,514)

(3,144)

(7,460)

 

(925,118)

Treasury stock

 

(1,918)

 

(1,918)

Total stockholders’ (deficiency) equity

 

2,262

 

(3,144)

 

(7,460)

 

(8,342)

Total liabilities and stockholders' (deficiency) equity

$

83,799

$

2,719

$

$

86,518

Three Months Ended June 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

8,389

$

(3,150)

$

$

5,239

Parts and service

7,693

(344)

(121)

7,228

Total revenue, net

16,082

(3,494)

(121)

12,467

Cost of goods sold:

 

 

 

 

Product and accessories

8,992

(2,174)

6,818

Parts and service

4,442

(185)

783

5,040

Total cost of goods sold

13,434

(2,359)

783

11,858

Gross profit

 

2,648

 

(1,135)

 

(904)

 

609

Operating expenses:

Research and development

 

883

 

 

 

883

Selling, general and administrative

 

5,324

 

 

 

5,324

Total operating expenses

 

6,207

 

 

 

6,207

Loss from operations

 

(3,559)

 

(1,135)

 

(904)

 

(5,598)

Other income (expense)

 

665

 

 

 

665

Interest income

 

5

 

 

 

5

Interest expense

 

(1,235)

 

 

 

(1,235)

Gain (loss) on debt extinguishment

1,950

1,950

Loss before provision for income taxes

 

(2,174)

 

(1,135)

 

(904)

 

(4,213)

Provision for income taxes

 

8

 

 

 

8

Net loss

(2,182)

(1,135)

(904)

(4,221)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(2,182)

$

(1,135)

$

(904)

$

(4,221)

Net loss per share—basic and diluted

$

(0.16)

$

(0.09)

$

(0.07)

$

(0.32)

Weighted average shares outstanding

 

13,226

 

13,226

 

13,226

 

13,226

Three Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

8,465

$

879

$

$

9,344

Parts and service

8,731

(314)

(121)

8,296

Total revenue, net

17,196

565

(121)

17,640

Cost of goods sold:

 

 

 

 

Product and accessories

8,798

801

9,599

Parts and service

5,688

(129)

(660)

4,899

Total cost of goods sold

14,486

672

(660)

14,498

Gross profit

 

2,710

 

(107)

 

539

 

3,142

Operating expenses:

Research and development

 

987

 

 

 

987

Selling, general and administrative

 

6,438

 

 

 

6,438

Total operating expenses

 

7,425

 

 

 

7,425

Loss from operations

 

(4,715)

 

(107)

 

539

 

(4,283)

Other income (expense)

 

(5)

 

 

 

(5)

Interest income

 

6

 

 

 

6

Interest expense

 

(1,278)

 

 

 

(1,278)

Gain (loss) on debt extinguishment

Loss before provision for income taxes

 

(5,992)

 

(107)

 

539

 

(5,560)

Provision for income taxes

 

2

 

 

 

2

Net loss

(5,994)

(107)

539

(5,562)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(5,994)

$

(107)

$

539

$

(5,562)

Net loss per share—basic and diluted

$

(0.40)

$

(0.01)

$

0.04

$

(0.37)

Weighted average shares outstanding

 

15,167

 

15,167

 

15,167

 

15,167

Six Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

16,854

$

(2,271)

$

$

14,583

Parts and service

16,424

(658)

(242)

15,524

Total revenue, net

33,278

(2,929)

(242)

30,107

Cost of goods sold:

 

 

 

 

Product and accessories

17,790

(1,373)

16,417

Parts and service

10,130

(314)

123

9,939

Total cost of goods sold

27,920

(1,687)

123

26,356

Gross profit

 

5,358

 

(1,242)

 

(365)

 

3,751

Operating expenses:

Research and development

 

1,870

 

 

 

1,870

Selling, general and administrative

 

11,762

 

 

 

11,762

Total operating expenses

 

13,632

 

 

 

13,632

Loss from operations

 

(8,274)

 

(1,242)

 

(365)

 

(9,881)

Other income (expense)

 

660

 

 

 

660

Interest income

 

11

 

 

 

11

Interest expense

 

(2,513)

 

 

 

(2,513)

Gain (loss) on debt extinguishment

1,950

1,950

Loss before provision for income taxes

 

(8,166)

 

(1,242)

 

(365)

 

(9,773)

Provision for income taxes

 

10

 

 

 

10

Net loss

(8,176)

(1,242)

(365)

(9,783)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(8,176)

$

(1,242)

$

(365)

$

(9,783)

Net loss per share—basic and diluted

$

(0.58)

$

(0.09)

$

(0.03)

$

(0.69)

Weighted average shares outstanding

 

14,202

 

14,202

 

14,202

 

14,202

Three Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

12,329

$

(2,428)

$

$

9,901

Parts and service

8,280

(220)

(153)

7,907

Total revenue, net

20,609

(2,648)

(153)

17,808

Cost of goods sold:

 

 

 

 

Product and accessories

12,689

(2,030)

10,659

Parts and service

5,703

(136)

(493)

5,074

Total cost of goods sold

18,392

(2,166)

(493)

15,733

Gross profit

 

2,217

 

(482)

 

340

 

2,075

Operating expenses:

Research and development

 

767

 

 

 

767

Selling, general and administrative

 

5,293

 

 

 

5,293

Total operating expenses

 

6,060

 

 

 

6,060

Loss from operations

 

(3,843)

 

(482)

 

340

 

(3,985)

Other income (expense)

 

(21)

 

 

 

(21)

Interest income

 

5

 

 

 

5

Interest expense

 

(1,287)

 

 

 

(1,287)

Gain (loss) on debt extinguishment

Loss before provision for income taxes

 

(5,146)

 

(482)

 

340

 

(5,288)

Provision for income taxes

 

 

 

 

Net loss

(5,146)

(482)

340

(5,288)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(5,146)

$

(482)

$

340

$

(5,288)

Net loss per share—basic and diluted

$

(0.34)

$

(0.03)

$

0.02

$

(0.35)

Weighted average shares outstanding

 

15,236

 

15,236

 

15,236

 

15,236

Nine Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

29,183

$

(4,699)

$

$

24,484

Parts and service

24,704

(878)

(395)

23,431

Total revenue, net

53,887

(5,577)

(395)

47,915

Cost of goods sold:

 

 

 

 

Product and accessories

30,479

(3,403)

27,076

Parts and service

15,833

(450)

(370)

15,013

Total cost of goods sold

46,312

(3,853)

(370)

42,089

Gross profit

 

7,575

 

(1,724)

 

(25)

 

5,826

Operating expenses:

Research and development

 

2,637

 

 

 

2,637

Selling, general and administrative

 

17,055

 

 

 

17,055

Total operating expenses

 

19,692

 

 

 

19,692

Loss from operations

 

(12,117)

 

(1,724)

 

(25)

 

(13,866)

Other income (expense)

 

639

 

 

 

639

Interest income

 

16

 

 

 

16

Interest expense

 

(3,800)

 

 

 

(3,800)

Gain (loss) on debt extinguishment

1,950

1,950

Loss before provision for income taxes

 

(13,312)

 

(1,724)

 

(25)

 

(15,061)

Provision for income taxes

 

10

 

 

 

10

Net loss

(13,322)

(1,724)

(25)

(15,071)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(13,322)

$

(1,724)

$

(25)

$

(15,071)

Net loss per share—basic and diluted

$

(0.92)

$

(0.12)

$

(0.00)

$

(1.04)

Weighted average shares outstanding

 

14,548

 

14,548

 

14,548

 

14,548

Three Months Ended March 31, 2022

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

Product and accessories

$

7,998

$

238

$

$

8,236

Parts and service

7,760

171

(118)

7,813

Total revenue, net

15,758

409

(118)

16,049

Cost of goods sold:

 

 

 

 

Product and accessories

10,004

26

10,030

Parts and service

4,791

48

1,365

6,204

Total cost of goods sold

14,795

74

1,365

16,234

Gross profit

 

963

 

335

 

(1,483)

 

(185)

Operating expenses:

Research and development

 

722

 

 

 

722

Selling, general and administrative

 

5,925

 

(738)

 

 

5,187

Total operating expenses

 

6,647

 

(738)

 

 

5,909

Loss from operations

 

(5,684)

 

1,073

 

(1,483)

 

(6,094)

Other income (expense)

 

3

 

 

 

3

Interest income

 

5

 

 

 

5

Interest expense

 

(1,204)

 

 

 

(1,204)

Gain (loss) on debt extinguishment

Loss before provision for income taxes

 

(6,880)

 

1,073

 

(1,483)

 

(7,290)

Provision for income taxes

 

9

 

 

 

9

Net loss

(6,889)

1,073

(1,483)

(7,299)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(6,889)

$

1,073

$

(1,483)

$

(7,299)

Net loss per share—basic and diluted

$

(0.45)

$

0.07

$

(0.10)

$

(0.48)

Weighted average shares outstanding

 

15,273

 

15,273

 

15,273

 

15,273

Three Months Ended June 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product, accessories and parts

$

8,936

$

(8,936)

$

$

$

Product and accessories

6,606

4,603

11,209

Service

5,257

(5,257)

Parts and service

7,587

508

(239)

7,856

Total revenue, net

14,193

5,111

(239)

19,065

Cost of goods sold:

 

 

 

 

 

Product, accessories and parts

7,995

(7,995)

Product and accessories

6,800

3,318

10,118

Service

2,825

(2,825)

Parts and service

4,020

162

708

4,890

Total cost of goods sold

10,820

3,480

708

15,008

Gross profit

 

3,373

 

 

1,631

 

(947)

 

4,057

Operating expenses:

Research and development

 

370

 

 

 

 

370

Selling, general and administrative

 

3,546

 

 

 

 

3,546

Total operating expenses

 

3,916

 

 

 

 

3,916

Loss from operations

 

(543)

 

 

1,631

 

(947)

 

141

Other income (expense)

 

4

 

 

 

 

4

Interest income

 

8

 

 

 

 

8

Interest expense

 

(1,291)

 

 

 

 

(1,291)

Loss before provision for income taxes

 

(1,822)

 

 

1,631

 

(947)

 

(1,138)

Provision for income taxes

 

1

 

 

 

 

1

Net loss

(1,823)

1,631

(947)

(1,139)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(1,823)

$

$

1,631

$

(947)

$

(1,139)

Net loss per share—basic and diluted

$

(0.17)

$

$

0.15

$

(0.09)

$

(0.11)

Weighted average shares outstanding

 

10,598

 

10,598

 

10,598

 

10,598

 

10,598

Three Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product, accessories and parts

$

9,344

$

(9,344)

$

$

$

Product and accessories

7,206

(1,107)

6,099

Service

5,562

(5,562)

Parts and service

7,700

124

(213)

7,611

Total revenue, net

14,906

(983)

(213)

13,710

Cost of goods sold:

 

 

 

 

 

Product, accessories and parts

8,693

(8,693)

Product and accessories

7,347

(816)

6,531

Service

3,651

(3,651)

Parts and service

4,997

62

1,019

6,078

Total cost of goods sold

12,344

(754)

1,019

12,609

Gross profit

 

2,562

 

 

(229)

 

(1,232)

 

1,101

Operating expenses:

Research and development

 

599

 

 

 

 

599

Selling, general and administrative

 

4,872

 

 

 

 

4,872

Total operating expenses

 

5,471

 

 

 

 

5,471

Loss from operations

 

(2,909)

 

 

(229)

 

(1,232)

 

(4,370)

Other income (expense)

 

11

 

 

 

 

11

Interest income

 

8

 

 

 

 

8

Interest expense

 

(1,313)

 

 

 

 

(1,313)

Loss before provision for income taxes

 

(4,203)

 

 

(229)

 

(1,232)

 

(5,664)

Provision for income taxes

 

9

 

 

 

 

9

Net loss

(4,212)

(229)

(1,232)

(5,673)

Less: Deemed dividend on purchase warrant for common shares

15

15

Net loss attributable to common stockholders

$

(4,227)

$

$

(229)

$

(1,232)

$

(5,688)

Net loss per share—basic and diluted

$

(0.38)

$

$

(0.02)

$

(0.11)

$

(0.52)

Weighted average shares outstanding

 

11,040

 

11,040

 

11,040

 

11,040

 

11,040

Six Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product, accessories and parts

$

18,280

$

(18,280)

$

$

$

Product and accessories

13,812

3,496

17,308

Service

10,819

(10,819)

Parts and service

15,287

632

(452)

15,467

Total revenue, net

29,099

4,128

(452)

32,775

Cost of goods sold:

 

 

 

 

 

Product, accessories and parts

16,688

(16,688)

Product and accessories

14,147

2,502

16,649

Service

6,476

(6,476)

Parts and service

9,017

224

1,727

10,968

Total cost of goods sold

23,164

2,726

1,727

27,617

Gross profit

 

5,935

 

 

1,402

 

(2,179)

 

5,158

Operating expenses:

Research and development

 

969

 

 

 

 

969

Selling, general and administrative

 

8,418

 

 

 

 

8,418

Total operating expenses

 

9,387

 

 

 

 

9,387

Loss from operations

 

(3,452)

 

 

1,402

 

(2,179)

 

(4,229)

Other income (expense)

 

15

 

 

 

 

15

Interest income

 

16

 

 

 

 

16

Interest expense

 

(2,604)

 

 

 

 

(2,604)

Loss before provision for income taxes

 

(6,025)

 

 

1,402

 

(2,179)

 

(6,802)

Provision for income taxes

 

10

 

 

 

 

10

Net loss

(6,035)

1,402

(2,179)

(6,812)

Less: Deemed dividend on purchase warrant for common shares

15

15

Net loss attributable to common stockholders

$

(6,050)

$

$

1,402

$

(2,179)

$

(6,827)

Net loss per share—basic and diluted

$

(0.56)

$

$

0.13

$

(0.20)

$

(0.63)

Weighted average shares outstanding

 

10,862

 

10,862

 

10,862

 

10,862

 

10,862

Three Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product, accessories and parts

$

15,374

$

(15,374)

$

$

$

Product and accessories

12,760

(3,912)

8,848

Service

5,301

(5,301)

Parts and service

7,915

72

(138)

7,849

Total revenue, net

20,675

(3,840)

(138)

16,697

Cost of goods sold:

 

 

 

 

 

Product, accessories and parts

13,483

(13,483)

Product and accessories

12,324

(3,141)

9,183

Service

3,720

(3,720)

Parts and service

4,879

31

387

5,297

Total cost of goods sold

17,203

(3,110)

387

14,480

Gross profit

 

3,472

 

 

(730)

 

(525)

 

2,217

Operating expenses:

Research and development

 

734

 

 

 

 

734

Selling, general and administrative

 

4,816

 

 

 

 

4,816

Total operating expenses

 

5,550

 

 

 

 

5,550

Loss from operations

 

(2,078)

 

 

(730)

 

(525)

 

(3,333)

Other income (expense)

 

(11)

 

 

 

 

(11)

Interest income

 

7

 

 

 

 

7

Interest expense

 

(1,231)

 

 

 

 

(1,231)

Gain (loss) on debt extinguishment

(4,282)

(4,282)

Loss before provision for income taxes

 

(7,595)

 

 

(730)

 

(525)

 

(8,850)

Provision for income taxes

 

 

 

 

 

Net loss

(7,595)

(730)

(525)

(8,850)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(7,595)

$

$

(730)

$

(525)

$

(8,850)

Net loss per share—basic and diluted

$

(0.69)

$

$

(0.07)

$

(0.05)

$

(0.80)

Weighted average shares outstanding

 

11,081

 

11,081

 

11,081

 

11,081

 

11,081

Nine Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product, accessories and parts

$

33,654

$

(33,654)

$

$

$

Product and accessories

26,572

(416)

26,156

Service

16,120

(16,120)

Parts and service

23,202

704

(590)

23,316

Total revenue, net

49,774

288

(590)

49,472

Cost of goods sold:

 

 

 

 

 

Product, accessories and parts

30,171

(30,171)

Product and accessories

26,471

(639)

25,832

Service

10,196

(10,196)

Parts and service

13,896

255

2,114

16,265

Total cost of goods sold

40,367

(384)

2,114

42,097

Gross profit

 

9,407

 

 

672

 

(2,704)

 

7,375

Operating expenses:

Research and development

 

1,703

 

 

 

 

1,703

Selling, general and administrative

 

13,234

 

 

 

 

13,234

Total operating expenses

 

14,937

 

 

 

 

14,937

Loss from operations

 

(5,530)

 

 

672

 

(2,704)

 

(7,562)

Other income (expense)

 

4

 

 

 

 

4

Interest income

 

23

 

 

 

 

23

Interest expense

 

(3,835)

 

 

 

 

(3,835)

Gain (loss) on debt extinguishment

(4,282)

(4,282)

Loss before provision for income taxes

 

(13,620)

 

 

672

 

(2,704)

 

(15,652)

Provision for income taxes

 

10

 

 

 

 

10

Net loss

(13,630)

672

(2,704)

(15,662)

Less: Deemed dividend on purchase warrant for common shares

15

15

Net loss attributable to common stockholders

$

(13,645)

$

$

672

$

(2,704)

$

(15,677)

Net loss per share—basic and diluted

$

(1.25)

$

$

0.06

$

(0.25)

$

(1.43)

Weighted average shares outstanding

 

10,935

 

10,935

 

10,935

 

10,935

 

10,935

Three Months Ended March 31, 2021

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

    

    

    

    

Product and accessories

$

9,945

$

$

550

$

$

10,495

Parts and service

7,917

(134)

(143)

7,640

Total revenue, net

17,862

416

(143)

18,135

Cost of goods sold:

 

 

 

 

 

Product and accessories

15,554

601

16,155

Parts and service

4,860

(49)

59

4,870

Total cost of goods sold

20,414

552

59

21,025

Gross profit

 

(2,552)

 

 

(136)

 

(202)

 

(2,890)

Operating expenses:

Research and development

 

714

 

 

 

 

714

Selling, general and administrative

 

5,157

 

 

 

 

5,157

Total operating expenses

 

5,871

 

 

 

 

5,871

Loss from operations

 

(8,423)

 

 

(136)

 

(202)

 

(8,761)

Other income (expense)

 

4,989

 

 

 

 

4,989

Interest income

 

7

 

 

 

 

7

Interest expense

 

(1,321)

 

 

 

 

(1,321)

Gain (loss) on debt extinguishment

Loss before provision for income taxes

 

(4,748)

 

 

(136)

 

(202)

 

(5,086)

Provision for income taxes

 

9

 

 

 

 

9

Net loss

(4,757)

(136)

(202)

(5,095)

Less: Deemed dividend on purchase warrant for common shares

Net loss attributable to common stockholders

$

(4,757)

$

$

(136)

$

(202)

$

(5,095)

Net loss per share—basic and diluted

$

(0.39)

$

$

(0.01)

$

(0.02)

$

(0.41)

Weighted average shares outstanding

 

12,335

 

12,335

 

12,335

 

12,335

 

12,335

Three Months Ended June 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(2,182)

$

(1,135)

$

(904)

$

(4,221)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

386

 

 

 

386

Amortization of financing costs and discounts

 

9

 

 

 

9

Amortization of right-of-use assets

93

 

93

(Gain) loss on debt extinguishment

(1,950)

(1,950)

Inventory provision

 

276

 

 

 

276

Provision for warranty expenses

 

44

 

44

Stock-based compensation

 

305

 

 

 

305

Changes in operating assets and liabilities:

Accounts receivable

 

(3,278)

 

5,901

 

2,623

Inventories

 

(3,341)

 

(2,359)

 

 

(5,700)

Prepaid expenses, other current assets and other assets

 

(107)

 

 

 

(107)

Accounts payable and accrued expenses

 

2,324

 

 

 

2,324

Accrued salaries and wages and long-term liabilities

 

(325)

 

 

 

(325)

Accrued warranty reserve

 

(1,990)

 

 

 

(1,990)

Deferred revenue

 

(405)

 

(2,407)

 

 

(2,812)

Factory protection plan liability

 

 

 

904

 

904

Net cash used in operating activities

 

(10,141)

 

 

 

(10,141)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(1,200)

 

 

 

(1,200)

Net cash used in investing activities

 

(1,200)

 

 

 

(1,200)

Cash Flows from Financing Activities:

Net proceeds from term note payable

Repayment of notes payable and lease obligations

 

(106)

 

 

 

(106)

Cash used in employee stock-based transactions

 

(29)

 

 

 

(29)

Net proceeds from issuance of common stock and warrants

 

11,159

 

 

 

11,159

Net cash provided by financing activities

 

11,024

 

 

 

11,024

Net increase (decrease) increase in Cash and Cash Equivalents

 

(317)

 

 

 

(317)

Cash and Cash Equivalents, Beginning of Period

 

49,533

 

 

49,533

Cash and Cash Equivalents, End of Period

$

49,216

$

$

$

49,216

Six Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(8,176)

$

(1,242)

$

(365)

$

(9,783)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

844

 

 

 

844

Amortization of financing costs and discounts

 

17

 

 

 

17

Amortization of right-of-use assets

449

 

449

(Gain) loss on debt extinguishment

(1,950)

(1,950)

Inventory provision

 

287

 

 

 

287

Provision for warranty expenses

 

143

 

143

Stock-based compensation

 

638

 

 

 

638

Changes in operating assets and liabilities:

Accounts receivable

 

(4,767)

 

3,141

 

(1,626)

Inventories

 

(6,388)

 

(1,686)

 

 

(8,074)

Prepaid expenses, other current assets and other assets

 

1,327

 

 

 

1,327

Accounts payable and accrued expenses

 

4,363

 

 

 

4,363

Accrued salaries and wages and long-term liabilities

 

(539)

 

 

 

(539)

Accrued warranty reserve

 

(4,129)

 

 

 

(4,129)

Deferred revenue

 

(1,474)

 

(213)

 

 

(1,687)

Factory protection plan liability

 

 

 

365

 

365

Net cash used in operating activities

 

(19,355)

 

 

 

(19,355)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(2,623)

 

 

 

(2,623)

Net cash used in investing activities

 

(2,623)

 

 

 

(2,623)

Cash Flows from Financing Activities:

Repayment of notes payable and lease obligations

 

(353)

 

 

 

(353)

Cash used in employee stock-based transactions

 

(121)

 

 

 

(121)

Net proceeds from issuance of common stock and warrants

 

11,186

 

 

 

11,186

Net cash provided by financing activities

 

10,712

 

 

 

10,712

Net increase (decrease) increase in Cash and Cash Equivalents

 

(11,266)

 

 

 

(11,266)

Cash and Cash Equivalents, Beginning of Period

 

49,533

 

 

49,533

Cash and Cash Equivalents, End of Period

$

38,267

$

$

$

38,267

Nine Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(13,322)

$

(1,724)

$

(25)

$

(15,071)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

1,337

 

 

 

1,337

Amortization of financing costs and discounts

 

26

 

 

 

26

Amortization of right-of-use assets

552

 

552

(Gain) loss on debt extinguishment

(1,950)

(1,950)

Inventory provision

 

386

 

 

 

386

Provision for warranty expenses

 

358

 

358

Stock-based compensation

 

973

 

 

 

973

Changes in operating assets and liabilities:

Accounts receivable

 

(6,249)

 

4,965

 

(1,284)

Inventories

 

(5,637)

 

(3,852)

 

 

(9,489)

Prepaid expenses, other current assets and other assets

 

509

 

 

 

509

Accounts payable and accrued expenses

 

5,953

 

 

 

5,953

Accrued salaries and wages and long-term liabilities

 

(168)

 

 

 

(168)

Accrued warranty reserve

 

(4,780)

 

 

 

(4,780)

Deferred revenue

 

(981)

 

611

 

 

(370)

Factory protection plan liability

 

 

 

25

 

25

Net cash used in operating activities

 

(22,993)

 

 

 

(22,993)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(5,748)

 

 

 

(5,748)

Net cash used in investing activities

 

(5,748)

 

 

 

(5,748)

Cash Flows from Financing Activities:

Repayment of notes payable and lease obligations

 

(590)

 

 

 

(590)

Cash used in employee stock-based transactions

 

(129)

 

 

 

(129)

Net proceeds from issuance of common stock and warrants

 

11,194

 

 

 

11,194

Net cash provided by financing activities

 

10,475

 

 

 

10,475

Net increase (decrease) increase in Cash and Cash Equivalents

 

(18,266)

 

 

 

(18,266)

Cash and Cash Equivalents, Beginning of Period

 

49,533

 

 

49,533

Cash and Cash Equivalents, End of Period

$

31,267

$

$

$

31,267

Three Months Ended June 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(1,823)

$

1,631

$

(947)

$

(1,139)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

354

 

 

 

354

Amortization of financing costs and discounts

 

298

 

 

 

298

Amortization of right-of-use assets

94

 

94

Inventory provision

 

(118)

 

 

 

(118)

Provision for warranty expenses

 

186

 

186

(Gain) loss on disposal of equipment

 

(1)

 

 

(1)

Stock-based compensation

 

210

 

 

 

210

Changes in operating assets and liabilities:

Accounts receivable

 

1,584

 

(3,043)

 

(1,459)

Inventories

 

3,646

 

3,481

 

 

7,127

Prepaid expenses, other current assets and other assets

 

(188)

 

 

 

(188)

Accounts payable and accrued expenses

 

(4,361)

 

 

 

(4,361)

Accrued salaries and wages and long-term liabilities

 

(484)

 

 

 

(484)

Accrued warranty reserve

 

(352)

 

 

 

(352)

Deferred revenue

 

(916)

 

(2,069)

 

 

(2,985)

Factory protection plan liability

 

 

 

947

 

947

Net cash used in operating activities

 

(1,871)

 

 

 

(1,871)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(74)

 

 

 

(74)

Net cash used in investing activities

 

(74)

 

 

 

(74)

Cash Flows from Financing Activities:

Net proceeds from term note payable

1,950

1,950

Repayment of notes payable and lease obligations

 

(216)

 

 

 

(216)

Cash used in employee stock-based transactions

 

(4)

 

 

 

(4)

Net proceeds from issuance of common stock and warrants

 

1,376

 

 

 

1,376

Net cash provided by financing activities

 

3,106

 

 

 

3,106

Net increase (decrease) increase in Cash and Cash Equivalents

 

1,161

 

 

 

1,161

Cash and Cash Equivalents, Beginning of Period

 

15,068

 

 

15,068

Cash and Cash Equivalents, End of Period

$

16,229

$

$

$

16,229

Six Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(6,035)

$

1,402

$

(2,179)

$

(6,812)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

703

 

 

 

703

Amortization of financing costs and discounts

 

605

 

 

 

605

Amortization of right-of-use assets

192

 

192

Bad debt expense (recovery)

 

(48)

 

(48)

Inventory provision

 

78

 

 

 

78

Provision for warranty expenses

 

179

 

179

(Gain) loss on disposal of equipment

 

(1)

 

 

(1)

Stock-based compensation

 

429

 

 

 

429

Changes in operating assets and liabilities:

Accounts receivable

 

2,807

 

(3,318)

 

(511)

Inventories

 

7,079

 

2,726

 

 

9,805

Prepaid expenses, other current assets and other assets

 

946

 

 

 

946

Accounts payable and accrued expenses

 

(4,442)

 

 

 

(4,442)

Accrued salaries and wages and long-term liabilities

 

(303)

 

 

 

(303)

Accrued warranty reserve

 

(686)

 

 

 

(686)

Deferred revenue

 

(1,523)

 

(810)

 

 

(2,333)

Factory protection plan liability

 

 

 

2,179

 

2,179

Net cash used in operating activities

 

(20)

 

 

 

(20)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(1,116)

 

 

 

(1,116)

Net cash used in investing activities

 

(1,116)

 

 

 

(1,116)

Cash Flows from Financing Activities:

Net proceeds from term note payable

1,935

1,935

Repayment of notes payable and lease obligations

 

(434)

 

 

 

(434)

Cash used in employee stock-based transactions

 

(43)

 

 

 

(43)

Net proceeds from issuance of common stock and warrants

 

1,392

 

 

 

1,392

Net cash provided by financing activities

 

2,850

 

 

 

2,850

Net increase (decrease) increase in Cash and Cash Equivalents

 

1,714

 

 

 

1,714

Cash and Cash Equivalents, Beginning of Period

 

15,068

 

 

15,068

Cash and Cash Equivalents, End of Period

$

16,782

$

$

$

16,782

Nine Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

Net loss

$

(13,630)

$

672

$

(2,704)

$

(15,662)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

1,072

 

 

 

1,072

Amortization of financing costs and discounts

 

614

 

 

 

614

Amortization of right-of-use assets

289

 

289

(Gain) loss on debt extinguishment

4,282

4,282

Bad debt expense (recovery)

 

(228)

 

(228)

Inventory provision

 

138

 

 

 

138

Provision for warranty expenses

 

535

 

535

(Gain) loss on disposal of equipment

 

(1)

 

 

(1)

Stock-based compensation

 

678

 

 

 

678

Changes in operating assets and liabilities:

Accounts receivable

 

(2,612)

 

383

 

(2,229)

Inventories

 

9,402

 

(384)

 

 

9,018

Prepaid expenses, other current assets and other assets

 

899

 

 

 

899

Accounts payable and accrued expenses

 

(774)

 

 

 

(774)

Accrued salaries and wages and long-term liabilities

 

(173)

 

 

 

(173)

Accrued warranty reserve

 

(946)

 

 

 

(946)

Deferred revenue

 

(2,911)

 

(671)

 

 

(3,582)

Factory protection plan liability

 

 

 

2,704

 

2,704

Net cash used in operating activities

 

(3,366)

 

 

 

(3,366)

Cash Flows from Investing Activities:

Expenditures for property, plant, equipment and rental assets

 

(1,269)

 

 

 

(1,269)

Net cash used in investing activities

 

(1,269)

 

 

 

(1,269)

Cash Flows from Financing Activities:

Net proceeds from term note payable

20,833

20,833

Repayment of notes payable and lease obligations

 

(655)

 

 

 

(655)

Cash used in employee stock-based transactions

 

(43)

 

 

 

(43)

Net proceeds from issuance of common stock and warrants

 

1,402

 

 

 

1,402

Net cash provided by financing activities

 

21,537

 

 

 

21,537

Net increase (decrease) increase in Cash and Cash Equivalents

 

16,902

 

 

 

16,902

Cash and Cash Equivalents, Beginning of Period

 

15,068

 

 

15,068

Cash and Cash Equivalents, End of Period

$

31,970

$

$

$

31,970