Current Results

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Mar. 31, 2021
Current Assets:    
Cash and cash equivalents $ 49,216 $ 49,533
Accounts receivable, net of allowances of $324 at June 30, 2021 and $314 at March 31, 2021 23,871 20,593
Inventories, net 14,937 11,829
Prepaid expenses and other current assets 5,718 4,953
Total current assets 93,742 86,908
Property, plant, equipment and rental assets, net 10,669 9,630
Non-current portion of inventories 1,802 1,845
Other assets 7,497 7,639
Total assets 113,710 106,022
Current Liabilities:    
Accounts payable and accrued expenses 22,396 19,767
Accrued salaries and wages 1,565 1,889
Accrued warranty reserve 3,904 5,850
Deferred revenue 6,000 6,374
Current portion of notes payable and lease obligations 1,097 576
Total current liabilities 34,962 34,456
Deferred revenue - non-current 734 765
Term note payable, net 50,923 52,865
Long-term portion of notes payable and lease obligations 4,589 4,762
Total liabilities 91,208 92,848
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, 15,206,891 shares issued and 15,128,731 shares outstanding at June 30, 2021; 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021 15 13
Additional paid-in capital 945,918 934,381
Accumulated deficit (921,453) (919,271)
Treasury stock, at cost; 77,307 shares at June 30, 2021 and 73,954 shares at March 31, 2021 (1,978) (1,949)
Total stockholders' equity 22,502 13,174
Total liabilities and stockholders' equity $ 113,710 $ 106,022

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Revenue:    
Total revenue $ 16,082 $ 14,193
Cost of goods sold:    
Total cost of goods sold 13,434 10,820
Gross margin 2,648 3,373
Operating expenses:    
Research and development 883 370
Selling, general and administrative 5,324 3,546
Total operating expenses 6,207 3,916
Loss from operations (3,559) (543)
Other income 665 4
Interest income 5 8
Interest expense (1,235) (1,291)
Gain on debt extinguishment 1,950  
Loss before provision for income taxes (2,174) (1,822)
Provision for income taxes 8 1
Net loss $ (2,182) $ (1,823)
Net loss per common share attributable to common stockholders-basic and diluted (in dollars per share) $ (0.16) $ (0.17)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 13,226 10,598
Product and accessories    
Revenue:    
Total revenue $ 8,389 $ 6,606
Cost of goods sold:    
Total cost of goods sold 8,992 6,800
Parts and service    
Revenue:    
Total revenue 7,693 7,587
Cost of goods sold:    
Total cost of goods sold $ 4,442 $ 4,020

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net loss $ (2,182) $ (1,823)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 386 354
Amortization of financing costs and discounts 9 298
Amortization of right-of-use assets 93 94
Gain on debt extinguishment (1,950)  
Inventory provision 276 (118)
Provision for warranty expenses 44 186
Gain on disposal of equipment   (1)
Stock-based compensation 305 210
Changes in operating assets and liabilities:    
Accounts receivable (3,278) 1,584
Inventories (3,341) 3,646
Prepaid expenses, other current assets and other assets (107) (188)
Accounts payable and accrued expenses 2,324 (4,361)
Accrued salaries and wages and long term liabilities (325) (484)
Accrued warranty reserve (1,990) (352)
Deferred revenue (405) (916)
Net cash used in operating activities (10,141) (1,871)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (1,200) (74)
Net cash used in investing activities (1,200) (74)
Cash Flows from Financing Activities:    
Net proceeds from term note payable   1,950
Repayment of notes payable and lease obligations (106) (216)
Cash used in employee stock-based transactions (29) (4)
Net proceeds from issuance of common stock and warrants 11,159 1,376
Net cash provided by financing activities 11,024 3,106
Net increase (decrease) in Cash and Cash Equivalents (317) 1,161
Cash and Cash Equivalents, Beginning of Year 49,533 15,068
Cash and Cash Equivalents, End of Year 49,216 16,229
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 1,324 1,043
Cash paid during the period for: Income taxes 15 5
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 191 56
Renewal of insurance contracts financed by notes payable 567 $ 593
Issuance of common stock for services to be received $ 75  

Source