Current Results

v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Mar. 31, 2020
Current Assets:    
Cash and cash equivalents $ 49,533 $ 15,068
Accounts receivable, net of allowances of $314 at March 31, 2021 and $703 at March 31, 2020 20,593 16,240
Inventories, net 11,829 21,460
Prepaid expenses and other current assets 4,953 3,987
Total current assets 86,908 56,755
Property, plant, equipment and rental assets, net 9,630 7,749
Non-current portion of inventories 1,845 1,221
Other assets 7,639 8,230
Total assets 106,022 73,955
Current Liabilities:    
Accounts payable and accrued expenses 19,767 15,000
Accrued salaries and wages 1,889 1,644
Accrued warranty reserve 5,850 1,934
Deferred revenue 6,374 7,898
Current portion of notes payable and lease obligations 576 477
Total current liabilities 34,456 26,953
Deferred revenue - non-current 765 944
Term note payable, net 52,865 27,963
Long-term portion of notes payable and lease obligations 4,762 5,074
Total liabilities 92,848 60,934
Commitments and contingencies (Note 12)
Stockholders’ Equity:    
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021; 10,286,366 shares issued and 10,228,789 shares outstanding at March 31, 2020 13 10
Additional paid-in capital 934,381 915,755
Accumulated deficit (919,271) (900,869)
Treasury stock, at cost; 73,954 shares at March 31, 2021 and 57,577 shares at March 31, 2020 (1,949) (1,875)
Total stockholders’ equity 13,174 13,021
Total liabilities and stockholders' equity $ 106,022 $ 73,955

Source

v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue:    
Total revenue $ 67,636 $ 68,926
Cost of goods sold:    
Total cost of goods sold 60,781 59,895
Gross margin 6,855 9,031
Operating expenses:    
Research and development 2,417 3,649
Selling, general and administrative 18,391 22,211
Total operating expenses 20,808 25,860
Loss from operations (13,953) (16,829)
Other income 4,993 133
Interest income 30 8
Interest expense (5,156) (5,198)
Loss on debt extinguishment (4,282)  
Loss before provision for income taxes (18,368) (21,886)
Provision for income taxes 19 12
Net loss (18,387) (21,898)
Less: Deemed dividend on purchase warrant for common shares 15 87
Net loss attributable to common stockholders $ (18,402) $ (21,985)
Net loss per common share attributable to common stockholders-basic and diluted (in dollars per share) $ (1.63) $ (2.70)
Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders (in shares) 11,280 8,150
Product and accessories    
Revenue:    
Total revenue $ 36,517 $ 35,338
Cost of goods sold:    
Total cost of goods sold 42,025 42,273
Parts and service    
Revenue:    
Total revenue 31,119 33,588
Cost of goods sold:    
Total cost of goods sold $ 18,756 $ 17,622

Source

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (18,387) $ (21,898)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,452 1,616
Amortization of financing costs and discounts 623 1,155
Amortization of right-of-use assets 378 870
Loss on debt extinguishment 4,282  
Reduction in accounts receivable allowances (228)  
Provision for accounts receivable allowances   431
Inventory provision 305 564
Provision for warranty expenses 5,930 594
Gain on disposal of equipment (1) 17
Stock-based compensation 937 913
Changes in operating assets and liabilities:    
Accounts receivable (4,125) (449)
Inventories 8,702 (1,499)
Prepaid expenses, other current assets and other assets 653 1,215
Accounts payable and accrued expenses 4,652 (2,567)
Accrued salaries and wages and long term liabilities 245 8
Accrued warranty reserve (2,014) (1,274)
Deferred revenue (1,703) 606
Net cash provided by (used in) operating activities 1,701 (19,698)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (3,209) (4,207)
Net cash used in investing activities (3,209) (4,207)
Cash Flows from Financing Activities:    
Net proceeds from term note payable 20,833  
Repayment of notes payable and lease obligations (691) (613)
Cash used in employee stock-based transactions (74) (100)
Net proceeds from issuance of common stock and warrants 15,905 9,959
Net cash provided by financing activities 35,973 9,246
Net increase (decrease) in Cash and Cash Equivalents 34,465 (14,659)
Cash and Cash Equivalents, Beginning of Year 15,068 29,727
Cash and Cash Equivalents, End of Year 49,533 15,068
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 4,287 3,603
Cash paid during the period for: Income taxes 14 17
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 36 72
Renewal of insurance contracts which was financed by notes payable 593 700
Deemed dividend $ 15 $ 87

Source