Current Results

v3.24.1.1.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Current Assets:    
Cash and cash equivalents $ 12,839 $ 22,559
Accounts receivable, net of allowances of $4,813 at March 31, 2023 and $586 at March 31, 2022 7,102 15,894
Inventories, net 37,328 30,167
Prepaid expenses and other current assets 7,447 5,519
Total current assets 64,716 74,139
Property, plant, equipment and rental assets, net 24,275 17,792
Finance lease right-of-use assets 4,529 246
Operating lease right-of-use assets 8,808 5,959
Non-current portion of inventories 3,112 1,680
Other assets 2,591 2,676
Total assets 108,031 102,492
Current Liabilities:    
Accounts payable and accrued expenses 30,290 25,130
Accrued salaries and wages 1,223 1,147
Accrued warranty reserve 1,576 1,483
Deferred revenue 23,372 14,835
Finance lease liability, current 773 89
Operating lease liability, current 2,492 586
Factory protection plan liability 10,844 9,170
Term note payable 50,983 50,949
Total current liabilities 121,553 103,389
Deferred revenue, non-current 817 981
Finance lease liability, non-current 2,903 190
Operating lease liability, non-current 6,588 5,619
Other non-current liabilities 265  
Total liabilities 132,126 110,179
Commitments and contingencies (Note 13)
Stockholders' (Deficiency) Equity:    
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 18,511,555 shares issued and 18,394,541 shares outstanding at March 31, 2023; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022 18 15
Additional paid-in capital 955,228 946,969
Accumulated deficit (977,202) (952,583)
Treasury stock, at cost; 117,014 shares at March 31, 2023 and 101,633 shares at March 31, 2022 (2,139) (2,088)
Total stockholders' (deficiency) equity (24,095) (7,687)
Total liabilities and stockholders' (deficiency) equity $ 108,031 $ 102,492

Source

v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Revenue, net:                
Total revenue, net   $ 21,010 $ 20,124 $ 18,765 $ 38,889 $ 59,899 $ 73,882 $ 63,964
Cost of goods sold:                
Total cost of goods sold   19,310 16,734 16,251 32,985 52,295 64,818 58,323
Gross profit   1,700 3,390 2,514 5,904 7,604 9,064 5,641
Operating expenses:                
Research and development   633 603 490 1,093 1,726 2,376 3,359
Selling, general and administrative   5,597 5,107 4,919 10,026 15,623 25,148 22,242
Total operating expenses   6,230 5,710 5,409 11,119 17,349 27,524 25,601
Loss from operations   (4,530) (2,320) (2,895) (5,215) (9,745) (18,460) (19,960)
Other income (expense)   5 (50) 2 (48) (43) (33) 642
Interest income   42 26 6 32 74 141 21
Interest expense   1,853 1,305 1,311 2,616 4,469 (6,163) (5,004)
Gain on debt extinguishment $ 1,900             1,950
Loss before provision for income taxes   (6,336) (3,649) (4,198) (7,847) (14,183) (24,515) (22,351)
Provision for income taxes     4 2 6 6 7 19
Net loss   (6,336) (3,653) (4,200) (7,853) (14,189) (24,522) (22,370)
Less: Deemed dividend on purchase warrant for common shares     97   97 97 97  
Net loss attributable to common stockholders   $ (6,336) $ (3,750) $ (4,200) $ (7,950) $ (14,286) $ (24,619) $ (22,370)
Net loss per common share attributable to common stockholders-basic (in dollars per share)   $ (0.35) $ (0.22) $ (0.27) $ (0.50) $ (0.85) $ (1.43) $ (1.52)
Net loss per common share attributable to common stockholders-diluted (in dollars per share)   $ (0.35) $ (0.22) $ (0.27) $ (0.50) $ (0.85) $ (1.43) $ (1.52)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares)   18,351 16,785 15,318 16,056 16,824 17,206,000 14,727,000
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares)   18,351 16,785 15,318 16,056 16,824 17,206,000 14,727,000
Product and accessories                
Revenue, net:                
Total revenue, net   $ 11,427 $ 9,594 $ 9,534 $ 19,128 $ 30,555 $ 35,033 $ 32,720
Cost of goods sold:                
Total cost of goods sold   12,467 11,044 9,769 20,813 33,280 39,938 37,106
Parts, service and rentals                
Revenue, net:                
Total revenue, net   9,583 10,530 9,231 19,761 29,344 38,849 31,244
Cost of goods sold:                
Total cost of goods sold   $ 6,843 $ 5,690 $ 6,482 $ 12,172 $ 19,015 $ 24,880 $ 21,217

Source

v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net loss $ (24,522) $ (22,370)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,177 1,915
Amortization of financing costs and discounts 68 35
Amortization of right-of-use assets 1,330 657
(Gain) loss on debt extinguishment   (1,950)
Bad debt expense (recovery) 4,277 391
Inventory provision 961 791
Provision for warranty expenses 592 646
Stock-based compensation 863 1,245
Changes in operating assets and liabilities:    
Accounts receivable 4,060 (3,383)
Inventories (11,521) (9,105)
Prepaid expenses, other current assets and other assets (1,210) 164
Accounts payable and accrued expenses 5,660 5,098
Operating lease liability (1,304) (613)
Accrued salaries and wages and long-term liabilities 77 (743)
Accrued warranty reserve (499) (5,013)
Deferred revenue 8,373 3,229
Factory protection plan liability 1,674 1,508
Net cash used in operating activities (7,944) (27,498)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (8,222) (9,924)
Net cash used in investing activities (8,222) (9,924)
Cash Flows from Financing Activities:    
Repayment of notes payable and lease obligations (804) (685)
Cash used in employee stock-based transactions (52) (138)
Net proceeds from issuance of common stock and warrants 7,302 11,271
Net cash provided by financing activities 6,446 10,448
Net (decrease) in Cash and Cash Equivalents (9,720) (26,974)
Cash and Cash Equivalents, Beginning of Period 22,559 49,533
Cash and Cash Equivalents, End of Period 12,839 22,559
Supplemental Disclosures of Cash Flow Information - cash paid during the period for:    
Interest 5,701 5,095
Supplemental Disclosures of Cash Flow Information - cash paid during the period for:    
Income taxes 13 20
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 29 264
Renewal of insurance contracts financed by notes payable 665 567
Issuance of common stock for services to be received   $ 75
Deemed dividend 97  
Right-of-use assets obtained in exchange for lease obligations 8,170  
Rental assets capitalized from inventory $ 1,687  

Source