Current Results

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Mar. 31, 2021
Current Assets:    
Cash and cash equivalents $ 38,267 $ 49,533
Accounts receivable, net of allowances of $348 at September 30, 2021 and $314 at March 31, 2021 25,360 20,593
Inventories, net 18,023 11,829
Prepaid expenses and other current assets 4,310 4,953
Total current assets 85,960 86,908
Property, plant, equipment and rental assets, net 11,687 9,630
Non-current portion of inventories 1,752 1,845
Other assets 8,958 7,639
Total assets 108,357 106,022
Current Liabilities:    
Accounts payable and accrued expenses 24,754 19,767
Accrued salaries and wages 1,351 1,889
Accrued warranty reserve 1,864 5,850
Deferred revenue 4,965 6,374
Current portion of notes payable and lease obligations 860 576
Total current liabilities 33,794 34,456
Deferred revenue - non-current 700 765
Term note payable, net 50,932 52,865
Long-term portion of notes payable and lease obligations 6,155 4,762
Total liabilities 91,581 92,848
Commitments and contingencies (Note 14)
Stockholders' Equity:    
Common stock, $.001 par value; 51,500,000 shares authorized, 15,325,464 shares issued and 15,228,151 shares outstanding at September 30, 2021; 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021 15 13
Additional paid-in capital 946,278 934,381
Accumulated deficit (927,447) (919,271)
Treasury stock, at cost; 97,313 shares at September 30, 2021 and 73,954 shares at March 31, 2021 (2,070) (1,949)
Total stockholders' equity 16,776 13,174
Total liabilities and stockholders' equity $ 108,357 $ 106,022

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue:        
Total revenue $ 17,196 $ 14,906 $ 33,278 $ 29,099
Cost of goods sold:        
Total cost of goods sold 14,486 12,344 27,920 23,164
Gross margin 2,710 2,562 5,358 5,935
Operating expenses:        
Research and development 987 599 1,870 969
Selling, general and administrative 6,438 4,872 11,762 8,418
Total operating expenses 7,425 5,471 13,632 9,387
Loss from operations (4,715) (2,909) (8,274) (3,452)
Other income (5) 11 660 15
Interest income 6 8 11 16
Interest expense (1,278) (1,313) (2,513) (2,604)
Gain on debt extinguishment     1,950  
Loss before provision for income taxes (5,992) (4,203) (8,166) (6,025)
Provision for income taxes 2 9 10 10
Net loss (5,994) (4,212) (8,176) (6,035)
Less: Deemed dividend on purchase warrant for common shares   15   15
Net loss attributable to common stockholders $ (5,994) $ (4,227) $ (8,176) $ (6,050)
Net loss per common share attributable to common stockholders-basic (in dollars per share) $ (0.40) $ (0.38) $ (0.58) $ (0.56)
Net loss per common share attributable to common stockholders-diluted (in dollars per share) $ (0.40) $ (0.38) $ (0.58) $ (0.56)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares) 15,167 11,040 14,202 10,862
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares) 15,167 11,040 14,202 10,862
Product and accessories        
Revenue:        
Total revenue $ 8,465 $ 7,206 $ 16,854 $ 13,812
Cost of goods sold:        
Total cost of goods sold 8,797 7,347 17,790 14,147
Parts and service        
Revenue:        
Total revenue 8,731 7,700 16,424 15,287
Cost of goods sold:        
Total cost of goods sold $ 5,689 $ 4,997 $ 10,130 $ 9,017

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net loss $ (8,176) $ (6,035)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 844 703
Amortization of financing costs and discounts 17 605
Amortization of right-of-use assets 449 192
Gain on debt extinguishment (1,950)  
Reduction in accounts receivable allowances   (48)
Inventory provision 287 78
Provision for warranty expenses 143 179
Gain on disposal of equipment   (1)
Stock-based compensation 638 429
Changes in operating assets and liabilities:    
Accounts receivable (4,767) 2,807
Inventories (6,388) 7,079
Prepaid expenses, other current assets and other assets 1,327 946
Accounts payable and accrued expenses 4,363 (4,442)
Accrued salaries and wages and long term liabilities (539) (303)
Accrued warranty reserve (4,129) (686)
Deferred revenue (1,474) (1,523)
Net cash used in operating activities (19,355) (20)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (2,623) (1,116)
Net cash used in investing activities (2,623) (1,116)
Cash Flows from Financing Activities:    
Net proceeds from term note payable   1,935
Repayment of notes payable and lease obligations (353) (434)
Cash used in employee stock-based transactions (121) (43)
Net proceeds from issuance of common stock and warrants 11,186 1,392
Net cash provided by financing activities 10,712 2,850
Net increase (decrease) in Cash and Cash Equivalents (11,266) 1,714
Cash and Cash Equivalents, Beginning of Year 49,533 15,068
Cash and Cash Equivalents, End of Year 38,267 16,782
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for: Interest 2,567 2,038
Cash paid during the period for: Income taxes 17 14
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 210 127
Renewal of insurance contracts financed by notes payable 567 593
Issuance of common stock for services to be received $ 75  
Deemed dividend   $ 15

Source