Current Results

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Mar. 31, 2022
Current Assets:    
Cash and cash equivalents $ 23,780 $ 22,559
Accounts receivable, net of allowances of $916 at September 30, 2022 and $845 at March 31, 2022 18,189 24,665
Inventories, net 21,801 18,465
Prepaid expenses and other current assets 7,039 5,519
Total current assets 70,809 71,208
Property, plant, equipment and rental assets, net 25,375 18,038
Non-current portion of accounts receivable 1,109 1,212
Non-current portion of inventories 2,277 1,680
Other assets 11,735 8,635
Total assets 111,305 100,773
Current Liabilities:    
Accounts payable and accrued expenses 24,344 25,130
Accrued salaries and wages 1,123 1,147
Accrued warranty reserve 1,662 1,483
Deferred revenue 10,686 9,185
Current portion of notes payable and lease obligations 3,215 675
Total current liabilities 41,030 37,620
Deferred revenue - non-current 915 981
Term note payable, net 50,966 50,949
Long-term portion of notes payable and lease obligations 12,321 5,809
Total liabilities 105,232 95,359
Commitments and contingencies (Note 14)
Stockholders' Equity:    
Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued
Common stock, $.001 par value; 51,500,000 shares authorized, 18,449,567 shares issued and 18,332,553 shares outstanding at September 30, 2022; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022 18 15
Additional paid-in capital 954,750 946,969
Accumulated deficit (946,556) (939,482)
Treasury stock, at cost; 117,014 shares at September 30, 2022 and 101,633 shares at March 31, 2022 (2,139) (2,088)
Total stockholders' equity 6,073 5,414
Total liabilities and stockholders' equity $ 111,305 $ 100,773

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Total revenue $ 20,775 $ 17,196 $ 39,427 $ 33,278
Cost of goods sold:        
Total cost of goods sold 18,599 14,486 32,545 27,920
Gross margin 2,176 2,710 6,882 5,358
Operating expenses:        
Research and development 603 987 1,093 1,870
Selling, general and administrative 5,107 6,438 10,026 11,762
Total operating expenses 5,710 7,425 11,119 13,632
Loss from operations (3,534) (4,715) (4,237) (8,274)
Other income (50) (5) (48) 660
Interest income 26 6 32 11
Interest expense (1,356) (1,278) (2,718) (2,513)
Gain (loss) on debt extinguishment       1,950
Loss before provision for income taxes (4,914) (5,992) (6,971) (8,166)
Provision for income taxes 4 2 6 10
Net loss (4,918) (5,994) (6,977) (8,176)
Less: Deemed dividend on purchase warrant for common shares 97   97  
Net loss attributable to common stockholders $ (5,015) $ (5,994) $ (7,074) $ (8,176)
Net loss per common share attributable to common stockholders-basic (in dollars per share) $ (0.30) $ (0.40) $ (0.44) $ (0.58)
Net loss per common share attributable to common stockholders-diluted (in dollars per share) $ (0.30) $ (0.40) $ (0.44) $ (0.58)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares) 16,785 15,167 16,056 14,202
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares) 16,785 15,167 16,056 14,202
Product and accessories        
Revenue:        
Total revenue $ 10,603 $ 8,465 $ 19,770 $ 16,854
Cost of goods sold:        
Total cost of goods sold 12,496 8,797 21,387 17,790
Parts, service and rentals        
Revenue:        
Total revenue 10,172 8,731 19,657 16,424
Cost of goods sold:        
Total cost of goods sold $ 6,103 $ 5,689 $ 11,158 $ 10,130

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net loss $ (6,977) $ (8,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,493 844
Amortization of financing costs and discounts 51 17
Amortization of right-of-use assets 475 449
Loss (gain) on debt extinguishment   (1,950)
Bad debt expense (recovery) 75  
Inventory provision 420 287
Provision for warranty expenses 364 143
Gain on disposal of equipment 279  
Stock-based compensation 386 638
Changes in operating assets and liabilities:    
Accounts receivable 6,504 (4,767)
Inventories (4,353) (6,388)
Prepaid expenses, other current assets and other assets (874) 1,327
Accounts payable and accrued expenses (1,667) 4,363
Accrued salaries and wages and long-term liabilities (23) (539)
Accrued warranty reserve (185) (4,129)
Deferred revenue 1,435 (1,474)
Net cash used in operating activities (2,597) (19,355)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (2,564) (2,623)
Net cash used in investing activities (2,564) (2,623)
Cash Flows from Financing Activities:    
Repayment of notes payable and lease obligations (868) (353)
Cash used in employee stock-based transactions (52) (121)
Net proceeds from issuance of common stock and warrants 7,302 11,186
Net cash provided by financing activities 6,382 10,712
Net increase (decrease) in Cash and Cash Equivalents 1,221 (11,266)
Cash and Cash Equivalents, Beginning of Period 22,559 49,533
Cash and Cash Equivalents, End of Period 23,780 38,267
Supplemental Disclosures of Cash Flow Information:    
Interest 2,674 2,567
Income taxes 13 17
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable and notes payable 565 210
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 $ 3,590 $ 1,877

Source