Current Results

v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Mar. 31, 2022
Current Assets:    
Cash and cash equivalents $ 16,618 $ 22,559
Accounts receivable, net of allowances of $1,013 at December 31, 2022 and $845 at March 31, 2022 15,119 24,665
Inventories, net 25,602 18,465
Prepaid expenses and other current assets 7,125 5,519
Total current assets 64,464 71,208
Property, plant, equipment and rental assets, net 25,906 18,038
Non-current portion of accounts receivable 107 1,212
Non-current portion of inventories 3,055 1,680
Other assets 11,334 8,635
Total assets 104,866 100,773
Current Liabilities:    
Accounts payable and accrued expenses 26,087 25,130
Accrued salaries and wages 1,421 1,147
Accrued warranty reserve 1,540 1,483
Deferred revenue 9,699 9,185
Current portion of notes payable and lease obligations 2,201 675
Term note payable 50,974  
Total current liabilities 91,922 37,620
Deferred revenue - non-current 817 981
Term note payable - non-current   50,949
Long-term portion of notes payable and lease obligations 11,036 5,809
Total liabilities 103,775 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, 18,464,854 shares issued and 18,347,840 shares outstanding at December 31, 2022; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022 18 15
Additional paid-in capital 954,982 946,969
Accumulated deficit (951,770) (939,482)
Treasury stock, at cost; 117,014 shares at December 31, 2022 and 101,633 shares at March 31, 2022 (2,139) (2,088)
Total stockholders' equity 1,091 5,414
Total liabilities and stockholders' equity $ 104,866 $ 100,773

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v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Revenue, net:        
Total revenue, net $ 19,606 $ 20,609 $ 59,033 $ 53,887
Cost of goods sold:        
Total cost of goods sold 16,937 18,392 49,482 46,312
Gross profit 2,669 2,217 9,551 7,575
Operating expenses:        
Research and development 634 767 1,726 2,637
Selling, general and administrative 5,397 5,293 15,423 17,055
Total operating expenses 6,031 6,060 17,149 19,692
Loss from operations (3,362) (3,843) (7,598) (12,117)
Other income (expense) 5 (21) (43) 639
Interest income 43 5 74 16
Interest expense (1,900) (1,287) (4,618) (3,800)
Gain (loss) on debt extinguishment       1,950
Loss before provision for income taxes (5,214) (5,146) (12,185) (13,312)
Provision for income taxes     6 10
Net loss (5,214) (5,146) (12,191) (13,322)
Less: Deemed dividend on purchase warrant for common shares     97  
Net loss attributable to common stockholders $ (5,214) $ (5,146) $ (12,288) $ (13,322)
Net loss per common share attributable to common stockholders-basic (in dollars per share) $ (0.28) $ (0.34) $ (0.73) $ (0.92)
Net loss per common share attributable to common stockholders-diluted (in dollars per share) $ (0.28) $ (0.34) $ (0.73) $ (0.92)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares) 18,351 15,236 16,824 14,548
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares) 18,351 15,236 16,824 14,548
Product and accessories        
Revenue, net:        
Total revenue, net $ 10,003 $ 12,329 $ 29,773 $ 29,183
Cost of goods sold:        
Total cost of goods sold 11,629 12,689 33,017 30,479
Parts, service and rentals        
Revenue, net:        
Total revenue, net 9,603 8,280 29,260 24,704
Cost of goods sold:        
Total cost of goods sold $ 5,308 $ 5,703 $ 16,465 $ 15,833

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v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (12,191) $ (13,322)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,345 1,337
Amortization of financing costs and discounts 60 26
Amortization of right-of-use assets 848 552
Gain on debt extinguishment   (1,950)
Bad debt expense 237  
Inventory provision 771 386
Provision for warranty expenses 369 358
Provision for sales returns, net 81  
Stock-based compensation 617 973
Changes in operating assets and liabilities:    
Accounts receivable 9,077 (6,249)
Inventories (9,080) (5,637)
Prepaid expenses, other current assets and other assets (933) 509
Accounts payable and accrued expenses (276) 5,953
Accrued salaries and wages and long-term liabilities 274 (168)
Accrued warranty reserve (312) (4,780)
Deferred revenue 350 (981)
Net cash used in operating activities (7,763) (22,993)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (3,999) (5,748)
Net cash used in investing activities (3,999) (5,748)
Cash Flows from Financing Activities:    
Repayment of notes payable and lease obligations (1,429) (590)
Cash used in employee stock-based transactions (52) (129)
Net proceeds from issuance of common stock and warrants 7,302 11,194
Net cash provided by financing activities 5,821 10,475
Net increase (decrease) in Cash and Cash Equivalents (5,941) (18,266)
Cash and Cash Equivalents, Beginning of Period 22,559 49,533
Cash and Cash Equivalents, End of Period 16,618 31,267
Supplemental Disclosures of Cash Flow Information:    
Interest 4,128 3,818
Income taxes 13 17
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable and notes payable 565 118
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 $ 9,764  

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