Current Results

v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Mar. 31, 2024
Current Assets:    
Cash $ 2,713 $ 2,085
Accounts receivable, net of allowances of $3,712 at September 30, 2024 and $3,287 at March 31, 2024 8,633 6,552
Inventories 19,877 20,642
Prepaid expenses and other current assets 4,172 5,449
Total current assets 35,395 34,728
Property, plant, equipment and rental assets, net 22,428 25,854
Finance lease right-of-use assets 4,089 4,391
Operating lease right-of-use assets 10,326 12,279
Non-current portion of inventories 3,206 3,917
Other assets 2,862 3,037
Total assets 78,306 84,206
Current Liabilities:    
Accounts payable and accrued expenses 21,108 18,212
Accrued salaries and wages 1,147 1,220
Accrued warranty reserve 1,145 1,437
Deferred revenue, current 9,267 11,183
Finance lease liability, current 926 964
Operating lease liability, current 3,991 4,041
Factory protection plan liability 5,566 7,259
Exit new money notes, net of discount, current   28,911
Total current liabilities 43,150 73,227
Deferred revenue, non-current 617 675
Finance lease liability, non-current 1,854 2,300
Operating lease liability, non-current 6,604 8,527
Exit new money notes, net of discount, non-current 30,855  
Other non-current liabilities 264 264
Total liabilities 83,344 84,993
Commitments and contingencies (Note 13)
Temporary equity:    
Redeemable noncontrolling interests 13,859 13,859
Stockholders' deficiency:    
Preferred stock, $.001 par value; 1,000,000 shares authorized, and none issued
Additional paid-in capital 955,254 955,145
Accumulated deficit (974,170) (969,810)
Total stockholders' deficiency (18,897) (14,646)
Total liabilities, temporary equity and stockholders' deficiency 78,306 84,206
Voting Common Stock    
Stockholders' deficiency:    
Common stock 18 18
Non-voting common stock    
Stockholders' deficiency:    
Common stock $ 1 $ 1

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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue, net:        
Total revenue, net $ 22,722 $ 28,368 $ 38,364 $ 52,271
Cost of goods sold:        
Total cost of goods sold 15,712 23,113 27,568 43,579
Gross profit 7,010 5,255 10,796 8,692
Operating expenses:        
Research and development 592 653 1,139 1,318
Selling, general and administrative 6,400 9,160 13,183 15,964
Total operating expenses 6,992 9,813 14,322 17,282
Income (loss) from operations 18 (4,558) (3,526) (8,590)
Other income (loss), net 622 (4) 1,213 6
Interest income 1 41 3 99
Interest expense (1,039) (1,822) (2,017) (3,519)
Reorganization items, net   453   453
Loss before provision (benefit) for income taxes (398) (5,890) (4,327) (11,551)
Provision (benefit) for income taxes 25 (3) 33 15
Net loss $ (423) $ (5,887) $ (4,360) $ (11,566)
Net loss per share of common stock and non-voting common stock-basic (in dollars per share) $ (0.02) $ (0.32) $ (0.23) $ (0.63)
Net loss per share of common stock and non-voting common stock-diluted (in dollars per share) $ (0.02) $ (0.32) $ (0.23) $ (0.63)
Weighted average shares used to calculate basic net loss per share of common stock and non-voting common stock (in shares) 19,049 18,492 19,049 18,457
Weighted average shares used to calculate diluted net loss per share of common stock and non-voting common stock (in shares) 19,049 18,492 19,049 18,457
Product and accessories        
Revenue, net:        
Total revenue, net $ 11,270 $ 15,092 $ 16,631 $ 28,299
Cost of goods sold:        
Total cost of goods sold 10,589 15,332 16,549 29,462
Parts, services and rentals        
Revenue, net:        
Total revenue, net 11,452 13,276 21,733 23,972
Cost of goods sold:        
Total cost of goods sold $ 5,123 $ 7,781 $ 11,019 $ 14,117

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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (4,360) $ (11,566)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,076 1,960
Amortization of financing costs and discounts 35 29
Paid-in-kind interest expense 1,909 162
Non-cash lease expense 1,953 1,564
Provision for credit loss expense 414 0
Inventory write-down 458 341
(Benefit) provision for warranty expenses (223) 232
Stock-based compensation 109 387
Non-cash reorganization items, net   (453)
Changes in operating assets and liabilities:    
Accounts receivable (2,870) (1,942)
Inventories 2,831 7,656
Prepaid expenses, other current assets and other assets 1,452 168
Accounts payable and accrued expenses 2,896 2,329
Operating lease liability, net (1,973) (1,551)
Accrued salaries and wages and long-term liabilities (73) 53
Accrued warranty reserve (69) (76)
Deferred revenue (1,974) (8,513)
Factory protection plan liability (1,693) (133)
Net cash provided by (used in) operating activities 898 (9,353)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (162) (3,917)
Net cash used in investing activities (162) (3,917)
Cash Flows from Financing Activities:    
Proceeds from three-year term note   3,000
Repayment of finance lease obligations (108) (65)
Net cash provided by (used in) financing activities (108) 2,935
Net increase (decrease) in Cash 628 (10,335)
Cash, Beginning of Period 2,085 12,839
Cash, End of Period 2,713 2,504
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable   680
Settlement of lease liabilities through accounts receivable 375  
Right-of-use assets obtained in exchange for lease obligations   $ 447
Rental assets transferred to inventory $ 1,813  

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