Current Results

v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2022
Mar. 31, 2022
Current Assets:    
Cash and cash equivalents $ 16,914 $ 22,559
Accounts receivable, net of allowances of $850 at June 30, 2022 and $845 at March 31, 2022 24,168 24,665
Inventories, net 18,608 18,465
Prepaid expenses and other current assets 6,468 5,519
Total current assets 66,158 71,208
Property, plant, equipment and rental assets, net 21,694 18,038
Non-current portion of accounts receivable 1,056 1,212
Non-current portion of inventories 2,013 1,680
Other assets 8,933 8,635
Total assets 99,854 100,773
Current Liabilities:    
Accounts payable and accrued expenses 22,238 25,130
Accrued salaries and wages 1,360 1,147
Accrued warranty reserve 1,527 1,483
Deferred revenue 9,694 9,185
Current portion of notes payable and lease obligations 1,930 675
Total current liabilities 36,749 37,620
Deferred revenue - non-current 934 981
Term note payable, net 50,957 50,949
Long-term portion of notes payable and lease obligations 7,627 5,809
Total liabilities 96,267 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, 15,431,602 shares issued and 15,320,673 shares outstanding at June 30, 2022; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022 15 15
Additional paid-in capital 947,237 946,969
Accumulated deficit (941,541) (939,482)
Treasury stock, at cost; 110,929 shares at June 30, 2022 and 101,633 shares at March 31, 2022 (2,124) (2,088)
Total stockholders' equity 3,587 5,414
Total liabilities and stockholders' equity $ 99,854 $ 100,773

Source

v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Revenue:    
Total revenue $ 18,652 $ 16,082
Cost of goods sold:    
Total cost of goods sold 13,946 13,434
Gross margin 4,706 2,648
Operating expenses:    
Research and development 490 883
Selling, general and administrative 4,919 5,324
Total operating expenses 5,409 6,207
Loss from operations (703) (3,559)
Other income 2 665
Interest income 6 5
Interest expense (1,362) (1,235)
Gain (loss) on debt extinguishment   1,950
Loss before provision for income taxes (2,057) (2,174)
Provision for income taxes 2 8
Net loss $ (2,059) $ (2,182)
Net loss per common share attributable to common stockholders-basic (in dollars per share) $ (0.13) $ (0.16)
Net loss per common share attributable to common stockholders-diluted (in dollars per share) $ (0.13) $ (0.16)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares) 15,318 13,226
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares) 15,318 13,226
Product and accessories    
Revenue:    
Total revenue $ 9,167 $ 8,389
Cost of goods sold:    
Total cost of goods sold 8,891 8,992
Parts, service and rentals    
Revenue:    
Total revenue 9,485 7,693
Cost of goods sold:    
Total cost of goods sold $ 5,055 $ 4,442

Source

v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net loss $ (2,059) $ (2,182)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 661 386
Amortization of financing costs and discounts 43 9
Amortization of right-of-use assets 151 93
Loss (gain) on debt extinguishment   (1,950)
Inventory provision 270 276
Provision for warranty expenses 174 44
Stock-based compensation 232 305
Changes in operating assets and liabilities:    
Accounts receivable 653 (3,278)
Inventories (746) (3,341)
Prepaid expenses, other current assets and other assets (253) (107)
Accounts payable and accrued expenses (3,112) 2,324
Accrued salaries and wages and long term liabilities 212 (325)
Accrued warranty reserve (130) (1,990)
Deferred revenue 462 (405)
Net cash used in operating activities (3,442) (10,141)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (1,887) (1,200)
Net cash used in investing activities (1,887) (1,200)
Cash Flows from Financing Activities:    
Repayment of notes payable and lease obligations (316) (106)
Cash used in employee stock-based transactions (36) (29)
Net proceeds from issuance of common stock and warrants 36 11,159
Net cash (used in) provided by financing activities (316) 11,024
Net (decrease) increase in Cash and Cash Equivalents (5,645) (317)
Cash and Cash Equivalents, Beginning of Period 22,559 49,533
Cash and Cash Equivalents, End of Period 16,914 49,216
Supplemental Disclosures of Cash Flow Information:    
Interest 1,253 1,324
Income taxes 8 15
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable and notes payable 2,430 191
Renewal of insurance contracts financed by notes payable 665 567
Issuance of common stock for services to be received   $ 75
Right-of-use assets obtained in exchange for lease obligations $ 512  

Source