Current Results

v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Mar. 31, 2021
Current Assets:    
Cash and cash equivalents $ 31,267 $ 49,533
Accounts receivable, net of allowances of $335 at December 31, 2021 and $314 at March 31, 2021 26,842 20,593
Inventories, net 17,290 11,829
Prepaid expenses and other current assets 5,158 4,953
Total current assets 80,557 86,908
Property, plant, equipment and rental assets, net 14,262 9,630
Non-current portion of inventories 1,635 1,845
Other assets 8,790 7,639
Total assets 105,244 106,022
Current Liabilities:    
Accounts payable and accrued expenses 26,340 19,767
Accrued salaries and wages 1,722 1,889
Accrued warranty reserve 1,428 5,850
Deferred revenue 5,231 6,374
Current portion of notes payable and lease obligations 707 576
Total current liabilities 35,428 34,456
Deferred revenue - non-current 927 765
Term note payable, net 50,940 52,865
Long-term portion of notes payable and lease obligations 5,984 4,762
Total liabilities 93,279 92,848
Commitments and contingencies (Note 14)
Stockholders' Equity:    
Common stock, $.001 par value; 51,500,000 shares authorized, 15,343,125 shares issued and 15,244,162 shares outstanding at December 31, 2021; 12,898,144 shares issued and 12,824,190 shares outstanding at March 31, 2021 15 13
Additional paid-in capital 946,621 934,381
Accumulated deficit (932,593) (919,271)
Treasury stock, at cost; 98,963 shares at December 31, 2021 and 73,954 shares at March 31, 2021 (2,078) (1,949)
Total stockholders' equity 11,965 13,174
Total liabilities and stockholders' equity $ 105,244 $ 106,022

Source

v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Revenue:        
Total revenue $ 20,609 $ 20,676 $ 53,887 $ 49,774
Cost of goods sold:        
Total cost of goods sold 18,392 17,204 46,312 40,367
Gross margin 2,217 3,472 7,575 9,407
Operating expenses:        
Research and development 767 735 2,637 1,703
Selling, general and administrative 5,293 4,816 17,055 13,234
Total operating expenses 6,060 5,551 19,692 14,937
Loss from operations (3,843) (2,079) (12,117) (5,530)
Other income (expense) (21) (11) 639 4
Interest income 5 7 16 23
Interest expense (1,287) (1,230) (3,800) (3,835)
Gain (loss) on debt extinguishment   (4,282) 1,950 (4,282)
Loss before provision for income taxes (5,146) (7,595) (13,312) (13,620)
Provision for income taxes     10 10
Net loss (5,146) (7,595) (13,322) (13,630)
Less: Deemed dividend on purchase warrant for common shares       15
Net loss attributable to common stockholders $ (5,146) $ (7,595) $ (13,322) $ (13,645)
Net loss per common share attributable to common stockholders-basic (in dollars per share) $ (0.34) $ (0.69) $ (0.92) $ (1.25)
Net loss per common share attributable to common stockholders-diluted (in dollars per share) $ (0.34) $ (0.69) $ (0.92) $ (1.25)
Weighted average shares used to calculate basic net loss per common share attributable to common stockholders (in shares) 15,236 11,081 14,548 10,935
Weighted average shares used to calculate diluted net loss per common share attributable to common stockholders (in shares) 15,236 11,081 14,548 10,935
Product and accessories        
Revenue:        
Total revenue $ 12,329 $ 12,760 $ 29,183 $ 26,572
Cost of goods sold:        
Total cost of goods sold 12,689 12,324 30,479 26,471
Parts and service        
Revenue:        
Total revenue 8,280 7,916 24,704 23,202
Cost of goods sold:        
Total cost of goods sold $ 5,703 $ 4,880 $ 15,833 $ 13,896

Source

v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (13,322) $ (13,630)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,337 1,072
Amortization of financing costs and discounts 26 614
Amortization of right-of-use assets 552 289
Loss (gain) on debt extinguishment (1,950) 4,282
Reduction in accounts receivable allowances   (228)
Inventory provision 386 138
Provision for warranty expenses 358 535
Gain on disposal of equipment   (1)
Stock-based compensation 973 678
Changes in operating assets and liabilities:    
Accounts receivable (6,249) (2,612)
Inventories (5,637) 9,402
Prepaid expenses, other current assets and other assets 509 899
Accounts payable and accrued expenses 5,953 (774)
Accrued salaries and wages and long term liabilities (168) (173)
Accrued warranty reserve (4,780) (946)
Deferred revenue (981) (2,911)
Net cash used in operating activities (22,993) (3,366)
Cash Flows from Investing Activities:    
Expenditures for property, plant, equipment and rental assets (5,748) (1,269)
Net cash used in investing activities (5,748) (1,269)
Cash Flows from Financing Activities:    
Net proceeds from term note payable   20,833
Repayment of notes payable and lease obligations (590) (655)
Cash used in employee stock-based transactions (129) (43)
Net proceeds from issuance of common stock and warrants 11,194 1,402
Net cash provided by financing activities 10,475 21,537
Net increase (decrease) in Cash and Cash Equivalents (18,266) 16,902
Cash and Cash Equivalents, Beginning of Period 49,533 15,068
Cash and Cash Equivalents, End of Period 31,267 31,970
Supplemental Disclosures of Cash Flow Information:    
Interest 3,818 3,038
Income taxes 17 14
Supplemental Disclosures of Non-Cash Information:    
Acquisition of property and equipment through accounts payable 118 39
Renewal of insurance contracts financed by notes payable 567 593
Issuance of common stock for services to be received $ 75  
Deemed dividend   $ 15

Source