Annual report pursuant to Section 13 and 15(d)

Restatement of Quarterly Financial Information

v3.24.1.1.u2
Restatement of Quarterly Financial Information
12 Months Ended
Mar. 31, 2022
Restatement of Quarterly Financial Information  
Restatement of Quarterly Financial Information

16. Restatement of Quarterly Financial Information (Unaudited)

The following tables present the impact of the restatement, as described in Note 2 – Restatement of Consolidated Financial Statements, on the previously reported Consolidated Balance Sheets, Consolidated Statements of Operations, and Statements of Cash Flows for the quarterly periods ended June 30, 2021, September 30, 2021, December 31, 2021, June 30, 2020, September 30, 2020, and December 31, 2020. Changes to the Consolidated Statements of Stockholders’ Equity (Deficiency) for the respective quarterly periods as a result of the restatement are due to the changes in net loss. The values as previously reported for the quarterly periods ended June 30, 2021, September 30, 2021, December 31, 2021, June 30, 2020, September 30, 2020, and December 31, 2020 were derived from our Quarterly Reports on Form 10-Q filed on August 11, 2021, November 10, 2021, February 10, 2022, August 6, 2020, November 10, 2020, and February 9, 2021, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2021

 

​

​

​

​

​

​

​

FPP

​

Note

​

​

​

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

49,216

​

$

—

​

$

—

​

$

—

​

$

49,216

​

Accounts receivable, net of allowances

 

23,871

​

 

(13,592)

​

 

—

​

 

—

​

 

10,279

​

Inventories, net

 

14,937

​

 

12,218

​

 

—

​

 

—

​

 

27,155

​

Prepaid expenses and other current assets

 

5,718

​

 

—

​

 

—

​

 

—

​

 

5,718

​

Total current assets

 

93,742

​

 

(1,374)

​

 

—

​

 

—

​

 

92,368

​

Property, plant, equipment and rental assets, net

 

10,669

​

​

—

​

​

—

​

​

—

​

 

10,669

​

Non-current portion of inventories

 

1,802

​

 

—

​

 

—

​

 

—

​

 

1,802

​

Other assets

 

7,497

​

 

—

​

 

—

​

 

—

​

 

7,497

​

Total assets

$

113,710

​

$

(1,374)

​

$

—

​

$

—

​

$

112,336

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

22,396

​

$

—

​

$

—

​

$

—

​

$

22,396

​

Accrued salaries and wages

 

1,565

​

 

—

​

 

—

​

 

—

​

 

1,565

​

Accrued warranty reserve

 

3,904

​

 

—

​

 

—

​

 

—

​

 

3,904

​

Deferred revenue

 

6,000

​

 

3,041

​

 

—

​

 

—

​

 

9,041

​

Current portion of notes payable and lease obligations

 

1,097

​

 

—

​

 

—

​

 

—

​

 

1,097

​

Factory protection plan liability

 

—

​

 

—

​

 

8,566

​

 

—

​

 

8,566

​

Term note payable

​

—

​

​

—

​

​

—

​

​

50,923

​

​

50,923

​

Total current liabilities

 

34,962

​

 

3,041

​

 

8,566

​

 

50,923

​

 

97,492

​

Deferred revenue, non-current

​

734

​

​

—

​

​

—

​

​

—

​

​

734

​

Long-term portion of notes payable and lease obligations

 

4,589

​

 

—

​

 

—

​

 

—

​

 

4,589

​

Term note payable, non-current

​

50,923

​

​

—

​

​

—

​

​

(50,923)

​

​

—

​

Total liabilities

 

91,208

​

 

3,041

​

 

8,566

​

 

—

​

 

102,815

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

15

​

​

—

​

​

—

​

​

—

​

 

15

​

Additional paid-in capital

 

945,918

​

​

—

​

​

—

​

​

—

​

 

945,918

​

Accumulated deficit

 

(921,453)

​

​

(4,415)

​

​

(8,566)

​

​

—

​

 

(934,434)

​

Treasury stock

 

(1,978)

​

​

—

​

​

—

​

​

—

​

 

(1,978)

​

Total stockholders’ (deficiency) equity

 

22,502

​

 

(4,415)

​

 

(8,566)

​

 

—

​

 

9,521

​

Total liabilities and stockholders' (deficiency) equity

$

113,710

​

$

(1,374)

​

$

—

​

$

—

​

$

112,336

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2021

​

​

​

​

​

​

​

​

FPP

​

Note

​

​

​

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

38,267

​

$

—

​

$

—

​

$

—

​

$

38,267

​

Accounts receivable, net of allowances

 

25,360

​

 

(10,832)

​

 

—

​

 

—

​

 

14,528

​

Inventories, net

 

18,023

​

 

11,545

​

 

—

​

 

—

​

 

29,568

​

Prepaid expenses and other current assets

 

4,310

​

 

—

​

 

—

​

 

—

​

 

4,310

​

Total current assets

 

85,960

​

 

713

​

 

—

​

 

—

​

 

86,673

​

Property, plant, equipment and rental assets, net

 

11,687

​

​

—

​

​

—

​

​

—

​

 

11,687

​

Non-current portion of inventories

 

1,752

​

 

—

​

 

—

​

 

—

​

 

1,752

​

Other assets

 

8,958

​

 

—

​

 

—

​

 

—

​

 

8,958

​

Total assets

$

108,357

​

$

713

​

$

—

​

$

—

​

$

109,070

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

24,754

​

$

—

​

$

—

​

$

—

​

$

24,754

​

Accrued salaries and wages

 

1,351

​

 

—

​

 

—

​

 

—

​

 

1,351

​

Accrued warranty reserve

 

1,864

​

 

—

​

 

—

​

 

—

​

 

1,864

​

Deferred revenue

 

4,965

​

 

5,235

​

 

—

​

 

—

​

 

10,200

​

Current portion of notes payable and lease obligations

 

860

​

 

—

​

 

—

​

 

—

​

 

860

​

Factory protection plan liability

 

—

​

 

—

​

 

8,027

​

 

—

​

 

8,027

​

Term note payable

​

—

​

​

—

​

​

—

​

​

50,932

​

​

50,932

​

Total current liabilities

 

33,794

​

 

5,235

​

 

8,027

​

 

50,932

​

 

97,988

​

Deferred revenue, non-current

​

700

​

​

—

​

​

—

​

​

—

​

​

700

​

Long-term portion of notes payable and lease obligations

 

6,155

​

 

—

​

 

—

​

 

—

​

 

6,155

​

Term note payable, non-current

​

50,932

​

​

—

​

​

—

​

​

(50,932)

​

​

—

​

Total liabilities

 

91,581

​

 

5,235

​

 

8,027

​

 

—

​

 

104,843

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

15

​

​

—

​

​

—

​

​

—

​

 

15

​

Additional paid-in capital

 

946,278

​

​

—

​

​

—

​

​

—

​

 

946,278

​

Accumulated deficit

 

(927,447)

​

​

(4,522)

​

​

(8,027)

​

​

—

​

 

(939,996)

​

Treasury stock

 

(2,070)

​

​

—

​

​

—

​

​

—

​

 

(2,070)

​

Total stockholders’ (deficiency) equity

 

16,776

​

 

(4,522)

​

 

(8,027)

​

 

—

​

 

4,227

​

Total liabilities and stockholders' (deficiency) equity

$

108,357

​

$

713

​

$

—

​

$

—

​

$

109,070

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

​

​

​

​

​

​

​

FPP

​

Note

​

​

​

 

(in thousands)

As Reported

    

Bill and Hold

    

Contracts

    

Classification

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

31,267

​

$

—

​

$

—

​

$

—

​

$

31,267

​

Accounts receivable, net of allowances

 

26,842

​

 

(12,656)

​

 

—

​

 

—

​

 

14,186

​

Inventories, net

 

17,290

​

 

13,711

​

 

—

​

 

—

​

 

31,001

​

Prepaid expenses and other current assets

 

5,158

​

 

—

​

 

—

​

 

—

​

 

5,158

​

Total current assets

 

80,557

​

 

1,055

​

 

—

​

 

—

​

 

81,612

​

Property, plant, equipment and rental assets, net

 

14,262

​

​

—

​

​

—

​

​

—

​

 

14,262

​

Non-current portion of inventories

 

1,635

​

 

—

​

 

—

​

 

—

​

 

1,635

​

Other assets

 

8,790

​

 

—

​

 

—

​

 

—

​

 

8,790

​

Total assets

$

105,244

​

$

1,055

​

$

—

​

$

—

​

$

106,299

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

26,340

​

$

—

​

$

—

​

$

—

​

$

26,340

​

Accrued salaries and wages

 

1,722

​

 

—

​

 

—

​

 

—

​

 

1,722

​

Accrued warranty reserve

 

1,428

​

 

—

​

 

—

​

 

—

​

 

1,428

​

Deferred revenue

 

5,231

​

 

6,059

​

 

—

​

 

—

​

 

11,290

​

Current portion of notes payable and lease obligations

 

707

​

 

—

​

 

—

​

 

—

​

 

707

​

Factory protection plan liability

 

—

​

 

—

​

 

7,687

​

 

—

​

 

7,687

​

Term note payable

​

—

​

​

—

​

​

—

​

​

50,940

​

​

50,940

​

Total current liabilities

 

35,428

​

 

6,059

​

 

7,687

​

 

50,940

​

 

100,114

​

Deferred revenue, non-current

​

927

​

​

—

​

​

—

​

​

—

​

​

927

​

Long-term portion of notes payable and lease obligations

 

5,984

​

 

—

​

 

—

​

 

—

​

 

5,984

​

Term note payable, non-current

​

50,940

​

​

—

​

​

—

​

​

(50,940)

​

​

—

​

Total liabilities

 

93,279

​

 

6,059

​

 

7,687

​

 

—

​

 

107,025

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

15

​

​

—

​

​

—

​

​

—

​

 

15

​

Additional paid-in capital

 

946,621

​

​

—

​

​

—

​

​

—

​

 

946,621

​

Accumulated deficit

 

(932,593)

​

​

(5,004)

​

​

(7,687)

​

​

—

​

 

(945,284)

​

Treasury stock

 

(2,078)

​

​

—

​

​

—

​

​

—

​

 

(2,078)

​

Total stockholders’ (deficiency) equity

 

11,965

​

 

(5,004)

​

 

(7,687)

​

 

—

​

 

(726)

​

Total liabilities and stockholders' (deficiency) equity

$

105,244

​

$

1,055

​

$

—

​

$

—

​

$

106,299

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of June 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

16,229

​

$

—

​

$

—

​

$

16,229

​

Accounts receivable, net of allowances

 

14,655

​

 

(4,266)

​

 

—

​

 

10,389

​

Inventories, net

 

17,582

​

 

6,546

​

 

—

​

 

24,128

​

Prepaid expenses and other current assets

 

4,778

​

 

—

​

 

—

​

 

4,778

​

Total current assets

 

53,244

​

 

2,280

​

 

—

​

 

55,524

​

Property, plant, equipment and rental assets, net

 

7,560

​

​

—

​

​

—

​

 

7,560

​

Non-current portion of inventories

 

1,571

​

 

—

​

 

—

​

 

1,571

​

Other assets

 

8,093

​

 

—

​

 

—

​

 

8,093

​

Total assets

$

70,468

​

$

2,280

​

$

—

​

$

72,748

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

10,804

​

$

—

​

$

—

​

$

10,804

​

Accrued salaries and wages

 

1,159

​

 

—

​

 

—

​

 

1,159

​

Accrued warranty reserve

 

1,768

​

 

—

​

 

—

​

 

1,768

​

Deferred revenue

 

7,025

​

 

4,465

​

 

—

​

 

11,490

​

Current portion of notes payable and lease obligations

 

878

​

 

—

​

 

—

​

 

878

​

Factory protection plan liability

 

—

​

 

—

​

 

5,703

​

 

5,703

​

Total current liabilities

 

21,634

​

 

4,465

​

 

5,703

​

 

31,802

​

Deferred revenue, non-current

​

902

​

​

—

​

​

—

​

​

902

​

Long-term portion of notes payable and lease obligations

 

4,941

​

 

—

​

 

—

​

 

4,941

​

Term note payable, net

​

30,112

​

​

—

​

​

—

​

​

30,112

​

Total liabilities

 

57,589

​

 

4,465

​

 

5,703

​

 

67,757

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

11

​

​

—

​

​

—

​

 

11

​

Additional paid-in capital

 

917,439

​

​

—

​

​

—

​

 

917,439

​

Accumulated deficit

 

(902,692)

​

​

(2,185)

​

​

(5,703)

​

 

(910,580)

​

Treasury stock

 

(1,879)

​

​

—

​

​

—

​

 

(1,879)

​

Total stockholders’ (deficiency) equity

 

12,879

​

 

(2,185)

​

 

(5,703)

​

 

4,991

​

Total liabilities and stockholders' (deficiency) equity

$

70,468

​

$

2,280

​

$

—

​

$

72,748

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

16,782

​

$

—

​

$

—

​

$

16,782

​

Accounts receivable, net of allowances

 

13,481

​

 

(3,991)

​

 

—

​

 

9,490

​

Inventories, net

 

13,906

​

 

7,301

​

 

—

​

 

21,207

​

Prepaid expenses and other current assets

 

3,663

​

 

—

​

 

—

​

 

3,663

​

Total current assets

 

47,832

​

 

3,310

​

 

—

​

 

51,142

​

Property, plant, equipment and rental assets, net

 

8,358

​

​

—

​

​

—

​

 

8,358

​

Non-current portion of inventories

 

1,618

​

 

—

​

 

—

​

 

1,618

​

Other assets

 

7,942

​

 

—

​

 

—

​

 

7,942

​

Total assets

$

65,750

​

$

3,310

​

$

—

​

$

69,060

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

10,908

​

$

—

​

$

—

​

$

10,908

​

Accrued salaries and wages

 

1,341

​

 

—

​

 

—

​

 

1,341

​

Accrued warranty reserve

 

1,427

​

 

—

​

 

—

​

 

1,427

​

Deferred revenue

 

6,459

​

 

5,724

​

 

—

​

 

12,183

​

Current portion of notes payable and lease obligations

 

568

​

 

—

​

 

—

​

 

568

​

Factory protection plan liability

 

—

​

 

—

​

 

6,935

​

 

6,935

​

Total current liabilities

 

20,703

​

 

5,724

​

 

6,935

​

 

33,362

​

Deferred revenue, non-current

​

860

​

​

—

​

​

—

​

​

860

​

Long-term portion of notes payable and lease obligations

 

4,920

​

 

—

​

 

—

​

 

4,920

​

Term note payable, net

​

30,419

​

​

—

​

​

—

​

​

30,419

​

Total liabilities

 

56,902

​

 

5,724

​

 

6,935

​

 

69,561

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

11

​

​

—

​

​

—

​

 

11

​

Additional paid-in capital

 

917,674

​

​

—

​

​

—

​

 

917,674

​

Accumulated deficit

 

(906,919)

​

​

(2,414)

​

​

(6,935)

​

 

(916,268)

​

Treasury stock

 

(1,918)

​

​

—

​

​

—

​

 

(1,918)

​

Total stockholders’ (deficiency) equity

 

8,848

​

 

(2,414)

​

 

(6,935)

​

 

(501)

​

Total liabilities and stockholders' (deficiency) equity

$

65,750

​

$

3,310

​

$

—

​

$

69,060

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

31,970

​

$

—

​

$

—

​

$

31,970

​

Accounts receivable, net of allowances

 

19,079

​

 

(7,692)

​

 

—

​

 

11,387

​

Inventories, net

 

11,224

​

 

10,411

​

 

—

​

 

21,635

​

Prepaid expenses and other current assets

 

3,752

​

 

—

​

 

—

​

 

3,752

​

Total current assets

 

66,025

​

 

2,719

​

 

—

​

 

68,744

​

Property, plant, equipment and rental assets, net

 

8,075

​

​

—

​

​

—

​

 

8,075

​

Non-current portion of inventories

 

1,917

​

 

—

​

 

—

​

 

1,917

​

Other assets

 

7,782

​

 

—

​

 

—

​

 

7,782

​

Total assets

$

83,799

​

$

2,719

​

$

—

​

$

86,518

​

Liabilities and Stockholders’ (Deficiency) Equity

​

​

​

​

​

​

​

​

​

​

​

​

Current Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

14,600

​

$

—

​

$

—

​

$

14,600

​

Accrued salaries and wages

 

1,471

​

 

—

​

 

—

​

 

1,471

​

Accrued warranty reserve

 

1,523

​

 

—

​

 

—

​

 

1,523

​

Deferred revenue

 

5,113

​

 

5,863

​

 

—

​

 

10,976

​

Current portion of notes payable and lease obligations

 

495

​

 

—

​

 

—

​

 

495

​

Factory protection plan liability

 

—

​

 

—

​

 

7,460

​

 

7,460

​

Total current liabilities

 

23,202

​

 

5,863

​

 

7,460

​

 

36,525

​

Deferred revenue, non-current

​

818

​

​

—

​

​

—

​

​

818

​

Long-term portion of notes payable and lease obligations

 

4,661

​

 

—

​

 

—

​

 

4,661

​

Term note payable, net

​

52,856

​

​

—

​

​

—

​

​

52,856

​

Total liabilities

 

81,537

​

 

5,863

​

 

7,460

​

 

94,860

​

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ (Deficiency) Equity:

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

—

​

​

—

​

​

—

​

​

—

​

Common stock

 

11

​

​

—

​

​

—

​

 

11

​

Additional paid-in capital

 

918,683

​

​

—

​

​

—

​

 

918,683

​

Accumulated deficit

 

(914,514)

​

​

(3,144)

​

​

(7,460)

​

 

(925,118)

​

Treasury stock

 

(1,918)

​

​

—

​

​

—

​

 

(1,918)

​

Total stockholders’ (deficiency) equity

 

2,262

​

 

(3,144)

​

 

(7,460)

​

 

(8,342)

​

Total liabilities and stockholders' (deficiency) equity

$

83,799

​

$

2,719

​

$

—

​

$

86,518

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

8,389

​

$

(3,150)

​

$

—

​

$

5,239

​

Parts and service

​

7,693

​

​

(344)

​

​

(121)

​

​

7,228

​

Total revenue, net

​

16,082

​

​

(3,494)

​

​

(121)

​

​

12,467

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

8,992

​

​

(2,174)

​

​

—

​

​

6,818

​

Parts and service

​

4,442

​

​

(185)

​

​

783

​

​

5,040

​

Total cost of goods sold

​

13,434

​

​

(2,359)

​

​

783

​

​

11,858

​

Gross profit

 

2,648

​

 

(1,135)

​

 

(904)

​

 

609

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

883

​

 

—

​

 

—

​

 

883

​

Selling, general and administrative

 

5,324

​

 

—

​

 

—

​

 

5,324

​

Total operating expenses

 

6,207

​

 

—

​

 

—

​

 

6,207

​

Loss from operations

 

(3,559)

​

 

(1,135)

​

 

(904)

​

 

(5,598)

​

Other income (expense)

 

665

​

 

—

​

 

—

​

 

665

​

Interest income

 

5

​

 

—

​

 

—

​

 

5

​

Interest expense

 

(1,235)

​

 

—

​

 

—

​

 

(1,235)

​

Gain (loss) on debt extinguishment

​

1,950

​

​

—

​

​

—

​

​

1,950

​

Loss before provision for income taxes

 

(2,174)

​

 

(1,135)

​

 

(904)

​

 

(4,213)

​

Provision for income taxes

 

8

​

 

—

​

 

—

​

 

8

​

Net loss

​

(2,182)

​

​

(1,135)

​

​

(904)

​

​

(4,221)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(2,182)

​

$

(1,135)

​

$

(904)

​

$

(4,221)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.16)

​

$

(0.09)

​

$

(0.07)

​

$

(0.32)

​

Weighted average shares outstanding

 

13,226

​

 

13,226

​

 

13,226

​

 

13,226

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

8,465

​

$

879

​

$

—

​

$

9,344

​

Parts and service

​

8,731

​

​

(314)

​

​

(121)

​

​

8,296

​

Total revenue, net

​

17,196

​

​

565

​

​

(121)

​

​

17,640

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

8,798

​

​

801

​

​

—

​

​

9,599

​

Parts and service

​

5,688

​

​

(129)

​

​

(660)

​

​

4,899

​

Total cost of goods sold

​

14,486

​

​

672

​

​

(660)

​

​

14,498

​

Gross profit

 

2,710

​

 

(107)

​

 

539

​

 

3,142

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

987

​

 

—

​

 

—

​

 

987

​

Selling, general and administrative

 

6,438

​

 

—

​

 

—

​

 

6,438

​

Total operating expenses

 

7,425

​

 

—

​

 

—

​

 

7,425

​

Loss from operations

 

(4,715)

​

 

(107)

​

 

539

​

 

(4,283)

​

Other income (expense)

 

(5)

​

 

—

​

 

—

​

 

(5)

​

Interest income

 

6

​

 

—

​

 

—

​

 

6

​

Interest expense

 

(1,278)

​

 

—

​

 

—

​

 

(1,278)

​

Gain (loss) on debt extinguishment

​

—

​

​

—

​

​

—

​

​

—

​

Loss before provision for income taxes

 

(5,992)

​

 

(107)

​

 

539

​

 

(5,560)

​

Provision for income taxes

 

2

​

 

—

​

 

—

​

 

2

​

Net loss

​

(5,994)

​

​

(107)

​

​

539

​

​

(5,562)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(5,994)

​

$

(107)

​

$

539

​

$

(5,562)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.40)

​

$

(0.01)

​

$

0.04

​

$

(0.37)

​

Weighted average shares outstanding

 

15,167

​

 

15,167

​

 

15,167

​

 

15,167

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

16,854

​

$

(2,271)

​

$

—

​

$

14,583

​

Parts and service

​

16,424

​

​

(658)

​

​

(242)

​

​

15,524

​

Total revenue, net

​

33,278

​

​

(2,929)

​

​

(242)

​

​

30,107

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

17,790

​

​

(1,373)

​

​

—

​

​

16,417

​

Parts and service

​

10,130

​

​

(314)

​

​

123

​

​

9,939

​

Total cost of goods sold

​

27,920

​

​

(1,687)

​

​

123

​

​

26,356

​

Gross profit

 

5,358

​

 

(1,242)

​

 

(365)

​

 

3,751

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

1,870

​

 

—

​

 

—

​

 

1,870

​

Selling, general and administrative

 

11,762

​

 

—

​

 

—

​

 

11,762

​

Total operating expenses

 

13,632

​

 

—

​

 

—

​

 

13,632

​

Loss from operations

 

(8,274)

​

 

(1,242)

​

 

(365)

​

 

(9,881)

​

Other income (expense)

 

660

​

 

—

​

 

—

​

 

660

​

Interest income

 

11

​

 

—

​

 

—

​

 

11

​

Interest expense

 

(2,513)

​

 

—

​

 

—

​

 

(2,513)

​

Gain (loss) on debt extinguishment

​

1,950

​

​

—

​

​

—

​

​

1,950

​

Loss before provision for income taxes

 

(8,166)

​

 

(1,242)

​

 

(365)

​

 

(9,773)

​

Provision for income taxes

 

10

​

 

—

​

 

—

​

 

10

​

Net loss

​

(8,176)

​

​

(1,242)

​

​

(365)

​

​

(9,783)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(8,176)

​

$

(1,242)

​

$

(365)

​

$

(9,783)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.58)

​

$

(0.09)

​

$

(0.03)

​

$

(0.69)

​

Weighted average shares outstanding

 

14,202

​

 

14,202

​

 

14,202

​

 

14,202

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

12,329

​

$

(2,428)

​

$

—

​

$

9,901

​

Parts and service

​

8,280

​

​

(220)

​

​

(153)

​

​

7,907

​

Total revenue, net

​

20,609

​

​

(2,648)

​

​

(153)

​

​

17,808

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

12,689

​

​

(2,030)

​

​

—

​

​

10,659

​

Parts and service

​

5,703

​

​

(136)

​

​

(493)

​

​

5,074

​

Total cost of goods sold

​

18,392

​

​

(2,166)

​

​

(493)

​

​

15,733

​

Gross profit

 

2,217

​

 

(482)

​

 

340

​

 

2,075

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

767

​

 

—

​

 

—

​

 

767

​

Selling, general and administrative

 

5,293

​

 

—

​

 

—

​

 

5,293

​

Total operating expenses

 

6,060

​

 

—

​

 

—

​

 

6,060

​

Loss from operations

 

(3,843)

​

 

(482)

​

 

340

​

 

(3,985)

​

Other income (expense)

 

(21)

​

 

—

​

 

—

​

 

(21)

​

Interest income

 

5

​

 

—

​

 

—

​

 

5

​

Interest expense

 

(1,287)

​

 

—

​

 

—

​

 

(1,287)

​

Gain (loss) on debt extinguishment

​

—

​

​

—

​

​

—

​

​

—

​

Loss before provision for income taxes

 

(5,146)

​

 

(482)

​

 

340

​

 

(5,288)

​

Provision for income taxes

 

—

​

 

—

​

 

—

​

 

—

​

Net loss

​

(5,146)

​

​

(482)

​

​

340

​

​

(5,288)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(5,146)

​

$

(482)

​

$

340

​

$

(5,288)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.34)

​

$

(0.03)

​

$

0.02

​

$

(0.35)

​

Weighted average shares outstanding

 

15,236

​

 

15,236

​

 

15,236

​

 

15,236

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

29,183

​

$

(4,699)

​

$

—

​

$

24,484

​

Parts and service

​

24,704

​

​

(878)

​

​

(395)

​

​

23,431

​

Total revenue, net

​

53,887

​

​

(5,577)

​

​

(395)

​

​

47,915

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

30,479

​

​

(3,403)

​

​

—

​

​

27,076

​

Parts and service

​

15,833

​

​

(450)

​

​

(370)

​

​

15,013

​

Total cost of goods sold

​

46,312

​

​

(3,853)

​

​

(370)

​

​

42,089

​

Gross profit

 

7,575

​

 

(1,724)

​

 

(25)

​

 

5,826

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

2,637

​

 

—

​

 

—

​

 

2,637

​

Selling, general and administrative

 

17,055

​

 

—

​

 

—

​

 

17,055

​

Total operating expenses

 

19,692

​

 

—

​

 

—

​

 

19,692

​

Loss from operations

 

(12,117)

​

 

(1,724)

​

 

(25)

​

 

(13,866)

​

Other income (expense)

 

639

​

 

—

​

 

—

​

 

639

​

Interest income

 

16

​

 

—

​

 

—

​

 

16

​

Interest expense

 

(3,800)

​

 

—

​

 

—

​

 

(3,800)

​

Gain (loss) on debt extinguishment

​

1,950

​

​

—

​

​

—

​

​

1,950

​

Loss before provision for income taxes

 

(13,312)

​

 

(1,724)

​

 

(25)

​

 

(15,061)

​

Provision for income taxes

 

10

​

 

—

​

 

—

​

 

10

​

Net loss

​

(13,322)

​

​

(1,724)

​

​

(25)

​

​

(15,071)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(13,322)

​

$

(1,724)

​

$

(25)

​

$

(15,071)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.92)

​

$

(0.12)

​

$

(0.00)

​

$

(1.04)

​

Weighted average shares outstanding

 

14,548

​

 

14,548

​

 

14,548

​

 

14,548

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2022

​

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

7,998

​

$

238

​

$

—

​

$

8,236

​

Parts and service

​

7,760

​

​

171

​

​

(118)

​

​

7,813

​

Total revenue, net

​

15,758

​

​

409

​

​

(118)

​

​

16,049

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

10,004

​

​

26

​

​

—

​

​

10,030

​

Parts and service

​

4,791

​

​

48

​

​

1,365

​

​

6,204

​

Total cost of goods sold

​

14,795

​

​

74

​

​

1,365

​

​

16,234

​

Gross profit

 

963

​

 

335

​

 

(1,483)

​

 

(185)

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

722

​

 

—

​

 

—

​

 

722

​

Selling, general and administrative

 

5,925

​

 

(738)

​

 

—

​

 

5,187

​

Total operating expenses

 

6,647

​

 

(738)

​

 

—

​

 

5,909

​

Loss from operations

 

(5,684)

​

 

1,073

​

 

(1,483)

​

 

(6,094)

​

Other income (expense)

 

3

​

 

—

​

 

—

​

 

3

​

Interest income

 

5

​

 

—

​

 

—

​

 

5

​

Interest expense

 

(1,204)

​

 

—

​

 

—

​

 

(1,204)

​

Gain (loss) on debt extinguishment

​

—

​

​

—

​

​

—

​

​

—

​

Loss before provision for income taxes

 

(6,880)

​

 

1,073

​

 

(1,483)

​

 

(7,290)

​

Provision for income taxes

 

9

​

 

—

​

 

—

​

 

9

​

Net loss

​

(6,889)

​

​

1,073

​

​

(1,483)

​

​

(7,299)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(6,889)

​

$

1,073

​

$

(1,483)

​

$

(7,299)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.45)

​

$

0.07

​

$

(0.10)

​

$

(0.48)

​

Weighted average shares outstanding

 

15,273

​

 

15,273

​

 

15,273

​

 

15,273

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product, accessories and parts

$

8,936

​

$

(8,936)

​

$

—

​

$

—

​

$

—

​

Product and accessories

​

—

​

​

6,606

​

​

4,603

​

​

—

​

​

11,209

​

Service

​

5,257

​

​

(5,257)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

7,587

​

​

508

​

​

(239)

​

​

7,856

​

Total revenue, net

​

14,193

​

​

—

​

​

5,111

​

​

(239)

​

​

19,065

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product, accessories and parts

​

7,995

​

​

(7,995)

​

​

—

​

​

—

​

​

—

​

Product and accessories

​

—

​

​

6,800

​

​

3,318

​

​

—

​

​

10,118

​

Service

​

2,825

​

​

(2,825)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

4,020

​

​

162

​

​

708

​

​

4,890

​

Total cost of goods sold

​

10,820

​

​

—

​

​

3,480

​

​

708

​

​

15,008

​

Gross profit

 

3,373

​

 

—

​

 

1,631

​

 

(947)

​

 

4,057

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

370

​

 

—

​

 

—

​

 

—

​

 

370

​

Selling, general and administrative

 

3,546

​

 

—

​

 

—

​

 

—

​

 

3,546

​

Total operating expenses

 

3,916

​

 

—

​

 

—

​

 

—

​

 

3,916

​

Loss from operations

 

(543)

​

 

—

​

 

1,631

​

 

(947)

​

 

141

​

Other income (expense)

 

4

​

 

—

​

 

—

​

 

—

​

 

4

​

Interest income

 

8

​

 

—

​

 

—

​

 

—

​

 

8

​

Interest expense

 

(1,291)

​

 

—

​

 

—

​

 

—

​

 

(1,291)

​

Loss before provision for income taxes

 

(1,822)

​

 

—

​

 

1,631

​

 

(947)

​

 

(1,138)

​

Provision for income taxes

 

1

​

 

—

​

 

—

​

 

—

​

 

1

​

Net loss

​

(1,823)

​

​

—

​

​

1,631

​

​

(947)

​

​

(1,139)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(1,823)

​

$

—

​

$

1,631

​

$

(947)

​

$

(1,139)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.17)

​

$

—

​

$

0.15

​

$

(0.09)

​

$

(0.11)

​

Weighted average shares outstanding

 

10,598

​

 

10,598

​

 

10,598

​

 

10,598

​

 

10,598

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product, accessories and parts

$

9,344

​

$

(9,344)

​

$

—

​

$

—

​

$

—

​

Product and accessories

​

—

​

​

7,206

​

​

(1,107)

​

​

—

​

​

6,099

​

Service

​

5,562

​

​

(5,562)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

7,700

​

​

124

​

​

(213)

​

​

7,611

​

Total revenue, net

​

14,906

​

​

—

​

​

(983)

​

​

(213)

​

​

13,710

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product, accessories and parts

​

8,693

​

​

(8,693)

​

​

—

​

​

—

​

​

—

​

Product and accessories

​

—

​

​

7,347

​

​

(816)

​

​

—

​

​

6,531

​

Service

​

3,651

​

​

(3,651)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

4,997

​

​

62

​

​

1,019

​

​

6,078

​

Total cost of goods sold

​

12,344

​

​

—

​

​

(754)

​

​

1,019

​

​

12,609

​

Gross profit

 

2,562

​

 

—

​

 

(229)

​

 

(1,232)

​

 

1,101

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

599

​

 

—

​

 

—

​

 

—

​

 

599

​

Selling, general and administrative

 

4,872

​

 

—

​

 

—

​

 

—

​

 

4,872

​

Total operating expenses

 

5,471

​

 

—

​

 

—

​

 

—

​

 

5,471

​

Loss from operations

 

(2,909)

​

 

—

​

 

(229)

​

 

(1,232)

​

 

(4,370)

​

Other income (expense)

 

11

​

 

—

​

 

—

​

 

—

​

 

11

​

Interest income

 

8

​

 

—

​

 

—

​

 

—

​

 

8

​

Interest expense

 

(1,313)

​

 

—

​

 

—

​

 

—

​

 

(1,313)

​

Loss before provision for income taxes

 

(4,203)

​

 

—

​

 

(229)

​

 

(1,232)

​

 

(5,664)

​

Provision for income taxes

 

9

​

 

—

​

 

—

​

 

—

​

 

9

​

Net loss

​

(4,212)

​

​

—

​

​

(229)

​

​

(1,232)

​

​

(5,673)

​

Less: Deemed dividend on purchase warrant for common shares

​

15

​

​

—

​

​

—

​

​

—

​

​

15

​

Net loss attributable to common stockholders

$

(4,227)

​

$

—

​

$

(229)

​

$

(1,232)

​

$

(5,688)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.38)

​

$

—

​

$

(0.02)

​

$

(0.11)

​

$

(0.52)

​

Weighted average shares outstanding

 

11,040

​

 

11,040

​

 

11,040

​

 

11,040

​

 

11,040

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product, accessories and parts

$

18,280

​

$

(18,280)

​

$

—

​

$

—

​

$

—

​

Product and accessories

​

—

​

​

13,812

​

​

3,496

​

​

—

​

​

17,308

​

Service

​

10,819

​

​

(10,819)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

15,287

​

​

632

​

​

(452)

​

​

15,467

​

Total revenue, net

​

29,099

​

​

—

​

​

4,128

​

​

(452)

​

​

32,775

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product, accessories and parts

​

16,688

​

​

(16,688)

​

​

—

​

​

—

​

​

—

​

Product and accessories

​

—

​

​

14,147

​

​

2,502

​

​

—

​

​

16,649

​

Service

​

6,476

​

​

(6,476)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

9,017

​

​

224

​

​

1,727

​

​

10,968

​

Total cost of goods sold

​

23,164

​

​

—

​

​

2,726

​

​

1,727

​

​

27,617

​

Gross profit

 

5,935

​

 

—

​

 

1,402

​

 

(2,179)

​

 

5,158

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

969

​

 

—

​

 

—

​

 

—

​

 

969

​

Selling, general and administrative

 

8,418

​

 

—

​

 

—

​

 

—

​

 

8,418

​

Total operating expenses

 

9,387

​

 

—

​

 

—

​

 

—

​

 

9,387

​

Loss from operations

 

(3,452)

​

 

—

​

 

1,402

​

 

(2,179)

​

 

(4,229)

​

Other income (expense)

 

15

​

 

—

​

 

—

​

 

—

​

 

15

​

Interest income

 

16

​

 

—

​

 

—

​

 

—

​

 

16

​

Interest expense

 

(2,604)

​

 

—

​

 

—

​

 

—

​

 

(2,604)

​

Loss before provision for income taxes

 

(6,025)

​

 

—

​

 

1,402

​

 

(2,179)

​

 

(6,802)

​

Provision for income taxes

 

10

​

 

—

​

 

—

​

 

—

​

 

10

​

Net loss

​

(6,035)

​

​

—

​

​

1,402

​

​

(2,179)

​

​

(6,812)

​

Less: Deemed dividend on purchase warrant for common shares

​

15

​

​

—

​

​

—

​

​

—

​

​

15

​

Net loss attributable to common stockholders

$

(6,050)

​

$

—

​

$

1,402

​

$

(2,179)

​

$

(6,827)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.56)

​

$

—

​

$

0.13

​

$

(0.20)

​

$

(0.63)

​

Weighted average shares outstanding

 

10,862

​

 

10,862

​

 

10,862

​

 

10,862

​

 

10,862

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product, accessories and parts

$

15,374

​

$

(15,374)

​

$

—

​

$

—

​

$

—

​

Product and accessories

​

—

​

​

12,760

​

​

(3,912)

​

​

—

​

​

8,848

​

Service

​

5,301

​

​

(5,301)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

7,915

​

​

72

​

​

(138)

​

​

7,849

​

Total revenue, net

​

20,675

​

​

—

​

​

(3,840)

​

​

(138)

​

​

16,697

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product, accessories and parts

​

13,483

​

​

(13,483)

​

​

—

​

​

—

​

​

—

​

Product and accessories

​

—

​

​

12,324

​

​

(3,141)

​

​

—

​

​

9,183

​

Service

​

3,720

​

​

(3,720)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

4,879

​

​

31

​

​

387

​

​

5,297

​

Total cost of goods sold

​

17,203

​

​

—

​

​

(3,110)

​

​

387

​

​

14,480

​

Gross profit

 

3,472

​

 

—

​

 

(730)

​

 

(525)

​

 

2,217

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

734

​

 

—

​

 

—

​

 

—

​

 

734

​

Selling, general and administrative

 

4,816

​

 

—

​

 

—

​

 

—

​

 

4,816

​

Total operating expenses

 

5,550

​

 

—

​

 

—

​

 

—

​

 

5,550

​

Loss from operations

 

(2,078)

​

 

—

​

 

(730)

​

 

(525)

​

 

(3,333)

​

Other income (expense)

 

(11)

​

 

—

​

 

—

​

 

—

​

 

(11)

​

Interest income

 

7

​

 

—

​

 

—

​

 

—

​

 

7

​

Interest expense

 

(1,231)

​

 

—

​

 

—

​

 

—

​

 

(1,231)

​

Gain (loss) on debt extinguishment

​

(4,282)

​

​

—

​

​

—

​

​

—

​

​

(4,282)

​

Loss before provision for income taxes

 

(7,595)

​

 

—

​

 

(730)

​

 

(525)

​

 

(8,850)

​

Provision for income taxes

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Net loss

​

(7,595)

​

​

—

​

​

(730)

​

​

(525)

​

​

(8,850)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(7,595)

​

$

—

​

$

(730)

​

$

(525)

​

$

(8,850)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.69)

​

$

—

​

$

(0.07)

​

$

(0.05)

​

$

(0.80)

​

Weighted average shares outstanding

 

11,081

​

 

11,081

​

 

11,081

​

 

11,081

​

 

11,081

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product, accessories and parts

$

33,654

​

$

(33,654)

​

$

—

​

$

—

​

$

—

​

Product and accessories

​

—

​

​

26,572

​

​

(416)

​

​

—

​

​

26,156

​

Service

​

16,120

​

​

(16,120)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

23,202

​

​

704

​

​

(590)

​

​

23,316

​

Total revenue, net

​

49,774

​

​

—

​

​

288

​

​

(590)

​

​

49,472

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product, accessories and parts

​

30,171

​

​

(30,171)

​

​

—

​

​

—

​

​

—

​

Product and accessories

​

—

​

​

26,471

​

​

(639)

​

​

—

​

​

25,832

​

Service

​

10,196

​

​

(10,196)

​

​

—

​

​

—

​

​

—

​

Parts and service

​

—

​

​

13,896

​

​

255

​

​

2,114

​

​

16,265

​

Total cost of goods sold

​

40,367

​

​

—

​

​

(384)

​

​

2,114

​

​

42,097

​

Gross profit

 

9,407

​

 

—

​

 

672

​

 

(2,704)

​

 

7,375

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

1,703

​

 

—

​

 

—

​

 

—

​

 

1,703

​

Selling, general and administrative

 

13,234

​

 

—

​

 

—

​

 

—

​

 

13,234

​

Total operating expenses

 

14,937

​

 

—

​

 

—

​

 

—

​

 

14,937

​

Loss from operations

 

(5,530)

​

 

—

​

 

672

​

 

(2,704)

​

 

(7,562)

​

Other income (expense)

 

4

​

 

—

​

 

—

​

 

—

​

 

4

​

Interest income

 

23

​

 

—

​

 

—

​

 

—

​

 

23

​

Interest expense

 

(3,835)

​

 

—

​

 

—

​

 

—

​

 

(3,835)

​

Gain (loss) on debt extinguishment

​

(4,282)

​

​

—

​

​

—

​

​

—

​

​

(4,282)

​

Loss before provision for income taxes

 

(13,620)

​

 

—

​

 

672

​

 

(2,704)

​

 

(15,652)

​

Provision for income taxes

 

10

​

 

—

​

 

—

​

 

—

​

 

10

​

Net loss

​

(13,630)

​

​

—

​

​

672

​

​

(2,704)

​

​

(15,662)

​

Less: Deemed dividend on purchase warrant for common shares

​

15

​

​

—

​

​

—

​

​

—

​

​

15

​

Net loss attributable to common stockholders

$

(13,645)

​

$

—

​

$

672

​

$

(2,704)

​

$

(15,677)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(1.25)

​

$

—

​

$

0.06

​

$

(0.25)

​

$

(1.43)

​

Weighted average shares outstanding

 

10,935

​

 

10,935

​

 

10,935

​

 

10,935

​

 

10,935

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2021

 

(in thousands)

As Reported

    

Reclassifications

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Revenue, net:

​

​

    

​

​

    

​

​

    

​

​

    

​

​

​

Product and accessories

$

9,945

​

$

—

​

$

550

​

$

—

​

$

10,495

​

Parts and service

​

7,917

​

​

—

​

​

(134)

​

​

(143)

​

​

7,640

​

Total revenue, net

​

17,862

​

​

—

​

​

416

​

​

(143)

​

​

18,135

​

Cost of goods sold:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Product and accessories

​

15,554

​

​

—

​

​

601

​

​

—

​

​

16,155

​

Parts and service

​

4,860

​

​

—

​

​

(49)

​

​

59

​

​

4,870

​

Total cost of goods sold

​

20,414

​

​

—

​

​

552

​

​

59

​

​

21,025

​

Gross profit

 

(2,552)

​

 

—

​

 

(136)

​

 

(202)

​

 

(2,890)

​

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

 

714

​

 

—

​

 

—

​

 

—

​

 

714

​

Selling, general and administrative

 

5,157

​

 

—

​

 

—

​

 

—

​

 

5,157

​

Total operating expenses

 

5,871

​

 

—

​

 

—

​

 

—

​

 

5,871

​

Loss from operations

 

(8,423)

​

 

—

​

 

(136)

​

 

(202)

​

 

(8,761)

​

Other income (expense)

 

4,989

​

 

—

​

 

—

​

 

—

​

 

4,989

​

Interest income

 

7

​

 

—

​

 

—

​

 

—

​

 

7

​

Interest expense

 

(1,321)

​

 

—

​

 

—

​

 

—

​

 

(1,321)

​

Gain (loss) on debt extinguishment

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss before provision for income taxes

 

(4,748)

​

 

—

​

 

(136)

​

 

(202)

​

 

(5,086)

​

Provision for income taxes

 

9

​

 

—

​

 

—

​

 

—

​

 

9

​

Net loss

​

(4,757)

​

​

—

​

​

(136)

​

​

(202)

​

​

(5,095)

​

Less: Deemed dividend on purchase warrant for common shares

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Net loss attributable to common stockholders

$

(4,757)

​

$

—

​

$

(136)

​

$

(202)

​

$

(5,095)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss per share—basic and diluted

$

(0.39)

​

$

—

​

$

(0.01)

​

$

(0.02)

​

$

(0.41)

​

Weighted average shares outstanding

 

12,335

​

 

12,335

​

 

12,335

​

 

12,335

​

 

12,335

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(2,182)

​

$

(1,135)

​

$

(904)

$

(4,221)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

386

​

 

—

​

 

—

 

386

​

Amortization of financing costs and discounts

 

9

​

 

—

​

 

—

 

9

​

Amortization of right-of-use assets

​

93

​

​

—

​

​

—

 

93

​

(Gain) loss on debt extinguishment

​

(1,950)

​

​

—

​

​

—

​

(1,950)

​

Inventory provision

 

276

​

 

—

​

 

—

 

276

​

Provision for warranty expenses

 

44

​

​

—

​

​

—

 

44

​

Stock-based compensation

 

305

​

 

—

​

 

—

 

305

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

(3,278)

​

 

5,901

​

​

—

 

2,623

​

Inventories

 

(3,341)

​

 

(2,359)

​

 

—

 

(5,700)

​

Prepaid expenses, other current assets and other assets

 

(107)

​

 

—

​

 

—

 

(107)

​

Accounts payable and accrued expenses

 

2,324

​

 

—

​

 

—

 

2,324

​

Accrued salaries and wages and long-term liabilities

 

(325)

​

 

—

​

 

—

 

(325)

​

Accrued warranty reserve

 

(1,990)

​

 

—

​

 

—

 

(1,990)

​

Deferred revenue

 

(405)

​

 

(2,407)

​

 

—

 

(2,812)

​

Factory protection plan liability

 

—

​

 

—

​

 

904

 

904

​

Net cash used in operating activities

 

(10,141)

​

 

—

​

 

—

 

(10,141)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(1,200)

​

 

—

​

 

—

 

(1,200)

​

Net cash used in investing activities

 

(1,200)

​

 

—

​

 

—

 

(1,200)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from term note payable

​

—

​

​

—

​

​

—

​

—

​

Repayment of notes payable and lease obligations

 

(106)

​

 

—

​

 

—

 

(106)

​

Cash used in employee stock-based transactions

 

(29)

​

 

—

​

 

—

 

(29)

​

Net proceeds from issuance of common stock and warrants

 

11,159

​

 

—

​

 

—

 

11,159

​

Net cash provided by financing activities

 

11,024

​

 

—

​

 

—

 

11,024

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

(317)

​

 

—

​

 

—

 

(317)

​

Cash and Cash Equivalents, Beginning of Period

 

49,533

​

 

—

​

 

—

​

49,533

​

Cash and Cash Equivalents, End of Period

$

49,216

​

$

—

​

$

—

$

49,216

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended September 30, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(8,176)

​

$

(1,242)

​

$

(365)

$

(9,783)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

844

​

 

—

​

 

—

 

844

​

Amortization of financing costs and discounts

 

17

​

 

—

​

 

—

 

17

​

Amortization of right-of-use assets

​

449

​

​

—

​

​

—

 

449

​

(Gain) loss on debt extinguishment

​

(1,950)

​

​

—

​

​

—

​

(1,950)

​

Inventory provision

 

287

​

 

—

​

 

—

 

287

​

Provision for warranty expenses

 

143

​

​

—

​

​

—

 

143

​

Stock-based compensation

 

638

​

 

—

​

 

—

 

638

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

(4,767)

​

 

3,141

​

​

—

 

(1,626)

​

Inventories

 

(6,388)

​

 

(1,686)

​

 

—

 

(8,074)

​

Prepaid expenses, other current assets and other assets

 

1,327

​

 

—

​

 

—

 

1,327

​

Accounts payable and accrued expenses

 

4,363

​

 

—

​

 

—

 

4,363

​

Accrued salaries and wages and long-term liabilities

 

(539)

​

 

—

​

 

—

 

(539)

​

Accrued warranty reserve

 

(4,129)

​

 

—

​

 

—

 

(4,129)

​

Deferred revenue

 

(1,474)

​

 

(213)

​

 

—

 

(1,687)

​

Factory protection plan liability

 

—

​

 

—

​

 

365

 

365

​

Net cash used in operating activities

 

(19,355)

​

 

—

​

 

—

 

(19,355)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(2,623)

​

 

—

​

 

—

 

(2,623)

​

Net cash used in investing activities

 

(2,623)

​

 

—

​

 

—

 

(2,623)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

Repayment of notes payable and lease obligations

 

(353)

​

 

—

​

 

—

 

(353)

​

Cash used in employee stock-based transactions

 

(121)

​

 

—

​

 

—

 

(121)

​

Net proceeds from issuance of common stock and warrants

 

11,186

​

 

—

​

 

—

 

11,186

​

Net cash provided by financing activities

 

10,712

​

 

—

​

 

—

 

10,712

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

(11,266)

​

 

—

​

 

—

 

(11,266)

​

Cash and Cash Equivalents, Beginning of Period

 

49,533

​

 

—

​

 

—

​

49,533

​

Cash and Cash Equivalents, End of Period

$

38,267

​

$

—

​

$

—

$

38,267

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 2021

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(13,322)

​

$

(1,724)

​

$

(25)

$

(15,071)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

1,337

​

 

—

​

 

—

 

1,337

​

Amortization of financing costs and discounts

 

26

​

 

—

​

 

—

 

26

​

Amortization of right-of-use assets

​

552

​

​

—

​

​

—

 

552

​

(Gain) loss on debt extinguishment

​

(1,950)

​

​

—

​

​

—

​

(1,950)

​

Inventory provision

 

386

​

 

—

​

 

—

 

386

​

Provision for warranty expenses

 

358

​

​

—

​

​

—

 

358

​

Stock-based compensation

 

973

​

 

—

​

 

—

 

973

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

(6,249)

​

 

4,965

​

​

—

 

(1,284)

​

Inventories

 

(5,637)

​

 

(3,852)

​

 

—

 

(9,489)

​

Prepaid expenses, other current assets and other assets

 

509

​

 

—

​

 

—

 

509

​

Accounts payable and accrued expenses

 

5,953

​

 

—

​

 

—

 

5,953

​

Accrued salaries and wages and long-term liabilities

 

(168)

​

 

—

​

 

—

 

(168)

​

Accrued warranty reserve

 

(4,780)

​

 

—

​

 

—

 

(4,780)

​

Deferred revenue

 

(981)

​

 

611

​

 

—

 

(370)

​

Factory protection plan liability

 

—

​

 

—

​

 

25

 

25

​

Net cash used in operating activities

 

(22,993)

​

 

—

​

 

—

 

(22,993)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(5,748)

​

 

—

​

 

—

 

(5,748)

​

Net cash used in investing activities

 

(5,748)

​

 

—

​

 

—

 

(5,748)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

Repayment of notes payable and lease obligations

 

(590)

​

 

—

​

 

—

 

(590)

​

Cash used in employee stock-based transactions

 

(129)

​

 

—

​

 

—

 

(129)

​

Net proceeds from issuance of common stock and warrants

 

11,194

​

 

—

​

 

—

 

11,194

​

Net cash provided by financing activities

 

10,475

​

 

—

​

 

—

 

10,475

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

(18,266)

​

 

—

​

 

—

 

(18,266)

​

Cash and Cash Equivalents, Beginning of Period

 

49,533

​

 

—

​

 

—

​

49,533

​

Cash and Cash Equivalents, End of Period

$

31,267

​

$

—

​

$

—

$

31,267

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(1,823)

​

$

1,631

​

$

(947)

​

$

(1,139)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

354

​

 

—

​

 

—

​

 

354

​

Amortization of financing costs and discounts

 

298

​

 

—

​

 

—

​

 

298

​

Amortization of right-of-use assets

​

94

​

​

—

​

​

—

​

 

94

​

Inventory provision

 

(118)

​

 

—

​

 

—

​

 

(118)

​

Provision for warranty expenses

 

186

​

​

—

​

​

—

​

 

186

​

(Gain) loss on disposal of equipment

 

(1)

​

 

—

​

​

—

​

 

(1)

​

Stock-based compensation

 

210

​

 

—

​

 

—

​

 

210

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

1,584

​

 

(3,043)

​

​

—

​

 

(1,459)

​

Inventories

 

3,646

​

 

3,481

​

 

—

​

 

7,127

​

Prepaid expenses, other current assets and other assets

 

(188)

​

 

—

​

 

—

​

 

(188)

​

Accounts payable and accrued expenses

 

(4,361)

​

 

—

​

 

—

​

 

(4,361)

​

Accrued salaries and wages and long-term liabilities

 

(484)

​

 

—

​

 

—

​

 

(484)

​

Accrued warranty reserve

 

(352)

​

 

—

​

 

—

​

 

(352)

​

Deferred revenue

 

(916)

​

 

(2,069)

​

 

—

​

 

(2,985)

​

Factory protection plan liability

 

—

​

 

—

​

 

947

​

 

947

​

Net cash used in operating activities

 

(1,871)

​

 

—

​

 

—

​

 

(1,871)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(74)

​

 

—

​

 

—

​

 

(74)

​

Net cash used in investing activities

 

(74)

​

 

—

​

 

—

​

 

(74)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from term note payable

​

1,950

​

​

—

​

​

—

​

​

1,950

​

Repayment of notes payable and lease obligations

 

(216)

​

 

—

​

 

—

​

 

(216)

​

Cash used in employee stock-based transactions

 

(4)

​

 

—

​

 

—

​

 

(4)

​

Net proceeds from issuance of common stock and warrants

 

1,376

​

 

—

​

 

—

​

 

1,376

​

Net cash provided by financing activities

 

3,106

​

 

—

​

 

—

​

 

3,106

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

1,161

​

 

—

​

 

—

​

 

1,161

​

Cash and Cash Equivalents, Beginning of Period

 

15,068

​

 

—

​

 

—

​

​

15,068

​

Cash and Cash Equivalents, End of Period

$

16,229

​

$

—

​

$

—

​

$

16,229

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended September 30, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(6,035)

​

$

1,402

​

$

(2,179)

​

$

(6,812)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

703

​

 

—

​

 

—

​

 

703

​

Amortization of financing costs and discounts

 

605

​

 

—

​

 

—

​

 

605

​

Amortization of right-of-use assets

​

192

​

​

—

​

​

—

​

 

192

​

Bad debt expense (recovery)

 

(48)

​

​

—

​

​

—

​

 

(48)

​

Inventory provision

 

78

​

 

—

​

 

—

​

 

78

​

Provision for warranty expenses

 

179

​

​

—

​

​

—

​

 

179

​

(Gain) loss on disposal of equipment

 

(1)

​

 

—

​

​

—

​

 

(1)

​

Stock-based compensation

 

429

​

 

—

​

 

—

​

 

429

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

2,807

​

 

(3,318)

​

​

—

​

 

(511)

​

Inventories

 

7,079

​

 

2,726

​

 

—

​

 

9,805

​

Prepaid expenses, other current assets and other assets

 

946

​

 

—

​

 

—

​

 

946

​

Accounts payable and accrued expenses

 

(4,442)

​

 

—

​

 

—

​

 

(4,442)

​

Accrued salaries and wages and long-term liabilities

 

(303)

​

 

—

​

 

—

​

 

(303)

​

Accrued warranty reserve

 

(686)

​

 

—

​

 

—

​

 

(686)

​

Deferred revenue

 

(1,523)

​

 

(810)

​

 

—

​

 

(2,333)

​

Factory protection plan liability

 

—

​

 

—

​

 

2,179

​

 

2,179

​

Net cash used in operating activities

 

(20)

​

 

—

​

 

—

​

 

(20)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(1,116)

​

 

—

​

 

—

​

 

(1,116)

​

Net cash used in investing activities

 

(1,116)

​

 

—

​

 

—

​

 

(1,116)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from term note payable

​

1,935

​

​

—

​

​

—

​

​

1,935

​

Repayment of notes payable and lease obligations

 

(434)

​

 

—

​

 

—

​

 

(434)

​

Cash used in employee stock-based transactions

 

(43)

​

 

—

​

 

—

​

 

(43)

​

Net proceeds from issuance of common stock and warrants

 

1,392

​

 

—

​

 

—

​

 

1,392

​

Net cash provided by financing activities

 

2,850

​

 

—

​

 

—

​

 

2,850

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

1,714

​

 

—

​

 

—

​

 

1,714

​

Cash and Cash Equivalents, Beginning of Period

 

15,068

​

 

—

​

 

—

​

​

15,068

​

Cash and Cash Equivalents, End of Period

$

16,782

​

$

—

​

$

—

​

$

16,782

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 2020

 

(in thousands)

As Reported

    

Bill and Hold

    

FPP Contracts

    

As Restated

 

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net loss

$

(13,630)

​

$

672

​

$

(2,704)

​

$

(15,662)

​

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

 

1,072

​

 

—

​

 

—

​

 

1,072

​

Amortization of financing costs and discounts

 

614

​

 

—

​

 

—

​

 

614

​

Amortization of right-of-use assets

​

289

​

​

—

​

​

—

​

 

289

​

(Gain) loss on debt extinguishment

​

4,282

​

​

—

​

​

—

​

​

4,282

​

Bad debt expense (recovery)

 

(228)

​

​

—

​

​

—

​

 

(228)

​

Inventory provision

 

138

​

 

—

​

 

—

​

 

138

​

Provision for warranty expenses

 

535

​

​

—

​

​

—

​

 

535

​

(Gain) loss on disposal of equipment

 

(1)

​

 

—

​

​

—

​

 

(1)

​

Stock-based compensation

 

678

​

 

—

​

 

—

​

 

678

​

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

 

(2,612)

​

 

383

​

​

—

​

 

(2,229)

​

Inventories

 

9,402

​

 

(384)

​

 

—

​

 

9,018

​

Prepaid expenses, other current assets and other assets

 

899

​

 

—

​

 

—

​

 

899

​

Accounts payable and accrued expenses

 

(774)

​

 

—

​

 

—

​

 

(774)

​

Accrued salaries and wages and long-term liabilities

 

(173)

​

 

—

​

 

—

​

 

(173)

​

Accrued warranty reserve

 

(946)

​

 

—

​

 

—

​

 

(946)

​

Deferred revenue

 

(2,911)

​

 

(671)

​

 

—

​

 

(3,582)

​

Factory protection plan liability

 

—

​

 

—

​

 

2,704

​

 

2,704

​

Net cash used in operating activities

 

(3,366)

​

 

—

​

 

—

​

 

(3,366)

​

Cash Flows from Investing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Expenditures for property, plant, equipment and rental assets

 

(1,269)

​

 

—

​

 

—

​

 

(1,269)

​

Net cash used in investing activities

 

(1,269)

​

 

—

​

 

—

​

 

(1,269)

​

Cash Flows from Financing Activities:

​

​

​

​

​

​

​

​

​

​

​

​

Net proceeds from term note payable

​

20,833

​

​

—

​

​

—

​

​

20,833

​

Repayment of notes payable and lease obligations

 

(655)

​

 

—

​

 

—

​

 

(655)

​

Cash used in employee stock-based transactions

 

(43)

​

 

—

​

 

—

​

 

(43)

​

Net proceeds from issuance of common stock and warrants

 

1,402

​

 

—

​

 

—

​

 

1,402

​

Net cash provided by financing activities

 

21,537

​

 

—

​

 

—

​

 

21,537

​

Net increase (decrease) increase in Cash and Cash Equivalents

 

16,902

​

 

—

​

 

—

​

 

16,902

​

Cash and Cash Equivalents, Beginning of Period

 

15,068

​

 

—

​

 

—

​

​

15,068

​

Cash and Cash Equivalents, End of Period

$

31,970

​

$

—

​

$

—

​

$

31,970

​

​