Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Mar. 31, 2017
Sep. 30, 2016
Sep. 28, 2016
Mar. 31, 2016
Current assets          
Cash $ 5,867 $ 6,149 $ 9,416   $ 11,231
Restricted cash 331 331      
Accounts receivable, net of allowances of $832 and $597, respectively 23,787 16,554      
Deposits 117 121      
Prepaid expenses and other current assets 444 510      
Total current assets 30,546 23,665      
Property and equipment, net 2,565 2,377      
Deferred tax assets 688 352      
Intangible assets, net 3,393 4,565      
Goodwill 76,621 76,621      
TOTAL ASSETS 113,813 107,580      
Current liabilities          
Accounts payable 23,277 19,868      
Accrued license fees and revenue share 10,442 8,529      
Accrued compensation 1,876 1,073      
Short-term debt, net of debt issuance costs of $290 and $0, respectively 2,210        
Other current liabilities 1,194 1,304      
Total current liabilities 38,999 30,774      
Convertible notes, net of debt issuance costs and discounts of $3,491 and $6,315, respectively 6,509 9,685      
Other non-current liabilities 241 782      
Total liabilities 53,569 45,535      
Stockholders' equity          
Preferred stock 100 100      
Common stock 10 8      
Additional paid-in capital 308,415 299,580      
Treasury stock (754,599 shares at September 30 and March 31, 2017) (71) (71)      
Accumulated other comprehensive loss (326) (321)      
Accumulated deficit (247,884) (237,251)      
Total stockholders' equity 60,244 62,045      
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 113,813 107,580      
Convertible note embedded derivative liability          
Current liabilities          
Derivative Liability 5,116 3,218   $ 3,693  
Convertible note embedded derivative liability | Level 3          
Current liabilities          
Derivative Liability   3,218   3,693  
Convertible note embedded derivative liability | Convertible note embedded derivative liability | Level 3          
Current liabilities          
Derivative Liability 5,116 3,218      
Warrant liability          
Current liabilities          
Derivative Liability 2,704 1,076   1,223  
Warrant liability | Level 3          
Current liabilities          
Derivative Liability   1,076   $ 1,223  
Warrant liability | Warrant liability | Level 3          
Current liabilities          
Derivative Liability $ 2,704 $ 1,076      

Source

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Net revenues $ 27,891 $ 22,832 $ 54,011 $ 46,871
Cost of revenues        
License fees and revenue share 19,885 17,797 38,766 37,021
Other direct cost of revenues 643 1,882 1,266 3,762
Total cost of revenues 20,528 19,679 40,032 40,783
Gross profit 7,363 3,153 13,979 6,088
Operating expenses        
Product development 2,837 3,117 5,595 5,952
Sales and marketing 1,688 1,528 3,246 2,972
General and administrative 4,088 4,815 7,912 9,920
Total operating expenses 8,613 9,460 16,753 18,844
Loss from operations (1,250) (6,307) (2,774) (12,756)
Interest and other expense, net        
Interest expense, net (662) (622) (1,369) (1,304)
Foreign exchange transaction loss (73) (1) (217) (4)
Change in fair value of convertible note embedded derivative liability (3,344) (430) (4,652) (430)
Change in fair value of warrant liability (1,164) (140) (1,628) (140)
Loss on extinguishment of debt (882) (293) (882) (293)
Other income 33 15 36 33
Total interest and other expense, net (6,092) (1,471) (8,712) (2,138)
Loss from operations before income taxes (7,342) (7,778) (11,486) (14,894)
Income tax benefit (884) (437) (853) (141)
Net loss (6,458) (7,341) (10,633) (14,753)
Other comprehensive income / (loss)        
Foreign currency translation adjustment 3 (80) (5) (53)
Comprehensive loss $ (6,455) $ (7,421) $ (10,638) $ (14,806)
Basic and diluted net loss per common share (in dollars per share) $ (0.10) $ (0.11) $ (0.16) $ (0.22)
Weighted average common shares outstanding, basic and diluted (shares) 66,846 66,457 66,723 66,358

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (10,633) $ (14,753)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,808 4,199
Change in allowance for doubtful accounts 235 7
Amortization of debt discount and debt issuance costs 680 681
Accrued interest (24) (91)
Stock-based compensation 1,479 2,310
Restricted shares and warrants compensation for services rendered 150 166
Change in fair value of convertible note embedded derivative liability 4,652 430
Change in fair value of warrant liability 1,628 140
Loss on extinguishment of debt (882) (293)
(Increase) / decrease in assets:    
Restricted cash transferred from operating cash 0 321
Accounts receivable (7,468) 35
Deposits 4 61
Deferred tax assets 336 (99)
Prepaid expenses and other current assets 66 68
Increase / (decrease) in liabilities:    
Accounts payable 3,409 4,771
Accrued license fees and revenue share 1,912 (1,009)
Accrued compensation 803 (280)
Other current liabilities (86) (393)
Other non-current liabilities (541) 20
Net cash used in operating activities (1,380) (3,567)
Cash flows from investing activities    
Capital expenditures (823) (1,115)
Net cash used in investing activities (823) (1,115)
Cash flows from financing activities    
Cash received from issuance of convertible notes 0 16,000
Proceeds from short-term borrowings 2,500 0
Options exercised 19 11
Repayment of debt obligations (247) (11,000)
Payment of debt issuance costs (346) (2,091)
Net cash provided by financing activities 1,926 2,920
Effect of exchange rate changes on cash (5) (53)
Net change in cash (282) (1,815)
Cash, beginning of period 6,149 11,231
Cash, end of period 5,867 9,416
Supplemental disclosure of non-cash investing and financing activities:    
Common stock of the Company issued for extinguishment of debt $ 7,187 $ 0

Source

Contact

Get in touch to see how we can help your company

CONTACT US