Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Mar. 31, 2018
Current assets    
Cash $ 8,638 $ 12,720
Restricted cash 331 331
Accounts receivable, net of allowances of $790 and $512, respectively 19,346 17,050
Deposits 151 151
Prepaid expenses and other current assets 802 750
Current assets held for disposal 4,393 8,753
Total current assets 33,661 39,755
Property and equipment, net 2,711 2,757
Deferred tax assets 632 596
Intangible assets, net 896 1,231
Goodwill 42,268 42,268
TOTAL ASSETS 80,168 86,607
Current liabilities    
Accounts payable 18,292 19,895
Accrued license fees and revenue share 11,491 8,232
Accrued compensation 1,177 2,966
Short-term debt, net of debt issuance costs of $163 and $205, respectively 1,437 1,445
Other current liabilities 1,486 1,142
Current liabilities held for disposal 8,048 12,726
Total current liabilities 41,931 46,406
Convertible notes, net of debt issuance costs and discounts of $1,709 and $1,827, respectively 3,991 3,873
Total liabilities 51,388 58,935
Stockholders' equity    
Preferred stock 100 100
Common stock 10 10
Additional paid-in capital 318,690 318,066
Treasury stock (754,599 shares at June 30, 2018 and March 31, 2018) (71) (71)
Accumulated other comprehensive loss (325) (325)
Accumulated deficit (289,624) (290,108)
Total stockholders' equity 28,780 27,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 80,168 86,607
Convertible note embedded derivative liability    
Current liabilities    
Derivative Liability 3,056 4,676
Warrant liability    
Current liabilities    
Derivative Liability $ 2,410 $ 3,980

Source

v3.10.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]    
Net revenues $ 22,112 $ 15,153
Cost of revenues    
License fees and revenue share 15,216 9,592
Other direct cost of revenues 507 409
Total cost of revenues 15,723 10,001
Gross profit 6,389 5,152
Operating expenses    
Product development 3,109 2,174
Sales and marketing 1,836 1,137
General and administrative 2,704 3,358
Total operating expenses 7,649 6,669
Loss from operations (1,260) (1,517)
Interest and other income / (expense), net    
Interest income / (expense) (319) (707)
Foreign exchange transaction gain / (loss) 8 (63)
Change in fair value of convertible note embedded derivative liability 1,620 (1,308)
Change in fair value of warrant liability 1,570 (464)
Other income / (expense) (127) 3
Total interest and other income / (expense), net 2,752 (2,539)
Income / (loss) from continuing operations before income taxes 1,492 (4,056)
Income tax provision / (benefit) (36) 31
Net income / (loss) from continuing operations, net of taxes 1,528 (4,087)
Loss from operations of discontinued components (1,044) (88)
Net income / (loss) 484 (4,175)
Comprehensive income / (loss) $ 484 $ (4,175)
Basic and diluted net income / (loss) per common share    
Continuing operations (in dollars per share) $ 0.02 $ (0.06)
Discontinued operations (in dollars per share) (0.01) 0.00
Basic and diluted net loss per common share (in dollars per share) $ 0.01 $ (0.06)
Weighted-average common shares outstanding, basic (in shares) 76,204 66,599
Weighted-average common shares outstanding, diluted (in shares) 79,598 66,599

Source

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income / (loss) $ 1,528 $ (4,087)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:    
Depreciation and amortization 729 628
Change in allowance for doubtful accounts 278 146
Amortization of debt discount and debt issuance costs 161 353
Stock-based compensation 463 715
Stock-based compensation for services rendered 85 76
Change in fair value of convertible note embedded derivative liability (1,620) 1,308
Change in fair value of warrant liability (1,570) 464
(Increase) / decrease in assets:    
Accounts receivable (2,574) (3,119)
Deferred tax assets (36) 0
Prepaid expenses and other current assets (52) (72)
Increase / (decrease) in liabilities:    
Accounts payable (1,603) (907)
Accrued license fees and revenue share 3,259 2,905
Accrued compensation (1,781) 98
Accrued interest 135 344
Other current liabilities 209 (533)
Other non-current liabilities (6) 73
Net cash used in operating activities - continuing operations (2,395) (1,608)
Net cash provided by / (used in) operating activities - discontinued operations (1,224) 204
Net cash used in operating activities (3,619) (1,404)
Cash flows from investing activities    
Capital expenditures (411) (365)
Net cash used in investing activities - continuing operations (411) (365)
Net cash used in investing activities - discontinued operations (41) (9)
Net cash used in investing activities (452) (374)
Cash flows from financing activities    
Proceeds from short-term borrowings 0 2,250
Options exercised 39 9
Repayment of debt obligations (50) 0
Payment of debt issuance costs 0 (320)
Net cash provided by / (used in) financing activities (11) 1,939
Effect of exchange rate changes on cash 0 (8)
Net change in cash (4,082) 153
Cash and restricted cash, beginning of period 13,051 6,480
Cash and restricted cash, end of period 8,969 6,633
Supplemental disclosure of cash flow information    
Interest paid $ 26 $ 0

Source

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