Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2015
Current assets        
Cash $ 12,720 $ 6,149 $ 11,231 $ 7,069
Restricted cash 331 331    
Accounts receivable, net of allowances of $512 and $228, respectively 17,050 10,663    
Deposits 151 121    
Prepaid expenses and other current assets 750 448    
Current assets held for disposal 8,753 5,953    
Total current assets 39,755 23,665    
Property and equipment, net 2,757 2,006 1,470  
Deferred tax assets 596 352    
Intangible assets, net 1,231 2,647 12,490 19,967
Goodwill 42,268 42,268 42,268 42,268
Long-lived assets held for disposal 0 36,642    
TOTAL ASSETS 86,607 107,580    
Current liabilities        
Accounts payable 19,895 11,787    
Accrued license fees and revenue share 8,232 3,011    
Accrued compensation 2,966 520    
Short-term debt, net of debt issuance costs of $205 and $0, respectively 1,445 0    
Other current liabilities 1,142 1,041    
Current liabilities held for disposal 12,726 14,415    
Total current liabilities 46,406 30,774    
Convertible notes, net of debt issuance costs and discounts of $1,827 and $6,315, respectively 3,873 9,685    
Other non-current liabilities 0 697    
Long-term liabilities held for disposal 0 85    
Total liabilities 58,935 45,535    
Stockholders' equity        
Preferred stock 100 100    
Common stock 10 8    
Additional paid-in capital 318,066 299,580    
Treasury stock (754,599 shares at March 31, 2018 and March 31, 2017) (71) (71)    
Accumulated other comprehensive loss (325) (321)    
Accumulated deficit (290,108) (237,251)    
Total stockholders' equity 27,672 62,045 $ 82,271 $ 91,529
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 86,607 107,580    
Convertible note embedded derivative liability        
Current liabilities        
Derivative liability 4,676 3,218    
Warrant liability        
Current liabilities        
Derivative liability $ 3,980 $ 1,076    

Source

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]      
Net revenues $ 74,751 $ 40,207 $ 22,251
Cost of revenues      
License fees and revenue share 47,967 26,374 13,314
Other direct cost of revenues 1,729 2,575 7,477
Total cost of revenues 49,696 28,949 20,791
Gross profit 25,055 11,258 1,460
Operating expenses      
Product development 9,653 9,283 4,883
Sales and marketing 6,087 4,180 2,908
General and administrative 15,124 14,766 16,203
Total operating expenses 30,864 28,229 23,994
Loss from operations (5,809) (16,971) (22,534)
Interest and other expense, net      
Interest expense, net (2,067) (2,625) (1,716)
Foreign exchange transaction loss (148) (26) (24)
Change in fair value of convertible note embedded derivative liability (7,559) 475 0
Change in fair value of warrant liability (3,208) 147 0
Loss on extinguishment of debt (1,785) (293) 0
Other income / (expense) (72) 11 (4)
Total interest and other expense, net (14,839) (2,311) (1,744)
Loss from operations before income taxes (20,648) (19,282) (24,278)
Income tax provision / (benefit) (951) (144) 214
Net loss from operations, net of taxes (19,697) (19,138) (24,492)
Discontinued operations, net of taxes      
Net loss from operations of discontinued components (33,160) (5,126) (3,540)
Net loss from discontinued operations, net of taxes (33,160) (5,126) (3,540)
Net loss (52,857) (24,264) (28,032)
Other comprehensive loss      
Foreign currency translation adjustment (4) (119) (150)
Comprehensive loss $ (52,861) $ (24,383) $ (28,182)
Basic and diluted net loss per common share (in dollars per share) $ (0.75) $ (0.36) $ (0.46)
Continuing operations (in dollars per share) (0.28) (0.29) (0.40)
Discontinued operations (in dollars per share) $ (0.47) $ (0.07) $ (0.06)
Weighted average common shares outstanding, basic and diluted (in shares) 70,263 66,511 61,763

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Statement of Cash Flows [Abstract]      
Net loss from operations, net of taxes $ (19,697) $ (19,138) $ (24,492)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,660 2,606 7,873
Change in allowance for doubtful accounts 299 48 (495)
Amortization of debt discount and debt issuance costs 1,018 1,256 470
Stock-based compensation 2,655 3,362 5,095
Stock-based compensation for services rendered 323 398 867
Change in fair value of convertible note embedded derivative liability 7,559 (475) 0
Change in fair value of warrant liability 3,208 (147) 0
Loss on extinguishment of debt 1,785 293 0
Impairment of intangible assets 0 757 0
Stock issued for settlement of liability 0 0 283
(Increase) / decrease in assets:      
Restricted cash transferred from operating cash 0 (331) 200
Accounts receivable (7,071) (3,882) (5,097)
Deposits (30) 23 (35)
Deferred tax assets (244) 148 (418)
Prepaid expenses and other current assets (306) 81 (21)
Increase / (decrease) in liabilities:      
Accounts payable 8,108 4,434 3,380
Accrued license fees and revenue share 5,221 (4) 2,713
Accrued compensation 2,445 385 (1,100)
Accrued interest (26) 36 12
Other current liabilities 78 (1,323) (806)
Other non-current liabilities (695) (116) 0
Net cash provided by / (used in) operating activities - continuing operations 7,290 (11,589) (11,571)
Net cash provided by / (used in) operating activities - discontinued operations (324) 4,594 4,502
Net cash provided by (used in) operating activities 6,966 (6,995) (7,069)
Cash flows from investing activities      
Capital expenditures (1,992) (1,418) (1,549)
Proceeds from sale of cost method investment in Sift 0 999 0
Net cash proceeds from cost method investment in Sift 0 0 875
Net cash provided by / (used in) investing activities - continuing operations (1,992) (419) (674)
Net cash provided by / (used in) investing activities - discontinued operations (142) (177) 0
Net cash provided by / (used in) investing activities - continuing operations (2,134) (596) (674)
Cash flows from financing activities      
Cash received from issuance of convertible notes 0 16,000 0
Proceeds from short-term borrowings 2,500 0 0
Payment of debt issuance costs (346) (2,383) 0
Options exercised 337 11 51
Warrants exercised 350 0 0
Repayment of debt obligations (1,098) (11,000) (600)
Stock issued for cash in stock offering, net 0 0 12,627
Net cash provided by financing activities 1,743 2,628 12,078
Effect of exchange rate changes on cash (4) (119) (173)
Net change in cash 6,571 (5,082) 4,162
Cash, beginning of period 6,149 11,231 7,069
Cash, end of period 12,720 6,149 11,231
Supplemental disclosure of cash flow information      
Interest paid 1,071 1,406 1,101
Supplemental disclosure of non-cash financing activities      
Common stock of the Company issued for extinguishment of debt 14,632 0 0
Cashless exercise of warrants to purchase common stock of the Company $ 10 $ 0 $ 566

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