Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Mar. 31, 2018
Current assets    
Cash $ 10,100 $ 12,720
Restricted cash 431 331
Accounts receivable, net of allowances of $937 and $512, respectively 24,221 17,050
Deposits 161 151
Prepaid expenses and other current assets 1,314 750
Current assets held for disposal 3,434 8,753
Total current assets 39,661 39,755
Property and equipment, net 3,300 2,757
Deferred tax assets 439 596
Intangible assets, net 226 1,231
Goodwill 42,266 42,268
TOTAL ASSETS 85,892 86,607
Current liabilities    
Accounts payable 22,552 19,895
Accrued license fees and revenue share 11,491 8,232
Accrued compensation 1,614 2,966
Short-term debt, net of debt issuance costs of $78 and $205, respectively 1,522 1,445
Other current liabilities 1,802 1,142
Current liabilities held for disposal 5,430 12,726
Total current liabilities 44,411 46,406
Convertible notes, net of debt issuance costs and discounts of $1,402 and $1,827, respectively 3,298 3,873
Other non-current liabilities 182 0
Total liabilities 54,139 58,935
Stockholders' equity    
Preferred stock - Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000) 100 100
Common stock - $0.0001 par value: 200,000,000 shares authorized; 78,459,070 issued and 77,704,471 outstanding at December 31, 2018; 76,843,278 issued and 76,108,822 outstanding at March 31, 2018 10 10
Additional paid-in capital 321,297 318,066
Treasury stock (754,599 shares at December 31, 2018 and March 31, 2018) (71) (71)
Accumulated other comprehensive loss (323) (325)
Accumulated deficit (289,260) (290,108)
Total stockholders' equity 31,753 27,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 85,892 86,607
Convertible note embedded derivative liability    
Current liabilities    
Derivative liability 3,113 4,676
Warrant liability    
Current liabilities    
Derivative liability $ 3,135 $ 3,980

Source

v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income / (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]        
Net revenues $ 30,411 $ 22,732 $ 76,377 $ 53,790
Cost of revenues        
License fees and revenue share 19,195 14,887 50,213 34,344
Other direct cost of revenues 538 437 1,553 1,276
Total cost of revenues 19,733 15,324 51,766 35,620
Gross profit 10,678 7,408 24,611 18,170
Operating expenses        
Product development 2,428 3,120 8,174 7,535
Sales and marketing 1,962 1,623 5,711 4,044
General and administrative 3,832 4,152 9,215 11,061
Total operating expenses 8,222 8,895 23,100 22,640
Income / (loss) from operations 2,456 (1,487) 1,511 (4,470)
Interest and other income / (expense), net        
Interest expense (194) (446) (648) (1,815)
Foreign exchange transaction gain / (loss) (2) 49 7 (61)
Change in fair value of convertible note embedded derivative liability (1,476) (1,658) 1,096 (6,310)
Change in fair value of warrant liability (1,651) (898) 845 (2,526)
Loss on extinguishment of debt (10) (285) (25) (1,167)
Other expense (43) (154) (169) (73)
Total interest and other income / (expense), net (3,376) (3,392) 1,106 (11,952)
Income / (loss) from continuing operations before income taxes (920) (4,879) 2,617 (16,422)
Income tax benefit / (provision) 216 (84) 157 (937)
Net income / (loss) from continuing operations, net of taxes (1,136) (4,795) 2,460 (15,485)
Income / (loss) from discontinued operations (212) 996 (1,612) 1,053
Net income / (loss) (1,348) (3,799) 848 (14,432)
Foreign currency translation adjustment (5) 0 (5) (5)
Comprehensive income / (loss) $ (1,353) $ (3,799) $ 843 $ (14,437)
Basic and diluted net income / (loss) per common share        
Continuing operations (in dollars per share) $ (0.01) $ (0.07) $ 0.03 $ (0.23)
Discontinued operations (in dollars per share) 0.00 0.01 (0.02) 0.02
Net income / (loss) (in dollars per share) $ (0.01) $ (0.06) $ 0.01 $ (0.21)
Weighted-average common shares outstanding, basic (in shares) 77,645 72,148 76,977 68,575
Weighted-average common shares outstanding, diluted (in shares) 77,645 75,442 79,371 70,252

Source

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net income / (loss) from continuing operations, net of taxes $ 2,460 $ (15,485)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:    
Depreciation and amortization 2,145 1,958
Change in allowance for doubtful accounts 425 231
Amortization of debt discount and debt issuance costs 251 875
Stock-based compensation 1,416 2,136
Stock-based compensation for services rendered 365 223
Change in fair value of convertible note embedded derivative liability (1,096) 6,310
Change in fair value of warrant liability (845) 2,526
Loss on extinguishment of debt 25 1,167
(Increase) / decrease in assets:    
Accounts receivable (7,626) (12,707)
Deposits (10) (34)
Deferred tax assets 157 (244)
Prepaid expenses and other current assets (551) (53)
Increase / (decrease) in liabilities:    
Accounts payable 2,657 7,033
Accrued license fees and revenue share 3,258 3,674
Accrued compensation (1,345) 2,355
Accrued interest 107 165
Other current liabilities 681 133
Other non-current liabilities 55 (628)
Net cash provided by / (used in) operating activities - continuing operations 2,529 (365)
Net cash provided by / (used in) operating activities - discontinued operations (3,436) 851
Net cash provided by / (used in) operating activities (907) 486
Cash flows from investing activities    
Capital expenditures (1,781) (1,220)
Net cash used in investing activities - continuing operations (1,781) (1,220)
Net cash used in investing activities - discontinued operations 0 (92)
Net cash used in investing activities (1,781) (1,312)
Cash flows from financing activities    
Proceeds from short-term borrowings 0 2,500
Options exercised 223 259
Repayment of debt obligations (50) (848)
Payment of debt issuance costs 0 (346)
Net cash provided by financing activities 173 1,565
Effect of exchange rate changes on cash (5) (5)
Net change in cash (2,520) 734
Cash and restricted cash, beginning of period 13,051 6,480
Cash and restricted cash, end of period 10,531 7,214
Supplemental disclosure of cash flow information    
Interest paid 290 770
Supplemental disclosure of non-cash financing activities    
Common stock of the Company issued for extinguishment of debt $ 1,190 $ 9,510

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