Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 28, 2016
Mar. 31, 2016
Current assets          
Cash $ 6,883 $ 6,149 $ 5,705   $ 11,231
Restricted cash 331 331      
Accounts receivable, net of allowances of $841 and $597, respectively 32,494 16,554      
Deposits 155 121      
Prepaid expenses and other current assets 551 510      
Total current assets 40,414 23,665      
Property and equipment, net 2,693 2,377      
Deferred tax assets 593 352      
Intangible assets, net 2,844 4,565      
Goodwill 76,621 76,621      
TOTAL ASSETS 123,165 107,580      
Current liabilities          
Accounts payable 28,404 19,868      
Accrued license fees and revenue share 12,857 8,529      
Accrued compensation 3,456 1,073      
Short-term debt, net of debt issuance costs of $247 and $0, respectively 1,653        
Other current liabilities 1,844 1,304      
Total current liabilities 48,214 30,774      
Convertible notes, net of debt issuance costs and discounts of $2,881 and $6,315, respectively 5,751 9,685      
Other non-current liabilities 51 782      
Total liabilities 63,514 45,535      
Stockholders' equity          
Preferred stock 100 100      
Common stock 10 8      
Additional paid-in capital 311,621 299,580      
Treasury stock (754,599 shares at December 31, 2017 and March 31, 2017) (71) (71)      
Accumulated other comprehensive loss (326) (321)      
Accumulated deficit (251,683) (237,251)      
Total stockholders' equity 59,651 62,045      
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 123,165 107,580      
Convertible note embedded derivative liability          
Current liabilities          
Derivative Liability 5,896 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 5,896 3,218      
Warrant liability          
Current liabilities          
Derivative Liability 3,602 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 $ 3,602 $ 1,076      

Source

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]        
Net revenues $ 38,031 $ 22,285 $ 92,042 $ 69,156
Cost of revenues        
License fees and revenue share 27,719 17,039 66,485 54,060
Other direct cost of revenues 651 1,878 1,917 5,640
Total cost of revenues 28,370 18,917 68,402 59,700
Gross profit 9,661 3,368 23,640 9,456
Operating expenses        
Product development 3,623 3,113 9,218 9,065
Sales and marketing 2,042 1,683 5,288 4,655
General and administrative 4,592 3,982 12,504 13,902
Total operating expenses 10,257 8,778 27,010 27,622
Loss from operations (596) (5,410) (3,370) (18,166)
Interest and other expense, net        
Interest expense, net 446 725 1,815 2,029
Foreign exchange transaction gain / (loss) 35 (9) (182) (13)
Change in fair value of convertible note embedded derivative liability (1,658) 2,853 (6,310) 2,423
Change in fair value of warrant liability (898) 937 (2,526) 797
Loss on extinguishment of debt (284) 0 (1,166) (293)
Other income / (expense) (36) 68 0 101
Total interest and other expense, net (3,287) 3,124 (11,999) 986
Loss from operations before income taxes (3,883) (2,286) (15,369) (17,180)
Income tax provision / (benefit) (84) 300 (937) 159
Net loss (3,799) (2,586) (14,432) (17,339)
Other comprehensive income / (loss)        
Foreign currency translation adjustment 0 5 (5) (48)
Comprehensive loss $ (3,799) $ (2,581) $ (14,437) $ (17,387)
Basic and diluted net loss per common share (in dollars per share) $ (0.05) $ (0.04) $ (0.21) $ (0.26)
Weighted average common shares outstanding, basic and diluted (shares) 72,148 66,634 68,575 66,416

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities    
Net loss $ (14,432) $ (17,339)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,707 6,325
Change in allowance for doubtful accounts 244 130
Amortization of debt discount and debt issuance costs 875 969
Accrued interest 165 297
Stock-based compensation 2,296 3,335
Stock-based compensation for services rendered 224 276
Change in fair value of convertible note embedded derivative liability 6,310 (2,423)
Change in fair value of warrant liability 2,526 (797)
Loss on extinguishment of debt 1,166 293
(Increase) / decrease in assets:    
Restricted cash transferred from operating cash 0 (323)
Accounts receivable (16,184) (1,877)
Deposits (34) 83
Deferred tax assets (241) 212
Prepaid expenses and other current assets (41) 30
Increase / (decrease) in liabilities:    
Accounts payable 8,536 4,509
Accrued license fees and revenue share 4,328 (712)
Accrued compensation 2,383 (241)
Other current liabilities 385 (818)
Other non-current liabilities (731) 283
Net cash provided by (used in) operating activities 482 (7,788)
Cash flows from investing activities    
Capital expenditures (1,312) (1,381)
Proceeds from sale of cost method investment in Sift 0 999
Net cash used in investing activities (1,312) (382)
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 261 11
Repayment of debt obligations (847) (11,000)
Payment of debt issuance costs (346) (2,319)
Net cash provided by financing activities 1,568 2,692
Effect of exchange rate changes on cash (4) (48)
Net change in cash 734 (5,526)
Cash, beginning of period 6,149 11,231
Cash, end of period 6,883 5,705
Supplemental disclosure of cash flow information    
Interest paid 770 741
Supplemental disclosure of non-cash financing activities    
Common stock of the Company issued for extinguishment of debt $ 9,510 $ 0

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