Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Mar. 31, 2018
Current assets    
Cash $ 10,894 $ 12,720
Restricted cash 165 331
Accounts receivable, net of allowances of $895 and $512, respectively 22,707 17,050
Prepaid expenses and other current assets 1,331 901
Current assets held for disposal 2,026 8,753
Total current assets 37,123 39,755
Property and equipment, net 3,430 2,757
Deferred tax assets 40 596
Intangible assets, net 0 1,231
Goodwill 42,268 42,268
TOTAL ASSETS 82,861 86,607
Current liabilities    
Accounts payable 14,912 19,895
Accrued license fees and revenue share 16,205 8,232
Accrued compensation 2,441 2,966
Short-term debt, net of debt issuance costs of $0 and $205, respectively 0 1,445
Other current liabilities 826 1,142
Current liabilities held for disposal 3,924 12,726
Total current liabilities 38,308 46,406
Convertible notes, net of debt issuance costs and discounts of $0 and $1,827, respectively 0 3,873
Other non-current liabilities 182 0
Total liabilities 46,503 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; 82,354,940 issued and 81,620,484 outstanding at March 31, 2019; 76,843,278 issued and 76,108,822 outstanding at March 31, 2018 10 10
Additional paid-in capital 332,793 318,066
Treasury stock (754,599 shares at March 31, 2019 and March 31, 2018) (71) (71)
Accumulated other comprehensive loss (356) (325)
Accumulated deficit (296,118) (290,108)
Total stockholders' equity 36,358 27,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 82,861 86,607
Convertible note embedded derivative liability    
Current liabilities    
Derivative liability 0 4,676
Warrant liability    
Current liabilities    
Derivative liability $ 8,013 $ 3,980

Source

v3.19.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]      
Net revenues $ 103,569 $ 74,751 $ 40,207
Cost of revenues      
License fees and revenue share 65,981 47,967 26,374
Other direct cost of revenues 2,023 1,729 2,575
Total cost of revenues 68,004 49,696 28,949
Gross profit 35,565 25,055 11,258
Operating expenses      
Product development 10,876 9,653 9,283
Sales and marketing 8,212 6,087 4,180
General and administrative 13,032 15,124 14,766
Total operating expenses 32,120 30,864 28,229
Income / (loss) from operations 3,445 (5,809) (16,971)
Interest and other income / (expense), net      
Interest expense (1,120) (2,067) (2,625)
Foreign exchange transaction gain / (loss) 3 (148) (26)
Change in fair value of convertible note embedded derivative liability (1,008) (7,559) 475
Change in fair value of warrant liability (4,875) (3,208) 147
Loss on extinguishment of debt (431) (1,785) (293)
Other income / (expense) 153 (72) 11
Total interest and other (expense), net (7,278) (14,839) (2,311)
Loss from continuing operations before income taxes (3,833) (20,648) (19,282)
Income tax (benefit) / provision 469 (951) (144)
Loss from continuing operations, net of taxes (4,302) (19,697) (19,138)
Loss from discontinued operations (1,708) (33,160) (5,126)
Net loss from discontinued operations, net of taxes (1,708) (33,160) (5,126)
Net loss (6,010) (52,857) (24,264)
Other comprehensive loss      
Foreign currency translation adjustment (31) (4) (119)
Comprehensive loss $ (6,041) $ (52,861) $ (24,383)
Basic and diluted net loss per common share      
Continuing operations (in dollars per share) $ (0.06) $ (0.28) $ (0.29)
Discontinued operations (in dollars per share) (0.02) (0.47) (0.07)
Net (loss) (in dollars per share) $ (0.08) $ (0.75) $ (0.36)
Weighted average common shares outstanding, basic and diluted (in shares) 77,440 70,263 66,511

Source

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2017
Statement of Cash Flows [Abstract]      
Loss from continuing operations, net of taxes $ (4,302) $ (19,697) $ (19,138)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,766 2,660 2,606
Change in allowance for doubtful accounts 383 299 48
Non-cash interest expense 798 1,018 1,256
Stock-based compensation 2,011 2,655 3,362
Stock-based compensation for services rendered 520 323 398
Change in fair value of convertible note embedded derivative liability 1,008 7,559 (475)
Change in fair value of warrant liability 4,875 3,208 (147)
Loss on extinguishment of debt 431 1,785 293
Impairment of intangible assets 0 0 757
(Increase) / decrease in assets:      
Accounts receivable (6,040) (7,071) (3,882)
Deferred tax assets 556 (244) 148
Prepaid expenses and other current assets (430) (336) 104
Increase / (decrease) in liabilities:      
Accounts payable (4,983) 8,108 4,434
Accrued license fees and revenue share 7,973 5,221 (4)
Accrued compensation (525) 2,445 385
Other current liabilities (253) 52 (1,287)
Other non-current liabilities 182 (695) (116)
Net cash provided by / (used in) operating activities - continuing operations 4,970 7,290 (11,258)
Net cash provided by / (used in) operating activities - discontinued operations (3,701) (324) 4,594
Net cash provided by (used in) operating activities 1,269 6,966 (6,664)
Cash flows from investing activities      
Capital expenditures (2,314) (1,992) (1,418)
Proceeds from sale of cost method investment in Sift 0 0 999
Net cash used in investing activities - continuing operations (2,314) (1,992) (419)
Net cash used in investing activities - discontinued operations 0 (142) (177)
Net cash used in investing activities (2,314) (2,134) (596)
Cash flows from financing activities      
Cash received from issuance of convertible notes 0 0 16,000
Proceeds from short-term borrowings 0 2,500 0
Payment of debt issuance costs 0 (346) (2,383)
Options and warrants exercised 734 687 11
Repayment of debt obligations (1,650) (1,098) (11,000)
Net cash provided by / (used in) financing activities (916) 1,743 2,628
Effect of exchange rate changes on cash (31) (4) (119)
Net change in cash (1,992) 6,571 (4,751)
Cash and restricted cash, beginning of year 13,051 6,480 11,231
Cash and restricted cash, end of year 11,059 13,051 6,480
Supplemental disclosure of cash flow information      
Interest paid 383 1,071 1,406
Supplemental disclosure of non-cash financing activities      
Common stock of the Company issued for extinguishment of debt 10,582 14,632 0
Cashless exercise of warrants to purchase common stock of the Company $ 144 $ 10 $ 0

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