Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.20.1
Discontinued Operations (Tables)
12 Months Ended
Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Financial Results of Discontinued Operations
Details on assets and liabilities classified as held for disposal in the accompanying consolidated balance sheets are presented in the following table:
 
 
Year ended March 31,
 
 
2020
 
2019
Assets held for disposal
 
 
 
 
Accounts receivable, net of allowances of $0 and $1,589, respectively
 
$

 
$
1,883

Property and equipment, net
 

 
143

Total assets held for disposal
 
$

 
$
2,026

 
 
 
 
 
Liabilities held for disposal
 
 
 
 
Accounts payable
 
$

 
$
3,158

Accrued license fees and revenue share
 

 
537

Accrued compensation
 

 
226

Other current liabilities
 

 
3

Total liabilities held for disposal
 
$

 
$
3,924

The following table provides reconciling cash flow information for our discontinued operations:
 
 
Year ended March 31,
 
 
2020
 
2019
 
2018
Cash flows from operating activities
 
 
 
 
 
 
Net loss from discontinued operations, net of taxes
 
$
(380
)
 
$
(1,708
)
 
$
(33,160
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
19

 
279

 
1,037

Change in allowance for doubtful accounts
 
(1,589
)
 
1,011

 
194

Loss on disposal of fixed assets
 
109

 

 

Stock-based compensation
 

 
37

 
189

Impairment of intangible assets
 

 

 
1,065

Impairment of goodwill
 

 

 
34,045

(Increase) / decrease in assets:
 
 
 
 
 
 
Accounts receivable
 
3,472

 
5,119

 
(1,928
)
Goodwill
 

 
309

 

Prepaid expenses and other current assets
 

 
54

 
8

Increase / (decrease) in liabilities:
 
 
 
 
 
 
Accounts payable
 
(3,158
)
 
(5,631
)
 
708

Accrued license fees and revenue share
 
(537
)
 
(2,522
)
 
(2,459
)
Accrued compensation
 
(226
)
 
(303
)
 
(24
)
Other current liabilities
 
(3
)
 
(346
)
 
25

Other non-current liabilities
 

 

 
(24
)
Cash used in operating activities
 
(2,293
)
 
(3,701
)
 
(324
)
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
Capital expenditures
 

 

 
(142
)
Cash used in investing activities
 

 

 
(142
)
 
 
 
 
 
 
 
Cash used in discontinued operations
 
$
(2,293
)
 
$
(3,701
)
 
$
(466
)
The following table summarizes the financial results of our discontinued operations for all periods presented herein:
Condensed Statements of Operations and Comprehensive Loss
For Discontinued Operations
(in thousands, except per share amounts)
 
 
Year ended March 31,
 
 
2020
 
2019
 
2018
Net revenues
 

 
3,970

 
48,877

Total cost of revenues
 
(1,202
)
 
1,788

 
42,950

Gross profit
 
1,202

 
2,182

 
5,927

Product development
 
60

 
732

 
2,194

Sales and marketing
 

 
350

 
1,444

General and administrative
 
1,433

 
2,671

 
1,835

Income / (loss) from operations
 
(291
)
 
(1,571
)
 
454

Loss on impairment of goodwill
 

 

 
(34,045
)
Interest and other income / (expense), net
 
(89
)
 
(137
)
 
431

Loss from discontinued operations before income taxes
 
(380
)
 
(1,708
)
 
(33,160
)
Income tax provision / (benefit)
 

 

 

Loss from discontinued operations, net of taxes
 
(380
)
 
(1,708
)
 
(33,160
)
Foreign currency translation adjustment
 

 

 

Comprehensive loss
 
(380
)
 
(1,708
)
 
(33,160
)
Basic and diluted net loss per common share
 
$

 
$
(0.02
)
 
$
(0.47
)
Weighted-average common shares outstanding, basic
 
84,594

 
77,440

 
70,263

Weighted-average common shares outstanding, diluted
 
89,558

 
77,440

 
70,263