| 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:
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|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
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|
|
|
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|
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|
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 |
|
|