Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.10.0.1
Discontinued Operations (Tables)
3 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Financial Results of Discontinued Operations
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)
(Unaudited)
 
 
Three months ended June 30,
 
 
2018
 
2017
Net revenues
 
3,870

 
10,967

Total cost of revenues
 
3,074

 
9,503

Gross profit
 
796

 
1,464

Product development
 
571

 
584

Sales and marketing
 
227

 
421

General and administrative
 
910

 
466

Income / (loss) from operations
 
(912
)
 
(7
)
Interest and other income (expense), net
 
(132
)
 
(81
)
Net loss from discontinued operations, net of taxes
 
(1,044
)
 
(88
)
Comprehensive loss
 
(1,044
)
 
(88
)
Basic and diluted net loss per common share
 
$
(0.01
)
 
$

Weighted-average common shares outstanding, basic and diluted
 
76,204

 
66,599

Details on assets and liabilities classified as held for disposal in the accompanying consolidated balance sheets are presented in the following table:
 
 
June 30, 2018
 
March 31, 2018
 
 
(Unaudited)
 
 
Assets held for disposal
 
 
 
 
Accounts receivable, net of allowances of $268 and $578, respectively
 
3,790

 
8,013

Property and equipment, net
 
336

 
377

Goodwill
 

 
309

Prepaid expenses and other current assets
 
267

 
54

Current assets held for disposal
 
4,393

 
8,753

Total assets held for disposal
 
4,393

 
8,753

 
 
 
 
 
Liabilities held for disposal
 
 
 
 
Accounts payable
 
4,524

 
8,789

Accrued license fees and revenue share
 
2,446

 
3,059

Accrued compensation
 
859

 
529

Other current liabilities
 
219

 
349

Current liabilities held for disposal
 
8,048

 
12,726

Total liabilities held for disposal
 
8,048

 
12,726


Assets and liabilities held for disposal as of June 30, 2018 and March 31, 2018 are classified as current since we expect the dispositions to be completed within one year.

The following table provides reconciling cash flow information for our discontinued operations:

 
 
Three months ended June 30,
 
 
2018
 
2017
 
 
 
(Unaudited)
 
Cash flows from operating activities
 
 
 
 
 
Net loss
 
(1,044
)
 
(88
)
 
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
Depreciation and amortization
 
155

 
260

 
Change in allowance for doubtful accounts
 
(310
)
 
(71
)
 
Stock-based compensation
 
37

 
73

 
(Increase) / decrease in assets:
 
 
 
 
 
Accounts receivable
 
4,533

 
(537
)
 
Goodwill
 
309

 

 
Prepaid expenses and other current assets
 
(214
)
 

 
Increase / (decrease) in liabilities:
 
 
 
 
 
Accounts payable
 
(4,265
)
 
1,302

 
Accrued license fees and revenue share
 
(613
)
 
(1,482
)
 
Accrued compensation
 
330

 
96

 
Other current liabilities
 
(142
)
 
651

 
Cash provided by / (used in) operating activities
 
(1,224
)
 
204

 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
Capital expenditures
 
(41
)
 
(9
)
 
Cash used in investing activities
 
(41
)
 
(9
)
 
 
 
 
 
 
 
Cash provided by / (used in) discontinued operations
 
(1,265
)
 
195