Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.19.3.a.u2
Discontinued Operations (Tables)
9 Months Ended
Dec. 31, 2019
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 in the accompanying Consolidated Statements of Operations and Comprehensive Income / (Loss):

Condensed Statements of Operations and Comprehensive Income / (Loss)
For Discontinued Operations
(in thousands, except per share amounts)
(Unaudited)
 
 
Three months ended December 31,
 
Nine months ended December 31,
 
 
2019
 
2018
 
2019
 
2018
Net revenues
 
$

 
$
3

 
$

 
$
3,880

Total cost of revenues
 
(102
)
 

 
(102
)
 
3,070

Gross profit
 
102

 
3

 
102

 
810

Product development
 

 
37

 
62

 
703

Sales and marketing
 

 
7

 

 
350

General and administrative
 
37

 
160

 
122

 
1,212

Income / (loss) from operations
 
65

 
(201
)
 
(82
)
 
(1,455
)
Interest and other income / (expense), net
 

 
(11
)
 
(89
)
 
(157
)
Income / (loss) from discontinued operations before income taxes
 
65

 
(212
)
 
(171
)
 
(1,612
)
Income / (loss) from discontinued operations, net of taxes
 
65

 
(212
)
 
(171
)
 
(1,612
)
Comprehensive income / (loss)
 
$
65

 
$
(212
)
 
$
(171
)
 
$
(1,612
)
Basic and diluted net income / (loss) per common share
 
$

 
$

 
$

 
$
(0.02
)
Weighted-average common shares outstanding, basic
 
85,876

 
77,645

 
83,869

 
76,977

Weighted-average common shares outstanding, diluted
 
92,472

 
77,645

 
89,759

 
79,371

Details on assets and liabilities classified as held-for-disposal in the accompanying consolidated balance sheets are presented in the following table:
 
 
December 31, 2019
 
March 31, 2019
 
 
(Unaudited)
 
 
Assets held for disposal
 
 
 
 
Accounts receivable, net of allowances of $1,542 and $1,589, respectively
 
$
1,525

 
$
1,883

Property and equipment, net
 
2

 
143

Total assets held for disposal
 
$
1,527

 
$
2,026

 
 
 
 
 
Liabilities held for disposal
 
 
 
 
Accounts payable
 
$
2,926

 
$
3,158

Accrued license fees and revenue share
 
335

 
537

Accrued compensation
 
170

 
226

Other current liabilities
 

 
3

Total liabilities held for disposal
 
$
3,431

 
$
3,924


Assets and liabilities held for disposal as of December 31, 2019 and March 31, 2019 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:
 
 
Nine months ended December 31,
 
 
2019
 
2018
 
 
(Unaudited)
 
(Unaudited)
Cash flows from operating activities
 
 
 
 
Net loss from discontinued operations, net of taxes
 
$
(171
)
 
$
(1,612
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
Depreciation and amortization
 
19

 
247

Impairment of goodwill
 

 
309

Change in allowance for doubtful accounts
 
(47
)
 
(380
)
Loss on disposal of fixed assets
 
104

 

Stock-based compensation
 

 
37

(Increase) / decrease in assets:
 
 
 
 
Accounts receivable
 
405

 
5,164

Prepaid expenses and other current assets
 

 
95

Increase / (decrease) in liabilities:
 
 
 
 
Accounts payable
 
(232
)
 
(4,675
)
Accrued license fees and revenue share
 
(202
)
 
(1,991
)
Accrued compensation
 
(56
)
 
(302
)
Other current liabilities
 
35

 
(328
)
Cash used in operating activities
 
(145
)
 
(3,436
)
 
 
 
 
 
Cash used in discontinued operations
 
$
(145
)
 
$
(3,436
)