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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Schedule of Adjustment For Correction to Previous Periods
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
March 31, 2023
As previously reported Restatement adjustments Reference As restated
Assets
Current assets:
Cash and cash equivalents $ 25,963  $ —  $ 25,963 
Restricted cash 212  —  212 
Accounts receivable, net of allowance for credit losses of $201
 72,464  —  72,464 
Manufacturing inventories 19,441  —  19,441 
Service parts inventories 25,304  —  25,304 
Prepaid expenses 4,158  —  4,158 
Other current assets 5,513  —  5,513 
Total current assets 153,055  —  153,055 
Property and equipment, net 16,555  —  16,555 
Intangible assets, net 4,941  —  4,941 
Goodwill 12,969  —  12,969 
Right-of-use assets, net 10,291  —  10,291 
Other long-term assets 15,846  —  15,846 
Total assets $ 213,657  $ —  $ 213,657 
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable $ 35,716  $ —  35,716 
Accrued compensation
 15,710  —  15,710 
Deferred revenue, current portion 82,504  (2,697) (a) 79,807 
Term debt, current portion 5,000  —  5,000 
Warrant liabilities —  7,989  (b) 7,989 
Other accrued liabilities 13,666  —  13,666 
Total current liabilities 152,596  5,292  157,888 
Deferred revenue, net of current portion 43,306  (7,811) 35,495 
Revolving credit facility 16,750  —  16,750 
Term debt, net of current portion 66,354  —  66,354 
Operating lease liabilities 10,169  —  10,169 
Other long-term liabilities 11,370  —  11,370 
Total liabilities 300,545  (2,519) 298,026 
Stockholders’ deficit
Preferred stock:
Preferred stock, 20,000 shares authorized; no shares issued
 —  —  — 
Common stock:
Common stock, $0.01 par value; 225,000 shares authorized; 4,678 shares issued and outstanding
47  —  47 
Additional paid-in capital 723,492  (20,233) (b) 703,259 
Accumulated deficit (808,846) 22,752  (a) (b) (786,094)
Accumulated other comprehensive loss (1,581) —  (1,581)
Total stockholders' deficit (86,888) 2,519  (84,369)
Total liabilities and stockholders' deficit $ 213,657  $ —  $ 213,657 
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
March 31, 2022
As previously reported Restatement adjustments Reference As restated
Assets
Current assets:
Cash and cash equivalents $ 5,210  $ —  $ 5,210 
Restricted cash 283  —  283 
Accounts receivable, net of allowance for credit losses of $422
 69,354  —  69,354 
Manufacturing inventories 33,546  —  33,546 
Service parts inventories 24,254  —  24,254 
Prepaid expenses 7,853  —  7,853 
Other current assets 4,697  —  4,697 
Total current assets 145,197  —  145,197 
Property and equipment, net 12,853  —  12,853 
Intangible assets, net 9,584  —  9,584 
Goodwill 12,969  —  12,969 
Right-of-use assets, net 11,107  —  11,107 
Other long-term assets 9,925  —  9,925 
Total assets $ 201,635  $ —  $ 201,635 
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable $ 34,220  $ —  34,220 
Accrued compensation 16,141  —  16,141 
Deferred revenue, current portion 86,517  611  (a) 87,128 
Term debt, current portion 4,375  —  4,375 
Warrant liabilities —  18,237  (b) 18,237 
Other accrued liabilities 16,562  —  16,562 
Total current liabilities 157,815  18,848  176,663 
Deferred revenue, net of current portion 41,580  (1,792) 39,788 
Revolving credit facility 17,735  —  17,735 
Term debt, net of current portion 89,448  —  89,448 
Operating lease liabilities 9,891  —  9,891 
Other long-term liabilities 11,849  —  11,849 
Total liabilities 328,318  17,056  345,374 
Stockholders’ deficit
Preferred stock:
Preferred stock, 20,000 shares authorized; no shares issued
 —  —  — 
Common stock:
Common stock, $0.01 par value; 225,000 shares authorized; 3,021 shares issued and outstanding
 30  —  30 
Additional paid-in capital 645,613  (20,233) (b) 625,380 
Accumulated deficit (770,903) 3,177  (a) (b) (767,726)
Accumulated other comprehensive loss (1,423) —  (1,423)
Total stockholders' deficit (126,683) (17,056) (143,739)
Total liabilities and stockholders' deficit $ 201,635  $ —  $ 201,635 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
Year Ended March 31, 2023
As previously reported Restatement adjustments Reference As restated
Revenue
Product $ 266,537  $ 8,317  (a) $ 274,854 
Service and subscription 132,510 1,008  (a) 133,518 
Royalty 13,705 —  13,705 
Total revenue 412,752  9,325  422,077 
Cost of revenue
Product 220,031 —  220,031 
Service and subscription 58,782 —  58,782 
Total cost of revenue 278,813  —  278,813 
Gross profit 133,939  9,325  143,264 
Operating expenses
Sales and marketing 66,034 —  66,034 
General and administrative 47,752 —  47,752 
Research and development 44,555 —  44,555 
Restructuring charges 1,605 —  1,605 
Total operating expenses 159,946  —  159,946 
Income (loss) from operations (26,007) 9,325  (16,682)
Other income, net 1,956  —  1,956 
Interest expense (10,560) —  (10,560)
Change in fair value of warrant liability —  10,250  (b) 10,250 
Loss on debt extinguishment, net (1,392) —  (1,392)
Net income (loss) before income taxes (36,003) 19,575  (16,428)
Income tax provision 1,940 —  1,940 
Net income (loss) $ (37,943) $ 19,575  $ (18,368)
Deemed dividend on warrants (389) 389  (b) — 
Net income (loss) attributable to common stockholders $ (38,332) $ 19,964  $ (18,368)
 
Net income (loss) per share attributable to common stockholders- basic $ (8.49) $ 4.42  $ (4.07)
Net income (loss) per share attributable to common stockholders - diluted $ (8.49) $ 2.85  $ (5.64)
Weighted average shares - basic 4,517 4,517 4,517
Weighted average shares - diluted 4,517 4,559 4,559
Net income (loss) $ (37,943) $ 19,575  $ (18,368)
Foreign currency translation adjustments, net (158) —  (158)
Total comprehensive income (loss) $ (38,101) $ 19,575  $ (18,526)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
Year Ended March 31, 2022
As previously reported Restatement adjustments Reference As restated
Revenue
Product $ 223,761  $ 7,053  (a) $ 230,814 
Service and subscription 133,689  3,552  (a) 137,241 
Royalty 15,377  —  15,377 
Total revenue 372,827  10,605  383,432 
Cost of revenue
Product 169,780  —  169,780 
Service and subscription 56,012  —  56,012 
Total cost of revenue 225,792  —  225,792 
Gross profit 147,035  10,605  157,640 
Operating expenses
Research and development 51,812  —  51,812 
Sales and marketing 62,957  —  62,957 
General and administrative 45,256  —  45,256 
Restructuring charges 850  —  850 
Total operating expenses 160,875  —  160,875 
Income (loss) from operations (13,840) 10,605  (3,235)
Other expense, net (251) —  (251)
Interest expense (11,888) —  (11,888)
Change in fair value of warrant liabilities —  60,030  (b) 60,030 
Loss on debt extinguishment, net (4,960) —  (4,960)
Net income (loss) before income taxes (30,939) 70,635  39,696 
Income tax provision 1,341  —  1,341 
Net income (loss) $ (32,280) $ 70,635  $ 38,355 
Net income (loss) per share - basic $ (10.96) $ 23.99  $ 13.03 
Net income (loss) per share - diluted $ (10.96) $ 4.48  $ (6.48)
Weighted average shares - basic 2,944 2,944 2,944 
Weighted average shares - diluted 2,944 3,301 3,301 
Net income (loss) $ (32,280) $ 70,635  $ 38,355 
Foreign currency translation adjustments, net (567) —  (567)
Total comprehensive income (loss) $ (32,847) $ 70,635  $ 37,788 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended March 31, 2023
As previously reported Restatement adjustments Reference As restated
Operating activities
Net income (loss)
 $ (37,943) $ 19,575  (a) (b) $ (18,368)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization 10,118  —  10,118 
Amortization of debt issuance costs 1,624  —  1,624 
Long-term debt related costs 992  —  992 
Provision for manufacturing and service inventories 18,052  —  18,052 
Stock-based compensation 10,750  —  10,750 
Change in fair value of warrant liabilities —  (10,250) (b) (10,250)
Other non-cash (2,067) —  (2,067)
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable (2,966) —  (2,966)
Manufacturing inventories (1,839) —  (1,839)
Service parts inventories (3,503) —  (3,503)
Accounts payable 1,158  —  1,158 
Prepaid expenses 3,695  —  3,695 
Deferred revenue (2,286) (9,325) (a) (11,611)
Accrued compensation (431) —  (431)
Other assets (1,270) —  (1,270)
Other liabilities 1,022  —  1,022 
Net cash used in operating activities
 (4,894) —  (4,894)
Investing activities
Purchases of property and equipment (12,581) —  (12,581)
Business acquisitions (3,020) —  (3,020)
Net cash used in investing activities
 (15,601) —  (15,601)
Financing activities  
Borrowings of long-term debt, net of debt issuance costs —  —  — 
Repayments of long-term debt (24,596) —  (24,596)
Borrowings of credit facility 497,280  —  497,280 
Repayments of credit facility (498,665) —  (498,665)
Borrowings of paycheck protection program —  —  — 
Proceeds from secondary offering, net —  —  — 
Payment of taxes due upon vesting of restricted stock —  —  — 
Proceeds from issuance of common stock 67,146  —  67,146 
Net cash provided by financing activities 41,165  —  41,165 
Effect of exchange rate changes on cash and cash equivalents 12  —  12 
Net change in cash, cash equivalents, and restricted cash 20,682  —  20,682 
Cash, cash equivalents, and restricted cash at beginning of period 5,493  —  5,493 
Cash, cash equivalents, and restricted cash at end of period $ 26,175  $ —  $ 26,175 
Supplemental disclosure of cash flow information
Cash paid for interest $ 8,701  $ —  $ 8,701 
Cash paid for income taxes, net of refunds $ 1,418  $ —  $ 1,418 
Non-cash transactions
Purchases of property and equipment included in accounts payable $ 1,049  $ —  $ 1,049 
Transfer of manufacturing inventory to services inventory $ 4,045  $ —  $ 4,045 
Transfer of manufacturing inventory to property and equipment $ 343  $ —  $ 343 
Payment of litigation settlements with insurance proceeds $ —  $ —  $ — 
Paid-in-kind interest $ 319  $ —  $ 319 
Deemed dividend $ 389  $ (389) (b) $ — 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows:
Cash and cash equivalents $ 25,963  $ —  $ 25,963 
Restricted cash, current 212  —  212 
Total cash, cash equivalents and restricted cash at the end of period $ 26,175  $ —  $ 26,175 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended March 31, 2022
As previously reported Restatement adjustments Reference As adjusted
Operating activities
Net income (loss) $ (32,280) $ 70,635  (a) (b) $ 38,355 
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization 9,418  —  9,418 
Amortization of debt issuance costs 2,414  —  2,414 
Long-term debt related costs 8,471  —  8,471 
Provision for manufacturing and service inventories 5,740  —  5,740 
Gain on PPP loan extinguishment (10,000) —  (10,000)
Stock-based compensation 13,829  13,829 
Change in fair value of warrant liabilities —  (60,030) (b) (60,030)
Other non-cash (832) —  (832)
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable 3,651  —  3,651 
Manufacturing inventories (12,069) —  (12,069)
Service parts inventories (4,400) —  (4,400)
Accounts payable (1,939) —  (1,939)
Prepaid expenses (3,959) —  (3,959)
Deferred revenue (2,514) (10,605) (a) (13,119)
Accrued restructuring charges (580) —  (580)
Accrued compensation (3,073) —  (3,073)
Other assets (2,602) —  (2,602)
Other liabilities (3,003) —  (3,003)
Net cash used in operating activities (33,728) —  (33,728)
Investing activities
Purchases of property and equipment (6,316) —  (6,316)
Business acquisitions (7,808) —  (7,808)
Net cash used in investing activities (14,124) —  (14,124)
Financing activities  
Borrowings of long-term debt, net of debt issuance costs 94,961  —  94,961 
Repayments of long-term debt (94,301) —  (94,301)
Borrowings of credit facility 309,000  —  309,000 
Repayments of credit facility (291,265) —  (291,265)
Proceeds from issuance of common stock 1,762  1,762 
Net cash provided by financing activities 20,157  —  20,157 
Effect of exchange rate changes on cash and cash equivalents 51  —  51 
Net change in cash, cash equivalents, and restricted cash (27,644) —  (27,644)
Year Ended March 31, 2022
As previously reported Restatement adjustments Reference As adjusted
Cash, cash equivalents, and restricted cash at beginning of period 33,137  —  33,137 
Cash, cash equivalents, and restricted cash at end of period $ 5,493  $ —  $ 5,493 
Supplemental disclosure of cash flow information
Cash paid for interest $ 9,140  $ —  $ 9,140 
Cash paid for income taxes, net of refunds $ 944  $ —  $ 944 
Non-cash transactions
Purchases of property and equipment included in accounts payable $ 147  $ —  $ 147 
Transfer of manufacturing inventory to services inventory $ 211  $ —  $ 211 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows:
Cash and cash equivalents $ 5,210  $ —  $ 5,210 
Restricted cash, current 283  —  283 
Total cash, cash equivalents and restricted cash at the end of period $ 5,493  $ —  $ 5,493 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(in thousands)
Common Stock Additional
Paid-in Capital		 Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit
Reference Shares Amount
As previously reported
Balance, March 31, 2022
3,021  $ 30  $ 645,613  $ (770,903) $ (1,423) $ (126,683)
Net loss —  —  —  (37,943) —  (37,943)
Foreign currency translation adjustments, net —  —  —  —  (158) (158)
Shares issued under employee stock purchase plan 30  1  896  —  —  897 
Shares issued under employee incentive plans, net 109  1  (1) —  —  — 
Shares issued in connection with rights offering, net 1,500  15  66,234  —  —  66,249 
Shares issued in connection with business acquisition 18  —  —  —  —  — 
Stock-based compensation —  —  10,750  —  —  10,750 
Balance, March 31, 2023
4,678  $ 47  $ 723,492  $ (808,846) $ (1,581) $ (86,888)
Adjustments
March 31, 2022
(a) (b) —  —  (20,233) 3,177  —  (17,056)
Net loss (a) (b) —  —  —  19,575  —  19,575 
March 31, 2023
—  $ —  $ (20,233) $ 22,752  $ —  $ 2,519 
As restated
March 31, 2022
3,021  $ 30  $ 625,380  $ (767,726) $ (1,423) $ (143,739)
Net loss —  —  —  (18,368) —  (18,368)
Foreign currency translation adjustments, net —  —  —  —  (158) (158)
Shares issued under employee stock purchase plan 30  1  896  —  —  897 
Shares issued under employee incentive plans, net 109  1  (1) —  —  — 
Shares issued in connection with rights offering, net 1,500  15  66,234  —  —  66,249 
Shares issued in connection with business acquisition 18  —  —  —  —  — 
Stock-based compensation —  —  10,750  —  —  10,750 
March 31, 2023
4,678  $ 47  $ 703,259  $ (786,094) $ (1,581) $ (84,369)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(in thousands)
Common Stock Additional
Paid-in Capital		 Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Deficit
Reference Shares Amount
As previously reported
Balance, March 31, 2021
2,846  $ 28  $ 627,206  $ (738,623) $ (856) $ (112,245)
Net loss —  —  —  (32,280) —  (32,280)
Foreign currency translation adjustments, net —  —  —  —  (567) (567)
Shares issued under employee stock purchase plan 19  —  1,762  —  —  1,762 
Shares issued under employee incentive plans, net 115  1  (1) —  —  — 
Shares issued in connection with business acquisition 41  1  2,817  —  —  2,818 
Stock-based compensation —  —  13,829  —  —  13,829 
Balance, March 31, 2022
3,021  $ 30  $ 645,613  $ (770,903) $ (1,423) $ (126,683)
Adjustments
March 31, 2021
(a) (b) —  —  (20,233) (67,458) —  (87,691)
Net loss (a) (b) —  —  —  70,635  —  70,635 
March 31, 2022
—  $ —  $ (20,233) $ 3,177  $ —  $ (17,056)
As restated
March 31, 2021
2,846  $ 28  $ 606,973  $ (806,081) $ (856) $ (199,936)
Net loss —  —  —  38,355  —  38,355 
Foreign currency translation adjustments, net —  —  —  —  (567) (567)
Shares issued under employee stock purchase plan 19  —  1,762  —  —  1,762 
Shares issued under employee incentive plans, net 115  1  (1) —  —  — 
Shares issued in connection with business acquisition 41  1  2,817  —  —  2,818 
Stock-based compensation —  —  13,829  —  —  13,829 
March 31, 2022
3,021  $ 30  $ 625,380  $ (767,726) $ (1,423) $ (143,739)