Basis of Presentation | Basis of Presentation: Description of Business Westell Technologies, Inc. (the Company) is a holding company. Its wholly owned subsidiary, Westell, Inc., designs and distributes telecommunications products which are sold primarily to major telephone companies. Noran Tel, Inc. is a wholly owned subsidiary of Westell, Inc. Noran Tel's operations focus on power distribution product development and sales of Westell products in Canada. On April 1, 2013, Westell, Inc. acquired 100% of the outstanding shares of Kentrox, Inc. (Kentrox). Kentrox designs and distributes intelligent site management solutions that provide comprehensive monitoring, management and control of any site. On March 1, 2014, Westell, Inc. acquired 100% of the outstanding shares of Cellular Specialties, Inc. (CSI). CSI designs and develops in-building wireless solutions including distributed antenna systems (DAS) products and small cell connectivity equipment. The assets and liabilities acquired and the results of operations relating to Kentrox and CSI are included in the Company's Consolidated Financial Statements from the dates of acquisitions. See Note 2 , Acquisitions. Discontinued Operations Sale of Conference Plus, Inc. On December 31, 2011, the Company sold its wholly owned subsidiary, Conference Plus, Inc. (CPI) including Conference Plus Global Services, Ltd (CGPS), a wholly owned subsidiary of ConferencePlus (collectively, ConferencePlus) to Arkadin for $40.3 million in cash (the ConferencePlus sale). Of the total sale price, $4.1 million was placed in escrow at closing for the purpose of post-closing claims. During the fiscal year 2013, the Company recorded a contingent liability of $1.5 million , pre-tax, relating to claims raised by Arkadin under the indemnity provisions of the purchase sales agreement. This, along with certain other adjustments, resulted in a $1.4 million loss for fiscal year 2013. In fiscal years 2013 and 2014, $1.6 million and $2.5 million of the escrow were released with $3.0 million returned to the Company and $1.1 million paid to Arkadin. In fiscal year 2015, the Company reversed a contingency reserve related to potential indemnity claims that resulted in $0.1 million of income from discontinued operations. The activity for contingencies related to the sale of ConferencePlus presented herein have been classified as discontinued operations. CNS Asset Sale On April 15, 2011, the Company sold certain assets and transferred certain liabilities of the Customer Networking Solutions (CNS) segment to NETGEAR, Inc. for $36.7 million in cash (the CNS asset sale). The Company retained a major CNS customer relationship and contract, and also retained the Homecloud product development program. The Company completed the remaining contractually required product shipments under the retained contract in December 2011. As part of the sale, the Company agreed to indemnify NETGEAR following the closing against specified losses in connection with the CNS business and generally retained responsibility for various legal liabilities that may accrue. A balance of $3.4 million was placed in escrow at closing for the purpose of post-closing claims. NETGEAR made a $0.9 million claim against the escrow balance for a dispute and indemnity claim regarding an interpretation of the sale agreement. The Company had previously recorded a $0.4 million contingency reserve for this claim at the time of the sale and recorded an additional expense of $0.5 million during fiscal year 2013 when the Company resolved the dispute through arbitration. The escrow was released at that time with $2.6 million refunded to the Company and $0.9 million paid to NETGEAR. The Company discontinued the remaining operations of the CNS segment in the first quarter of fiscal year 2014. The Consolidated Statements of Cash Flows include discontinued operations. Revenue and income before income taxes reported in discontinued operations is as follows: Fiscal Year Ended March 31, (in thousands) 2015 2014 2013 Discontinued CPI Revenue $ — $ — $ — Discontinued CNS Revenue — — 1,236 Total discontinued operations revenue $ — $ — $ 1,236 CPI income (loss) before income taxes $ 227 $ — $ (1,358 ) CNS income (loss) before income taxes — (45 ) (951 ) Total discontinued operations income (loss) before income taxes $ 227 $ (45 ) $ (2,309 ) Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its majority owned subsidiaries. The Consolidated Financial Statements have been prepared using accounting principles generally accepted in the United States (GAAP) and include the results of companies acquired by the Company from the date of each acquisition. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and that affect revenue and expenses during the periods reported. Estimates are used when accounting for the allowance for uncollectible accounts receivable, net realizable value of inventory, product warranty accrued, relative selling prices, stock-based compensation, goodwill and intangible assets fair value, depreciation, income taxes, and contingencies, among other things. The Company bases its estimate on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. Voluntary Change in Accounting Principle Effective April 1, 2014, the Company made a voluntary change in accounting principle to classify shipping and handling costs associated with the distribution of finished product to our customers as cost of revenue (previously recorded in sales and marketing expense). The Company made the voluntary change in principle because it believes the classification of shipping and handling costs in cost of revenue better reflects the cost of producing and distributing products. It also enhances the comparability of the financial statements with many industry peers. As required by U.S. generally accepted accounting principles, the change has been reflected in the Consolidated Statements of Operations through retrospective application of the change in accounting principle. Reconciliation to Previously Reported Financial Data The following table provides the reconciliation from previously reported financial data, as restated and adjusted: Fiscal Year ended March 31, 2014 Fiscal Year ended March 31, 2013 (in thousands) Previously reported Effect of Accounting Principle Change (1) Effect of CSI Purchase Accounting Adjustment (2) Adjustments (3) Adjusted Previously reported Effect of Accounting Principle Change (1) Adjusted Revenue $ 102,073 $ — $ — $ — $ 102,073 $ 38,808 $ — $ 38,808 Cost of revenue 60,115 1,359 138 — 61,612 25,483 709 26,192 Gross profit $ 41,958 $ (1,359 ) $ (138 ) $ — $ 40,461 $ 13,325 $ (709 ) $ 12,616 Gross margin 41.1 % 39.6 % 34.3 % 32.5 % Sales and marketing $ 14,663 $ (1,359 ) $ — $ — $ 13,304 $ 7,492 $ (709 ) $ 6,783 Intangible Amortization $ 4,908 $ — $ (19 ) $ — $ 4,889 $ 887 $ — $ 887 Income tax (expense) benefit $ 8,782 $ — $ (322 ) $ (550 ) $ 7,910 $ (29,392 ) $ — $ (29,392 ) Net income (loss) $ 5,367 $ — $ (441 ) $ (550 ) $ 4,376 $ (44,038 ) $ — $ (44,038 ) (1) See Voluntary Change in Accounting Principle above (2) Certain amounts have been adjusted to reflect measurement period adjustments related to the CSI acquisition (see Note 2). (3) See Restatement of Consolidated Financial Statements below in Note 1. The impact of this change in accounting principle was an increase to cost of revenue and a reduction to sales and marketing expense of $1.4 million and $0.7 million in the fiscal years ended March 31, 2014 and 2013, respectively. Gross profit and gross profit percentage were reduced accordingly. The amount included in cost of sales that would have been included in sales and marketing historically was $0.9 million for the fiscal year ended March 31, 2015. The change had no effect on income from continuing operations, net income, earnings per share, or retained earnings for any period. Reclassifications In addition to the reclassification of shipping and handling costs disclosed above, certain amounts in the Consolidated Financial Statements for fiscal year 2014 have been reclassified to reflect measurement period adjustments related to the CSI acquisition. See Note 2 , Acquisitions. Restatement of Consolidated Financial Statements On October 27, 2015, the Company determined that it needed to restate financial results due to an unrecorded liability of $1.4 million related to a contractual obligation that existed prior to the Kentrox acquisition. The effect of recording the liability in purchase accounting on April 1, 2013 created an additional deferred tax asset of $0.6 million and a $0.9 million increase in goodwill at the acquisition date. The Company fully reserves its deferred tax assets; therefore, the creation of the deferred tax asset recorded in purchase accounting required an offsetting valuation allowance, which decreased the income tax benefit recorded in quarter ended March 31, 2014 by $0.6 million . In addition, since the Company previously wrote off all of the goodwill related to the Kentrox acquisition, which was part of the CSG reporting unit, in the quarter ended September 30, 2014, the actual impairment charge recorded should have been $0.9 million higher in that quarter. The cumulative overstatement of income was therefore $1.4 million . As a result, the Company concluded that the financial statements for the years ended March 31, 2015 and 2014, and the quarterly periods within these years, as well as the quarter ended June 30, 2015, were materially misstated. The Consolidated Balance Sheets, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income (Loss), Consolidated Statement of Stockholders' Equity, and Consolidated Statement of Cash Flows, as well as Notes 2, 4, 10, and 17, have been restated to reflect the correction of the aforementioned errors. Below is a summary of the impacts of the restatement adjustments on the Company's previously reported consolidated net income (loss): Fiscal Year 2015 Quarter Ended, Fiscal Year Ended, (in thousands) June 30, 2014 Sept. 30, 2014 Dec. 31, 2014 Mar. 31, 2015 Mar. 31, 2015 Net income (loss) previously reported $ (2,818 ) $ (14,649 ) $ (27,540 ) $ (13,000 ) $ (58,007 ) Goodwill impairment adjustment — 895 — — 895 Net income (loss) as restated $ (2,818 ) $ (15,544 ) $ (27,540 ) $ (13,000 ) $ (58,902 ) Fiscal Year 2014 Quarter Ended Fiscal Year Ended, June 30, 2013 Sept. 30, 2013 Dec. 31, 2013 Mar. 31, 2014 Mar. 31, 2014 Net income (loss) previously reported $ (2,764 ) $ 1,328 $ 1,925 $ 4,437 $ 4,926 Income tax expense adjustment — — — 550 550 Net income (loss) as restated $ (2,764 ) $ 1,328 $ 1,925 $ 3,887 $ 4,376 The following tables provide a reconciliation of the amounts previously reported to the restated amounts for the years ended March 31, 2014 and March 31, 2015. WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts ) March 31, 2014(as reported) Adjustments March 31, 2014(as restated) Assets Current assets: Cash and cash equivalents $ 35,793 $ — $ 35,793 Short-term investments 15,584 — 15,584 Accounts receivable 15,831 — 15,831 Inventories 24,056 — 24,056 Prepaid expenses and other current assets 1,952 — 1,952 Deferred income tax assets 899 550 1,449 Land held-for-sale 264 — 264 Total current assets 94,379 550 94,929 Land, Property and equipment: Land 780 — 780 Machinery and equipment 1,413 — 1,413 Office, computer and research equipment 9,039 — 9,039 Leasehold improvements 7,450 — 7,450 Total property and equipment, gross 18,682 — 18,682 Less accumulated depreciation and amortization (16,001 ) — (16,001 ) Property and equipment, net 2,681 — 2,681 Goodwill 31,102 895 31,997 Other intangible assets, net 32,319 — 32,319 Other non-current assets 393 — 393 Total assets $ 160,874 $ 1,445 $ 162,319 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 7,508 $ — $ 7,508 Accrued expenses 2,920 1,445 4,365 Accrued restructuring 57 — 57 Accrued compensation 4,395 — 4,395 Contingent consideration 2,067 — 2,067 Deferred revenue 1,774 — 1,774 Total current liabilities 18,721 1,445 20,166 Deferred revenue non-current 787 787 Deferred income tax liability 1,072 550 1,622 Accrued restructuring non-current — — — Contingent consideration non-current 574 — 574 Other non-current liabilities 528 — 528 Total liabilities 21,682 1,995 23,677 Stockholders’ equity: Class A common stock 459 — 459 Class B common stock 139 — 139 Additional paid-in capital 410,176 — 410,176 Treasury stock at cost (34,206 ) — (34,206 ) Cumulative translation adjustment 608 — 608 Accumulated deficit (237,984 ) (550 ) (238,534 ) Total stockholders’ equity 139,192 (550 ) 138,642 Total liabilities and stockholders’ equity $ 160,874 $ 1,445 $ 162,319 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts ) March 31, 2015(as reported) Adjustments March 31, 2015(as restated) Assets Current assets: Cash and cash equivalents $ 14,026 $ — $ 14,026 Short-term investments 23,906 — 23,906 Accounts receivable 11,845 — 11,845 Inventories 16,205 — 16,205 Prepaid expenses and other current assets 3,285 — 3,285 Deferred income tax assets 973 70 1,043 Land held-for-sale 264 — 264 Total current assets 70,504 70 70,574 Land, Property and equipment: Land 672 — 672 Machinery and equipment 1,701 — 1,701 Office, computer and research equipment 6,260 — 6,260 Leasehold improvements 7,451 — 7,451 Total property and equipment, gross 16,084 — 16,084 Less accumulated depreciation and amortization (12,481 ) — (12,481 ) Property and equipment, net 3,603 — 3,603 Goodwill — — — Other intangible assets, net 25,942 — 25,942 Other non-current assets 258 — 258 Total assets $ 100,307 $ 70 $ 100,377 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 4,011 $ — $ 4,011 Accrued expenses 3,157 1,445 4,602 Accrued restructuring 1,161 — 1,161 Accrued compensation 974 — 974 Contingent consideration 1,184 — 1,184 Deferred revenue 2,415 — 2,415 Total current liabilities 12,902 1,445 14,347 Deferred revenue non-current 751 — 751 Deferred income tax liability 1,019 70 1,089 Accrued restructuring non-current 1,642 — 1,642 Contingent consideration non-current 400 — 400 Other non-current liabilities 409 — 409 Total liabilities 17,123 1,515 18,638 Stockholders’ equity: Class A common stock 468 — 468 Class B common stock 139 — 139 Additional paid-in capital 413,026 — 413,026 Treasury stock at cost (35,066 ) — (35,066 ) Cumulative translation adjustment 608 — 608 Accumulated deficit (295,991 ) (1,445 ) (297,436 ) Total stockholders’ equity 83,184 (1,445 ) 81,739 Total liabilities and stockholders’ equity $ 100,307 $ 70 $ 100,377 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Fiscal Year Ended March 31, 2014 Adjustments 2014 Revenue $ 102,073 $ — $ 102,073 Cost of revenue 61,612 — 61,612 Gross profit 40,461 — 40,461 Operating expenses: — Sales and marketing 13,304 — 13,304 Research and development 11,339 — 11,339 General and administrative 14,027 — 14,027 Intangible amortization 4,889 — 4,889 Restructuring 335 — 335 Goodwill impairment — — — Total operating expenses 43,894 — 43,894 Operating loss from continuing operations (3,433 ) — (3,433 ) Other income (expense), net (56 ) — (56 ) Loss before income taxes and discontinued operations (3,489 ) — (3,489 ) Income tax (expense) benefit 8,460 (550 ) 7,910 Net income (loss) from continuing operations 4,971 (550 ) 4,421 Discontinued operations (Note 1): Income (loss) from discontinued operations, net of tax benefit (expense) of $(88), $0 and $813 for fiscal years 2015, 2014 and 2013, respectively (45 ) — (45 ) Net income (loss) $ 4,926 $ (550 ) $ 4,376 Basic net income (loss) per share: Basic net income (loss) from continuing operations $ 0.08 $ (0.01 ) $ 0.08 Basic net income (loss) from discontinued operations — — — Basic net income (loss) per share $ 0.08 $ (0.01 ) $ 0.07 Diluted net income (loss) per share: Diluted net income (loss) from continuing operations $ 0.08 $ (0.01 ) $ 0.07 Diluted net income (loss) from discontinued operations — — — Diluted net income (loss) per share $ 0.08 $ (0.01 ) $ 0.07 Weighted-average number of shares outstanding: Basic 58,786 — 58,786 Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (3) 1,262 — 1,262 Diluted 60,048 — 60,048 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Fiscal Year Ended March 31, 2015 Adjustments 2015 Revenue $ 84,127 $ — $ 84,127 Cost of revenue 57,317 — 57,317 Gross profit 26,810 — 26,810 Operating expenses: — Sales and marketing 12,407 — 12,407 Research and development 17,348 — 17,348 General and administrative 14,678 — 14,678 Intangible amortization 6,377 — 6,377 Restructuring 3,243 — 3,243 Goodwill impairment 31,102 895 31,997 Total operating expenses 85,155 895 86,050 Operating loss from continuing operations (58,345 ) (895 ) (59,240 ) Other income (expense), net (2 ) — (2 ) Loss before income taxes and discontinued operations (58,347 ) (895 ) (59,242 ) Income tax (expense) benefit 201 — 201 Net income (loss) from continuing operations (58,146 ) (895 ) (59,041 ) Discontinued operations (Note 1): Income (loss) from discontinued operations, net of tax benefit (expense) of $(88), $0 and $813 for fiscal years 2015, 2014 and 2013, respectively 139 — 139 Net income (loss) $ (58,007 ) $ (895 ) $ (58,902 ) Basic net income (loss) per share: Basic net income (loss) from continuing operations $ (0.97 ) $ (0.01 ) $ (0.98 ) Basic net income (loss) from discontinued operations — — — Basic net income (loss) per share $ (0.97 ) $ (0.01 ) $ (0.98 ) Diluted net income (loss) per share: Diluted net income (loss) from continuing operations $ (0.97 ) $ (0.01 ) $ (0.98 ) Diluted net income (loss) from discontinued operations — — — Diluted net income (loss) per share $ (0.97 ) $ (0.01 ) $ (0.98 ) Weighted-average number of shares outstanding: Basic 59,985 — 59,985 Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (3) — — — Diluted 59,985 — 59,985 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) Fiscal Year Ended March 31, 2014 (as reported) Adjustments 2014 (as restated) Net income (loss) $ 4,926 $ (550 ) $ 4,376 Other comprehensive income (loss): Foreign currency translation adjustment — — — Total other comprehensive income (loss) — — — Total comprehensive income (loss) $ 4,926 $ (550 ) $ 4,376 (In thousands) Fiscal Year Ended March 31, 2015 (as reported) Adjustments 2015 (as restated) Net income (loss) $ (58,007 ) $ (895 ) $ (58,902 ) Other comprehensive income (loss): Foreign currency translation adjustment — — — Total other comprehensive income (loss) — — — Total comprehensive income (loss) $ (58,007 ) $ (895 ) $ (58,902 ) WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) Fiscal Year Ended March 31, 2014 (as reported) Adjustments 2014 (as restated) Common Stock Class A $ 459 $ — $ 459 Common Stock Class B 139 — 139 Additional paid-in-capital 410,176 — 410,176 Accumulated translation adjustment 608 — 608 Accumulated deficit (237,984 ) (550 ) (238,534 ) Treasury stock (34,206 ) — (34,206 ) Total stockholders' equity $ 139,192 $ (550 ) $ 138,642 (In thousands) Fiscal Year Ended March 31, 2015 (as reported) Adjustments 2015 (as restated) Common Stock Class A $ 468 $ — $ 468 Common Stock Class B 139 — 139 Additional paid-in-capital 413,026 — 413,026 Accumulated translation adjustment 608 — 608 Accumulated deficit (295,991 ) (1,445 ) (297,436 ) Treasury stock (35,066 ) — (35,066 ) Total stockholders' equity $ 83,184 $ (1,445 ) $ 81,739 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Fiscal Year Ended March 31, 2014 (as reported) Adjustments 2014 (as restated) Cash flows from operating activities: Net income (loss) $ 4,926 $ (550 ) $ 4,376 Reconciliation of net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 5,511 — 5,511 Goodwill impairment — — — Stock-based compensation 1,871 — 1,871 Exchange rate loss 33 — 33 Impairment loss or loss (gain) on sale of fixed assets 8 — 8 Restructuring 335 — 335 Deferred taxes (8,990 ) 550 (8,440 ) Changes in assets and liabilities: — Accounts receivable (2,139 ) — (2,139 ) Inventories 595 — 595 Prepaid expenses and other current assets 742 — 742 Other assets 190 — 190 Deferred revenue (404 ) — (404 ) Accounts payable and accrued expenses (3,223 ) — (3,223 ) Accrued compensation 2,142 — 2,142 Net cash provided by (used in) operating activities 1,597 — 1,597 Cash flows from investing activities: Maturities of held-to maturity short-term debt securities 28,514 — 28,514 Maturities of other short-term investments 3,682 — 3,682 Purchases of held-to maturity short-term debt securities (21,955 ) — (21,955 ) Purchases of other short-term investments (1,476 ) — (1,476 ) Purchases of property and equipment (443 ) — (443 ) Proceeds from sale of assets — — — Acquisitions, net of cash acquired (66,170 ) — (66,170 ) Changes in restricted cash 2,500 — 2,500 Net cash used in investing activities (55,348 ) — (55,348 ) Cash flows from financing activities: Purchase of treasury stock (359 ) — (359 ) Payment of contingent consideration — — — Proceeds from stock options exercised 1,677 — 1,677 Net cash provided by (used in) financing activities 1,318 — 1,318 (Gain) loss of exchange rate changes on cash (7 ) — (7 ) Net increase (decrease) in cash and cash equivalents (52,440 ) — (52,440 ) Cash and cash equivalents, beginning of period 88,233 — 88,233 Cash and cash equivalents, end of period $ 35,793 $ — $ 35,793 WESTELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Fiscal Year Ended March 31, 2015 (as restated) Adjustments 2015 (as restated) Cash flows from operating activities: Net income (loss) $ (58,007 ) $ (895 ) $ (58,902 ) Reconciliation of net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 7,416 — 7,416 Goodwill impairment 31,102 895 31,997 Stock-based compensation 2,605 — 2,605 Exchange rate loss 23 — 23 Impairment loss or loss (gain) on sale of fixed assets 117 — 117 Restructuring 3,243 — 3,243 Deferred taxes (127 ) — (127 ) Changes in assets and liabilities: — Accounts receivable 3,986 — 3,986 Inventories 8,186 — 8,186 Prepaid expenses and other current assets (1,661 ) — (1,661 ) Other assets 137 — 137 Deferred revenue 605 — 605 Accounts payable and accrued expenses (3,492 ) — (3,492 ) Accrued compensation (3,420 ) — (3,420 ) Net cash provided by (used in) operating activities (9,287 ) — (9,287 ) Cash flows from investing activities: Maturities of held-to maturity short-term debt securities 22,776 — 22,776 Maturities of other short-term investments 1,985 — 1,985 Purchases of held-to maturity short-term debt securities (24,662 ) — (24,662 ) Purchases of other short-term investments (8,421 ) — (8,421 ) Purchases of property and equipment (2,137 ) — (2,137 ) Proceeds from sale of assets — — — Acquisitions, net of cash acquired (304 ) — (304 ) Changes in restricted cash — — — Net cash used in investing activities (10,763 ) — (10,763 ) Cash flows from financing activities: Purchase of treasury stock (863 ) — (863 ) Payment of contingent consideration (1,104 ) — (1,104 ) Proceeds from stock options exercised 257 — 257 Net cash provided by (used in) financing activities (1,710 ) — (1,710 ) (Gain) loss of exchange rate changes on cash (7 ) — (7 ) Net increase (decrease) in cash and cash equivalents (21,767 ) — (21,767 ) Cash and cash equivalents, beginning of period 35,793 — 35,793 Cash and cash equivalents, end of period $ 14,026 $ — $ 14,026 |