| Restatement of Consolidated Financial Statements | 16. Restatement of Consolidated Financial Statements As previously disclosed in the Current Report on Form 8-K filed by the Company on September 22, 2023 with the SEC, the Company’s previously issued financial statements included in its Annual Reports on Form 10-K for the fiscal year ended March 31, 2022, and each of the interim financial statements for the quarterly periods in 2023, 2022, and 2021 included in its Quarterly Reports on Form 10-Q (collectively, the “Restated Periods”), should no longer be relied upon and a restatement is required for these previously issued consolidated financial statements. In accordance with ASC Topic 250, Accounting Changes and Error Corrections, the Company has restated herein the unaudited financial information for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022. The categories of misstatements and their impact on the Company’s previously issued consolidated financial statements are described in more detail below. Restatement of Previously Issued Consolidated Financial Statements In connection with the restatement, the Company restated the consolidated financial statements as of and for the years ended March 31, 2022 and March 31, 2021, as well as the relevant unaudited quarterly financial information for the quarterly periods ended June 30, 2021, September 30, 2021, December 31, 2021, June 30, 2020, September 30, 2020, and December 31, 2020 in its 2022 Annual Report, as amended, on Form 10-K/A, filed with the SEC on June 12, 2024. Description of Misstatements The following includes descriptions of the significant adjustments to the Company’s financial position and results of operations from previously reported consolidated financial statements. Revenue Recognition of Bill-and-Hold Arrangements (“Bill and Hold”) Some of previously recognized revenue that did not meet the bill-and-hold criteria, related to products, parts, and accessories that were subsequently returned to the Company. In the third quarter of fiscal year 2023, the Company began recording a sales return allowance for returned systems. Under the revised revenue recognition policy, the sales return allowance is no longer required . To correct this error, (i) the revenue and cost of goods sold were reversed in the period in which the accounting errors took place, (ii) the revenue and cost of goods sold was recognized in subsequent periods when all of the revenue recognition criteria had been met, and (iii) the bad debt expense relating to prematurely recognized revenue was reversed in the periods prior to achieving the revenue recognition criteria and recognized in subsequent periods consistent with the Company’s policy, and (iv) the sales return allowance was reversed in the period in which it was originally recorded. Additionally, the related adjustments to accounts receivable, inventory, accrued expenses, and deferred revenue were made in the consolidated financial statements for the relevant Restated Periods. In correcting for the bill-and-hold error, sales were identified where revenue was prematurely recognized, and the Company had entered into a subsequent agreement to lease the system from the customer to re-rent the system to others as part of the Company’s rental fleet (“Re-rent Agreement”). The Re-rent Agreements were recorded as finance leases under ASC 842, Leases. The related lease payments to the customer were recorded as a reduction to the customer’s outstanding accounts receivable balance from the initial recognition of the sale and no cash was exchanged. As the initial sale of the system to the customer did not satisfy the requirements for revenue recognition and the Re-rent Agreement lacked economic substance, the Company concluded the Re-rent Agreements were improperly accounted for as finance leases. Additionally, resulting from mandatory buyout clauses contained in certain Re-rent Agreements, the amounts owed to the customer as stated in the Re-rent Agreement exceeded the accounts receivable associated with the prematurely recognized sale. The Company concluded this payment reflected consideration payable to a customer under ASC 606. To correct this error (i) the finance lease right-of-use asset and lease liability were removed and the related system was recognized as a rental asset in the period the Re-rent Agreements were executed, (ii) the finance lease costs, including interest expense, and right-of-use asset amortization were reversed in the period the Re-rent Agreements were executed and subsequent periods, and (iii) consideration payable to a customer was recognized in the period the Re-rent Agreements were executed . Recognition of Costs Associated with Factory Protection Plan Contracts (“FPP Contracts”) for the term of the contract, typically 5, 10, 15, or 20 years, and recorded the costs when the replacement parts shipped and when the labor reimbursement request was received. In addition, FPP revenues and costs were presented on a gross basis in the Consolidated Statements of Operations. As part of the restatement efforts, the Company reviewed the previous accounting conclusions related to FPP recognition, including a separate analysis of the spare parts and labor reimbursement offerings and the general terms of the contract. For FPP Contract revenue, under both the spare parts and labor reimbursement offerings, the Company concluded revenue was properly recognized. As it relates to the accounting for spare parts (“FPP Parts”), the Company concluded the timing of cost recognition was delayed and the cost should be recognized when the customer orders the spare parts. As it relates to the accounting for labor reimbursement (“FPP Labor”), the income, based on the respective standalone selling price, and related costs should be presented on a net basis in the Consolidated Statements of Operations. In addition, the Company concluded the FPP Contract term is 30 days, as the customer has the right to cancel with a 30-day notice. The Company has since revised its policy, and related internal controls, to properly consider the recognize FPP Contracts. To correct this error, as it relates to FPP Parts, the cost of goods sold was recognized at the time the spare parts order was received and a liability was recognized for any orders that had not been shipped to the customers in the period the accounting error took place. As it relates to FPP Labor, the labor reimbursement cost was reversed out of cost of goods sold and reclassified to revenue, net. The Company also revised the FPP contract disclosure included in Note 2 – Summary of Significant Accounting Policies to reflect the revised classification of the contract term. The Company also corrected for revenue improperly recognized relating to a cancelled FPP contract. Note Classification Reclassifications Reclassifications • Finance and operating lease right-of-use assets, previously presented in Property, plant, equipment and rental assets, net and Other assets, respectively, have been reclassified to Finance lease right-of-use assets and Operating lease right-of-use assets, respectively. • Current finance and operating lease liabilities, both previously presented in Current portion of notes payable and lease obligations, have been reclassified to Finance lease liability, current and Operating lease liability, current, respectively. • Long-term finance and operating lease liabilities, both previously presented in Long-term portion of notes payable and lease obligations, have been reclassified to Finance lease liability, non-current and Operating lease liability, non-current, respectively. Description of Quarterly Restatement Tables The following tables present the impact of the restatement on the previously reported Consolidated Balance Sheets, Consolidated Statements of Operations, and Statements of Cash Flows for quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022. Changes to the Consolidated Statements of Stockholders’ Equity (Deficiency) for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022 as a result of the restatement are due to the changes in net income. The values as previously reported for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022 were derived from our Quarterly Reports on Form 10-Q filed on August 11, 2022, November 14, 2022, and February 14, 2023, respectively. As of June 30, 2022 FPP Note (in thousands) As Reported Reclassifications Bill and Hold Contracts Classification As Restated Assets Current Assets: Cash and cash equivalents $ 16,914 $ — $ — $ — $ — $ 16,914 Accounts receivable, net of allowances 24,168 — (9,871) (18) — 14,279 Inventories, net 18,608 — 9,255 — — 27,863 Prepaid expenses and other current assets 6,468 — — — — 6,468 Total current assets 66,158 — (616) (18) — 65,524 Property, plant, equipment and rental assets, net 21,694 (2,560) 1,484 — — 20,618 Finance lease right-of-use assets — 2,560 (1,886) — — 674 Operating lease right-of-use assets — 6,321 — — — 6,321 Non-current portion of accounts receivable 1,056 — (1,056) — — — Non-current portion of inventories 2,013 — — — — 2,013 Other assets 8,933 (6,321) — — — 2,612 Total assets $ 99,854 $ — $ (2,074) $ (18) $ — $ 97,762 Liabilities and Stockholders’ (Deficiency) Equity Current Liabilities: Accounts payable and accrued expenses $ 22,238 $ — $ — $ — $ — $ 22,238 Accrued salaries and wages 1,360 — — — — 1,360 Accrued warranty reserve 1,527 — — — — 1,527 Deferred revenue 9,694 — 3,988 — — 13,682 Current portion of notes payable and lease obligations 1,930 (1,409) — — — 521 Finance lease liability, current — 645 (454) — — 191 Operating lease liability, current — 764 — — — 764 Factory protection plan liability — — — 10,727 — 10,727 Term note payable — — — — 50,957 50,957 Total current liabilities 36,749 — 3,534 10,727 50,957 101,967 Deferred revenue, non-current 934 — — — — 934 Long-term portion of notes payable and lease obligations 7,627 (7,627) — — — — Finance lease liability, non-current — 1,853 (1,376) — — 477 Operating lease liability, non-current — 5,774 — — — 5,774 Term note payable, non-current 50,957 — — — (50,957) — Other long-term liabilities — — 265 — — 265 Total liabilities 96,267 — 2,423 10,727 — 109,417 Stockholders’ (Deficiency) Equity: Common stock 15 — — — — 15 Additional paid-in capital 947,237 — — — — 947,237 Accumulated deficit (941,541) — (4,497) (10,745) — (956,783) Treasury stock (2,124) — — — — (2,124) Total stockholders’ (deficiency) equity 3,587 — (4,497) (10,745) — (11,655) Total liabilities and stockholders' (deficiency) equity $ 99,854 $ — $ (2,074) $ (18) $ — $ 97,762 As of September 30, 2022 FPP Note (in thousands) As Reported Reclassifications Bill and Hold Contracts Classification As Restated Assets Current Assets: Cash and cash equivalents $ 23,780 $ — $ — $ — $ — $ 23,780 Accounts receivable, net of allowances 18,189 — (4,540) (74) — 13,575 Inventories, net 21,801 — 10,293 — — 32,094 Prepaid expenses and other current assets 7,039 — — — — 7,039 Total current assets 70,809 — 5,753 (74) — 76,488 Property, plant, equipment and rental assets, net 25,375 (6,888) 1,607 — — 20,094 Finance lease right-of-use assets — 6,888 (2,080) — — 4,808 Operating lease right-of-use assets — 9,075 — — — 9,075 Non-current portion of accounts receivable 1,109 — (1,109) — — — Non-current portion of inventories 2,277 — — — — 2,277 Other assets 11,735 (9,075) — — — 2,660 Total assets $ 111,305 $ — $ 4,171 $ (74) $ — $ 115,402 Liabilities and Stockholders’ (Deficiency) Equity Current Liabilities: Accounts payable and accrued expenses $ 24,344 $ — $ — $ — $ — $ 24,344 Accrued salaries and wages 1,123 — — — — 1,123 Accrued warranty reserve 1,662 — — — — 1,662 Deferred revenue 10,686 — 9,581 — — 20,267 Current portion of notes payable and lease obligations 3,215 (2,955) — — — 260 Finance lease liability, current — 1,262 (496) — — 766 Operating lease liability, current — 1,693 — — — 1,693 Factory protection plan liability — — — 10,192 — 10,192 Term note payable — — — — 50,966 50,966 Total current liabilities 41,030 — 9,085 10,192 50,966 111,273 Deferred revenue, non-current 915 — — — — 915 Long-term portion of notes payable and lease obligations 12,321 (12,321) — — — — Finance lease liability, non-current — 4,749 (1,468) — — 3,281 Operating lease liability, non-current — 7,572 — — — 7,572 Term note payable, non-current 50,966 — — — (50,966) — Other long-term liabilities — — 265 — — 265 Total liabilities 105,232 — 7,882 10,192 — 123,306 Stockholders’ (Deficiency) Equity: Common stock 18 — — — — 18 Additional paid-in capital 954,750 — — — — 954,750 Accumulated deficit (946,556) — (3,711) (10,266) — (960,533) Treasury stock (2,139) — — — — (2,139) Total stockholders’ (deficiency) equity 6,073 — (3,711) (10,266) — (7,904) Total liabilities and stockholders' (deficiency) equity $ 111,305 $ — $ 4,171 $ (74) $ — $ 115,402 As of December 31, 2022 FPP (in thousands) As Reported Reclassifications Bill and Hold Contracts As Restated Assets Current Assets: Cash and cash equivalents $ 16,618 $ — $ — $ — $ 16,618 Accounts receivable, net of allowances 15,119 — (3,579) (129) 11,411 Inventories, net 25,602 — 8,267 — 33,869 Prepaid expenses and other current assets 7,125 — — — 7,125 Total current assets 64,464 — 4,688 (129) 69,023 Property, plant, equipment and rental assets, net 25,906 (6,694) 1,565 — 20,777 Finance lease right-of-use assets — 6,694 (2,025) — 4,669 Operating lease right-of-use assets — 8,702 — — 8,702 Non-current portion of accounts receivable 107 — (107) — — Non-current portion of inventories 3,055 — — — 3,055 Other assets 11,334 (8,702) — — 2,632 Total assets $ 104,866 $ — $ 4,121 $ (129) $ 108,858 Liabilities and Stockholders’ (Deficiency) Equity Current Liabilities: Accounts payable and accrued expenses $ 26,087 $ — $ (284) $ — $ 25,803 Accrued salaries and wages 1,421 — — — 1,421 Accrued warranty reserve 1,540 — — — 1,540 Deferred revenue 9,699 — 7,772 — 17,471 Current portion of notes payable and lease obligations 2,201 (2,201) — — — Finance lease liability, current — 908 (118) — 790 Operating lease liability, current — 1,293 — — 1,293 Factory protection plan liability — — — 11,848 11,848 Term note payable 50,974 — — — 50,974 Total current liabilities 91,922 — 7,370 11,848 111,140 Deferred revenue, non-current 817 — — — 817 Long-term portion of notes payable and lease obligations 11,036 (11,036) — — — Finance lease liability, non-current — 3,464 (392) — 3,072 Operating lease liability, non-current — 7,572 — — 7,572 Term note payable, non-current — Other long-term liabilities — — 265 — 265 Total liabilities 103,775 — 7,243 11,848 122,866 Stockholders’ (Deficiency) Equity: Common stock 18 — — — 18 Additional paid-in capital 954,982 — — — 954,982 Accumulated deficit (951,770) — (3,122) (11,977) (966,869) Treasury stock (2,139) — — — (2,139) Total stockholders’ (deficiency) equity 1,091 — (3,122) (11,977) (14,008) Total liabilities and stockholders' (deficiency) equity $ 104,866 $ — $ 4,121 $ (129) $ 108,858 Three Months Ended June 30, 2022 FPP (in thousands) As Reported Bill and Hold Contracts As Restated Revenue, net: Product and accessories $ 9,167 $ 367 $ — $ 9,534 Parts, service and rentals 9,485 (70) (184) 9,231 Total revenue, net 18,652 297 (184) 18,765 Cost of goods sold: Product and accessories 8,891 878 — 9,769 Parts, service and rentals 5,055 36 1,391 6,482 Total cost of goods sold 13,946 914 1,391 16,251 Gross profit 4,706 (617) (1,575) 2,514 Operating expenses: Research and development 490 — — 490 Selling, general and administrative 4,919 — — 4,919 Total operating expenses 5,409 — — 5,409 Loss from operations (703) (617) (1,575) (2,895) Other income (expense) 2 — — 2 Interest income 6 — — 6 Interest expense (1,362) 51 — (1,311) Gain (loss) on debt extinguishment — — — — Loss before provision for income taxes (2,057) (566) (1,575) (4,198) Provision for income taxes 2 — — 2 Net loss (2,059) (566) (1,575) (4,200) Less: Deemed dividend on purchase warrant for common shares — — — — Net loss attributable to common stockholders $ (2,059) $ (566) $ (1,575) $ (4,200) Net loss per share—basic and diluted $ (0.13) $ (0.04) $ (0.10) $ (0.27) Weighted average shares outstanding 15,318 15,318 15,318 15,318 Three Months Ended September 30, 2022 FPP (in thousands) As Reported Bill and Hold Contracts As Restated Revenue, net: Product and accessories $ 10,603 $ (1,009) $ — $ 9,594 Parts, service and rentals 10,172 529 (171) 10,530 Total revenue, net 20,775 (480) (171) 20,124 Cost of goods sold: Product and accessories 12,496 (1,452) — 11,044 Parts, service and rentals 6,103 237 (650) 5,690 Total cost of goods sold 18,599 (1,215) (650) 16,734 Gross profit 2,176 735 479 3,390 Operating expenses: Research and development 603 — — 603 Selling, general and administrative 5,107 — — 5,107 Total operating expenses 5,710 — — 5,710 Loss from operations (3,534) 735 479 (2,320) Other income (expense) (50) — — (50) Interest income 26 — — 26 Interest expense (1,356) 51 — (1,305) Gain (loss) on debt extinguishment — — — — Loss before provision for income taxes (4,914) 786 479 (3,649) Provision for income taxes 4 — — 4 Net loss (4,918) 786 479 (3,653) Less: Deemed dividend on purchase warrant for common shares 97 — — 97 Net loss attributable to common stockholders $ (5,015) $ 786 $ 479 $ (3,750) Net loss per share—basic and diluted $ (0.30) $ 0.05 $ 0.03 $ (0.22) Weighted average shares outstanding 16,785 16,785 16,785 16,785 Six Months Ended September 30, 2022 FPP (in thousands) As Reported Bill and Hold Contracts As Restated Revenue, net: Product and accessories $ 19,770 $ (642) $ — $ 19,128 Parts, service and rentals 19,657 459 (355) 19,761 Total revenue, net 39,427 (183) (355) 38,889 Cost of goods sold: Product and accessories 21,387 (574) — 20,813 Parts, service and rentals 11,158 273 741 12,172 Total cost of goods sold 32,545 (301) 741 32,985 Gross profit 6,882 118 (1,096) 5,904 Operating expenses: Research and development 1,093 — — 1,093 Selling, general and administrative 10,026 — — 10,026 Total operating expenses 11,119 — — 11,119 Loss from operations (4,237) 118 (1,096) (5,215) Other income (expense) (48) — — (48) Interest income 32 — — 32 Interest expense (2,718) 102 — (2,616) Gain (loss) on debt extinguishment — — — — Loss before provision for income taxes (6,971) 220 (1,096) (7,847) Provision for income taxes 6 — — 6 Net loss (6,977) 220 (1,096) (7,853) Less: Deemed dividend on purchase warrant for common shares 97 — — 97 Net loss attributable to common stockholders $ (7,074) $ 220 $ (1,096) $ (7,950) Net loss per share—basic and diluted $ (0.44) $ 0.01 $ (0.07) $ (0.50) Weighted average shares outstanding 16,056 16,056 16,056 16,056 Three Months Ended December 31, 2022 FPP (in thousands) As Reported Bill and Hold Contracts As Restated Revenue, net: Product and accessories $ 10,003 $ 1,424 $ — $ 11,427 Parts, service and rentals 9,603 172 (192) 9,583 Total revenue, net 19,606 1,596 (192) 21,010 Cost of goods sold: Product and accessories 11,630 837 — 12,467 Parts, service and rentals 5,307 17 1,519 6,843 Total cost of goods sold 16,937 854 1,519 19,310 Gross profit 2,669 742 (1,711) 1,700 Operating expenses: Research and development 633 — — 633 Selling, general and administrative 5,397 200 — 5,597 Total operating expenses 6,030 200 — 6,230 Loss from operations (3,361) 542 (1,711) (4,530) Other income (expense) 5 — — 5 Interest income 42 — — 42 Interest expense (1,900) 47 — (1,853) Gain (loss) on debt extinguishment — — — — Loss before provision for income taxes (5,214) 589 (1,711) (6,336) Provision for income taxes — — — — Net loss (5,214) 589 (1,711) (6,336) Less: Deemed dividend on purchase warrant for common shares — — — — Net loss attributable to common stockholders $ (5,214) $ 589 $ (1,711) $ (6,336) Net loss per share—basic and diluted $ (0.28) $ 0.03 $ (0.09) $ (0.35) Weighted average shares outstanding 18,351 18,351 18,351 18,351 Nine Months Ended December 31, 2022 FPP (in thousands) As Reported Bill and Hold Contracts As Restated Revenue, net: Product and accessories $ 29,773 $ 782 $ — $ 30,555 Parts, service and rentals 29,260 631 (547) 29,344 Total revenue, net 59,033 1,413 (547) 59,899 Cost of goods sold: Product and accessories 33,017 263 — 33,280 Parts, service and rentals 16,465 290 2,260 19,015 Total cost of goods sold 49,482 553 2,260 52,295 Gross profit 9,551 860 (2,807) 7,604 Operating expenses: Research and development 1,726 — — 1,726 Selling, general and administrative 15,423 200 — 15,623 Total operating expenses 17,149 200 — 17,349 Loss from operations (7,598) 660 (2,807) (9,745) Other income (expense) (43) — — (43) Interest income 74 — — 74 Interest expense (4,618) 149 — (4,469) Gain (loss) on debt extinguishment — — — — Loss before provision for income taxes (12,185) 809 (2,807) (14,183) Provision for income taxes 6 — — 6 Net loss (12,191) 809 (2,807) (14,189) Less: Deemed dividend on purchase warrant for common shares 97 — — 97 Net loss attributable to common stockholders $ (12,288) $ 809 $ (2,807) $ (14,286) Net loss per share—basic and diluted $ (0.73) $ 0.05 $ (0.17) $ (0.85) Weighted average shares outstanding 16,824 16,824 16,824 16,824 Three Months Ended June 30, 2022 FPP (in thousands) As Reported Reclassifications Bill and Hold Contracts As Restated Cash Flows from Operating Activities: Net loss $ (2,059) $ — $ (566) $ (1,575) $ (4,200) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 661 — (10) — 651 Amortization of financing costs and discounts 43 — — — 43 Amortization of right-of-use assets 151 — — — 151 Inventory provision 270 — — — 270 Provision for warranty expenses 174 — — — 174 Stock-based compensation 232 — — — 232 Changes in operating assets and liabilities: Accounts receivable 653 — 926 18 1,597 Inventories (746) — 924 — 178 Prepaid expenses, other current assets and other assets (253) — — — (253) Accounts payable and accrued expenses (3,112) 179 265 — (2,668) Operating lease liability — (179) — — (179) Accrued salaries and wages and long-term liabilities 212 — — — 212 Accrued warranty reserve (130) — — — (130) Deferred revenue 462 — (1,662) — (1,200) Factory protection plan liability — — — 1,557 1,557 Net cash used in operating activities (3,442) — (123) — (3,565) Cash Flows from Investing Activities: Expenditures for property, plant, equipment and rental assets (1,887) — — — (1,887) Net cash used in investing activities (1,887) — — — (1,887) Cash Flows from Financing Activities: Repayment of notes payable and lease obligations (316) — 123 — (193) Cash used in employee stock-based transactions (36) — — — (36) Net proceeds from issuance of common stock and warrants 36 — — — 36 Net cash used in financing activities (316) — 123 — (193) Net increase (decrease) increase in Cash and Cash Equivalents (5,645) — — — (5,645) Cash and Cash Equivalents, Beginning of Period 22,559 — — — 22,559 Cash and Cash Equivalents, End of Period $ 16,914 $ — $ — $ — $ 16,914 Six Months Ended September 30, 2022 FPP (in thousands) As Reported Reclassifications Bill and Hold Contracts As Restated Cash Flows from Operating Activities: Net loss $ (6,977) $ — $ 220 $ (1,096) $ (7,853) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,493 — (23) — 1,470 Amortization of financing costs and discounts 51 — — — 51 Amortization of right-of-use assets 475 — — — 475 Bad debt expense (recovery) 75 — — — 75 Inventory provision 420 — — — 420 Provision for warranty expenses 364 — — — 364 (Gain) loss on disposal of equipment 279 — — — 279 Stock-based compensation 386 — — — 386 Changes in operating assets and liabilities: Accounts receivable 6,504 — (4,502) 74 2,076 Inventories (4,353) — (278) — (4,631) Prepaid expenses, other current assets and other assets (874) — — — (874) Accounts payable and accrued expenses (1,667) 531 265 — (871) Operating lease liability — (531) — — (531) Accrued salaries and wages and long-term liabilities (23) — — — (23) Accrued warranty reserve (185) — — — (185) Deferred revenue 1,435 — 3,931 — 5,366 Factory protection plan liability — — — 1,022 1,022 Net cash used in operating activities (2,597) — (387) — (2,984) Cash Flows from Investing Activities: Expenditures for property, plant, equipment and rental assets (2,564) — — — (2,564) Net cash used in investing activities (2,564) — — — (2,564) Cash Flows from Financing Activities: Repayment of notes payable and lease obligations (868) — 387 — (481) Cash used in employee stock-based transactions (52) — — — (52) Net proceeds from issuance of common stock and warrants 7,302 — — — 7,302 Net cash provided by financing activities 6,382 — 387 — 6,769 Net increase (decrease) increase in Cash and Cash Equivalents 1,221 — — — 1,221 Cash and Cash Equivalents, Beginning of Period 22,559 — — — 22,559 Cash and Cash Equivalents, End of Period $ 23,780 $ — $ — $ — $ 23,780 Nine Months Ended December 31, 2022 FPP (in thousands) As Reported Reclassifications Bill and Hold Contracts As Restated Cash Flows from Operating Activities: Net loss $ (12,191) $ — $ 809 $ (2,807) $ (14,189) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,345 — (36) — 2,309 Amortization of financing costs and discounts 60 — — — 60 Amortization of right-of-use assets 848 — — — 848 Bad debt expense (recovery) 237 — 200 — 437 Inventory provision 771 — — — 771 Provision for warranty expenses 369 — — — 369 Provision for sales returns, net 81 — (81) — — Stock-based compensation 617 — — — 617 Changes in operating assets and liabilities: Accounts receivable 9,077 — (5,481) 129 3,725 Inventories (9,080) — 1,545 — (7,535) Prepaid expenses, other current assets and other assets (933) — — — (933) Accounts payable and accrued expenses (276) 931 265 — 920 Operating lease liability — (931) — — (931) Accrued salaries and wages and long-term liabilities 274 — — — 274 Accrued warranty reserve (312) — — — (312) Deferred revenue 350 — 2,122 — 2,472 Factory protection plan liability — — — 2,678 2,678 Net cash used in operating activities (7,763) — (657) — (8,420) Cash Flows from Investing Activities: Expenditures for property, plant, equipment and rental assets (3,999) — — — (3,999) Net cash used in investing activities (3,999) — — — (3,999) Cash Flows from Financing Activities: Repayment of notes payable and lease obligations (1,429) — 657 — (772) Cash used in employee stock-based transactions (52) — — — (52) Net proceeds from issuance of common stock and warrants 7,302 — — — 7,302 Net cash provided by financing activities 5,821 — 657 — 6,478 Net increase (decrease) increase in Cash and Cash Equivalents (5,941) — — — (5,941) Cash and Cash Equivalents, Beginning of Period 22,559 — — — 22,559 Cash and Cash Equivalents, End of Period $ 16,618 $ — $ — $ — $ 16,618 |
