XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (3,368,000) $ (6,692,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,966,000 6,214,000
Amortization of interest and loss on extinguishment of debt 1,772,000 698,000
Accrued interest on convertible notes, related party 1,600,000 0
Amortization of core premiums paid to customers 4,994,000 5,759,000
Amortization of finished goods premiums paid to customers 370,000 349,000
Noncash lease expense 5,063,000 3,873,000
Foreign exchange impact of lease liabilities and forward contracts 490,000 1,760,000
Change in fair value of compound net derivative liability 530,000 0
(Gain) loss on short-term investments (86,000) 387,000
Net provision for inventory reserves 6,770,000 8,715,000
Net provision for customer payment discrepancies and credit losses 1,419,000 1,012,000
Deferred income taxes (145,000) (1,230,000)
Share-based compensation expense 2,843,000 2,500,000
Loss on disposal of plant and equipment 8,000 16,000
Changes in operating assets and liabilities:    
Accounts receivable (42,576,000) 3,370,000
Inventory (16,871,000) (26,286,000)
Prepaid expenses and other current assets 1,962,000 (3,039,000)
Other assets (704,000) (70,000)
Accounts payable and accrued liabilities 24,509,000 4,176,000
Customer finished goods returns accrual (8,065,000) (10,533,000)
Contract assets (4,971,000) (15,556,000)
Contract liabilities 16,953,000 16,126,000
Operating lease liabilities (4,090,000) (3,249,000)
Other liabilities 457,000 (5,254,000)
Net cash used in operating activities (5,170,000) (16,954,000)
Cash flows from investing activities:    
Purchase of plant and equipment (169,000) (2,644,000)
Purchase of short-term investments 61,000 (173,000)
Net cash used in investing activities (108,000) (2,817,000)
Cash flows from financing activities:    
Borrowings under revolving loan 32,005,000 40,000,000
Repayments of revolving loan (12,205,000) (32,000,000)
Repayments of term loan (13,125,000) (1,875,000)
Payments for debt issuance costs (1,426,000) (21,000)
Payments on finance lease obligations (962,000) (1,223,000)
Exercise of stock options, net of cash used to pay employee taxes 0 777,000
Cash used to net share settle equity awards (279,000) (969,000)
Net cash provided by financing activities 4,008,000 4,689,000
Effect of exchange rate changes on cash and cash equivalents (33,000) (323,000)
Net decrease in cash and cash equivalents (1,303,000) (15,405,000)
Cash and cash equivalents - Beginning of period 11,596,000 23,016,000
Cash and cash equivalents - End of period 10,293,000 7,611,000
Supplemental disclosures of cash flow information:    
Cash paid for interest, net 23,831,000 15,343,000
Cash paid for income taxes, net of refunds 4,890,000 12,336,000
Cash paid for operating leases 6,558,000 5,642,000
Cash paid for finance leases 1,081,000 1,355,000
Plant and equipment acquired under finance leases 33,000 529,000
Assets acquired under operating leases 867,000 967,000
Non-cash capital expenditures 120,000 272,000
Debt issuance costs included in accounts payable and accrued liabilities $ 97,000 $ 0