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5. Supplemental Financial Information | 12 Months Ended
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Jun. 30, 2020
Supplemental Financial Information |
Supplemental Financial Information | 5. Supplemental Financial Information Inventories The following table presents details of our inventories:
|  | June 30, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Finished goods |  | $ | 7,522 |  |  | $ | 6,084 |
Raw materials |  |  | 6,259 |  |  |  | 4,425 |
Inventories, net |  | $ | 13,781 |  |  | $ | 10,509 |
Property and Equipment The following table presents details of property and equipment:
|  | June 30, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Computer, software and office equipment |  | $ | 3,992 |  |  | $ | 3,839 |
Furniture and fixtures |  |  | 511 |  |  |  | 450 |
Production, development and warehouse equipment |  |  | 4,777 |  |  |  | 4,229 |
Construction-in-progress |  |  | – |  |  |  | 201 |
Property and equipment, gross |  |  | 9,280 |  |  |  | 8,719 |
Less accumulated depreciation |  |  | (7,693 | ) |  |  | (7,520 | )
Property and equipment, net |  | $ | 1,587 |  |  | $ | 1,199 |
Impairment of Long-Lived Asset During the fourth quarter of the fiscal year ended June 30, 2019, we determined that the carrying value of a software platform license we had previously purchased from a third party was impaired. This asset had been recorded as part of the “Computer, software and office equipment” category in the table above. We purchased this platform and contemplated utilizing it in connection with the development of certain of our software offerings. Based on strategic changes in our product roadmap plan, along with key changes in our executive management team that occurred during the fiscal year ended June 30, 2019, we concluded that that we would not achieve future cash flows related to this asset. Accordingly, we recorded a charge of $275,000 in the accompanying consolidated statement of operations for the year ended June 30, 2019 to write off the asset’s carrying value. Purchased Intangible Assets The following table presents details of purchased intangible assets:
|  | June 30, 2020 |  |  | June 30, 2019 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
|  | (In thousands) |
Developed technology |  | $ | 3,841 |  |  | $ | (497 | ) |  | $ | 3,344 |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Customer relationship |  |  | 9,030 |  |  |  | (726 | ) |  |  | 8,304 |  |  |  | – |  |  |  | – |  |  |  | – |
Order backlog |  |  | 840 |  |  |  | (384 | ) |  |  | 456 |  |  |  | – |  |  |  | – |  |  |  | – |
Non-compete agreements |  |  | 400 |  |  |  | (184 | ) |  |  | 216 |  |  |  | – |  |  |  | – |  |  |  | – |
Trademark and trade name |  |  | 375 |  |  |  | (246 | ) |  |  | 129 |  |  |  | – |  |  |  | – |  |  |  | – |
|  | $ | 14,486 |  |  | $ | (2,037 | ) |  | $ | 12,449 |  |  | $ | – |  |  | $ | – |  |  | $ | – |
We do not currently have any purchased intangible assets with indefinite useful lives. As of June 30, 2020, future estimated amortization expense is as follows:
Years Ending June 30, |  |  |  |
(In thousands) |  |  |  |  |
2021 |  |  | $ | 3,094 |
2022 |  |  |  | 2,240 |
2023 |  |  |  | 2,240 |
2024 |  |  |  | 2,240 |
2025 |  |  |  | 1,784 |
Thereafter |  |  |  | 851 |
|  |  | $ | 12,449 |
Goodwill The following table presents details of our goodwill balance:
|  |  | Year Ended |
|  |  | June 30, 2020 |
|  |  |  | (In thousands) |
Balance at June 30, 2019 |  |  | $ | 9,488 |
Acquisition of Maestro |  |  |  | 2,876 |
Acquisition of Intrinsyc |  |  |  | 3,446 |
Balance at June 30, 2020 |  |  | $ | 15,810 |
Warranty Reserve The following table presents details of our warranty reserve:
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Beginning balance |  | $ | 116 |  |  | $ | 99 |
Warranty reserve assumed from acquisition of Intrinsyc |  |  | 118 |  |  |  | – |
Charged to cost of revenues |  |  | 181 |  |  |  | 96 |
Usage |  |  | (234 | ) |  |  | (79 | )
Ending balance |  | $ | 181 |  |  | $ | 116 |
Other Liabilities The following table presents details of our other liabilities:
|  | June 30, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Current |  |  |  |  |  |
Accrued variable consideration |  | $ | 1,462 |  |  | $ | 1,313 |
Customer deposits and refunds |  |  | 628 |  |  |  | 168 |
Accrued raw materials purchases |  |  | 272 |  |  |  | 1,155 |
Deferred revenue |  |  | 658 |  |  |  | 328 |
Lease liability |  |  | 1,273 |  |  |  | 4 |
Taxes payable |  |  | 395 |  |  |  | 322 |
Warranty reserve |  |  | 181 |  |  |  | 116 |
Accrued operating expenses |  |  | 1,439 |  |  |  | 1,290 |
Total other current liabilities |  | $ | 6,308 |  |  | $ | 4,696 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 1,796 |  |  | $ | 48 |
Deferred revenue |  |  | 166 |  |  |  | 158 |
Total other non-current liabilities |  | $ | 1,962 |  |  | $ | 206 |
Computation of Net Loss per Share The following table presents the computation of net loss per share:
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
|  |  | (In thousands, except per share data) |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (10,738 | ) |  | $ | (408 | )
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding - basic and diluted |  |  | 25,281 |  |  |  | 21,580 |
Net loss per share - basic and diluted |  | $ | (0.42 | ) |  | $ | (0.02 | )
The following table presents the common stock equivalents excluded from the diluted net loss per share calculation because they were anti-dilutive for the periods presented. These excluded common stock equivalents could be dilutive in the future.
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
|  |  | (In thousands) |
Common stock equivalents |  |  | 1,675 |  |  |  | 1,513 |
Severance and Related Charges Current Fiscal Year During the year ended June 30, 2020, we continued a plan to realign certain personnel resources to better fit our current business needs, which includes identifying cost savings and synergies to be gained from the acquisitions of Maestro and Intrinsyc. Additionally, the current year charges include costs incurred pursuant to change-in-control agreements for certain employees of Intrinsyc. The following table presents details of the liability we recorded related to these activities:
|  | Year Ended |
|  | June 30, |
|  | 2020 |
|  |  | (In thousands) |
Beginning balance |  | $ | 651 |
Charges |  |  | 3,844 |
Payments |  |  | (3,880 | )
Ending balance |  | $ | 615 |
The ending balance is recorded in accrued payroll and related expenses on the accompanying consolidated balance sheet at June 30, 2020. Prior Fiscal Year During the prior fiscal year ended June 30, 2019, we executed several plans to realign certain personnel resources to better meet our business needs. These activities resulted in total charges of approximately $1,417,000, which included $1,146,000 in severance-related costs and $271,000 in share-based compensation expense. The share-based compensation expenses are included in the applicable functional line items within the accompanying consolidated statement of operation for the year ended June 30, 2019. Supplemental Cash Flow Information The following table presents non-cash investing and financing transactions excluded from the consolidated statements of cash flows:
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Share consideration for acquisition of Intrinsyc |  | $ | 15,574 |  |  | $ | – |
Accrued property and equipment paid for in the subsequent period |  | $ | 149 |  |  | $ | 9 |
Accrued stock option exercise proceeds |  | $ | – |  |  | $ | 1 |

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