XML 19 R8.htm IDEA: XBRL DOCUMENT

3. Supplemental Financial Information

3 Months Ended

Sep. 30, 2020

3.	Supplemental Financial Information

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and consist of the following:

	September 30,		June 30,
	2020		2020
	(In thousands)
Finished goods	$	6,995	$	7,522
Raw materials		6,893		6,259
Inventories, net	$	13,888	$	13,781

Other Liabilities

The following table presents details of our other liabilities:

	September 30,		June 30,
	2020		2020
	(In thousands)
Current
Accrued variable consideration	$	1,395	$	1,462
Customer deposits and refunds		631		628
Accrued raw materials purchases		103		272
Deferred revenue		724		658
Lease liability		1,285		1,273
Taxes payable		369		395
Warranty reserve		164		181
Accrued operating expenses		1,668		1,439
Total other current liabilities	$	6,339	$	6,308

Non-current
Lease liability	$	1,474	$	1,796
Deferred revenue		166		166
Total other non-current liabilities	$	1,640	$	1,962

Computation of Net Loss per Share

Basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the applicable period.

The following table presents the computation of net loss per share:

	Three Months Ended
	September 30,
	2020			2019
	(In thousands, except per share data)
Numerator:
Net loss	$	(302	)	$	(2,470	)
Denominator:
Weighted-average common shares outstanding - basic and diluted		28,371			22,913

Net loss per share - basic and diluted	$	(0.01	)	$	(0.11	)

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.

	Three Months Ended
	September 30,
	2020		2019
	(In thousands)
Common stock equivalents		896		1,769

Purchased Intangible Assets

The following table presents details of purchased intangible assets:

	September 30, 2020							June 30, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
	(In thousands)
Developed technology	$	3,841	$	(685	)	$	3,156	$	3,841	$	(497	)	$	3,344
Customer relationship		9,030		(1,113	)		7,917		9,030		(726	)		8,304
Order backlog		840		(535	)		305		840		(384	)		456
Non-compete agreements		400		(280	)		120		400		(184	)		216
Trademark and trade name		375		(306	)		69		375		(246	)		129
	$	14,486	$	(2,919	)	$	11,567	$	14,486	$	(2,037	)	$	12,449

We do not currently have any purchased intangible assets with indefinite useful lives.

As of September 30, 2020, future estimated amortization expense is as follows:

Years Ending June 30,
(In thousands)
2021 (remainder)	$	2,212
2022		2,240
2023		2,240
2024		2,240
2025		1,784
Thereafter		851
	$	11,567

Restructuring, Severance and Related Charges

The following table presents details of the liability we recorded related to restructuring, severance and related activities:

	Three Months Ended
	September 30,
	2020
		(In thousands)
Beginning balance	$	615
Charges		92
Payments		(682	)
Ending balance	$	25

The ending balance is recorded in accrued payroll and related expenses in the accompanying unaudited condensed consolidated balance sheet at September 30, 2020.

Prior Fiscal Year

During the three months ended September 30, 2019, we continued to execute on a plan to realign certain personnel resources to better fit our current business needs, primarily related to cost savings and synergies gained from the acquisition of Maestro Wireless Solutions Limited and its subsidiaries (together, “Maestro”). These activities resulted in a total charge of approximately $749,000.

Supplemental Cash Flow Information

The following table presents non-cash investing transactions excluded from the accompanying unaudited condensed consolidated statements of cash flows:

	Three Months Ended
	September 30,
	2020		2019
	(In thousands)
Accrued property and equipment paid for in the subsequent period	$	76	$	83