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Supplemental Financial Information | 6 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information |
4. | 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:
Schedule of Inventory |  |  |  |  |  |  |  |
|  | December 31, |  | June 30,
|  | 2021 |  | 2021
|  | (In thousands)
Finished goods |  | $ | 16,309 |  |  | $ | 7,738 |
Raw materials |  |  | 13,060 |  |  |  | 7,321 |
Inventories |  | $ | 29,369 |  |  | $ | 15,059 |
Other Liabilities The following table presents details of our other liabilities:
Schedule of Other Liabilities |  |  |  |  |  |  |  |
|  | December 31, |  | June 30,
|  | 2021 |  | 2021
|  | (In thousands)
Current |  |  |  |
Accrued variable consideration |  | $ | 1,984 |  |  | $ | 1,347 |
Customer deposits and refunds |  |  | 1,130 |  |  |  | 1,133 |
Accrued raw materials purchases |  |  | 123 |  |  |  | 176 |
Deferred revenue |  |  | 605 |  |  |  | 850 |
Lease liability |  |  | 801 |  |  |  | 1,174 |
Taxes payable |  |  | 428 |  |  |  | 388 |
Warranty reserve |  |  | 635 |  |  |  | 197 |
Other accrued operating expenses |  |  | 4,582 |  |  |  | 2,063 |
Total other current liabilities |  | $ | 10,288 |  |  | $ | 7,328 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 920 |  |  | $ | 1,155 |
Deferred revenue |  |  | 366 |  |  |  | 241 |
Total other non-current liabilities |  | $ | 1,286 |  |  | $ | 1,396 |
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:
Schedule of Computation of Net Income (Loss) per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  | Six Months Ended
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In thousands, except per share data)
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (2,395 | ) |  | $ | (1,459 | ) |  | $ | (4,678 | ) |  | $ | (1,761 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic and diluted |  |  | 31,848 |  |  |  | 28,661 |  |  |  | 30,540 |  |  |  | 28,516 |
Net loss per share - basic and diluted |  | $ | (0.08 | ) |  | $ | (0.05 | ) |  | $ | (0.15 | ) |  | $ | (0.06 | )
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.
Schedule of antidilutive securities |  |  |  |  |  |  |  |
|  | Three Months Ended |  | Six Months Ended
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In thousands)
Common stock equivalents |  |  | 1,334 |  |  |  | 693 |  |  |  | 1,137 |  |  |  | 917 |
Purchased Intangible Assets The following table presents details of purchased intangible assets:
Schedule of purchased intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2021 |  | June 30, 2021
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  | (In thousands)
Developed technology |  | $ | 5,731 |  |  | $ | (1,847 | ) |  | $ | 3,884 |  |  | $ | 3,841 |  |  | $ | (1,249 | ) |  | $ | 2,592 |
Customer relationships |  |  | 16,498 |  |  |  | (3,890 | ) |  |  | 12,608 |  |  |  | 9,030 |  |  |  | (2,267 | ) |  |  | 6,763 |
Order backlog |  |  | 1,406 |  |  |  | (1,073 | ) |  |  | 333 |  |  |  | 840 |  |  |  | (840 | ) |  |  | – |
Non-compete agreements |  |  | 400 |  |  |  | (400 | ) |  |  | – |  |  |  | 400 |  |  |  | (400 | ) |  |  | – |
Trademark and trade name |  |  | 1,245 |  |  |  | (554 | ) |  |  | 691 |  |  |  | 375 |  |  |  | (375 | ) |  |  | – |
|  | $ | 25,280 |  |  | $ | (7,764 | ) |  | $ | 17,516 |  |  | $ | 14,486 |  |  | $ | (5,131 | ) |  | $ | 9,355 |
We do not currently have any purchased intangible assets with indefinite useful lives. As of December 31, 2021, future estimated amortization expense is as follows:
Schedule of future estimated amortization expense |  |  |  |
Years Ending June 30, |  |
(In thousands) |  |  |  |
2022 (remainder) |  | $ | 2,958 |
2023 |  |  | 5,400 |
2024 |  |  | 4,952 |
2025 |  |  | 3,358 |
2026 |  |  | 848 |
Total amortization expense |  | $ | 17,516 |
Restructuring, Severance and Related Charges The following table presents details of the liability we recorded related to restructuring, severance and related activities:
Schedule of severance and related charges |  |  |  |
|  | Six Months Ended
|  | December 31,
|  | 2021
|  |  | (In thousands) |
Beginning balance |  | $ | 88 |
Charges |  |  | 709 |
Payments |  |  | (507 | )
Ending balance |  | $ | 290 |
The ending balance is recorded in accrued payroll and related expenses in the accompanying unaudited condensed consolidated balance sheet at December 31, 2021. Supplemental Cash Flow Information The following table presents non-cash investing transactions excluded from the accompanying unaudited condensed consolidated statements of cash flows:
Schedule of non-cash investing transactions |  |  |  |
|  | Six Months Ended
|  | December 31,
|  | 2021 |  | 2020
|  | (In thousands)
Accrued property and equipment paid for in the subsequent period |  | $ | 35 |  |  | $ | 155 |
Fair value of warrants to purchase common stock issued with bank credit facility |  | $ | 500 |  |  | $ | – |
Fair value of earnout consideration from TNI acquisition at the Closing Date |  | $ | 393 |  |  | $ | – |

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