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Supplemental Financial Information

6 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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:


	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:


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:


	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:


	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	$	–