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Supplemental Financial Information | 12 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information |
4. |  | Supplemental Financial Information
Accounts Receivable The following table presents details of our accounts receivable:
Schedule of accounts receivable |  |  |
|  | June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Accounts receivable |  | $ | 28,204 |  |  | $ | 26,602 |
Allowance for doubtful accounts |  |  | (522 | ) |  |  | (340 | )
Accounts receivable, net |  | $ | 27,682 |  |  | $ | 26,262 |
Inventories The following table presents details of our inventories:
Schedule of Inventory |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Finished goods |  | $ | 25,670 |  |  | $ | 16,094 |
Raw materials |  |  | 24,066 |  |  |  | 21,585 |
Inventories, net |  | $ | 49,736 |  |  | $ | 37,679 |
Property and Equipment The following table presents details of property and equipment:
Schedule of property and equipment |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Computer, software and office equipment |  | $ | 7,167 |  |  | $ | 5,370 |
Furniture and fixtures |  |  | 3,119 |  |  |  | 760 |
Production, development and warehouse equipment |  |  | 5,443 |  |  |  | 5,147 |
Construction-in-progress |  |  | 52 |  |  |  | 1,612 |
Property and equipment, gross |  |  | 15,781 |  |  |  | 12,889 |
Less accumulated depreciation |  |  | (11,152 | ) |  |  | (9,237 | )
Property and equipment, net |  | $ | 4,629 |  |  | $ | 3,652 |
Purchased Intangible Assets The following table presents details of purchased intangible assets:
Schedule of purchased intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2023 |  |  | June 30, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
|  | (In thousands) |
Developed technology |  | $ | 6,331 |  |  | $ | (3,881 | ) |  | $ | 2,450 |  |  | $ | 5,731 |  |  | $ | (2,493 | ) |  | $ | 3,238 |
Customer relationships |  |  | 17,528 |  |  |  | (9,487 | ) |  |  | 8,041 |  |  |  | 16,498 |  |  |  | (5,700 | ) |  |  | 10,798 |
Order backlog |  |  | 1,406 |  |  |  | (1,406 | ) |  |  | – |  |  |  | 1,406 |  |  |  | (1,356 | ) |  |  | 50 |
Non-compete agreements |  |  | 400 |  |  |  | (400 | ) |  |  | – |  |  |  | 400 |  |  |  | (400 | ) |  |  | – |
Trademark and trade name |  |  | 1,425 |  |  |  | (1,351 | ) |  |  | 74 |  |  |  | 1,245 |  |  |  | (772 | ) |  |  | 473 |
|  | $ | 27,090 |  |  | $ | (16,525 | ) |  | $ | 10,565 |  |  | $ | 25,280 |  |  | $ | (10,721 | ) |  | $ | 14,559 |
We do not currently have any purchased intangible assets with indefinite useful lives. As of June 30, 2023, future estimated amortization expense is as follows:
Schedule of future estimated amortization expense |  |  |  |
Years Ending June 30, |  |  |
(In thousands) |  |  |
2024 |  | $ | 5,314 |
2025 |  |  | 3,684 |
2026 |  |  | 1,177 |
2027 |  |  | 326 |
2028 |  |  | 64 |
Total amortization expense |  | $ | 10,565 |
Goodwill The following table presents details of our goodwill balance:
Schedule of goodwill |  |  |
|  | Year Ended |
|  | June 30, 2023 |
|  | (In thousands) |
Balance at June 30, 2022 |  | $ | 20,768 |
Acquisition of Uplogix |  |  | 7,056 |
Balance at June 30, 2023 |  | $ | 27,824 |
Warranty Reserve The following table presents details of our warranty reserve:
Schedule of Warranty Reserve |  |  |  |  |  |  |  |
|  | Years Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Beginning balance |  | $ | 594 |  |  | $ | 197 |
Warranty reserve assumed from acquisition of the TN Companies |  |  | – |  |  |  | 483 |
Charged to cost of revenues |  |  | 352 |  |  |  | 202 |
Usage |  |  | (158 | ) |  |  | (288 | )
Ending balance |  | $ | 788 |  |  | $ | 594 |
Other Liabilities The following table presents details of our other liabilities:
Schedule of Other Liabilities |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Current |  |  |  |  |  |  |  |
Accrued variable consideration |  | $ | 2,167 |  |  | $ | 1,905 |
Customer deposits and refunds |  |  | 16,344 |  |  |  | 922 |
Accrued raw materials purchases |  |  | 267 |  |  |  | 132 |
Deferred revenue |  |  | 2,493 |  |  |  | 969 |
Lease liability |  |  | 1,859 |  |  |  | 978 |
Taxes payable |  |  | 647 |  |  |  | 371 |
Warranty reserve |  |  | 788 |  |  |  | 594 |
Accrued operating expenses |  |  | 4,248 |  |  |  | 2,606 |
Total other current liabilities |  | $ | 28,813 |  |  | $ | 8,477 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 10,425 |  |  | $ | 7,310 |
Deferred tax liability |  |  | 146 |  |  |  | – |
Deferred revenue |  |  | 888 |  |  |  | 373 |
Total other non-current liabilities |  | $ | 11,459 |  |  | $ | 7,683 |
Computation of Net Loss per Share The following table presents the computation of net loss per share:
Schedule of computation of net loss per Share |  |  |  |  |  |  |  |
|  | Years Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands, except per share data) |
Numerator: |  |  |  |  |  |
Net loss |  | $ | (8,980 | ) |  | $ | (5,362 | )
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding - basic and diluted |  |  | 36,257 |  |  |  | 32,671 |
Net loss per share - basic and diluted |  | $ | (0.25 | ) |  | $ | (0.16 | )
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 |  |  |  |  |  |
|  | Years Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Common stock equivalents |  |  | 637 |  |  |  | 1,069 |
Severance and Related Charges The following table presents details of the liability we recorded related to restructuring, severance and related activities during the current fiscal year:
Schedule of severance and related charges |  |  |  |
|  | Year Ended |
|  | June 30, |
|  | 2023 |
|  | (In thousands) |
Beginning balance |  | $ | 34 |
Charges |  |  | 693 |
Payments |  |  | (630 | )
Ending balance |  | $ | 97 |
The ending balance is recorded in accrued payroll and related expenses on the accompanying consolidated balance sheet at June 30, 2023. Supplemental Cash Flow Information The following table presents non-cash investing and financing transactions excluded from the consolidated statements of cash flows:
Schedule of non-cash transactions |  |  |  |  |  |  |  |
|  | Years Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Acquisition of property through operating leases |  | $ | 4,320 |  |  | $ | 7,170 |
Acquisition of property through financing leases |  | $ | 536 |  |  | $ | – |
Accrued property and equipment paid for in the subsequent period |  | $ | 54 |  |  | $ | 868 |
Warrants to purchase common stock issued with bank credit facility |  | $ | – |  |  | $ | 500 |
Fair value adjustment of earnout consideration for TN companies at acquisition date |  | $ | – |  |  | $ | 393 |

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