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Supplemental Financial Information
 12 Months Ended
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:

    
   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:

          
   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:

          
   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:

                              
   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:

     
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:

    
   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:

          
   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:

          
   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:

          
   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.

        
   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:

     
   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:

          
   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