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Supplemental Financial Information - USD ($) $ in Thousands | 6 Months Ended |
--- | --- | ---
Dec. 31, 2022 | Jun. 30, 2022
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, |
|  | 2022 |  |  | 2022 |
|  | (In thousands) |
Finished goods |  | $ | 22,377 |  |  | $ | 16,094 |
Raw materials |  |  | 26,779 |  |  |  | 21,585 |
Inventories |  | $ | 49,156 |  |  | $ | 37,679 |
Other Liabilities The following table presents details of our other liabilities:
Schedule of Other Liabilities |  |  |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2022 |  |  | 2022 |
|  | (In thousands) |
Current |  |  |  |  |  |  |  |
Accrued variable consideration |  | $ | 2,462 |  |  | $ | 1,905 |
Customer deposits and refunds |  |  | 1,986 |  |  |  | 922 |
Accrued raw materials purchases |  |  | 45 |  |  |  | 132 |
Deferred revenue |  |  | 3,704 |  |  |  | 969 |
Lease liability |  |  | 1,641 |  |  |  | 978 |
Taxes payable |  |  | 401 |  |  |  | 371 |
Warranty reserve |  |  | 596 |  |  |  | 594 |
Other accrued operating expenses |  |  | 4,490 |  |  |  | 2,606 |
Total other current liabilities |  | $ | 15,325 |  |  | $ | 8,477 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 9,851 |  |  | $ | 7,310 |
Deferred revenue |  |  | 1,218 |  |  |  | 373 |
Total other non-current liabilities |  | $ | 11,069 |  |  | $ | 7,683 |
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 December 31, |  |  | Six Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands, except per share data) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (2,609 | ) |  | $ | (2,395 | ) |  | $ | (4,262 | ) |  | $ | (4,678 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic and diluted |  |  | 36,352 |  |  |  | 31,848 |  |  |  | 35,883 |  |  |  | 30,540 |
Net loss per share - basic and diluted |  | $ | (0.07 | ) |  | $ | (0.08 | ) |  | $ | (0.12 | ) |  | $ | (0.15 | )
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 anti dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  |  | (In thousands) |
Common stock equivalents |  |  | 524 |  |  |  | 1,334 |  |  |  | 713 |  |  |  | 1,137 |
Purchased Intangible Assets The following table presents details of purchased intangible assets:
Schedule of purchased intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | 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 |  |  | $ | (3,175 | ) |  | $ | 3,156 |  |  | $ | 5,731 |  |  | $ | (2,493 | ) |  | $ | 3,238 |
Customer relationships |  |  | 18,188 |  |  |  | (7,613 | ) |  |  | 10,575 |  |  |  | 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 |  |  |  | (1,043 | ) |  |  | 382 |  |  |  | 1,245 |  |  |  | (772 | ) |  |  | 473 |
|  | $ | 27,750 |  |  | $ | (13,637 | ) |  | $ | 14,113 |  |  | $ | 25,280 |  |  | $ | (10,721 | ) |  | $ | 14,559 |
We do not currently have any purchased intangible assets with indefinite useful lives. As of December 31, 2022, future estimated amortization expense is as follows:
Schedule of future estimated amortization expense |  |  |  |
Years Ending June 30, |  |  |
(In thousands) |  |  |  |
2023 (remainder) |  | $ | 2,993 |
2024 |  |  | 5,447 |
2025 |  |  | 3,817 |
2026 |  |  | 1,309 |
2027 |  |  | 458 |
Thereafter |  |  | 89 |
Total future amortization |  | $ | 14,113 |
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, |
|  | 2022 |
|  | (In thousands) |
Beginning balance |  | $ | 34 |
Charges |  |  | 174 |
Payments |  |  | (208 | )
Ending balance |  | $ | – |
These balances are recorded in accrued payroll and related expenses in the accompanying unaudited condensed consolidated balance sheets. 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, |
|  | 2022 |  |  | 2021 |
|  |  | (In thousands) |
Accrued property and equipment paid for in the subsequent period |  | $ | 216 |  |  | $ | 35 |
Fair value of warrant to purchase common stock issued with bank credit facility |  | $ | – |  |  | $ | 500 |
Fair value of earnout consideration from acquisitions at the closing dates |  | $ | 1,718 |  |  | $ | 393 |
Finished goods | $ 22,377 | $ 16,094
Raw materials | 26,779 | 21,585
Inventories | $ 49,156 | $ 37,679

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