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Supplemental Financial Information | 3 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information |
4. | Supplemental Financial Information
Inventories
Schedule of inventories |  |  |  |  |  |  |  |
|  | September 30, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (In thousands) |
Finished goods |  | $ | 22,339 |  |  | $ | 25,670 |
Raw materials |  |  | 23,457 |  |  |  | 24,066 |
Inventories |  | $ | 45,796 |  |  | $ | 49,736 |
Other Liabilities The following table presents details of our other liabilities:
Schedule of other liabilities |  |  |  |  |  |  |  |
|  | September 30, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (In thousands) |
Current |  |  |  |  |  |  |  |
Accrued variable consideration |  | $ | 2,139 |  |  | $ | 2,167 |
Customer deposits and refunds |  |  | 21,102 |  |  |  | 16,344 |
Accrued raw materials purchases |  |  | 316 |  |  |  | 267 |
Deferred revenue |  |  | 2,768 |  |  |  | 2,493 |
Lease liability |  |  | 1,942 |  |  |  | 1,859 |
Taxes payable |  |  | 393 |  |  |  | 647 |
Warranty reserve |  |  | 807 |  |  |  | 788 |
Other accrued operating expenses |  |  | 4,595 |  |  |  | 4,248 |
Total other current liabilities |  | $ | 34,062 |  |  | $ | 28,813 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 9,884 |  |  | $ | 10,425 |
Deferred tax liability |  |  | 215 |  |  |  | 146 |
Deferred revenue |  |  | 1,086 |  |  |  | 888 |
Total other non-current liabilities |  | $ | 11,185 |  |  | $ | 11,459 |
The customer deposits and refunds balances in the table above include a significant deposit from a customer as prepayment for expected future shipments under their contract. 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 |
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands, except per share data) |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (1,886 | ) |  | $ | (1,653 | )
Denominator: |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic and diluted |  |  | 36,982 |  |  |  | 35,406 |
Net loss per share - basic and diluted |  | $ | (0.05 | ) |  | $ | (0.05 | )
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 |
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Common stock equivalents |  |  | 667 |  |  |  | 948 |
Purchased Intangible Assets The following table presents details of purchased intangible assets:
Schedule of purchased intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2023 |  |  | June 30, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
|  | (In thousands) |
Developed technology |  | $ | 6,331 |  |  | $ | (4,234 | ) |  | $ | 2,097 |  |  | $ | 6,331 |  |  | $ | (3,881 | ) |  | $ | 2,450 |
Customer relationships |  |  | 17,528 |  |  |  | (10,444 | ) |  |  | 7,084 |  |  |  | 17,528 |  |  |  | (9,487 | ) |  |  | 8,041 |
Trademark and trade name |  |  | 1,425 |  |  |  | (1,425 | ) |  |  | – |  |  |  | 1,425 |  |  |  | (1,351 | ) |  |  | 74 |
|  | $ | 25,284 |  |  | $ | (16,103 | ) |  | $ | 9,181 |  |  | $ | 25,284 |  |  | $ | (14,719 | ) |  | $ | 10,565 |
We do not currently have any purchased intangible assets with indefinite useful lives. As of September 30, 2023, future estimated amortization expense is as follows:
Schedule of future estimated amortization expense |  |  |  |
Years Ending June 30, |  |  |
(In thousands) |  |  |
2024 (remainder) |  | $ | 3,930 |
2025 |  |  | 3,685 |
2026 |  |  | 1,177 |
2027 |  |  | 326 |
2028 |  |  | 63 |
Total |  | $ | 9,181 |
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 |  |  |  |
|  | Three Months Ended |
|  | September 30, |
|  | 2023 |
|  | (In thousands) |
Beginning balance |  | $ | 97 |
Charges |  |  | 20 |
Payments |  |  | (101 | )
Ending balance |  | $ | 16 |
These balances are recorded in accrued payroll and related expenses in the accompanying unaudited condensed consolidated balance sheets. In October 2023, we undertook a reduction in our labor force to better align our staffing with our business objectives. The severance and related charges in connection with this action are expected to approximate $500,000 and will be recognized in our unaudited condensed consolidated statement of operations during the three months ending December 31, 2023. 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 |  |  |  |  |  |
|  | Three Months Ended |
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Accrued property and equipment paid for in the subsequent period |  | $ | 339 |  |  | $ | 589 |

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