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Supplemental Financial Information | 6 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information |
4. | Supplemental Financial Information
Inventories
Schedule of inventories |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (In thousands) |
Finished goods |  | $ | 20,447 |  |  | $ | 25,670 |
Raw materials |  |  | 22,327 |  |  |  | 24,066 |
Inventories |  | $ | 42,774 |  |  | $ | 49,736 |
Other Liabilities The following table presents details of our other liabilities:
Schedule of other liabilities |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2023 |
|  | (In thousands) |
Current |  |  |  |  |  |
Accrued variable consideration |  | $ | 2,546 |  |  | $ | 2,167 |
Customer deposits and refunds |  |  | 20,166 |  |  |  | 16,344 |
Accrued raw materials purchases |  |  | 165 |  |  |  | 267 |
Deferred revenue |  |  | 2,778 |  |  |  | 2,493 |
Lease liability |  |  | 1,914 |  |  |  | 1,859 |
Taxes payable |  |  | 646 |  |  |  | 647 |
Warranty reserve |  |  | 668 |  |  |  | 788 |
Other accrued operating expenses |  |  | 3,206 |  |  |  | 4,248 |
Total other current liabilities |  | $ | 32,089 |  |  | $ | 28,813 |
Non-current |  |  |  |  |  |  |  |
Lease liability |  | $ | 9,447 |  |  | $ | 10,425 |
Deferred tax liability |  |  | 284 |  |  |  | 146 |
Deferred revenue |  |  | 2,407 |  |  |  | 888 |
Total other non-current liabilities |  | $ | 12,138 |  |  | $ | 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 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, |  |  | Six Months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (In thousands, except per share data) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (2,593 | ) |  | $ | (2,609 | ) |  | $ | (4,479 | ) |  | $ | (4,262 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic and diluted |  |  | 37,354 |  |  |  | 36,352 |  |  |  | 37,170 |  |  |  | 35,883 |
Net loss per share - basic and diluted |  | $ | (0.07 | ) |  | $ | (0.07 | ) |  | $ | (0.12 | ) |  | $ | (0.12 | )
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 December 31, |  |  | Six Months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Common stock equivalents |  |  | 608 |  |  |  | 524 |  |  |  | 560 |  |  |  | 713 |
Intangible Assets The following table presents details of intangible assets:
Schedule of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 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 |  |  | $ | (4,587 | ) |  | $ | 1,744 |  |  | $ | 6,331 |  |  | $ | (3,881 | ) |  | $ | 2,450 |
Customer relationships |  |  | 17,528 |  |  |  | (11,401 | ) |  |  | 6,127 |  |  |  | 17,528 |  |  |  | (9,487 | ) |  |  | 8,041 |
Trademark and trade name |  |  | 1,425 |  |  |  | (1,425 | ) |  |  | – |  |  |  | 1,425 |  |  |  | (1,351 | ) |  |  | 74 |
|  | $ | 25,284 |  |  | $ | (17,413 | ) |  | $ | 7,871 |  |  | $ | 25,284 |  |  | $ | (14,719 | ) |  | $ | 10,565 |
We do not currently have any intangible assets with indefinite useful lives. As of December 31, 2023, future estimated amortization expense is as follows:
Schedule of future estimated amortization expense |  |  |
Years Ending June 30, |  |  |
(In thousands) |  |  |
2024 (remainder) |  | $ | 2,620 |
2025 |  |  | 3,685 |
2026 |  |  | 1,177 |
2027 |  |  | 326 |
2028 |  |  | 63 |
Total |  | $ | 7,871 |
Restructuring, Severance and Related Charges 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 approximated just over $500,000. 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, |
|  | 2023 |
|  | (In thousands) |
Beginning balance |  | $ | 97 |
Charges |  |  | 550 |
Payments |  |  | (553 | )
Ending balance |  | $ | 94 |
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, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Accrued property and equipment paid for in the subsequent period |  | $ | 24 |  |  | $ | 216 |
Fair value of earnout consideration from acquisitions at the closing dates |  | $ | – |  |  | $ | 1,718 |

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