XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (68,299,000) $ (31,391,000) $ (31,368,000)
Adjustments to reconcile net loss to cash used in operating activities:      
Depreciation & amortization 4,403,000 2,405,000 1,397,000
Amortization of deferred financing fees and debt discount 829,000 3,508,000 1,324,000
Bad debt expense 307,000 52,000 56,000
Stock-based compensation expense 17,861,000 6,522,000 1,817,000
Loss on extinguishment of debt 2,024,000 0 0
Increase inventory reserves 7,223,000 0 0
Loss on exercise of equity classified warrants 101,000 0 0
Change in fair value of warrant liabilities and derivatives (33,196,000) 931,000 96,000
Paid in kind interest on convertible notes 4,171,000 0 0
Amortization of right-of use-assets 3,836,000 0 0
Accounts receivable (1,115,000) (5,049,000) (2,433,000)
Inventory (82,884,000) (37,758,000) (12,979,000)
Prepaid expenses and other current assets (1,055,000) (2,173,000) (969,000)
Other assets (314,000) (402,000) 0
Accounts payable and accrued expenses (13,503,000) 16,543,000 11,937,000
Deferred revenue 4,372,000 13,894,000 1,072,000
Operating lease liabilities (4,541,000) 0 0
Other liabilities (12,558,000) 13,300,000 10,384,000
Net cash used in operating activities (172,338,000) (19,618,000) (19,666,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (21,172,000) (4,825,000) (4,677,000)
Net cash used in investing activities (21,172,000) (4,825,000) (4,677,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of finance fees (642,000) (734,000) (30,000)
Payments of transaction costs (25,244,000) (1,297,000) 0
Payment of deferred underwriting fees (8,902,000) 0 0
Payment of restricted stock units held for taxes (222,000) 0 0
Payment of finance lease obligations (588,000) (334,000) 0
Proceeds from equity infusion from the Merger, net of redemptions 227,092,000 0 0
Proceeds from PIPE issuance 200,000,000 0 0
Proceeds from the exercise of stock options 3,300,000 1,215,000 277,000
Proceeds from the exercise of warrants 121,000 0 0
Proceeds from convertible notes 0 75,750,000 5,367,000
Proceeds from debt 0 5,157,000 17,564,000
Payments to repurchase common stock 0 (9,000) 0
Payments of long-term debt (39,457,000) (25,250,000) (500,000)
Net cash provided by financing activities 355,458,000 54,498,000 22,678,000
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 161,948,000 30,055,000 (1,665,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—BEGINNING OF PERIOD 39,731,000 9,676,000 11,341,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD 201,679,000 39,731,000 9,676,000
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents 199,397,000 38,278,000 9,676,000
Restricted cash—Prepaid expenses and other current assets 2,282,000 1,453,000 0
Total cash, cash equivalents and restricted cash 201,679,000 39,731,000 9,676,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Purchases of property and equipment included in accounts payable and accrued liabilities 339,000 1,764,000 204,000
Cash paid for interest 852,000 5,170,000 3,026,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Conversion of preferred stock to common stock 59,987,000 0 0
Capital contribution related to extinguishment of debt 536,000 0 0
Issuance of common stock related to cashless exercise of liability classified warrants 595,000 0 0
Non-cash deferred issuance costs 0 3,000,000 0
Non-cash deferred transaction costs 0 2,439,000 0
Non-cash capital lease obligations 0 2,867,000 0
Issuance of derivatives with debt 0 1,153,000 2,692,000
Modification of warrant 0 80,000 0
2025 Convertible Notes      
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Issuance of convertible notes 13,367,000 0 0
Convertible promissory notes      
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Issuance of convertible notes $ 0 $ 800,000 $ 0