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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net (loss) income $ (29,225) $ 7,271
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 974 936
Amortization of intangible assets 373 158
Stock-based compensation 1,435 591
Amortization of debt issue costs 47 46
Deferred income tax 17,804 2,340
Gain (loss) on sale of property and equipment 10 (77)
Provision for inventory reserves 407 426
Provision for bad debts 25 8
Other 150 30
Changes in operating assets and liabilities:    
Accounts receivable (431) 1,276
Revenue earned but not billed (321) (930)
Inventories 1,001 383
Prepaid expenses and other assets 609 (1,292)
Accounts payable 2,418 (5,231)
Accrued expenses and other (566) (3,651)
Deferred revenue, current and long-term 42 31
Net cash (used in) provided by operating activities (5,248) (2,315)
Investing activities    
Cash to fund acquisition, net of cash received (5,508) (3,697)
Cash paid for investment 0 (500)
Purchases of property and equipment (573) (465)
Additions to patents and licenses (9) (8)
Proceeds from sale of property, plant and equipment 0 122
Net cash used in investing activities (6,090) (4,548)
Financing activities    
Payment of long-term debt (12) (11)
Proceeds from revolving credit facility 5,000 0
Payments of revolving credit facility 0 0
Payments to settle employee tax withholdings on stock-based compensation (2) (7)
Deferred financing costs (29) (4)
Proceeds from employee equity exercises 57 126
Net cash provided by financing activities 5,014 104
Net decrease in cash and cash equivalents (6,324) (2,129)
Cash and cash equivalents at beginning of period 14,466 19,393
Cash and cash equivalents at end of period 8,142 17,264
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of common stock in connection with acquisition $ 770 $ 0