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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (22,312) $ (3,269)
Adjustments to reconcile net loss to cash used in operating activities:    
Non-controlling interest 13 6
Gain on bargain purchase 0 (283)
Inventory reserve 257 373
Stock based compensation expense 5,929 852
Depreciation and amortization 10,335 2,322
Right-of-use assets, non-cash lease expense 760 660
Bad debts expense 1,993 598
Deferred income taxes 1,021 (24)
Shares issued for transaction bonuses 889 0
Other non-cash items 482 27
Changes in operating assets and liabilities:    
Accounts receivables (6,973) (668)
Inventories (624) 389
Prepaid expenses and other current assets (1,518) 344
Deferred costs (1,789) 185
Deferred revenue (142) 58
Accounts payable and accrued expenses 4,993 (1,466)
Lease liabilities (927) (650)
Accrued severance payable, net (2) 88
Net cash used in operating activities (7,615) (458)
Cash flows from investing activities    
Acquisition, net of cash assumed 27,531 0
Capitalized software development costs (2,308) (997)
Capital expenditures (5,586) (966)
Net cash (used in)/provided by investing activities 19,637 (1,963)
Cash flows from financing activities    
Repayment of long-term debt (493) (1,329)
Short-term bank debt, net 4,161 2,737
Purchase of treasury stock upon vesting of restricted stock (2,836) (4)
Payment of preferred stock dividend and redemption of preferred stock (90,298) (1,129)
Proceeds from exercise of stock options, net 0 36
Cash paid on dividends to affiliates (4) 0
Net cash from/(used in) financing activities (89,470) 311
Effect of foreign exchange rate changes on cash and cash equivalents (823) (941)
Net decrease in cash and cash equivalents, and restricted cash (78,271) (3,051)
Cash and cash equivalents, and restricted cash at beginning of the period 109,664 25,089
Reconciliation of cash and cash equivalents, and restricted cash    
Cash and cash equivalents 24,354 [1] 24,780
Restricted cash 1,151 309
Cash, cash equivalents, and restricted cash 31,393 22,038
Supplemental disclosure of cash flow information:    
Taxes 41 101
Interest 3,057 238
Noncash investing and financing activities:    
Common stock issued for transaction bonus 9 0
Shares issued in connection with MiX Combination $ 362,005 $ 0
[1] Derived from audited balance sheet as of March 31, 2024.