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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Cash flows from operating activities:    
Net loss $ (57,846) $ (23,499)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 8,439 9,445
Amortization of debt discount 302 300
Impairment charges 44,264  
Bad debt expense 335 65
Reduction in the carrying amount of the right of use asset 1,022 1,038
Gain on sale of business (Note 2) (8,300) 0
Gain on sale of assets (Note 2 & Note 20) (9,453) 0
Equity in income of equity investees (933) [1] (3,958)
Distribution of income from equity investees 2,874 4,453
Deferred income tax expense (benefit) 942 (116)
Non-cash compensation adjustment (415) (143)
Stock based compensation expense 820 643
Loss (gain) on disposal of property, plant, and equipment 131 (31)
Gain on sale of intangible asset 0 (450)
Changes in operating assets and liabilities:    
Accounts receivable (9,280) (8,585)
Inventory 19,648 29,593
Receivables from vendors 1,063 (1,556)
Prepaid expenses and other 32,041 (2,149)
Investment securities-trading 415 143
Accounts payable, accrued expenses, accrued sales incentives, contract liabilities, and other liabilities 7,900 932
Income taxes payable (2,590) (2,605)
Net cash provided by operating activities 31,379 3,520
Cash flows from investing activities:    
Purchases of property, plant, and equipment (3,337) (2,706)
Proceeds from sale of assets 22,102 733
Net cash provided by (used in) investing activities 18,765 (1,973)
Cash flows from financing activities:    
Principal payments on finance lease obligation (282) (244)
Proceeds from shareholder note receivable 704 0
Repayment of bank obligations (160,010) (116,003)
Borrowings on bank obligations 105,552 125,628
Deferred financing costs 0 (112)
Settlement of market stock unit awards (1,000) 0
Settlement of restricted stock unit awards (342) 0
Purchase of treasury stock (246) (8,655)
Net cash (used in) provided by financing activities (55,624) 614
Effect of exchange rate changes on cash 843 2,098
Net (decrease) increase in cash and cash equivalents (4,637) 4,259
Cash and cash equivalents at beginning of period 10,986 6,134
Cash and cash equivalents at end of period $ 6,349 $ 10,393
[1]

(b) On March 1, 2024, the Company's majority owned subsidiary, EyeLock LLC, contributed assets, including inventory and intangible assets, to a newly formed joint venture, BioCenturion LLC, which will operate a Biometrics business. For the three and nine months ended November 30, 2024, the Company accounted for its investment in BioCenturion LLC as an equity method investment (see Note 13).