| XPLORE TECHNOLOGIES CORP. | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (in thousands) | ||||||||||
|
September 30,
2015 |
March 31,
2015 |
|||||||||
| ASSETS | (unaudited) | |||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 3,887 | $ | 19,455 | ||||||
| Accounts receivable, net | 18,429 | 6,633 | ||||||||
| Inventory, net | 14,609 | 7,883 | ||||||||
| Prepaid expenses and other current assets | 612 | 315 | ||||||||
| Total current assets | 37,537 | 34,286 | ||||||||
| Fixed assets, net | 1,536 | 1,030 | ||||||||
| Intangible assets, net | 1,953 | — | ||||||||
| Goodwill | 16,674 | — | ||||||||
| $ | 57,700 | $ | 35,316 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| LIABILITIES: | ||||||||||
| Deferred revenue and warranty liabilities | $ | 6,154 | $ | 414 | ||||||
| Accounts payable and accrued liabilities | 16,242 | 4,594 | ||||||||
| Total current liabilities | 22,396 | 5,008 | ||||||||
| Deferred revenue and non-current warranty liabilities | 5,396 | 1,517 | ||||||||
| Total liabilities | 27,792 | 6,525 | ||||||||
| Commitments and contingencies | — | — | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||
| Preferred Stock, par value $0.001 per share; authorized 5,000; no shares issued | — | — | ||||||||
| Common Stock, par value $0.001 per share; authorized 15,000; shares issued 10,823 and 10,784, respectively | 11 | 11 | ||||||||
| Additional paid-in capital | 169,643 | 168,379 | ||||||||
| Accumulated deficit | (139,746 | ) | (139,599 | ) | ||||||
| 29,908 | 28,791 | |||||||||
| $ | 57,700 | $ | 35,316 | |||||||
| XPLORE TECHNOLOGIES CORP. | ||||||||||||||||||||
| Consolidated Statements of Income (Loss)—Unaudited | ||||||||||||||||||||
| (in thousands of dollars, except share and per share amounts) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
|
September 30,
2015 |
September 30,
2014 |
September 30,
2015 |
September 30,
2014 |
|||||||||||||||||
| Revenue | $ | 28,853 | $ | 7,522 | $ | 52,896 | $ | 15,789 | ||||||||||||
| Cost of revenue | 20,744 | 5,255 | 36,637 | 10,458 | ||||||||||||||||
| Gross profit | 8,109 | 2,267 | 16,259 | 5,331 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Sales, marketing and support | 3,642 | 1,714 | 7,262 | 3,312 | ||||||||||||||||
| Product research, development and engineering | 1,577 | 739 | 3,407 | 1,730 | ||||||||||||||||
| General administration | 2,487 | 977 | 4,818 | 1,984 | ||||||||||||||||
| 7,706 | 3,430 | 15,487 | 7,026 | |||||||||||||||||
| Income (loss) from operations | 403 | (1,163 | ) | 772 | (1,695 | ) | ||||||||||||||
| Other income (expense): | ||||||||||||||||||||
| Other |
(131 |
) |
(3 | ) | (68 | ) | (22 | ) | ||||||||||||
| Cost of integration | (122 | ) | — | (792 | ) | — | ||||||||||||||
| Interest expense | (52 | ) | (1 | ) | (58 | ) | (1 | ) | ||||||||||||
| (305 | ) | (4 | ) | (918 | ) | (23 | ) | |||||||||||||
| Income (loss) before income taxes | 98 | (1,167 | ) | (146 | ) | (1,718 | ) | |||||||||||||
| Income tax (expense) benefit | — | — | — | — | ||||||||||||||||
| Net income (loss) | $ | 98 | $ | (1,167 | ) | $ | (146 | ) | $ | (1,718 | ) | |||||||||
|
Income (loss) per common share, primary |
$ | 0.01 | $ | (0.14 | ) | $ | (0.01 | ) | $ | (0.20 | ) | |||||||||
|
Income (loss) per common share, fully diluted |
$ | 0.01 | $ | — | $ | — | $ | — | ||||||||||||
| Weighted average number of common shares outstanding, basic | 10,811,056 | 8,449,678 | 10,800,441 | 8,441,061 | ||||||||||||||||
| Weighted average number of common shares outstanding, fully diluted | 10,922,795 | — | — | — | ||||||||||||||||
| XPLORE TECHNOLOGIES CORP. | ||||||||||||||||||||
| Consolidated Statements of Cash Flows—Unaudited | ||||||||||||||||||||
| (in thousands of dollars, except share and per share amounts) | ||||||||||||||||||||
|
Three Months Ended
|
Six Months Ended
September 30, |
|||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Cash used in operations: | ||||||||||||||||||||
| Net income (loss) | $ | 98 | $ | (1,167 | ) | $ | (146 | ) | $ | (1,718 | ) | |||||||||
| Items not affecting cash: | ||||||||||||||||||||
| Depreciation and amortization | 457 | 264 | 815 | 436 | ||||||||||||||||
| Provision for doubtful accounts | 108 | 2 | 24 | 2 | ||||||||||||||||
| Stock-based compensation expense | 492 | 166 | 1,099 | 325 | ||||||||||||||||
| Equity issued in exchange for services | — | (1 | ) | — | 2 | |||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable | (285 | ) | (1,281 | ) | (4,436 | ) | 296 | |||||||||||||
| Inventory | 1,000 | 374 | (932 | ) | (3,711 | ) | ||||||||||||||
| Prepaid expenses and other current assets | (337 | ) | 52 | (326 | ) | 240 | ||||||||||||||
| Accounts payable and accrued liabilities | (4,761 | ) | (342 | ) | (2,973 | ) | (502 | ) | ||||||||||||
| Net cash used in operating activities | (3,228 | ) | (1,933 | ) | (6,875 | ) | (4,630 | ) | ||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Net cash received in purchase transaction | — | — | 653 | — | ||||||||||||||||
| Collections of refunds | 16 | — | 16 | — | ||||||||||||||||
| Additions to fixed assets | (192 | ) | (216 | ) | (429 | ) | (287 | ) | ||||||||||||
| Net cash provided by (used in) investing activities | (176 | ) | (216 | ) | 240 | (287 | ) | |||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Proceeds from short-term borrowings | 13,000 | — | 18,000 | — | ||||||||||||||||
| Repayment of short-term indebtedness | (16,865 | ) | — | (27,098 | ) | — | ||||||||||||||
| Net proceeds from issuance of Common Stock | 139 | 132 | 165 | 142 | ||||||||||||||||
| Net cash provided by (used in) financing activities | (3,726 | ) | 132 | (8,933 | ) | 142 | ||||||||||||||
| CHANGE IN CASH AND CASH EQUIVALENTS | (7,130 | ) | (2,017 | ) | (15,568 | ) | (4,775 | ) | ||||||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 11,017 | 2,642 | 19,455 | 5,400 | ||||||||||||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 3,887 | $ | 625 | $ | 3,887 | $ | 625 | ||||||||||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS: |
||||||||||||||||||||
| Payments for interest | $ | 52 | $ | 1 | $ | 58 | $ | 1 | ||||||||||||
| Payments for income taxes | $ | — | $ | — | $ | — | $ | 9 | ||||||||||||
