AeroGrow International, Inc.

CIK:0001316644|SEC Filings

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenue	$ 38,367	$ 18,526	$ 69,088	$ 27,424
Cost of revenue	22,594	12,001	40,051	17,978
Gross profit	15,773	6,525	29,037	9,446
Operating expenses
Research and development	454	308	1,049	794
Sales and marketing	7,860	3,780	13,563	6,553
General and administrative	2,751	1,230	5,731	3,017
Total operating expenses	11,065	5,318	20,343	10,364
Profit (loss) from operations	4,708	1,207	8,694	(918)
Other expense, net
Interest expense – related party	(136)	(137)	(184)	(191)
Other expense, net	(14)	(4)	(38)	(9)
Total other expense, net	(150)	(141)	(222)	(200)
Net income (loss)	$ 4,558	$ 1,066	$ 8,472	$ (1,118)
Net income (loss) per share, basic and diluted (in Dollars per share)	$ 0.13	$ 0.03	$ 0.25	$ (0.03)
Weighted average number of common shares outstanding, basic and diluted (in Shares)	34,328	34,328	34,328	34,328

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 8,472	$ (1,118)
Adjustments to reconcile net income (loss) to cash (used) by operations:
Depreciation and amortization expense	499	456
Amortization of lease liability and right of use asset	85	46
Bad debt expense	591	293
Inventory allowance	74	5
Accretion of debt associated with sale of intellectual property	(14)	(19)
Change in operating assets and liabilities:
(Increase) in accounts receivable	(12,324)	(3,925)
(Increase) decrease in other receivable	(314)	31
(Increase) decrease in inventory	(6,879)	1,145
(Increase) in prepaid expenses and other	(1,496)	(1,232)
Decrease (increase) in deposits	114	(730)
Increase in accounts payable and accounts payable related party	5,544	2,047
Increase in accrued expenses and other liability	5,246	847
Increase in accrued interest-related party	15	15
(Decrease) in customer deposits	0	(57)
Net cash (used) by operating activities	(387)	(2,196)
Cash flows from investing activities:
Purchases of equipment	(1,494)	(634)
Net cash (used) by investing activities	(1,494)	(634)
Cash flows from financing activities:
Proceeds from notes payable-related party	6,500	5,400
Repayment of notes payable-related party	0	(2,000)
Repayment of capital lease	(29)	(33)
Net cash provided by financing activities	6,471	3,367
Net increase in cash	4,590	537
Cash, cash equivalents and restricted cash, beginning of period	9,061	1,756
Cash, cash equivalents and restricted cash, end of period	13,651	2,293
Cash paid during the year for:
Interest-related party	183	136
Income taxes	0	0
Initial recognition of right-of-use asset (Note 8)	0	805
Initial lease liability arising from right-of-use asset (Note 8)	$ 0	$ 805

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets
Cash	$ 13,636	$ 9,046
Restricted cash	15	15
Accounts receivable, net of allowance for doubtful accounts of $823 and $376 at December 31, 2020 and March 31, 2020, respectively	15,155	3,422
Other receivables	571	257
Inventory, net	11,593	4,788
Prepaid expenses and other	2,888	1,392
Total current assets	43,858	18,920
Property and equipment and intangible assets, net of accumulated depreciation of $5,962 and $5,467 at December 31, 2020 and March 31, 2020, respectively	2,224	1,229
Operating lease right-of-use	1,121	1,229
Deposits	555	669
Total assets	47,758	22,047
Current liabilities
Accounts payable	8,102	2,332
Accounts payable related party	2,170	2,396
Accrued expenses	7,844	2,308
Finance lease liability	0	29
Notes payable related party-current portion	6,515	0
Debt associated with sale of intellectual property-current portion	10	17
Operating lease liability-current portion	146	58
Total current liabilities	24,787	7,140
Long term liabilities
Notes payable related party	900	900
Operating lease liability	1,090	1,201
Other liability	0	297
Total liabilities	26,777	9,538
Commitments and contingencies
Stockholders’ equity
Common stock, $.001 par value, 750,000,000 shares authorized, 34,328,036 shares issued and outstanding at December 31, 2020 and March 31, 2020, respectively	34	34
Additional paid-in capital	140,817	140,817
Accumulated deficit	(119,870)	(128,342)
Total stockholders’ equity	20,981	12,509
Total liabilities and stockholders’ equity	$ 47,758	$ 22,047