Additional Other Total
Paid-In Accumulated Comprehensive Equity
Shares(1) Amount Capital Deficit Income (Loss) (Deficit)
----------- -------- ------------ ------------- --------------- -----------
Balance, June
30, 2023 25,000,000 $ 2 $ (1,898) $ (29,682) $ 132 $ (31,446)
Net loss -- -- -- (2,484) -- (2,484)
Other
comprehensive
loss, net of
tax -- -- -- -- $(541.SI)$ (541)
Balance,
September 30,
2023 25,000,000 $ 2 $ (1,898) $ (32,166) $ (409) $ (34,471)
========== ==== ======== ========= ==== ========= =======
For the Six Months Ended September 30,
----------------------------------------------------------------------------------
Common Stock
---------------------
Accumulated
Additional Other Total
Paid-In Accumulated Comprehensive Equity
Shares Amount Capital Deficit Income (Loss) (Deficit)
----------- -------- ------------ ------------- --------------- ----------
Balance, March 31,
2024 34,544,935 $ 3 $ 2,613 $ (35,212) $ 50 $ (32,546)
Net loss -- -- -- $(544.SI)$ -- (544)
Out of period
adjustment
related to
reverse
recapitalization -- -- 710 -- -- 710
Other
comprehensive
loss, net of tax -- -- -- -- (2,015) (2,015)
---------- ---- -------- --------- ---- --------- ---------
Balance, September
30, 2024 34,544,935 $ 3 $ 3,323 $ (35,756) $ (1,965) $ (34,395)
========== ==== ======== ========= ==== ========= =========
Accumulated
Additional Other Total
Paid-In Accumulated Comprehensive Equity
Shares(1) Amount Capital Deficit Income (Loss) (Deficit)
----------- -------- ------------ ------------- --------------- ----------
Balance, March 31,
2023 25,000,000 $ 2 $ (1,898) $ (26,769) $ (289) $ (28,954)
Net loss -- -- -- (5,397) -- (5,397)
Other
comprehensive
loss, net of tax -- -- -- -- (120) (120)
Balance, September
30, 2023 25,000,000 $ 2 $ (1,898) $ (32,166) $ (409) $ (34,471)
========== ==== ======== ========= ==== ========= =========
(1) All outstanding share and per-share amounts have been restated to reflect the reverse recapitalization as established in the Business Combination Agreement as described in Note 1 to the condensed consolidated financial statements.
DIH HOLDING US, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
For the Six Months Ended September 30,
----------------------------------------------
2024 2023
--------------------- -------------------
Cash flows from
operating activities:
Net loss $ (544) $ (5,397)
Adjustments to
reconcile net loss to
net cash provided by
operating activities:
Depreciation and
amortization 351 147
Provision for credit
losses (434) (869)
Allowance for
inventory
obsolescence (108) 739
Pension
contributions (309) (309)
Pension expense 155 136
Change in fair
value of
convertible debt
and warrant
liability 400 --
Foreign exchange
(gain) loss (38) 418
Noncash lease
expense 828 770
Noncash interest
expense -- 14
Deferred and other
noncash income tax
(income) expense 112 12
Changes in operating
assets and
liabilities:
Accounts receivable (694) 2,149
Inventories (1,527) (1,528)
Due from related
parties (548) 343
Due to related
parties (98) 988
Other assets (481) (1,350)
Operating lease
liabilities (820) (957)
Accounts payable 813 1,764
Employee
compensation 1,070 (59)
Other liabilities (247) 197
Deferred revenue 846 1,265
Manufacturing
warranty
obligation 100 180
Advance payments
from customers (1,737) 2,591
Accrued expense and
other current
liabilities 1,376 519
--- ---------------- ---------------
Net cash provided by
(used in) operating
activities (1,534) 1,763
--- ---------------- ---------------
Cash flows from
investing activities:
Purchases of
property and
equipment (423) (73)
--- ---------------- ---------------
Net cash used in
investing activities (423) (73)
--- ---------------- ---------------
Cash flows from
financing activities:
Proceeds from
issuance of
convertible debt,
net of issuance
costs 2,809 --
Payments on related
party notes
payable (2,053) (3,744)
--- ---------------- ---------------
Net cash provided by
(used in) financing
activities 756 (3,744)
--- ---------------- ---------------
Effect of currency
translation on cash
and cash equivalents 35 15
--- ---------------- ---------------
Net decrease in cash,
and cash equivalents,
and restricted cash (1,166) (2,039)
Cash, cash equivalents
and restricted cash -
beginning of period 3,225 3,175
--- ---------------- ---------------
Cash, cash equivalents
and restricted cash-
end of period $ 2,059 $ 1,136
=== ================ ===============
Reconciliation of
cash, cash equivalents
and restricted cash:
Cash and cash
equivalents $ 1,759 $ 1,136
Restricted cash 300 --
--- ---------------- ---------------
Total cash, cash
equivalents and
restricted cash $ 2,059 $ 1,136
=== ================ ===============
Supplemental
disclosure of cash
flow information:
Interest paid $ 162 $ 262
Income tax paid $ 15 $ --
Supplemental
disclosure of non-cash
investing and
financing activity:
Accounts payable
settled upon
reverse
recapitalization $ 710 $ --
DIH HOLDING US, INC.
RESTATED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data, unaudited)
As of June 30, 2024
----------------------------------------
As
Previously
Reported Adjustment As Restated
----------- ------------ -----------
Assets
Current assets:
Cash and cash
equivalents $ 2,749 $ -- $ 2,749
Accounts
receivable, net
of allowances of
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