Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | May 14, 2021 | Sep. 30, 2020 | |
Entity Central Index Key | 0001002135 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 14 | ||
Entity Address, State or Province | IL | ||
Local Phone Number | 898-2500 | ||
City Area Code | 630 | ||
Entity Address, Postal Zip Code | 60504 | ||
Entity Address, City or Town | Aurora | ||
Entity Address, Address Line One | 750 North Commons Drive | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 0-27266 | ||
Entity Interactive Data Current | Yes | ||
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity Tax Identification Number | 36-3154957 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Current Reporting Status | Yes | ||
Document Type | 10-K | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Registrant Name | WESTELL TECHNOLOGIES, INC. | ||
Document Period End Date | Mar. 31, 2021 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 7,635,998 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 3,484,287 |
Cover
Cover | 12 Months Ended |
Mar. 31, 2021 | |
Cover [Abstract] | |
Documents Incorporated by Reference | None. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 16,884 | $ 20,869 |
Accounts receivable (net of allowance of $100 at both March 31, 2021 and 2020) | 4,492 | 4,047 |
Inventories | 4,939 | 6,807 |
Prepaid expenses and other current assets | 1,352 | 1,298 |
Total current assets | 27,667 | 33,021 |
Non-current assets: | ||
Land, property and equipment, gross | 7,694 | 7,987 |
Less accumulated depreciation and amortization | (6,779) | (6,911) |
Land, property and equipment, net | 915 | 1,076 |
Intangible assets, net | 1,142 | 2,728 |
Right-of-use assets on operating leases, net | 2,448 | 628 |
Other non-current assets | 80 | 73 |
Total assets | 32,252 | 37,526 |
Current liabilities: | ||
Accounts payable | 1,920 | 1,065 |
Accrued expenses | 3,365 | 3,136 |
Deferred revenue | 874 | 1,099 |
Total current liabilities | 6,159 | 5,300 |
Note payable - non-current | 1,637 | 0 |
Deferred revenue non-current | 105 | 221 |
Lease liabilities non-current | 1,896 | 250 |
Other non-current liabilities | 296 | 94 |
Total liabilities | 10,093 | 5,865 |
Commitments and contingencies (see Note 8) | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 420,142 | 419,630 |
Treasury Stock, Value | (44,559) | (37,326) |
Accumulated deficit | (353,534) | (350,800) |
Total stockholders’ equity | 22,159 | 31,661 |
Total liabilities and stockholders’ equity | 32,252 | 37,526 |
Class A Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock, value | 75 | 122 |
Class B Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock, value | $ 35 | $ 35 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss | $ 100 | $ 100 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury Stock, Shares | 10,169,753 | 5,215,453 |
Class A Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 109,000,000 | 109,000,000 |
Common Stock, Shares, Outstanding | 7,521,271 | 12,224,450 |
Common Stock, Shares, Issued | 7,521,271 | 12,224,450 |
Class B Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Outstanding | 3,484,287 | 3,484,287 |
Common Stock, Shares, Issued | 3,484,287 | 3,484,287 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue | $ 29,947,000 | $ 29,956,000 | |
Cost of revenue | 19,875,000 | 20,309,000 | |
Gross profit | 10,072,000 | 9,647,000 | |
Operating expenses | |||
Research and development | 4,032,000 | 5,346,000 | |
Sales and marketing | 5,207,000 | 7,592,000 | |
General and administrative | 4,086,000 | 4,757,000 | |
Intangibles amortization | 903,000 | 1,233,000 | |
Restructuring | 0 | 234,000 | |
Long-lived assets impairment | 525,000 | 1,007,000 | |
Total operating expenses | 14,753,000 | 20,169,000 | |
Operating income (loss) | (4,681,000) | (10,522,000) | |
Gain (Loss) on Extinguishment of Debt | 1,637,000 | ||
Other income (expense), net | 288,000 | 456,000 | |
Income (loss) before income taxes | (2,756,000) | (10,066,000) | |
Income tax (expense) benefit | 22,000 | (36,000) | |
Net income (loss)(1) | [1] | $ (2,734,000) | $ (10,102,000) |
Basic net income (loss) per share: | |||
Earnings Per Share, Basic | $ (0.20) | $ (0.65) | |
Earnings Per Share, Diluted [Abstract] | |||
Earnings Per Share, Diluted | $ (0.20) | $ (0.65) | |
Weighted-average number of shares outstanding: | |||
Basic | 13,340 | 15,530 | |
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options(2) | [2] | 0 | 0 |
Diluted | 13,340 | 15,530 | |
[1] | Net income (loss) and comprehensive income (loss) are the same for the periods reported. | ||
[2] | The Company has 0.8 million and 0.9 million shares represented by common stock equivalents for the twelve months ended March 31, 2021 and 2020, respectively, which were not included in the computation of average dilutive shares outstanding because they were anti-dilutive. In periods with a net loss from continuing operations, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - shares shares in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | 0.9 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | |
Beginning Balance at Mar. 31, 2019 | $ 41,180 | $ 119 | $ 35 | $ 418,859 | $ (37,135) | $ (340,698) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (10,102) | [1] | (10,102) | ||||
Common stock issued | 1 | 4 | (3) | ||||
Treasury stock | (192) | (1) | (191) | ||||
Stock-based compensation | 774 | 774 | |||||
Ending Balance at Mar. 31, 2020 | 31,661 | 122 | 35 | 419,630 | (37,326) | (350,800) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (2,734) | [1] | (2,734) | ||||
Common stock issued | 0 | 3 | (3) | ||||
Treasury stock | (7,283) | (50) | (7,233) | ||||
Stock-based compensation | 515 | 515 | |||||
Ending Balance at Mar. 31, 2021 | $ 22,159 | $ 75 | $ 35 | $ 420,142 | $ (44,559) | $ (353,534) | |
[1] | Net income (loss) and comprehensive income (loss) are the same for the periods reported. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash flows from operating activities: | |||
Net income (loss) | [1] | $ (2,734,000) | $ (10,102,000) |
Reconciliation of net income to net cash provided by (used in) operating activities: | |||
Gain on forgiveness of first draw PPP loan | (1,637,000) | ||
Depreciation and amortization | 1,294,000 | 1,900,000 | |
Long-lived assets impairment | 525,000 | 1,007,000 | |
Stock-based compensation | 515,000 | 774,000 | |
Exchange rate loss (gain) | (15,000) | 12,000 | |
Loss (gain) on sale of fixed assets | 0 | (11,000) | |
Restructuring | 0 | 234,000 | |
Changes in assets and liabilities: | |||
Accounts receivable | (431,000) | 2,807,000 | |
Inventories | 1,868,000 | 2,994,000 | |
Prepaid expenses and other current assets | (54,000) | 408,000 | |
Other assets | (1,827,000) | (209,000) | |
Deferred revenue | (341,000) | (341,000) | |
Accounts payable, accrued expenses and other liabilities | 2,932,000 | (1,745,000) | |
Net cash provided by (used in) operating activities | 95,000 | (2,272,000) | |
Cash flows from investing activities: | |||
Payments to Acquire Intangible Assets | 0 | (1,950,000) | |
Purchases of property and equipment | (72,000) | (185,000) | |
Payments for (Proceeds from) Other Investing Activities | 0 | (11,000) | |
Net cash provided by (used in) investing activities | (72,000) | (2,124,000) | |
Cash flows from financing activities: | |||
Proceeds from note payable to bank, for first and second draw SBA PPP loans | 3,275,000 | ||
Purchases of treasury stock | (7,283,000) | (192,000) | |
Net cash provided by (used in) financing activities | (4,008,000) | (192,000) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (3,985,000) | (4,588,000) | |
Cash and cash equivalents, beginning of period | 20,869,000 | 25,457,000 | |
Cash and cash equivalents, end of period | 16,884,000 | 20,869,000 | |
Supplemental Cash Flow Information | |||
Cash paid (refunded) for income taxes, net | $ (337,000) | $ (335,000) | |
[1] | Net income (loss) and comprehensive income (loss) are the same for the periods reported. |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation: Description of Business Westell Technologies, Inc. (the “Company”) is a holding company. Its wholly owned subsidiary, Westell, Inc., designs and distributes telecommunications products, which are sold primarily to major telephone companies. COVID-19 Impact In March 2020, the World Health Organization declared the spread of a new strain of coronavirus (“COVID-19”) a pandemic, as COVID-19 spread throughout the U.S. and around the world. The COVID-19 pandemic has impacted and may continue to negatively impact the global economy, disrupt global supply chains and work force participation while creating significant disruption and volatility of financial markets. The COVID-19 pandemic has adversely impacted and may continue to adversely affect the Company’s sales, supply chain availability and sourcing costs, workforce and operations, as well as, those of its customers, contract manufacturers and other supply chain partners. Contract Manufacturing Facility Fire In February 2021, a small fire at a subcontractor destroyed inventory that was being used to produce some of Westell’s IBW and ISM products, including those that were previously produced under a product license agreement (see Note 7). The loss of the inventory caused delays in delivering products and a decision to accelerate engineering efforts to develop a new replacement product. Insurance policies are expected to cover the replacement value of the assets that incurred losses or damages, less a $50,000 deductible. As a result of the fire, the Company recorded an insurance recovery receivable, which is presented in Prepaid expenses and other assets in the Consolidated Balance Sheet, to cover the net book value of the inventory and fixed assets damaged in the fire. If the agreed upon insurance settlement exceeds the book value, a gain on the insurance settlement will be recorded in the period such gain is realized. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its majority owned subsidiaries. The Consolidated Financial Statements have been prepared using accounting principles generally accepted in the United States (GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies: Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and include bank deposits and money market funds. Money market funds are accounted for as available-for-sale securities. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount less payment discounts and estimated allowance for doubtful accounts. The Company provides allowances for doubtful accounts related to accounts receivable for estimated losses resulting from the inability of its customers to make required payments. The Company takes into consideration the overall quality of the receivable portfolio along with specifically identified customer risks. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, the Company provides allowances for bad debts against amounts due to reduce the net realized receivable to the amount it reasonably believes will be collected. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and trade receivables. The Company currently invests its excess cash in government money market funds. The cash in the Company’s U.S. banks is insured by the Federal Deposit Insurance Corporation up to the insurable limit of $250,000. Income (Loss) per Share The computation of basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share includes the number of additional common shares that would have been outstanding if the dilutive potential shares had been issued. In periods with a net loss, all common stock equivalents are excluded from the per share calculation; therefore, the basic loss per share equals the diluted loss per share. Inventories and Inventory Valuation Inventories are stated at the lower of first-in, first-out (“FIFO”) cost or net realizable value. Net realizable value is based upon an estimated average selling price reduced by estimated costs of disposal. Should actual market conditions differ from the Company’s estimates, the Company’s future results of operations could be materially affected. Reductions in inventory valuation are included in Cost of revenue in the accompanying Consolidated Statements of Operations. The Company reviews inventory for excess quantities and obsolescence based on its best estimates of future demand, product lifecycle status and product development plans. The Company uses historical information along with these future estimates to reduce the inventory cost basis. Subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Prices anticipated for future inventory demand are compared to current and committed inventory values. The components of inventories are as follows: March 31, (in thousands) 2021 2020 Raw materials $ 1,497 $ 2,188 Finished goods 3,442 4,619 Total inventories $ 4,939 $ 6,807 The Company records provisions against inventory for excess and obsolete inventory, which are determined based on the Company's best estimates of future demand, product lifecycle status and product development plans. These provisions reduce the inventory cost basis. The Company recorded provision for excess and obsolete inventory with a charge of $0.6 million and $2.0 million in fiscal year 2021 and 2020, respectively. The fiscal year 2021 provision includes $0.3 million related to the fourth fiscal quarter decision to discontinue future production of products under the license agreement in the IBW segment (see Note 7). The Company believes the estimates and assumptions underlying its provisions are reasonable. However, there is risk that additional charges may be necessary if future demand is less than current forecasts due to rapid technological changes, uncertain customer requirements, long lead-times or other factors. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets generally consist of prepaid maintenance agreements and prepaid insurance, which are amortized as expense generally over the term of the underlying contract. For fiscal year 2020, it also includes the current portion of tax receivables associated with a prior AMT credit carryforward. See Note 6 for additional information on the AMT credit carryforward. Land, Property and Equipment Land, property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the remaining lease term or the estimated useful life. The estimated useful lives for machinery and equipment range from 5 to 7 years and for office, computer and research equipment from 2 to 5 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized. Depreciation and amortization expense was $0.2 million and $0.4 million for fiscal years 2021 and 2020, respectively. In accordance with ASC Topic 360, Property, Plant and Equipment (“ASC 360”) , the Company assesses all of its long-lived assets, including intangibles, for impairment when impairment indicators are identified. If the carrying value of an asset exceeds its undiscounted cash flows, an impairment loss may be necessary. An impairment loss is calculated as the difference between the carrying value and the fair value of the asset. The Company acquired 16 acres of land with a prior acquisition and sold 4 acres in April 2015 for $264,000. The Company still owns 12 acres of land. The Company concluded that a sale transaction for the remaining land is not probable within the next year; therefore, unsold land is classified as held-and-used as of March 31, 2021 and 2020. The components of fixed assets are as follows: March 31, (in thousands) 2021 2020 Land $ 672 $ 672 Machinery and equipment 1,430 1,415 Office, computer and research equipment 4,804 5,112 Leasehold improvements 788 788 Land, property and equipment, gross $ 7,694 $ 7,987 Less accumulated depreciation and amortization (6,779) (6,911) Land, property and equipment, net $ 915 $ 1,076 Intangible Assets Intangible assets with determinable lives are amortized over the useful lives of the assets. If the Company were to determine that a change to the remaining estimated useful life of an intangible asset was necessary, then the remaining carrying amount of the intangible asset would be amortized prospectively over that revised remaining useful life. On an ongoing basis, intangible assets and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying amount over its fair value. See Note 7, Intangible Assets for further discussion of intangible assets impairment evaluations. Accrued Expenses The components of accrued expenses are as follows: March 31, (in thousands) 2021 2020 Accrued compensation $ 941 $ 596 Accrued contractual obligation 1,445 1,445 Current operating lease liability 450 339 Other accrued expenses 529 756 Total accrued expenses $ 3,365 $ 3,136 Revenue Recognition and Deferred Revenue The Company records revenue based on a five-step model in accordance with ASC Topic 606, Revenue From Contracts With Customers (“ASC 606”). The Company's revenue is derived from the sale of products, software, and services identified in contracts. A contract exists when both parties have an approved agreement that creates enforceable rights and obligations, identifies performance obligations and payment terms and has commercial substance. The Company records revenue from these contracts when control of the products or services transfer to the customer. The amount of revenue to be recognized is based upon the consideration, including the impact of any variable consideration that the Company expects to be entitled to receive in exchange for these products and services. The majority of the Company’s revenue is recorded at a point in time from the sale of tangible products. Revenue is recorded when control of the products passes to the customer, dependent upon the terms of the underlying contract. For right-to-use software, revenue is recognized at the point in time the customer has the right to use and can substantially benefit from use of the software. Products regularly include warranties that include bug fixes and minor updates so that the products continue to function as promised in a dynamic environment, and phone support. These standard warranties are assurance type warranties that do not offer any services beyond the assurance that the product will continue working as specified. Therefore, warranties are not considered separate performance obligations. Instead, the Company accrues the expected cost of warranty. Extended warranties are sold separately with a post-contract support (“PCS”) agreement. PCS revenue is recognized over time during the support period. Revenue from installation services is recognized when the services have been completed or transferred as this is when the customer has obtained control. The Company has contracts with multiple performance obligations. When the sales agreement involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. In most cases, the Company allocates the consideration to each performance obligation based on the relative stand-alone selling price (“RSP”) of the distinct performance obligation. In circumstances where RSP is not observable, the Company allocates the consideration for the performance obligations by utilizing the residual approach. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Contract assets and liabilities related to product returns will be recorded as contract assets and liabilities and presented on the Consolidated Balance Sheets in Prepaid expenses and other current assets and Deferred revenue, respectively. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Deferred revenue or Deferred revenue non-current, as appropriate, in the Consolidated Balance Sheets. The Company allows certain customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability is included within Accrued expenses on the accompanying Consolidated Balance Sheets. Additionally, the Company records an asset based on historical experience for the amount of product the Company expects to return to inventory as a result of the return, which is recorded in Prepaid and other current assets in the Consolidated Balance Sheets. Sales Taxes The Company records revenue net of sales taxes. Shipping and Handling Shipping and handling billed to customers is recorded as revenue. The Company classifies shipping and handling costs associated with both inbound freight and the distribution of finished product to our customers as cost of revenue. Contract Costs The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that otherwise would have been recognized is one year or less. These costs are included in sales and marketing and general and administrative expenses. If the incremental direct costs of obtaining a contract, which consist of sales commissions, relate to a service recognized over a period longer than one year, costs are deferred and amortized in line with the related services over the period of benefit. As of March 31, 2021 and 2020, there were no deferred contract costs. Financing The Company forgoes adjusting contract consideration for the effects of any financing component if payments for goods and services are expected to be received one year or less from when control of the goods or services has transferred to the customer. Payment terms vary by customer. Generally, the time between invoicing and when payment is due is not significant. Occasionally, the Company requires customers to make a payment before delivery of the products or services to the customer. Product Warranties Most of the Company’s products carry a limited warranty of up to seven years. The Company accrues for estimated warranty costs as products are shipped based on historical sales and cost of repair or replacement trends relative to sales. Research and Development Costs Engineering and product research and development costs are charged to expense as incurred. Stock-based Compensation The Company recognizes stock-based compensation expense for all employee stock-based payments based upon the fair value on the awards grant date over the requisite service period. If the awards are performance based, the Company must estimate future performance attainment to determine the number of awards expected to vest. Determining the fair value of equity-based options requires the Company to estimate the expected volatility of its stock, the risk-free interest rate, expected option term, and expected dividend yield. The Company accounts for forfeitures as they occur. See Note 11 for further discussion of the Company’s stock-based compensation plans. Fair Value Measurements The Company accounts for the fair value of assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value and establishes a framework for measuring fair value as required by other accounting pronouncements. See Note 14 for further discussion of the Company’s fair value measurements. Foreign Currency The Company’s primary foreign currency exposure is subject to fluctuations in exchange rates for the U.S. dollar versus the Australian and Canadian dollars and the related effects on receivables and investments denominated in those currencies. The Company records transaction gains (losses) for fluctuations on foreign currency rates as a component of other income (expense), net on the Consolidated Statements of Operations. Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and liability based approach in accounting for income taxes. Deferred income tax assets, including net operating loss (“NOL”) and certain tax credit carryovers and liabilities, are recorded based on the differences between the financial statement and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the tax differences are expected to reverse. Valuation allowances are provided against deferred tax assets, which are assessed as not likely to be realized. On a quarterly basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. This evaluation requires the use of estimates and assumptions and considers all positive and negative evidence and factors, such as the scheduled reversal of temporary differences, the mix of earnings in the jurisdictions in which the Company operates, and prudent and feasible tax planning strategies. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the dates of enactment. The Company accounts for unrecognized tax benefits based upon its assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company reports a liability for unrecognized tax benefits resulting from unrecognized tax benefits taken or expected to be taken in a tax return and recognizes interest and penalties, if any, related to its unrecognized tax benefits in income tax expense. See Note 6 for further discussion of the Company’s income taxes. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in ASU 2019-12 seek to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplify GAAP in other areas of Topic 740. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company early adopted ASU 2019-12 effective April 1, 2020, with no immediate impact to the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (“ASU 2018-13”). This update modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. Certain disclosure requirements established in Topic 820 have been removed, some have been modified and new disclosure requirements were added. This new standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2018-13 effective April 1, 2020, with no immediate impact to the Company’s Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (“ASU 2018-15”). The main objective of ASU 2018-15 is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this update require that a customer in a hosting arrangement that is a service contract follow the guidance in Subtopic 350-40 to determine which implementation costs should be capitalized as an asset and which costs should be expensed and states that any capitalized implementation costs should be expensed over the term of the hosting arrangement. This new standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2018-15 effective April 1, 2020, with no immediate impact to the Company’s Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-18 Collaborative Arrangements (Topic 808) (“ASU 2018-18”). The update provides guidance on the interaction between Revenue Recognition (Topic 606) and Collaborative Arrangements (Topic 808) by aligning the unit of account guidance between the two topics and clarifying whether certain transactions between collaborative participants should be accounted for as revenue under Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2018-18 effective April 1, 2020, with no immediate impact to the Company's Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 will replace the current incurred loss approach with a new expected credit loss impairment model for trade receivables, loans, and other financial instruments. Under the new model, the estimate of expected credit losses will be based on historical experience, current conditions and reasonable and supportable forecasts. For the Company, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Disclosure | Long-term Debt and Notes Payable to Banks PPP Loan On April 14, 2020, the Company obtained an unsecured first draw Paycheck Protection Program (“PPP”) loan through JPMorgan Chase Bank, N.A. (“JPM”) in the amount of $1.6 million (the “PPP Loan”). The PPP Loan was made through the United States Small Business Administration (the “SBA”) as part of the PPP under the 2020 Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). On March 16, 2021, the SBA and JPM provided forgiveness for the full amount of the PPP Loan, plus all related accrued interest. The gain associated with the forgiveness is presented on the Statements of Operations as Gain on forgiveness of first draw PPP loan. PPP2 Loan |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases The Company adopted ASC 842 effective April 1, 2019, which resulted in an increase to total assets of $1.3 million to record the right-of-use (“ROU”) assets for operating leases of facilities and an increase in total liabilities of $1.2 million to record the associated lease liabilities. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The difference between operating lease liabilities and ROU assets recognized is primarily due to prepaid rent and deferred rent accruals recorded under prior lease accounting standards. ASC 842 requires such balances to be reclassified against ROU assets at transition. The adoption did not have any impact on the Company's Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the net present value of remaining fixed lease payments over the lease term. Lease terms used to calculate the present value of the lease payments include any options to extend, renew, or terminate the lease, when it is reasonably certain that these options will be exercised. ROU assets also include any advance lease payments made and exclude any lease incentives. As the implicit interest rate for our leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease arrangements with non-lease components that are not in-substance fixed and considered variable, which were not included in the carrying balances of the right-of-use asset and lease liability. The Company does not have any finance leases. The Company elected the package of practical expedients, which among other things, allows the Company to carry forward historical lease classifications. The Company also made the accounting policy election to account for each separate lease component and non-lease component associated with that lease component as a single lease component, thus causing all fixed payments to be capitalized. The Company determines at inception whether an arrangement is a lease. The Company reviews the impairment ROU assets consistent with the approach applied to other long-lived assets. ROU assets are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying amount over its fair value. The Company's operating leases primarily include building leases for the corporate headquarters in Aurora, IL, an engineering and service center in Dublin, OH, and office space in Manchester, NH. Total rent expense for all facilities was $0.7 million and $0.9 million for fiscal years 2021 and 2020, respectively. The following table presents future minimum lease payments as of March 31, 2021 (in thousands): Fiscal Year Operating Leases 2022 $ 540 2023 587 2024 593 2025 604 2026 276 Thereafter — Total lease payments 2,600 Less: imputed interest (254) Total operating lease liabilities as of March 31, 2021 $ 2,346 As of March 31, 2021, the weighted-average remaining lease term was 4.6 years and the weighted-average discount rate was 4.5%. During the first quarter of fiscal year 2021, the Company executed a lease extension for the Manchester, New Hampshire facility with the lease term extended to August 31, 2022 with an option to further extend the lease for one additional term of two years (the “NH extension”). The Company also executed a lease extension for the Aurora, IL facility in the quarter ended June 30, 2020 that extended the lease to November 30, 2025 with an option to extend the lease for one additional term of five years (the “IL extension”). The IL extension required a deposit, which is expected to be applied to the final two lease payments and is included in the calculation of the total lease liability. Prior to the extension, additional rent payments covering the Company’s portion of operating expenses and taxes were fixed and included in the lease liability balance. The amendment to extend the lease changed these fixed additional rent payments to variable payments with adjustments made based on actual operating expenses and taxes and, as such, would no longer be included in the lease liability balances beginning October 1, 2020. During the second quarter of fiscal year 2020, as a cost savings effort, the Company executed a 63 month lease for the Dublin, Ohio design service center rather than executing the two year extension option to the existing lease. The new lease commenced on December 1, 2019 and has a reduced footprint that is more suitable to the Company's current operation. The lease includes a renewal option to extend the initial lease term for an additional three years. The lease also includes a termination option effective the last day of the 39th month of the lease term. The cost to terminate under this option would be approximately $70,000. At this time, the Company does not expect to terminate the lease at the end of the 39 th month of the lease term and so the cost to terminate is not included in the ROU asset and lease liability balance. The Company's building leases include variable lease payments that are not included in the lease liability balances as they are based on the expenses which can vary during the term of each lease. At this time, the Company is not reasonably certain to exercise any of the options for further lease extensions so they are not included in the ROU asset and lease liability balance. Lease expenses are included in Cost of revenue, Sales and marketing, Research and development, and General and administrative in the Company's Consolidated Statements of Operations. The components of lease expense are as follows: (in thousands) Twelve months ended March 31, 2021 Twelve months ended March 31, 2020 Operating lease expense $ 600 $ 800 Variable lease expense (1) 141 97 Total lease expense (2) $ 741 $ 897 _______ (1) Variable lease expense is related to our leased real estate in Illinois, Ohio and New Hampshire and primarily includes labor and operational costs as well as taxes and insurance. (2) Short-term lease expense is immaterial. For both the fiscal years ended March 31, 2021 and March 31,2020, cash paid for operating leases included in the measurement of lease liabilities was $0.8 million. All of these payments are presented in Operating activities cash flows on the Consolidated Statements of Cash Flows. In addition, the Company obtained approximately $2.4 million of ROU assets in exchange for related operating lease liabilities during the fiscal year ending March 31, 2021. The following table summarizes the classification of ROU assets and lease liabilities as of March 31, 2021 and March 31, 2020: (in thousands) March 31, 2021 March 31, 2020 Balance Sheet Classification Assets: ROU assets 2,448 628 Right-of-use assets on operating leases, net Liabilities: Current operating lease liability 450 339 Accrued expenses Non-current operating lease liabilities 1,896 250 Other non-current liabilities Total lease liabilities $ 2,346 $ 589 |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer | Revenue Recognition and Deferred Revenue The Company records revenue based on a five-step model in accordance with ASC 606. The Company's revenue is derived from the sale of products, software, and services identified in contracts. A contract exists when both parties have an approved agreement that creates enforceable rights and obligations, identifies performance obligations and payment terms and has commercial substance. The Company records revenue from these contracts when control of the products or services transfer to the customer. The amount of revenue to be recognized is based upon the consideration, including the impact of any variable consideration, that the Company expects to be entitled to receive in exchange for these products and services. Disaggregation of revenue The following table disaggregates our revenue by major source: (In thousands) Twelve months ended March 31, 2021 2020 Revenue: Products $ 24,793 $ 25,100 Software 188 282 Services 4,966 4,574 Total revenue $ 29,947 $ 29,956 The following is the expected future revenue recognition timing of deferred revenue as of March 31, 2021: < 1 year 1-2 years > 2 years Deferred Revenue $ 874 $ 79 $ 26 During the fiscal years ended March 31, 2021, and 2020, the Company recognized $1.1 million and $1.2 million of revenue, respectively, related to contract liabilities included in deferred revenue at the beginning of the periods. The Company allows certain customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability is included within Accrued expenses on the accompanying Consolidated Balance Sheets. Additionally, the Company records an asset based on historical experience for the amount of product we expect to return to inventory as a result of the return, which is recorded in Prepaid and other current assets in the Consolidated Balance Sheets. The gross product return asset was $0.1 million at both March 31, 2021 and March 31, 2020. The product returns liability was $0.1 million and $0.2 million at March 31, 2021 and March 31, 2020, respectively. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes:The Company utilizes the liability method of accounting for income taxes and deferred taxes which are determined based on the differences between the financial statements and tax bases of assets and liabilities given the provisions of the enacted tax laws. In assessing the realizability of the deferred tax assets, the Company considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized through the generation of future taxable income. In making this determination, the Company assessed all of the evidence available at the time including recent earnings, forecasted income projections, and historical financial performance. The Company has fully reserved deferred tax assets as a result of this assessment. The income tax (benefit) expense from continuing operations is summarized as follows: Fiscal Year Ended March 31, (in thousands) 2021 2020 Federal: Current $ 6 $ (1) Deferred — — 6 (1) State: Current (46) 19 Deferred — — (46) 19 Foreign: Current 18 18 Deferred — — 18 18 Total $ (22) $ 36 The statutory federal income tax rate is reconciled to the Company's effective income tax rates as follows: Fiscal Year Ended March 31, 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % PPP loan forgiveness 12.5 — Meals and entertainment — (0.2) State income tax, net of federal tax effect (35.7) 1.0 Valuation allowance 9.2 (20.6) Tax reserve assessment 36.6 3.8 Expiration of tax attribute (36.6) (3.8) Foreign tax credit (1.9) (0.2) Equity compensation (3.9) (1.8) Other (0.4) 0.4 Effective income tax rate 0.8 % (0.4) % Components of the net deferred income tax assets are as follows: March 31, (in thousands) 2021 2020 Deferred income tax assets: Allowance for doubtful accounts $ 26 $ 26 Foreign tax credit carryforward 759 810 Depreciation 159 165 Deferred revenue 251 339 Accrued compensation 189 214 Inventory reserves 710 817 Accrued warranty 32 41 Net operating loss carryforward 36,858 37,033 Intangibles and goodwill 875 705 Other 727 691 Gross deferred tax assets 40,586 40,841 Valuation allowance (40,586) (40,841) Net deferred income tax assets — — In fiscal years 2021 and 2020, the Company continued to maintain a full valuation allowance on deferred tax assets. The valuation allowance decreased by $0.3 million in fiscal year 2021. The Company’s ability to utilize NOL carryforwards and other tax attributes to reduce future federal taxable income is subject to potential limitations under Internal Revenue Code Section 382 (“Section 382”) and its related tax regulations. The utilization of these attributes may be limited if certain ownership changes by 5% stockholders (as defined in Treasury regulations pursuant to Section 382) and the effects of stock issuances by the Company during any three-year period result in a cumulative change of more than 50% in the beneficial ownership of the Company. The Company completed the Section 382 analysis for fiscal year 2021 and has concluded there were no ownership changes during the fiscal year 2021 that triggered a Section 382 limitation. If it is determined that an ownership change has occurred under these rules, the Company would generally be subject to an annual limitation on the use of pre-ownership change NOL carryforwards and certain other losses and/or credits. In addition, certain future transactions regarding the Company's equity, including the cumulative effects of small transactions as well as transactions beyond the Company’s control, could cause an ownership change and therefore a potential limitation on the annual utilization of the deferred tax assets. As of March 31, 2020, the Company has $0.3 million tax receivables associated with a prior alternative minimum tax (“AMT”) credit carryforward. On March 27, 2020, the “CARES Act was signed into law. Among the changes to the U.S. federal income tax rules, the CARES Act accelerated the timeframe for refunds of AMT credits. The Company recovered the entire amount in fiscal year 2021 via tax refunds. Under the CARES Act, the Company is deferring the employer portion of social security taxes and will apply for a refund of its Alternative Minimum Tax credit. For the fiscal year ended March 31, 2021, the Company has deferred $0.4 million of payroll taxes. The payroll taxes will be deferred until the due dates of December 31, 2021 and December 31, 2022. The Company records a deferred tax asset for the payroll tax liability that is not deductible in fiscal year 2021 for income tax purposes. Also under the CARES Act, the PPP was established to provide loans to eligible businesses. Under the terms of the PPP, certain amounts of the loan may be forgiven if used for qualifying expenses, as described in the CARES Act. For fiscal year 2021, the Company is excluding $1,637,000 of income related to the loan forgiveness from taxable income. The Company continues to monitor government economic stabilization efforts and is awaiting further IRS clarification to determine eligibility for the calendar year 2021 employee retention credit (“ERC”). The Company recorded an income tax benefit from continuing operations of $22,000 and income tax expenses of $36,000 in fiscal years 2021 and 2020, respectively. The Company has, on a tax-effected basis, approximately $0.8 million in tax credit carryforwards and $29.7 million of federal net operating loss carryforwards that are available to offset taxable income in the future. The tax credit carryforwards will begin to expire in fiscal year 2022. The federal net operating loss (“NOL”) carryforwards begin to expire in fiscal year 2022. The Company's net operating losses and credits have a finite life primarily based on the 20-year carryforward rule for federal NOLs generated through March 31, 2018. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). Under rules enacted by the Tax Act, tax losses incurred in fiscal year 2019 and future periods will not expire, thereby extending the period by which the Company's deferred tax assets can be realized. However, federal NOLs generated after fiscal year 2018 are subject to a limitation of 80% of the current taxable income. In fiscal year 2021, $0.1 million of federal tax credits expired. State tax credit carryforwards and net operating loss carryforwards, on a tax effected basis and net of federal tax benefits, are $0.1 million and $7.2 million, respectively. The remaining state tax credit carryforwards and state net operating loss carry forwards begin to expire in fiscal year 2022. In fiscal year 2021, $1.1 million of state net operating loss carryforwards expired. The Company accounts for uncertainty in income taxes under ASC 740, which prescribes a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition , classification, interest and penalties, accounting in interim periods, disclosure and transition. A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits for fiscal years 2020 and 2021 is as follows: (in thousands) Unrecognized tax benefits at March 31, 2019 $ 2,182 Additions based on positions related to fiscal year 2020 — Reductions as a result of expirations of applicable statutes of limitations (377) Unrecognized tax benefits at March 31, 2020 1,805 Additions based on positions related to fiscal year 2021 — Reductions as a result of expirations of applicable statutes of limitations (1,050) Unrecognized tax benefits at March 31, 2021 $ 755 If the unrecognized tax benefit balances at March 31, 2021 and 2020, were recognized, it would affect the effective tax rate. The Company recognized interest and (benefit)/penalties of $(20,400) and $2,600 as a component of income tax expense in fiscal year 2021 and 2020, respectively. As of March 31, 2021 and 2020, accrued interest and penalties were $0 and $20,400, respectively. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. With few exceptions, the major jurisdictions subject to examination by the relevant taxable authorities, and open tax years, stated as the Company's fiscal years, are as follows: Jurisdiction Open Tax Years U.S. Federal 2017 - 2020 U.S. States 2016 - 2020 Foreign 2016 - 2020 Since net operating loss carryovers are subject to audit based on the year in which they are utilized, all of the Company’s net operating losses generated in the past are open to adjustment by the Internal Revenue Service or state tax authorities (some states have shorter carryover periods). |
Intangible Assets (Notes)
Intangible Assets (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Intangible Assets: The Company has recorded intangible assets, such as trademark, developed technology, non-compete agreements, backlog, customer relationships, and licensing agreements, and accounts for these in accordance with ASC 350. Intangible assets include finite-lived customer relationships, trade names, developed technology, licensing agreements and other intangibles. Intangible assets with determinable lives are amortized over the estimated useful lives of the assets. These intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying amount over its fair value. Product Licensing Rights On July 31, 2019, the Company entered into a five During the quarter ended September 30, 2020, the Company determined there were indications of impairment on the IBW intangible asset primarily due to the duration of the COVID-19 pandemic, which delayed construction projects impacting the amount and timing of revenue. The Company performed the recoverability test described above and concluded the carrying amounts were recoverable. The Company concluded it was not necessary to perform a recoverability test for the IBW intangible asset during the quarter ended December 31, 2020. In February 2021, a small fire at a subcontractor destroyed inventory that was being used to produce product under the Agreement as previously defined above. Due to long lead times, increased costs and new minimum order quantities on replacement components, the Company made a decision to accelerate engineering efforts to develop a new replacement product and abandon the production of product under the Agreement. As a result, during the quarter ended March 31, 2021, the Company recorded a non-cash impairment loss of $525,000 to fully impair the product licensing right intangible asset. During the quarter ended March 31, 2020, the Company determined there were indications of impairment on the product licensing rights as demand slowed for public safety products in part due to site access limitations and delayed project planning/approval as a result of COVID-19 during the quarter. The Company performed the recoverability test described above and concluded the carrying amount was not recoverable. The potential deferral of revenues within a fixed license period created an impaired value. During the quarter ended March 31, 2020, the Company recorded a $1,007,000 impairment loss to record the excess of the asset’s carrying amount over its fair value. The impairment losses are presented on the Statements of Operations as Long-lived assets impairment. Acquisition-related Intangible Assets As of March 31, 2021, the ISM reporting unit is the only remaining reporting unit that has unamortized acquisition-related intangible assets. There was no intangible asset impairment during fiscal years 2021 or 2020 for the ISM reporting unit for acquisition-related intangible assets. During the quarter ended September 30, 2020, the Company determined there were indications of impairment on the ISM intangible assets primarily due to the duration of the COVID-19 pandemic, which have delayed construction projects impacting the amount and timing of revenue. The Company performed the recoverability test described above and concluded the carrying amounts were recoverable. The Company concluded it was not necessary to perform a recoverability test for the ISM intangible assets during the quarters ended December 31, 2020 and March 31, 2021. During the quarter ended September 30, 2019, the Company determined there were indications of impairment on the ISM intangible assets primarily due to a significant decline in revenue. The decrease in revenue in the three months ended September 30, 2019, primarily was due to decreased sales of remote units driven by a slowdown in demand from two existing customers. The Company performed the recoverability test described above and concluded the carrying amount was recoverable. The Company concluded it was not necessary to perform a recoverability test during the quarter ended December 31, 2019. During the quarter ended March 31, 2020, the Company determined there were indications of impairment on the ISM intangible assets as late in the quarter travel to customer worksites, which is required for many of our ISM products, became restricted due to COVID-19. The Company performed the recoverability test described above and concluded the carrying amount was recoverable. Originally, the finite-lived intangibles are being amortized over periods of 2 to 10 years using either a straight line method or the consumption period based on expected cash flows from the underlying intangible asset. Finite-lived intangible amortization expense from continuing operations for acquisition-related intangible assets was $903,000 and $1,233,000 in fiscal years 2021 and 2020. Acquisition-related and Product Licensing Rights The summary of amortization expense in the Consolidate Statement of Operations is as follows: (in thousands) Twelve months ended March 31, 2021 2020 Cost of revenue $ 158 $ 260 Operating expenses 903 1,233 Total $ 1,061 $ 1,493 The following table presents details of the Company’s intangibles from historical acquisitions and the Agreement: March 31, 2021 March 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Backlog $ 1,530 $ (1,530) $ — $ 1,530 $ (1,530) $ — Customer relationships 23,260 (22,428) 832 23,260 (21,872) 1,388 Licensing agreement 1,950 (1,950) — 1,950 (1,267) 683 Product technology 45,195 (44,885) 310 45,195 (44,538) 657 Non-compete 510 (510) — 510 (510) — Trade name and trademark 1,473 (1,473) — 1,473 (1,473) — Total finite-lived intangible assets, net $ 73,918 $ (72,776) $ 1,142 $ 73,918 $ (71,190) $ 2,728 The following is the expected future amortization by fiscal year: (in thousands) 2022 2023 2024 2025 2026 Thereafter Intangible amortization expense $ 766 $ 376 $ — $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: Obligations The Company has operating leases, including leases for three facilities. See Note 4 Leases . A reserve for a net loss on firm purchase commitments of $178,000 and $46,000 is recorded on the balance sheet as Accrued expenses as of March 31, 2021 and 2020, respectively. Litigation and Contingency Reserves The Company and its subsidiaries are involved in various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that may be incorporated in the Company’s products, which are being handled and defended in the ordinary course of business. These matters are in various stages of investigation and litigation, and they are being vigorously defended. Although the Company does not expect that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations, litigation is inherently unpredictable. Therefore, judgments could be rendered, or settlements entered, that could adversely affect the Company’s operating results or cash flows in a particular period. The Company routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability, and it records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. In the ordinary course of operations, the Company receives claims where the Company believes an unfavorable outcome is possible and/or for which is probable and no estimate of possible losses can currently be made. A significant customer is a defendant in an ongoing patent infringement claim and is asserting possible indemnity rights under contracts with the Company. The customer initially won summary judgment for all claims, which was subsequently reversed on appeal. After the reversal, the customer filed another motion for summary judgment for non-infringement on all claims, which was recently granted by the District Court. Prior to issuance of the most recent summary judgment order, the customer informed the Company that the customer intends to seek to recover from the Company a share of the settlement and defense costs. The Company has a release as to all defense costs incurred prior to June 2019. At this time, the Company does not have a specific estimate regarding the potential range of the related costs, or a lower limit of the range, with any degree of certainty for the claim, and therefore, we can only disclose the recent notice of intent to seek costs. The Company is seeking additional information to fully evaluate the facts in order to determine potential exposure, which will vary depending upon, among other things, the Company's contribution ratio, whether the plaintiff in the underlying case appeals the summary judgment order, and the resolution of that appeal. This claim relates to a business that was previously sold and therefore any future expense would be presented as discontinued operations in the financial statements. |
Product Warranties (Notes)
Product Warranties (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | Product Warranties: The Company’s products carry a limited warranty ranging from one to seven years for the product within the CNS segment, typically one year for products within the ISM segment and from one to five years for the products within the IBW segment. The specific terms and conditions of these warranties vary depending upon the customer and the product sold. Factors that enter into the estimate of the Company’s warranty reserve include: the number of units shipped historically, anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the reserve as necessary. The current portions of the warranty reserve were $73,000 and $120,000 as of March 31, 2021 and 2020, respectively, and are presented on the Consolidated Balance Sheets as Accrued expenses. The long-term portions of the warranty reserve were $52,000 and $40,000 as of March 31, 2021 and 2020, respectively, and are presented on the Consolidated Balance Sheets as Other long-term liabilities. The following table presents the changes in our product warranty reserve: Fiscal Year Ended March 31, (in thousands) 2021 2020 Total product warranty reserve, beginning of period $ 160 $ 130 Warranty expense 72 111 Utilization (107) (81) Total product warranty reserve, end of period $ 125 $ 160 |
Capital Stock and Stock Restric
Capital Stock and Stock Restrictions (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Payments for Repurchase of Equity [Abstract] | |
Capital Stock And Stock Restriction Agreements [Text Block] | Capital Stock and Stock Restriction Agreements: Reverse/Forward Stock Split On September 29, 2020, the Company filed amendments to the Company’s amended and restated certificate of incorporation to effect a 1-for-1,000 reverse stock split of the Company’s Class A and Class B Common Stock, followed immediately by a 1,000-for-1 forward stock split (the “Transaction”). The Company's stockholders approved the Transaction at the Annual Meeting of Stockholders held on September 29, 2020. The effective date of the Transaction was October 1, 2020. As a result of the Transaction, the Company paid $7.2 million to repurchase approximately 4.9 million shares of the Class A Common Stock at a purchase price of $1.48 per share . Capital Stock Activity The Board of Directors has the authority to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, without any further vote or action by stockholders. Share Repurchase Programs In May 2017, the Board of Directors authorized a share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock (the “2017 authorization”). The 2017 authorization also includes the remaining $0.1 million from the August 2011 authorization. There were no shares repurchased under the 2017 authorization during fiscal years 2021 or 2020. There was approximately $0.7 million remaining for additional share repurchases under the 2017 authorization as of March 31, 2021. In fiscal years 2021 and 2020, the Company repurchased from employees 69,520 shares and 93,039 shares, respectively, to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock units and performance-based restricted stock units. These repurchases, which are not included in the authorized share repurchase programs, had a weighted-average purchase price of $0.81 and $2.06, respectively. Voting Rights The Company’s Common Stock is divided into two classes. Class A Common Stock is entitled to one vote per share, while Class B Common Stock is entitled to four votes per share. As of May 14, 2021, Robert C. Penny III, Robert W. Foskett and Patrick J. McDonough, Jr., as trustees of the Voting Trust containing common stock held for the benefit of the Penny family, have the exclusive power to vote over 60.0% of the votes entitled to be cast by the holders of the Company's common stock. Certain Penny family members also own, or are beneficiaries of, trusts that own shares outside of the Voting Trust. Messrs. Penny, Foskett and McDonough, as trustees of the Voting Trust and other trusts, control 65.2% of the voting power of the Company’s outstanding stock and therefore effectively control the Company. Stock Restriction Agreements The members of the Penny family (principal stockholders) have a Stock Transfer Restriction Agreement that prohibits, with limited exceptions, such members from transferring their Class B Common Stock acquired prior to November 30, 1995, without first offering such stock to the other members of the Penny family. If converted, Class B stock converts on a one-for-one basis into shares of Class A Common Stock upon a transfer. As of March 31, 2021, a total of 3,484,287 shares of Class B Common Stock are subject to this Stock Transfer Restriction Agreement. Shares Issued and Outstanding The following table summarizes Common Stock transactions for fiscal years 2020 and 2021: Common Shares Issued Class A Class B Class A Treasury Shares Total shares outstanding, March 31, 2019 11,909,979 3,484,287 (5,122,414) Purchases of Treasury Stock (93,039) — (93,039) Restricted stock grants, including conversion of certain RSUs and PSUs, net of forfeitures 407,510 — — Total shares outstanding, March 31, 2020 12,224,450 3,484,287 (5,215,453) Purchases of Treasury Stock (4,954,300) — (4,954,300) Restricted stock grants, including conversion of certain RSUs and PSUs, net of forfeitures 251,121 — — Total shares outstanding, March 31, 2021 7,521,271 3,484,287 (10,169,753) |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement | Stock-based Compensation: Employee Stock Incentive Plans The Westell Technologies, Inc. 2019 Omnibus Incentive Compensation Plan (the “2019 Plan”) was approved at the annual meeting of stockholders on September 17, 2019. The 2019 Plan replaced the Westell Technologies, Inc. 2015 Omnibus Incentive Compensation Plan (the “2015 Plan”). If any award granted under the 2019 Plan or the 2015 Plan is canceled, terminates, expires, or lapses for any reason, any shares subject to such award will again be available for the grant of an award under the 2019 Plan. Shares subject to an award will not be made available again for issuance under the Plan if such shares are: (a) delivered to or withheld by the Company to pay the grant or purchase price of an award, or (b) delivered to or withheld by the Company to pay the withholding taxes related to an award. Any awards or portions thereof that are settled in cash and not in shares will not be counted against the share limit. There are a total of 1,250,418 shares available for issuance under the 2019 Plan as of March 31, 2021. The stock options, restricted stock awards, and RSU awards granted under the 2019 Plan typically vest in equal annual installments over 3 years for employees and 1 year for non-employee directors. PSUs earned generally vest over the performance period, as described below. Certain awards provide for accelerated vesting if there is a change in control (as defined in the 2019 Plan), or when provided within individual employment contracts. The Company accounts for forfeitures as they occur. The Company issues new shares of stock for awards under the 2019 Plan. Stock-Based Compensation Total stock-based compensation is reflected in the Consolidated Statements of Operations as follows: Fiscal Year Ended March 31, (in thousands) 2021 2020 Cost (benefit) of revenue $ 43 $ 69 Sales and marketing 135 227 Research and development 59 120 General and administrative 278 358 Stock-based compensation 515 774 Income tax benefit — — Total stock-based compensation, after taxes $ 515 $ 774 Stock Options Stock options that have been granted by the Company have an exercise price that is equal to the reported value of the Company’s stock on the grant date. The Company’s options have a contractual term of 7 years. Compensation expense is recognized on a straight-line basis over the vesting period for the award. The Company uses the Black-Scholes model to estimate the fair value of employee stock options on the date of grant. That model employs parameters for which the Company has made estimates according to the assumptions noted below. Expected volatilities were based on historical volatilities of the Company’s stock. The expected option lives represent the period of time that options granted are expected to be outstanding based on historical trends. The risk-free interest rates were based on the United States Treasury yield curve for the expected term at the time of grant. The dividend yield was based on expected dividends at the time of grant, which has always been zero. The Company recorded expense of $31,000 and $33,000 in the fiscal years ended March 31, 2021 and 2020, respectively, related to stock options. There were no options exercised in fiscal years 2021 and 2020. Option activity for the fiscal year ended March 31, 2021 is as follows: Shares Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands) Outstanding on March 31, 2020 221,812 $ 1.87 Granted — $ — Exercised — $ — Forfeited (5,250) $ 4.73 Expired — $ — Outstanding on March 31, 2021 216,562 $ 1.80 4.5 $ 0 Exercisable on March 31, 2021 116,562 $ 2.19 3.6 $ 0 (1) The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the reporting date. As of March 31, 2021, there was $44,000 of pre-tax stock option compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted-average period of 1.4 years. The fair value of each option was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Fiscal Year Ended March 31, 2020 Input assumptions: Expected volatility 57% Risk-free interest rate 1.4% Expected life 4 years Expected dividend yield 0% Output weighted-average grant date fair value $0.62 Restricted Stock Vesting of restricted stock is subject to continued employment with the Company. During fiscal years 2021 and 2020, non-employee directors received grants of 24,192 and 128,584 shares with a weighted-average grant date fair value of $1.24 and $1.39, respectively. The Company recognizes compensation expense restricted stock on a straight-line basis over the vesting periods for the award based on the market value of Westell Technologies stock on the date of grant. The following table sets forth restricted stock activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 128,584 $1.39 Granted 24,192 $1.24 Vested (128,584) $1.39 Forfeited (4,032) $1.24 Non-vested as of March 31, 2021 20,160 $1.24 The Company recorded $0.1 million and $0.2 million of expense in the fiscal years ended March 31, 2021 and 2020, respectively, related to restricted stock. As of March 31, 2021, there was $12,000 of pre-tax unrecognized compensation expense, related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 0.5 years. The total intrinsic fair value of shares vested was $0.1 million during both fiscal years 2021 and 2020. Restricted Stock Units ( “ RSUs ” ) In fiscal years 2021 and 2020, there were 301,140 and 301,037 shares with a weighted-average grant date fair value of $0.80 and $1.73, respectively, of RSUs awarded to certain key employees. These awards convert into shares of Class A Common Stock on a one-for-one basis upon vesting. The Company recognizes compensation expense on a straight-line basis over the vesting for the award based on the market value of Westell Technologies stock on the date of grant. The Company recorded stock-based compensation expense of $0.4 million and $0.6 million for RSUs in fiscal years 2021 and 2020, respectively. As of March 31, 2021, there was approximately $0.3 million of pre-tax unrecognized compensation expense related to the RSUs, which is expected to be recognized over a weighted-average period of 1.7 years. The total intrinsic fair value of RSUs vested was $0.2 million and $0.6 million during fiscal years 2021 and 2020, respectively. The following table sets forth the RSUs activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 441,108 $2.31 Granted 301,140 $0.80 Vested (226,929) $2.51 Forfeited (41,334) $1.24 Non-vested as of March 31, 2021 473,985 $1.35 Performance-based RSUs ( “ PSUs ” ) A total of 229,303 and 216,144 PSUs were granted during fiscal years 2021 and 2020, respectively. PSUs were earned based upon achievement of performance goals tied to growing revenue and to non-GAAP profitability targets for the respective fiscal year, but have a continued employment provision and will vest when all of the following have occurred: one year from the grant date and the Company's audited financial statements are public. Upon vesting, the PSUs convert into shares of Class A Common Stock of the Company on a one-for-one basis. For the fiscal year 2021 and 2020 grants, all PSUs were forfeited prior to vesting. The Company recorded no stock-based compensation expense for PSUs in fiscal years 2021 or 2020. The following table sets forth the PSUs activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 5,000 $1.38 Granted 229,303 $0.78 Vested — $0.00 Forfeited (234,303) $0.80 Non-vested as of March 31, 2021 — $0.00 |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Related Information: Segment information is presented in accordance with a “management approach”, which designates the internal reporting used by the chief operating decision-maker (“CODM”) for making decisions and assessing performance as the source of the Company's reportable segments. Westell’s Chief Executive Officer is the CODM. The CODM evaluates segment profit on gross profit less research and development expenses. The accounting policies of the segments are the same as those for Westell Technologies, Inc. described in the summary of significant accounting policies. The Company’s three reportable segments are as follows: In-Building Wireless ( “ IBW ” ) Segment IBW segment solutions enable cellular and public safety coverage in stadiums, arenas, malls, buildings, and other indoor areas not served well or at all by the existing “macro” outdoor cellular network. For cellular service, solutions include indoor distributed antenna systems (“DAS”), DAS conditioners and digital repeaters. For the public safety market, solutions include Class A repeaters, Class B repeaters, and battery backup units. IBW also offers ancillary products that consist of passive system components and antennas for both the cellular service and public safety markets. Intelligent Site Management ( “ ISM ” ) Segment ISM segment solutions include a suite of remote units, which provide machine-to-machine (“M2M”) communications that enable operators to remotely monitor, manage, and control physical site infrastructure and support systems. Remote units can be and often are combined with the Company’s Optima management software system. ISM also offers support services (i.e., maintenance agreements) and deployment services (i.e., installation). Communications Network Solutions ( “ CNS ”) Segment CNS segment solutions include a broad range of hardened network infrastructure offerings suitable for both indoor and outdoor use. The offerings consist of integrated cabinets, power distribution products, copper and fiber network connectivity products, fiber access products and T1 network interface units (“NIUs”). Segment information for the fiscal years ended March 31, 2021 and 2020, is set forth below: Fiscal Year Ended March 31, 2021 (in thousands) IBW ISM CNS Total Revenue $ 9,683 $ 9,352 $ 10,912 $ 29,947 Cost of revenue 7,159 4,108 8,608 19,875 Gross profit 2,524 5,244 2,304 10,072 Gross margin 26.1 % 56.1 % 21.1 % 33.6 % Research and development 1,596 1,623 813 4,032 Segment profit $ 928 $ 3,621 $ 1,491 6,040 Operating expenses: Sales and marketing 5,207 General and administrative 4,086 Intangible amortization 903 Restructuring — Long-lived assets impairment 525 Operating income (loss) from continuing operations (4,681) Gain on forgiveness of first draw PPP loan 1,637 Other income (expense), net 288 Income tax (expense) benefit 22 Net income (loss) from continuing operations $ (2,734) Fiscal Year Ended March 31, 2020 (in thousands) IBW ISM CNS Total Revenue $ 10,021 $ 10,101 $ 9,834 $ 29,956 Cost of revenue 7,408 4,865 8,036 20,309 Gross profit 2,613 5,236 1,798 9,647 Gross margin 26.1 % 51.8 % 18.3 % 32.2 % Research and development 1,757 2,237 1,352 5,346 Segment profit $ 856 $ 2,999 $ 446 4,301 Operating expenses: Sales and marketing 7,592 General and administrative 4,757 Intangible amortization 1,233 Restructuring 234 Long-lived assets impairment 1,007 Operating income (loss) from continuing operations (10,522) Other income (expense), net 456 Income tax (expense) benefit (36) Net income (loss) from continuing operations $ (10,102) Segment asset information is not reported to or used by the CODM. Enterprise-wide and Geographic Information More than 90% of the Company’s revenues were generated in the United States in fiscal years 2021 and 2020. More than 90% of the Company's long-lived assets are located in the United States. Significant Customers and Concentration of Credit The Company is dependent on certain major companies operating in telecommunications markets. Although, no customers exceeded 10% of total revenue during fiscal year 2021 or 2020, receivables from major customers that exceeded 10% of total accounts receivable balance are as follows: Fiscal Year Ended March 31, 2021 2020 Customer 1 10.8 % 12.5 % Customer 2 11.0 % 9.4 % Customer 3 6.8 % 10.8 % Customer 4 11.7 % 4.3 % Customers 1, 3 and 4 are customers of all reporting segments .Customers 2 is a customer of the ISM reporting segments. |
Restructuring Charge (Notes)
Restructuring Charge (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring Charges [Abstract] | |
Restructuring Charge | Restructuring Charges: In fiscal year 2020, the Company recorded a restructuring expense of $234,000 related to employee termination costs that spanned all three segments. There were no restructuring expenses recorded in fiscal year 2021. Total fiscal year 2020 restructuring charges and their utilization are summarized as follows: (in thousands) Employee Other Total Liability at March 31, 2019 $ — $ — $ — Charged 234 — 234 Payments (234) — (234) Liability at March 31, 2020 $ — $ — $ — |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: Fair value is defined by ASC 820 as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets and liabilities. • Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Assets Measured at Fair Value on a Recurring Basis The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2021: (in thousands) Total Fair Value Quoted Prices in Significant Other Significant Balance Sheet Assets: Money market funds $ 11,442 $ 11,442 $ — $ — Cash and cash equivalents The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2020: (in thousands) Total Fair Value Quoted Prices in Significant Other Significant Balance Sheet Classification Assets: Money market funds $ 20,690 $ 20,690 $ — $ — Cash and cash equivalents The fair value of the money market funds approximates their carrying amounts due to the short-term nature of these financial instruments. The decrease in the money market funds balance as of March 31, 2021, was primarily due to the transfer of funds to a cash deposit account for payments related to the reverse-forward split Transaction. See Note 10, Capital Stock and Stock Restriction Agreements. Assets Measured at Fair Value on a Nonrecurring Basis At March 31, 2021, assets measured at fair value on a nonrecurring basis consisted of long-lived assets for our ISM reporting unit, using significant unobservable inputs. See Note 7, Intangible Assets for further discussion of intangible assets impairment evaluations. |
Variable Interest Entity Variab
Variable Interest Entity Variable Interest Entity (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Guarantees | Variable Interest Entity and Guarantee: The Company has a 50% equity ownership in AccessTel Kentrox Australia PTY LTD (“AKA”). AKA distributes network management solutions provided by the Company and the other 50% owner to one customer. The Company holds equal voting control with the other owner. All actions of AKA are decided at the board level by majority vote. The Company evaluated ASC Topic 810, Consolidations , and concluded that AKA is a variable interest entity (VIE). The Company has concluded that it is not the primary beneficiary of AKA and therefore consolidation is not required. As of both March 31, 2021 and 2020, the carrying amount of the Company's investment in AKA was approximately $0.1 million, which is presented on the Consolidated Balance Sheets within Other assets. In the quarter ended December 31, 2020, the Company received a cash dividend payment of $36,000 from AKA. |
Benefit Plans Benefit Plans (No
Benefit Plans Benefit Plans (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans | Benefit Plans:The Company sponsors a 401(k) benefit plan (the “Westell Plan”), which covers substantially all of Westell, Inc.'s domestic employees. The Westell Plan is a salary reduction plan that allows employees to defer up to 100% of wages subject to Internal Revenue Service limits. The Westell Plan also allows for Company discretionary and matching contributions. The maximum employer match is $500 per calendar year. Matching contribution expense was $47,000 and $55,000 in fiscal years 2021 and 2020, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Net Additions Deductions Balance at 2021 Accounts receivable allowances $ 100 $ — $ — (1) $ 100 Reserve for excess and obsolete inventory and net realizable value 2,969 638 (830) (2) 2,777 Deferred tax assets valuation allowance 40,841 — (255) (3) 40,586 Reserve for returns 203 160 (232) 131 2020 Accounts receivable allowances $ 100 $ 52 $ (52) (1) $ 100 Reserve for excess and obsolete inventory and net realizable value 2,781 2,032 (1,844) (2) 2,969 Deferred tax assets valuation allowance 38,771 2,070 (3) — 40,841 Reserve for returns 247 225 (269) 203 (1) Accounts written off, net of recoveries. (2) Inventory loss charged against inventory reserves. (3) Change in valuation allowance due to assessment of realizability of deferred tax assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount less payment discounts and estimated allowance for doubtful accounts. The Company provides allowances for doubtful accounts related to accounts receivable for estimated losses resulting from the inability of its customers to make required payments. The Company takes into consideration the overall quality of the receivable portfolio along with specifically identified customer risks. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, the Company provides allowances for bad debts against amounts due to reduce the net realized receivable to the amount it reasonably believes will be collected. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and trade receivables. The Company currently invests its excess cash in government money market funds. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) per Share The computation of basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share includes the number of additional common shares that would have been outstanding if the dilutive potential shares had been issued. In periods with a net loss, all common stock equivalents are excluded from the per share calculation; therefore, the basic loss per share equals the diluted loss per share. |
Inventory, Policy [Policy Text Block] | Inventories and Inventory Valuation |
Prepaid expenses policy text block [Policy Text Block] | Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets generally consist of prepaid maintenance agreements and prepaid insurance, which are amortized as expense generally over the term of the underlying contract. |
Property, Plant and Equipment [Table Text Block] | Land, Property and EquipmentLand, property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the remaining lease term or the estimated useful life. The estimated useful lives for machinery and equipment range from 5 to 7 years and for office, computer and research equipment from 2 to 5 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible AssetsIntangible assets with determinable lives are amortized over the useful lives of the assets. If the Company were to determine that a change to the remaining estimated useful life of an intangible asset was necessary, then the remaining carrying amount of the intangible asset would be amortized prospectively over that revised remaining useful life. On an ongoing basis, intangible assets and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recorded for the excess of the asset’s carrying amount over its fair value. |
Revenue [Policy Text Block] | Revenue Recognition and Deferred Revenue The Company records revenue based on a five-step model in accordance with ASC Topic 606, Revenue From Contracts With Customers (“ASC 606”). The Company's revenue is derived from the sale of products, software, and services identified in contracts. A contract exists when both parties have an approved agreement that creates enforceable rights and obligations, identifies performance obligations and payment terms and has commercial substance. The Company records revenue from these contracts when control of the products or services transfer to the customer. The amount of revenue to be recognized is based upon the consideration, including the impact of any variable consideration that the Company expects to be entitled to receive in exchange for these products and services. The majority of the Company’s revenue is recorded at a point in time from the sale of tangible products. Revenue is recorded when control of the products passes to the customer, dependent upon the terms of the underlying contract. For right-to-use software, revenue is recognized at the point in time the customer has the right to use and can substantially benefit from use of the software. Products regularly include warranties that include bug fixes and minor updates so that the products continue to function as promised in a dynamic environment, and phone support. These standard warranties are assurance type warranties that do not offer any services beyond the assurance that the product will continue working as specified. Therefore, warranties are not considered separate performance obligations. Instead, the Company accrues the expected cost of warranty. Extended warranties are sold separately with a post-contract support (“PCS”) agreement. PCS revenue is recognized over time during the support period. Revenue from installation services is recognized when the services have been completed or transferred as this is when the customer has obtained control. The Company has contracts with multiple performance obligations. When the sales agreement involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. In most cases, the Company allocates the consideration to each performance obligation based on the relative stand-alone selling price (“RSP”) of the distinct performance obligation. In circumstances where RSP is not observable, the Company allocates the consideration for the performance obligations by utilizing the residual approach. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Contract assets and liabilities related to product returns will be recorded as contract assets and liabilities and presented on the Consolidated Balance Sheets in Prepaid expenses and other current assets and Deferred revenue, respectively. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Deferred revenue or Deferred revenue non-current, as appropriate, in the Consolidated Balance Sheets. The Company allows certain customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability is included within Accrued expenses on the accompanying Consolidated Balance Sheets. Additionally, the Company records an asset based on historical experience for the amount of product the Company expects to return to inventory as a result of the return, which is recorded in Prepaid and other current assets in the Consolidated Balance Sheets. Sales Taxes The Company records revenue net of sales taxes. Shipping and Handling Shipping and handling billed to customers is recorded as revenue. The Company classifies shipping and handling costs associated with both inbound freight and the distribution of finished product to our customers as cost of revenue. |
Product Warranties, Policy [Policy Text Block] | Product WarrantiesMost of the Company’s products carry a limited warranty of up to seven years. The Company accrues for estimated warranty costs as products are shipped based on historical sales and cost of repair or replacement trends relative to sales. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Engineering and product research and development costs are charged to expense as incurred. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company recognizes stock-based compensation expense for all employee stock-based payments based upon the fair value on the awards grant date over the requisite service period. If the awards are performance based, the Company must estimate future performance attainment to determine the number of awards expected to vest. Determining the fair value of equity-based options requires the Company to estimate the expected volatility of its stock, the risk-free interest rate, expected option term, and expected dividend yield. The Company accounts for forfeitures as they occur. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company accounts for the fair value of assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company’s primary foreign currency exposure is subject to fluctuations in exchange rates for the U.S. dollar versus the Australian and Canadian dollars and the related effects on receivables and investments denominated in those currencies. The Company records transaction gains (losses) for fluctuations on foreign currency rates as a component of other income (expense), net on the Consolidated Statements of Operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740, Income Taxes |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 will replace the current incurred loss approach with a new expected credit loss impairment model for trade receivables, loans, and other financial instruments. Under the new model, the estimate of expected credit losses will be based on historical experience, current conditions and reasonable and supportable forecasts. For the Company, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventories are as follows: March 31, (in thousands) 2021 2020 Raw materials $ 1,497 $ 2,188 Finished goods 3,442 4,619 Total inventories $ 4,939 $ 6,807 |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | The components of fixed assets are as follows: March 31, (in thousands) 2021 2020 Land $ 672 $ 672 Machinery and equipment 1,430 1,415 Office, computer and research equipment 4,804 5,112 Leasehold improvements 788 788 Land, property and equipment, gross $ 7,694 $ 7,987 Less accumulated depreciation and amortization (6,779) (6,911) Land, property and equipment, net $ 915 $ 1,076 |
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses are as follows: March 31, (in thousands) 2021 2020 Accrued compensation $ 941 $ 596 Accrued contractual obligation 1,445 1,445 Current operating lease liability 450 339 Other accrued expenses 529 756 Total accrued expenses $ 3,365 $ 3,136 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table presents future minimum lease payments as of March 31, 2021 (in thousands): Fiscal Year Operating Leases 2022 $ 540 2023 587 2024 593 2025 604 2026 276 Thereafter — Total lease payments 2,600 Less: imputed interest (254) Total operating lease liabilities as of March 31, 2021 $ 2,346 |
Lease, Cost {Table Text Block] | The components of lease expense are as follows: (in thousands) Twelve months ended March 31, 2021 Twelve months ended March 31, 2020 Operating lease expense $ 600 $ 800 Variable lease expense (1) 141 97 Total lease expense (2) $ 741 $ 897 _______ (1) Variable lease expense is related to our leased real estate in Illinois, Ohio and New Hampshire and primarily includes labor and operational costs as well as taxes and insurance. (2) Short-term lease expense is immaterial. |
ScheduleOfClassificationOfRightOfUseAssetsAndLeaseLiabilities {TableTextBlock] | The following table summarizes the classification of ROU assets and lease liabilities as of March 31, 2021 and March 31, 2020: (in thousands) March 31, 2021 March 31, 2020 Balance Sheet Classification Assets: ROU assets 2,448 628 Right-of-use assets on operating leases, net Liabilities: Current operating lease liability 450 339 Accrued expenses Non-current operating lease liabilities 1,896 250 Other non-current liabilities Total lease liabilities $ 2,346 $ 589 |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenue by major source: (In thousands) Twelve months ended March 31, 2021 2020 Revenue: Products $ 24,793 $ 25,100 Software 188 282 Services 4,966 4,574 Total revenue $ 29,947 $ 29,956 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following is the expected future revenue recognition timing of deferred revenue as of March 31, 2021: < 1 year 1-2 years > 2 years Deferred Revenue $ 874 $ 79 $ 26 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax (benefit) expense from continuing operations is summarized as follows: Fiscal Year Ended March 31, (in thousands) 2021 2020 Federal: Current $ 6 $ (1) Deferred — — 6 (1) State: Current (46) 19 Deferred — — (46) 19 Foreign: Current 18 18 Deferred — — 18 18 Total $ (22) $ 36 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The statutory federal income tax rate is reconciled to the Company's effective income tax rates as follows: Fiscal Year Ended March 31, 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % PPP loan forgiveness 12.5 — Meals and entertainment — (0.2) State income tax, net of federal tax effect (35.7) 1.0 Valuation allowance 9.2 (20.6) Tax reserve assessment 36.6 3.8 Expiration of tax attribute (36.6) (3.8) Foreign tax credit (1.9) (0.2) Equity compensation (3.9) (1.8) Other (0.4) 0.4 Effective income tax rate 0.8 % (0.4) % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Components of the net deferred income tax assets are as follows: March 31, (in thousands) 2021 2020 Deferred income tax assets: Allowance for doubtful accounts $ 26 $ 26 Foreign tax credit carryforward 759 810 Depreciation 159 165 Deferred revenue 251 339 Accrued compensation 189 214 Inventory reserves 710 817 Accrued warranty 32 41 Net operating loss carryforward 36,858 37,033 Intangibles and goodwill 875 705 Other 727 691 Gross deferred tax assets 40,586 40,841 Valuation allowance (40,586) (40,841) Net deferred income tax assets — — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits for fiscal years 2020 and 2021 is as follows: (in thousands) Unrecognized tax benefits at March 31, 2019 $ 2,182 Additions based on positions related to fiscal year 2020 — Reductions as a result of expirations of applicable statutes of limitations (377) Unrecognized tax benefits at March 31, 2020 1,805 Additions based on positions related to fiscal year 2021 — Reductions as a result of expirations of applicable statutes of limitations (1,050) Unrecognized tax benefits at March 31, 2021 $ 755 |
Summary of Income Tax Examinations [Table Text Block] | With few exceptions, the major jurisdictions subject to examination by the relevant taxable authorities, and open tax years, stated as the Company's fiscal years, are as follows: Jurisdiction Open Tax Years U.S. Federal 2017 - 2020 U.S. States 2016 - 2020 Foreign 2016 - 2020 Since net operating loss carryovers are subject to audit based on the year in which they are utilized, all of the Company’s net operating losses generated in the past are open to adjustment by the Internal Revenue Service or state tax authorities (some states have shorter carryover periods). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill [Line Items] | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The summary of amortization expense in the Consolidate Statement of Operations is as follows: (in thousands) Twelve months ended March 31, 2021 2020 Cost of revenue $ 158 $ 260 Operating expenses 903 1,233 Total $ 1,061 $ 1,493 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table presents details of the Company’s intangibles from historical acquisitions and the Agreement: March 31, 2021 March 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Backlog $ 1,530 $ (1,530) $ — $ 1,530 $ (1,530) $ — Customer relationships 23,260 (22,428) 832 23,260 (21,872) 1,388 Licensing agreement 1,950 (1,950) — 1,950 (1,267) 683 Product technology 45,195 (44,885) 310 45,195 (44,538) 657 Non-compete 510 (510) — 510 (510) — Trade name and trademark 1,473 (1,473) — 1,473 (1,473) — Total finite-lived intangible assets, net $ 73,918 $ (72,776) $ 1,142 $ 73,918 $ (71,190) $ 2,728 |
Schedule of Expected Amortization Expense [Table Text Block] | The following is the expected future amortization by fiscal year: (in thousands) 2022 2023 2024 2025 2026 Thereafter Intangible amortization expense $ 766 $ 376 $ — $ — $ — $ — |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Changes in Company's product warranty reserve | The following table presents the changes in our product warranty reserve: Fiscal Year Ended March 31, (in thousands) 2021 2020 Total product warranty reserve, beginning of period $ 160 $ 130 Warranty expense 72 111 Utilization (107) (81) Total product warranty reserve, end of period $ 125 $ 160 |
Capital Stock and Stock Restr_2
Capital Stock and Stock Restrictions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | The following table summarizes Common Stock transactions for fiscal years 2020 and 2021: Common Shares Issued Class A Class B Class A Treasury Shares Total shares outstanding, March 31, 2019 11,909,979 3,484,287 (5,122,414) Purchases of Treasury Stock (93,039) — (93,039) Restricted stock grants, including conversion of certain RSUs and PSUs, net of forfeitures 407,510 — — Total shares outstanding, March 31, 2020 12,224,450 3,484,287 (5,215,453) Purchases of Treasury Stock (4,954,300) — (4,954,300) Restricted stock grants, including conversion of certain RSUs and PSUs, net of forfeitures 251,121 — — Total shares outstanding, March 31, 2021 7,521,271 3,484,287 (10,169,753) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation expense [Table Text Block] | Stock-Based Compensation Total stock-based compensation is reflected in the Consolidated Statements of Operations as follows: Fiscal Year Ended March 31, (in thousands) 2021 2020 Cost (benefit) of revenue $ 43 $ 69 Sales and marketing 135 227 Research and development 59 120 General and administrative 278 358 Stock-based compensation 515 774 Income tax benefit — — Total stock-based compensation, after taxes $ 515 $ 774 |
Stock option activity | Option activity for the fiscal year ended March 31, 2021 is as follows: Shares Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands) Outstanding on March 31, 2020 221,812 $ 1.87 Granted — $ — Exercised — $ — Forfeited (5,250) $ 4.73 Expired — $ — Outstanding on March 31, 2021 216,562 $ 1.80 4.5 $ 0 Exercisable on March 31, 2021 116,562 $ 2.19 3.6 $ 0 (1) The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the reporting date. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Fiscal Year Ended March 31, 2020 Input assumptions: Expected volatility 57% Risk-free interest rate 1.4% Expected life 4 years Expected dividend yield 0% Output weighted-average grant date fair value $0.62 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Vesting of restricted stock is subject to continued employment with the Company. During fiscal years 2021 and 2020, non-employee directors received grants of 24,192 and 128,584 shares with a weighted-average grant date fair value of $1.24 and $1.39, respectively. The Company recognizes compensation expense restricted stock on a straight-line basis over the vesting periods for the award based on the market value of Westell Technologies stock on the date of grant. The following table sets forth restricted stock activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 128,584 $1.39 Granted 24,192 $1.24 Vested (128,584) $1.39 Forfeited (4,032) $1.24 Non-vested as of March 31, 2021 20,160 $1.24 The Company recorded $0.1 million and $0.2 million of expense in the fiscal years ended March 31, 2021 and 2020, respectively, related to restricted stock. As of March 31, 2021, there was $12,000 of pre-tax unrecognized compensation expense, related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 0.5 years. The total intrinsic fair value of shares vested was $0.1 million during both fiscal years 2021 and 2020. Restricted Stock Units ( “ RSUs ” ) In fiscal years 2021 and 2020, there were 301,140 and 301,037 shares with a weighted-average grant date fair value of $0.80 and $1.73, respectively, of RSUs awarded to certain key employees. These awards convert into shares of Class A Common Stock on a one-for-one basis upon vesting. The Company recognizes compensation expense on a straight-line basis over the vesting for the award based on the market value of Westell Technologies stock on the date of grant. The Company recorded stock-based compensation expense of $0.4 million and $0.6 million for RSUs in fiscal years 2021 and 2020, respectively. As of March 31, 2021, there was approximately $0.3 million of pre-tax unrecognized compensation expense related to the RSUs, which is expected to be recognized over a weighted-average period of 1.7 years. The total intrinsic fair value of RSUs vested was $0.2 million and $0.6 million during fiscal years 2021 and 2020, respectively. The following table sets forth the RSUs activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 441,108 $2.31 Granted 301,140 $0.80 Vested (226,929) $2.51 Forfeited (41,334) $1.24 Non-vested as of March 31, 2021 473,985 $1.35 Performance-based RSUs ( “ PSUs ” ) A total of 229,303 and 216,144 PSUs were granted during fiscal years 2021 and 2020, respectively. PSUs were earned based upon achievement of performance goals tied to growing revenue and to non-GAAP profitability targets for the respective fiscal year, but have a continued employment provision and will vest when all of the following have occurred: one year from the grant date and the Company's audited financial statements are public. Upon vesting, the PSUs convert into shares of Class A Common Stock of the Company on a one-for-one basis. For the fiscal year 2021 and 2020 grants, all PSUs were forfeited prior to vesting. The Company recorded no stock-based compensation expense for PSUs in fiscal years 2021 or 2020. The following table sets forth the PSUs activity for the fiscal year ended March 31, 2021: Shares Weighted-Average Non-vested as of March 31, 2020 5,000 $1.38 Granted 229,303 $0.78 Vested — $0.00 Forfeited (234,303) $0.80 Non-vested as of March 31, 2021 — $0.00 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment[Table Text Block] | Segment information for the fiscal years ended March 31, 2021 and 2020, is set forth below: Fiscal Year Ended March 31, 2021 (in thousands) IBW ISM CNS Total Revenue $ 9,683 $ 9,352 $ 10,912 $ 29,947 Cost of revenue 7,159 4,108 8,608 19,875 Gross profit 2,524 5,244 2,304 10,072 Gross margin 26.1 % 56.1 % 21.1 % 33.6 % Research and development 1,596 1,623 813 4,032 Segment profit $ 928 $ 3,621 $ 1,491 6,040 Operating expenses: Sales and marketing 5,207 General and administrative 4,086 Intangible amortization 903 Restructuring — Long-lived assets impairment 525 Operating income (loss) from continuing operations (4,681) Gain on forgiveness of first draw PPP loan 1,637 Other income (expense), net 288 Income tax (expense) benefit 22 Net income (loss) from continuing operations $ (2,734) Fiscal Year Ended March 31, 2020 (in thousands) IBW ISM CNS Total Revenue $ 10,021 $ 10,101 $ 9,834 $ 29,956 Cost of revenue 7,408 4,865 8,036 20,309 Gross profit 2,613 5,236 1,798 9,647 Gross margin 26.1 % 51.8 % 18.3 % 32.2 % Research and development 1,757 2,237 1,352 5,346 Segment profit $ 856 $ 2,999 $ 446 4,301 Operating expenses: Sales and marketing 7,592 General and administrative 4,757 Intangible amortization 1,233 Restructuring 234 Long-lived assets impairment 1,007 Operating income (loss) from continuing operations (10,522) Other income (expense), net 456 Income tax (expense) benefit (36) Net income (loss) from continuing operations $ (10,102) |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Significant Customers and Concentration of CreditThe Company is dependent on certain major companies operating in telecommunications markets. Although, no customers exceeded 10% of total revenue during fiscal year 2021 or 2020, |
Schedule of Major Customer Accounts Receivable [Table Text Block] | eceivables from major customers that exceeded 10% of total accounts receivable balance are as follows: Fiscal Year Ended March 31, 2021 2020 Customer 1 10.8 % 12.5 % Customer 2 11.0 % 9.4 % Customer 3 6.8 % 10.8 % Customer 4 11.7 % 4.3 % |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring Charges [Abstract] | |
Restructuring charges | Total fiscal year 2020 restructuring charges and their utilization are summarized as follows: (in thousands) Employee Other Total Liability at March 31, 2019 $ — $ — $ — Charged 234 — 234 Payments (234) — (234) Liability at March 31, 2020 $ — $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis and their related valuation inputs | The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2021: (in thousands) Total Fair Value Quoted Prices in Significant Other Significant Balance Sheet Assets: Money market funds $ 11,442 $ 11,442 $ — $ — Cash and cash equivalents The following table presents available-for-sale securities measured at fair value on a recurring basis as of March 31, 2020: (in thousands) Total Fair Value Quoted Prices in Significant Other Significant Balance Sheet Classification Assets: Money market funds $ 20,690 $ 20,690 $ — $ — Cash and cash equivalents |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accounting Policies [Abstract] | ||
Raw materials | $ 1,497 | $ 2,188 |
Finished goods | 3,442 | 4,619 |
Total inventories | $ 4,939 | $ 6,807 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 672 | $ 672 |
Machinery and equipment | 1,430 | 1,415 |
Office, computer and research equipment | 4,804 | 5,112 |
Leasehold improvements | 788 | 788 |
Land, property and equipment, gross | 7,694 | 7,987 |
Less accumulated depreciation and amortization | (6,779) | (6,911) |
Land, property and equipment, net | $ 915 | $ 1,076 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accrued Liabilities, Current | $ 3,365 | $ 3,136 |
Accrued Liabilities | ||
Employee-related Liabilities, Current | 941 | 596 |
Liabilities of Business Transferred under Contractual Arrangement, Current | 1,445 | 1,445 |
Operating Lease, Liability, Current | 450 | 339 |
Other Liabilities | $ 529 | $ 756 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($)a | Jun. 30, 2016USD ($) | Mar. 31, 2021USD ($)a | Mar. 31, 2020USD ($) | Apr. 07, 2015a | Apr. 02, 2013a | |
Property, Plant and Equipment [Line Items] | ||||||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | ||||
Inventory Write-down | 600,000 | $ 2,000,000 | ||||
Depreciation | 200,000 | 400,000 | ||||
Area of Real Estate Property | a | 16 | |||||
Proceeds from Sale of Property Held-for-sale | $ 264,000 | |||||
Capitalized Contract Cost, Net | $ 0 | $ 0 | $ 0 | |||
PPP2 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | ||||
IBW [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Inventory Write-down | $ 300,000 | |||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Land available-for-sale [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Area of Real Estate Property | a | 4 | |||||
Land [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Area of Real Estate Property | a | 12 | 12 | ||||
3570 Computer and office Equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||
3570 Computer and office Equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 5 years |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 22, 2021 | Apr. 14, 2020 | Mar. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||||
Note payable - non-current | $ 1,637 | $ 1,600 | $ 1,600 | $ 0 |
Debt Instrument [Line Items] | ||||
Note payable - non-current | $ 1,637 | $ 1,600 | $ 1,600 | $ 0 |
PPP2 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Leases, Codification Topic 84_3
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2019 |
Leases [Abstract] | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 540 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 587 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 593 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 604 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 276 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||
Lessee, Operating Lease, Liability, to be Paid | 2,600 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (254) | ||
Operating Lease, Liability | $ 2,346 | $ 589 | $ 1,200 |
Leases, Codification Topic 84_4
Leases, Codification Topic 842 (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 600 | $ 800 |
Variable Lease, Cost | 141 | 97 |
Lease, Cost | $ 741 | $ 897 |
Leases, Codification Topic 84_5
Leases, Codification Topic 842 (Details 3) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2019 |
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets on operating leases, net | $ 2,448 | $ 628 | $ 1,300 |
Lease liabilities non-current | 1,896 | 250 | |
Operating Lease, Liability | 2,346 | 589 | $ 1,200 |
Accrued Liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability, Current | $ 450 | $ 339 |
Leases, Codification Topic 84_6
Leases, Codification Topic 842 (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2019 | |
Leases [Abstract] | |||
Right-of-use assets on operating leases, net | $ 2,448 | $ 628 | $ 1,300 |
Operating Lease, Liability | 2,346 | 589 | $ 1,200 |
Operating Leases, Rent Expense, Net | $ 700 | 900 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | ||
Lessee, Operating Lease, Term of Contract | 63 months | ||
OperatingLeaseEarlyTerminationPenalty | $ 70 | ||
Operating Lease, Payments | 800 | $ 800 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,400 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Deferred Revenue Arrangement [Line Items] | ||
Revenue | $ 29,947 | $ 29,956 |
Product [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue | 24,793 | 25,100 |
License and Service [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue | 188 | 282 |
Service [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue | $ 4,966 | $ 4,574 |
Revenue Recognition and Defer_4
Revenue Recognition and Deferred Revenue (Details 2) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 874 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 79 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 26 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years 10 months 30 days |
Revenue Recognition and Defer_5
Revenue Recognition and Deferred Revenue (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 1.1 | $ 1.2 |
ContractWithCustomerProductReturnAsset | 0.1 | 0.1 |
ProductReturnsLiabilityProductReturnsLiability | $ 0.1 | $ 0.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Income Tax Expense (Benefit) | $ (22) | $ 36 |
Domestic Tax Authority [Member] | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Current Federal Tax Expense (Benefit) | 6 | (1) |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 |
Income Tax Expense (Benefit) | 6 | (1) |
State and Local Jurisdiction [Member] | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Income Tax Expense (Benefit) | (46) | 19 |
Current State and Local Tax Expense (Benefit) | (46) | 19 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 |
Foreign Tax Authority [Member] | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Income Tax Expense (Benefit) | 18 | 18 |
Current Foreign Tax Expense (Benefit) | 18 | 18 |
Deferred Foreign Income Tax Expense (Benefit) | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 12.50% | |
Meals and entertainment | 0.00% | (0.20%) |
State income tax, net of federal tax effect | (35.70%) | 1.00% |
Valuation allowance | 9.20% | (20.60%) |
Effective Income Tax Rate Reconciliation, Tax reserve assessment, Percent | 36.60% | 3.80% |
EffectiveIncomeTaxRateReconciliationuncertaintaxposition | (36.60%) | (3.80%) |
Foreign tax credit | (1.90%) | (0.20%) |
us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost | (3.90%) | (1.80%) |
Other | (0.40%) | 0.40% |
Effective income tax rate | 0.80% | (0.40%) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred Tax Liability Not Recognized [Line Items] | ||
Allowance for doubtful accounts | $ 26 | $ 26 |
Foreign tax credit carryforward | 759 | 810 |
Depreciation | 159 | 165 |
Deferred revenue | 251 | 339 |
Accrued compensation | 189 | 214 |
Inventory reserves | 710 | 817 |
Accrued warranty | 32 | 41 |
Net operating loss carryforward | 36,858 | 37,033 |
Deferred Tax Assets, Goodwill and Intangible Assets | 875 | 705 |
Other | 727 | 691 |
Gross deferred tax assets | 40,586 | 40,841 |
Valuation allowance | (40,586) | (40,841) |
Net deferred income tax assets | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ 755 | $ 1,805 | $ 2,182 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 0 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (1,050) | (377) | |
Unrecognized Tax Benefits | $ 755 | $ 1,805 |
Income Taxes (Details 4)
Income Taxes (Details 4) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum [Member] | Federal [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2017 |
Minimum [Member] | State and Local Jurisdiction [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Maximum [Member] | Federal [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | State and Local Jurisdiction [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2020 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 300,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 300,000 | |
Accrued Payroll Taxes | 400,000 | |
Gain (Loss) on Extinguishment of Debt | 1,637,000 | |
Income Tax Expense (Benefit) | (22,000) | 36,000 |
federal tax credit expired | 100,000 | |
RecognitionOfInterestAndPenaltiesAsIncomeTaxExpense | (20,400) | 2,600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 20,400 |
Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Amount | 800,000 | |
Operating Loss Carryforwards | 29,700,000 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Income Tax Expense (Benefit) | (46,000) | 19,000 |
Tax Credit Carryforward, Amount | 100,000 | |
Operating Loss Carryforwards | $ 7,200,000 | |
expiration net operating loss carryforward | $ 1,100,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles amortization | $ 903 | $ 1,233 |
cost of revenue | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles amortization | 158 | 260 |
total amoritization | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles amortization | $ 1,061 | $ 1,493 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 73,918 | $ 73,918 |
Finite-Lived Intangible Assets, Accumulated Amortization | (72,776) | (71,190) |
Finite-Lived Intangible Assets, Net | 1,142 | 2,728 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,530 | 1,530 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,530) | (1,530) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 23,260 | 23,260 |
Finite-Lived Intangible Assets, Accumulated Amortization | (22,428) | (21,872) |
Finite-Lived Intangible Assets, Net | 832 | 1,388 |
Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 45,195 | 45,195 |
Finite-Lived Intangible Assets, Accumulated Amortization | (44,885) | (44,538) |
Finite-Lived Intangible Assets, Net | 310 | 657 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 510 | 510 |
Finite-Lived Intangible Assets, Accumulated Amortization | (510) | (510) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,473 | 1,473 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,473) | (1,473) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
License | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,950 | 1,950 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,950) | (1,267) |
Finite-Lived Intangible Assets, Net | $ 0 | $ 683 |
Intangible Assets (Details 2)
Intangible Assets (Details 2) $ in Thousands | Mar. 31, 2021USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 766 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 376 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 0 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Payments to Acquire Productive Assets | $ 1,000,000 | |||
FuturecashpaymentforAcquiredIntangbeAsset. | $ 300,000 | $ 1,000,000 | ||
Intangibles amortization | $ 903,000 | 1,233,000 | ||
Long-lived assets impairment | 525,000 | 1,007,000 | ||
cost of revenue | ||||
Goodwill [Line Items] | ||||
Intangibles amortization | $ 158,000 | 260,000 | ||
Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
ISM [Member] | ||||
Goodwill [Line Items] | ||||
Long-lived assets impairment | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Loss Contingencies [Line Items] | ||
Reserve on Firm Purchase Commitments | $ 178,000 | $ 46,000 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in Company's product warranty reserve | ||
Total product warranty reserve, beginning of period | $ 160 | $ 130 |
NetProductWarrantyExpense | 72 | 111 |
Utilization | (107) | (81) |
Total product warranty reserve, end of period | $ 125 | $ 160 |
Product Warranties (Details Tex
Product Warranties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Product Warranties (Textual) [Abstract] | ||
Current portions of warranty reserve | $ 73 | $ 120 |
Long-term portions of the warranty reserve | $ 52 | $ 40 |
CNS [Member] | Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | one | |
CNS [Member] | Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | seven | |
ISM [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | one | |
IBW [Member] | Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | one | |
IBW [Member] | Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | five years |
Capital Stock and Stock Restr_3
Capital Stock and Stock Restrictions (Details) - shares | Oct. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares Start | (5,215,453) | |||
Treasury Stock, Shares, Acquired | (4,900,000) | |||
Treasury Stock, Shares End | (10,169,753) | (5,215,453) | ||
Class A Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | (4,954,300) | (93,039) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 251,121 | 407,510 | ||
Common Stock, Shares, Issued | 7,521,271 | 12,224,450 | 11,909,979 | |
Class B Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common Stock, Shares, Issued | 3,484,287 | 3,484,287 | 3,484,287 | |
Treasury Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares Start | (5,215,453) | (5,122,414) | ||
Treasury Stock, Shares, Acquired | (4,954,300) | (93,039) | ||
Treasury Stock, Shares End | (10,169,753) | (5,215,453) |
Capital Stock and Stock Restr_4
Capital Stock and Stock Restrictions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | May 14, 2021 | May 17, 2017 |
Class of Stock [Line Items] | |||||
Payments for Repurchase of Common Stock | $ 7,200 | $ 7,283 | $ 192 | ||
Treasury Stock, Shares, Acquired | 4,900,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 1.48 | ||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Stock Repurchase Program Remaining Authorized Repurchases Amount | $ 700 | ||||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 4,954,300 | 93,039 | |||
Common Stock, Shares, Outstanding | 7,521,271 | 12,224,450 | |||
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 3,484,287 | 3,484,287 | |||
2017 authorization [Member] | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,000 | ||||
2011 Authorization [Member] | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program Remaining Authorized Repurchases Amount | $ 100 | ||||
Outside of Publically Announced Repurchase Program [Member] | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 0.81 | $ 2.06 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 69,520 | 93,039 | |||
2017 Authorization | Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 0 | $ 0 | |||
Voting trust and other trusts [Member] | Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Outstanding | 3,484,287 | ||||
Subsequent Event [Member] | Voting Trust [Member] | |||||
Class of Stock [Line Items] | |||||
Voting Control | 60.00% | ||||
Subsequent Event [Member] | Voting trust and other trusts [Member] | |||||
Class of Stock [Line Items] | |||||
Voting Control | 65.20% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | ||
Share-based Payment Arrangement, Expense | $ 515 | $ 774 |
Income tax expense | 0 | 0 |
Total stock-based compensation expense after taxes | 515 | 774 |
Cost of Revenue [Member] | ||
Stock-based compensation expense | ||
Share-based Payment Arrangement, Expense | 43 | 69 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation expense | ||
Share-based Payment Arrangement, Expense | 135 | 227 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | ||
Share-based Payment Arrangement, Expense | 59 | 120 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | ||
Share-based Payment Arrangement, Expense | $ 278 | $ 358 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) - Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding on March 31, 2020 | shares | 221,812 | |
Shares, Granted | shares | 0 | |
Shares, Exercised | shares | 0 | |
Shares, Forfeited | shares | (5,250) | |
Shares, Expired | shares | 0 | |
Outstanding on March 31, 2021 | shares | 216,562 | |
Exercisable on March 31, 2021 | shares | 116,562 | |
Weighted-Average Exercise Price Per Share, Outstanding on March 31, 2020 | $ / shares | $ 1.87 | |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 0 | |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 0 | |
Weighted-Average Exercise Price Per Share, Forfeited | $ / shares | 4.73 | |
Weighted-Average Exercise Price Per Share, Expired | $ / shares | 0 | |
Weighted-Average Exercise Price Per Share, Outstanding on March 31, 2021 | $ / shares | 1.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 2.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding on March 31, 2021 | $ | $ 0 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 0 | [1] |
[1] | The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the reporting date. |
Stock-based Compensation (Det_3
Stock-based Compensation (Details 2) - Stock Options [Member] | 12 Months Ended |
Mar. 31, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 57.00% |
Risk-free interest rate | 1.40% |
Expected life | 4 years |
Expected dividend yield | 0.00% |
Output weighted-average grant date fair value | $ 0.62 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details 3) - $ / shares | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Stock [Member] | ||
Restricted stock activity | ||
Non-vested as of March 31, 2020 | 128,584 | |
Shares, Granted | 24,192 | 128,584 |
Shares, Vested | (128,584) | |
Shares, Forfeited | (4,032) | |
Non-vested as of March 31, 2021 | 20,160 | 128,584 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2020 | $ 1.39 | |
Weighted-Average Grant Date Fair Value, Granted | 1.24 | $ 1.39 |
Weighted-Average Grant Date Fair Value, Vested | 1.39 | |
Weighted-Average Grant Date Fair Value, Forfeited | 1.24 | |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2021 | $ 1.24 | $ 1.39 |
Restricted Stock Units (RSUs) [Member] | ||
Restricted stock activity | ||
Non-vested as of March 31, 2020 | 441,108 | |
Shares, Granted | 301,140 | 301,037 |
Shares, Vested | (226,929) | |
Shares, Forfeited | (41,334) | |
Non-vested as of March 31, 2021 | 473,985 | 441,108 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2020 | $ 2.31 | |
Weighted-Average Grant Date Fair Value, Granted | 0.80 | $ 1.73 |
Weighted-Average Grant Date Fair Value, Vested | 2.51 | |
Weighted-Average Grant Date Fair Value, Forfeited | 1.24 | |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2021 | $ 1.35 | $ 2.31 |
Performance Shares [Member] | ||
Restricted stock activity | ||
Non-vested as of March 31, 2020 | 5,000 | |
Shares, Granted | 229,303 | 216,144 |
Shares, Vested | 0 | |
Shares, Forfeited | (234,303) | |
Non-vested as of March 31, 2021 | 0 | 5,000 |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2020 | $ 1.38 | |
Weighted-Average Grant Date Fair Value, Granted | 0.78 | |
Weighted-Average Grant Date Fair Value, Vested | 0 | |
Weighted-Average Grant Date Fair Value, Forfeited | 0.80 | |
Weighted-Average Grant Date Fair Value, Non-vested as of March 31, 2021 | $ 0 | $ 1.38 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Option Contractual Life from Grant Date | 7 years | |
Share-based Payment Arrangement, Expense | $ 515,000 | $ 774,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | 31,000 | 33,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 44,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 400,000 | $ 600,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 300,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 301,140 | 301,037 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 226,929 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 200,000 | $ 600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.80 | $ 1.73 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 100,000 | $ 200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 12,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 24,192 | 128,584 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 128,584 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 100,000 | $ 100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.24 | $ 1.39 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 229,303 | 216,144 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.78 | |
2015 Omnibus Incentive Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,250,418 | |
2015 Omnibus Incentive Compensation Plan [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2015 Omnibus Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2015 Omnibus Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment information | ||
Revenue | $ 29,947,000 | $ 29,956,000 |
Cost of revenue | 19,875,000 | 20,309,000 |
Gross profit | $ 10,072,000 | $ 9,647,000 |
Gross margin | 33.60% | 32.20% |
Research and development | $ 4,032,000 | $ 5,346,000 |
Segment Profit Loss | 6,040,000 | 4,301,000 |
Operating expenses | ||
Sales and marketing | 5,207,000 | 7,592,000 |
General and administrative | 4,086,000 | 4,757,000 |
Intangible amortization | 903,000 | 1,233,000 |
Restructuring | 0 | 234,000 |
Impairment of Long-Lived Assets to be Disposed of | 525,000 | 1,007,000 |
Operating income (loss) | (4,681,000) | (10,522,000) |
Gain (Loss) on Extinguishment of Debt | 1,637,000 | |
Other income (expense), net | 288,000 | 456,000 |
Income tax benefit (expense) | 22,000 | (36,000) |
Net income (loss) from continuing operations | (2,734,000) | (10,102,000) |
IBW [Member] | ||
Segment information | ||
Revenue | 9,683,000 | 10,021,000 |
Cost of revenue | 7,159,000 | 7,408,000 |
Gross profit | $ 2,524,000 | $ 2,613,000 |
Gross margin | 26.10% | 26.10% |
Research and development | $ 1,596,000 | $ 1,757,000 |
Segment Profit Loss | 928,000 | 856,000 |
ISM [Member] | ||
Segment information | ||
Revenue | 9,352,000 | 10,101,000 |
Cost of revenue | 4,108,000 | 4,865,000 |
Gross profit | $ 5,244,000 | $ 5,236,000 |
Gross margin | 56.10% | 51.80% |
Research and development | $ 1,623,000 | $ 2,237,000 |
Segment Profit Loss | 3,621,000 | 2,999,000 |
CNS [Member] | ||
Segment information | ||
Revenue | 10,912,000 | 9,834,000 |
Cost of revenue | 8,608,000 | 8,036,000 |
Gross profit | $ 2,304,000 | $ 1,798,000 |
Gross margin | 21.10% | 18.30% |
Research and development | $ 813,000 | $ 1,352,000 |
Segment Profit Loss | $ 1,491,000 | $ 446,000 |
Segment Information (Details 1)
Segment Information (Details 1) | Mar. 31, 2021 | Mar. 31, 2020 |
customer 1 [Member] | ||
Segment Reporting Information [Line Items] | ||
Entity-wide Major Customer, Percent Accounts Receivable | 10.80% | 12.50% |
customer 2 [Member] | ||
Segment Reporting Information [Line Items] | ||
Entity-wide Major Customer, Percent Accounts Receivable | 11.00% | 9.40% |
customer 3 [Member] | ||
Segment Reporting Information [Line Items] | ||
Entity-wide Major Customer, Percent Accounts Receivable | 6.80% | 10.80% |
customer 4 [Member] | ||
Segment Reporting Information [Line Items] | ||
Entity-wide Major Customer, Percent Accounts Receivable | 11.70% | 4.30% |
Segment Information (Details Te
Segment Information (Details Textual) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue Benchmark [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Trade Accounts Receivable [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
UNITED STATES | Revenue Benchmark [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 90.00% | 90.00% |
UNITED STATES | longlivedassets [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 90.00% |
Restructuring Charge (Details)
Restructuring Charge (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring charges | ||
Liability at beginning of period | $ 0 | $ 0 |
Restructuring | 0 | 234 |
Utilized | (234) | |
Liability at end of period | 0 | |
Employee Severance [Member] | ||
Restructuring charges | ||
Liability at beginning of period | 0 | 0 |
Restructuring | 234 | |
Utilized | (234) | |
Liability at end of period | 0 | |
Other costs [Member] | ||
Restructuring charges | ||
Liability at beginning of period | $ 0 | 0 |
Restructuring | 0 | |
Utilized | 0 | |
Liability at end of period | $ 0 |
Restructuring Charge (Details T
Restructuring Charge (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Charge (Textual) [Abstract] | ||
Restructuring | $ 0 | $ 234 |
Employee Severance [Member] | ||
Restructuring Charge (Textual) [Abstract] | ||
Restructuring | 234 | |
Other Restructuring Costs [Member] | ||
Restructuring Charge (Textual) [Abstract] | ||
Restructuring | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring [Member] - Cash and Cash Equivalents [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 11,442 | $ 20,690 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 11,442 | 20,690 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Variable Interest Entity Vari_2
Variable Interest Entity Variable Interest Entity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Concentration Risk [Line Items] | |||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, 50 Percent or Less Owned Persons | $ 36 | ||
Revenue | $ 29,947 | $ 29,956 | |
Accounts receivable | $ 4,492 | 4,047 | |
AKA [Member] | |||
Concentration Risk [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investments | $ 100 | 100 | |
Revenue | 1,200 | 1,300 | |
Accounts receivable | 200 | 200 | |
Deferred Revenue | 200 | $ 500 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 700 |
Benefit Plans Benefit Plans (De
Benefit Plans Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Max dollar amount employer matches of the employee's contribution. | $ 500 | |
Westell [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 47,000 | $ 55,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 100 | $ 100 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 0 | 52 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 0 | (52) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 100 | 100 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 2,969 | 2,781 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 638 | 2,032 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [2] | (830) | (1,844) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 2,777 | 2,969 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 40,841 | 38,771 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | [3] | 0 | 2,070 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [3] | (255) | 0 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 40,586 | 40,841 | |
Sales Returns and Allowances [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 203 | 247 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 160 | 225 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (232) | (269) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 131 | $ 203 | |
[1] | Accounts written off, net of recoveries. | ||
[2] | Inventory loss charged against inventory reserves. | ||
[3] | Change in valuation allowance due to assessment of realizability of deferred tax assets. |