GSI Technology (GSIT) 10-Q 6 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information
Entity Registrant Name	GSI TECHNOLOGY INC
Entity Central Index Key	0001126741
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Trading Symbol	GSIT
Amendment Flag	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,908,243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
ASSETS
Cash and cash equivalents	$ 46,435	$ 42,495
Short-term investments	18,282	19,346
Accounts receivable, net	7,375	7,339
Inventories	5,463	5,685
Prepaid expenses and other current assets	3,009	2,500
Total current assets	80,564	77,365
Property and equipment, net	8,726	9,001
Operating lease right-of-use assets	910
Long-term investments	7,264	8,997
Goodwill	7,978	7,978
Intangible assets, net	2,664	2,722
Other assets	160	160
Total assets	108,266	106,223
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,676	1,864
Lease liabilities, current	559
Accrued expenses and other liabilities	5,205	6,869
Total current liabilities	7,440	8,733
Income taxes payable	624	622
Lease liabilities, non-current	380
Contingent consideration, non-current	3,740	3,713
Total liabilities	12,184	13,068
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 22,898,188 and 22,320,156 shares, respectively	23	22
Additional paid-in capital	36,462	33,462
Accumulated other comprehensive income (loss)	14	(37)
Retained earnings	59,583	59,708
Total stockholders' equity	96,082	93,155
Total liabilities and stockholders' equity	$ 108,266	$ 106,223

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Mar. 31, 2019
Stockholders' Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	22,898,188	22,320,156
Common stock, shares outstanding	22,898,188	22,320,156

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement
Net revenues	$ 13,019	$ 11,266
Cost of revenues	4,776	5,478
Gross profit	8,243	5,788
Operating expenses:
Research and development	5,595	4,850
Selling, general and administrative	2,877	2,597
Total operating expenses	8,472	7,447
Loss from operations	(229)	(1,659)
Interest income, net	205	138
Other expense, net	(58)	(115)
Loss before income taxes	(82)	(1,636)
Provision for income taxes	43	10
Net loss	$ (125)	$ (1,646)
Net loss per share:
Basic	$ (0.01)	$ (0.08)
Diluted	$ (0.01)	$ (0.08)
Weighted average shares used in per share calculations:
Basic	22,605	21,567
Diluted	22,605	21,567

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements Of Comprehensive Loss
Net loss	$ (125)	$ (1,646)
Net unrealized gain (loss) on available-for-sale investments	51	(10)
Total comprehensive loss	$ (74)	$ (1,656)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Beginning Balance - Shares at Mar. 31, 2018	21,407,247
Beginning Balance - Amount at Mar. 31, 2018	$ 21	$ 27,391	$ (142)	$ 59,545	$ 86,815
Issuance of common stock under employee stock option plans, shares	352,847
Issuance of common stock under employee stock option plans, amount	$ 1	1,502			1,503
Stock-based compensation expense		542			542
Comprehensive loss:
Net loss				(1,646)	(1,646)
Net unrealized gain (loss) on available-for-sale investments			(10)		(10)
Ending Balance, Shares at Jun. 30, 2018	21,760,094
Ending Balance, Amount at Jun. 30, 2018	$ 22	29,435	(152)	57,899	87,204
Beginning Balance - Shares at Mar. 31, 2019	22,320,156
Beginning Balance - Amount at Mar. 31, 2019	$ 22	33,462	(37)	59,708	93,155
Issuance of common stock under employee stock option plans, shares	578,032
Issuance of common stock under employee stock option plans, amount	$ 1	2,349			2,350
Stock-based compensation expense		651			651
Comprehensive loss:
Net loss				(125)	(125)
Net unrealized gain (loss) on available-for-sale investments			51		51
Ending Balance, Shares at Jun. 30, 2019	22,898,188
Ending Balance, Amount at Jun. 30, 2019	$ 23	$ 36,462	$ 14	$ 59,583	$ 96,082

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (125)	$ (1,646)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts and other	(9)	28
Provision for excess and obsolete inventories	89	678
Non-cash lease expense	172
Depreciation and amortization	365	329
Stock-based compensation	651	542
Amortization of discount on investments	(8)	(2)
Changes in assets and liabilities:
Accounts receivable	(27)	(1,596)
Inventory	133	(272)
Prepaid expenses and other assets	(523)	(28)
Accounts payable	(190)	202
Accrued expenses and other liabilities	(1,775)	(266)
Net cash used in operating activities	(1,247)	(2,031)
Cash flows from investing activities:
Purchase of investments	(1,990)	(8,848)
Maturities of short-term investments	4,860	6,800
Purchases of property and equipment	(33)	(1,239)
Net cash provided by (used in) investing activities	2,837	(3,287)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans	2,350	1,503
Net cash provided by financing activities	2,350	1,503
Net increase (decrease) in cash and cash equivalents	3,940	(3,815)
Cash and cash equivalents at beginning of the period	42,495	40,241
Cash and cash equivalents at end of the period	46,435	36,426
Non-cash financing activities:
Purchases of property and equipment through accounts payable and accruals	30	277
Supplemental cash flow information:
Net cash paid for income taxes	$ 111	$ 41

1. THE COMPANY AND SUMMARY OF S

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2019
The Company And Summary Of Significant Accounting Policies
NOTE 1 - THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. The consolidated results of operations for the three months ended June 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year. Significant accounting policies Except for the accounting policy for leases, which was updated as a result of adopting a new accounting standard related to leases, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. See “Recent accounting pronouncements” below for additional information on the impact of the adoption of the new accounting standard for leases on the Company’s consolidated financial statements. Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company’s first presentation of changes in stockholders' equity is included in this Form 10-Q for the quarter ended June 30, 2019. In January 2017, the FASB issued ASU No. 2017-04, " Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted beginning April 1, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842) .” The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, “ Elements of Financial Statements ,” and, therefore, recognition of those lease assets and lease liabilities represents a change of previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842): Targeted Improvements," which provides clarifications and improvements to ASU 2016-02 including allowing entities to elect an additional transition method, a modified retrospective approach, that permits changes to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with Leases (Topic 840) ("ASC 840"), including the disclosure requirements of ASC 840. The Company adopted Topic 842 as of April 1, 2019 and applied the modified retrospective approach to all leases existing at, or entered into on or after, the date of adoption of April 1, 2019. The Company did not restate comparative periods, as permitted by ASU 2018-11, and elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Further, the Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company will recognize those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. As a result of adoption of this standard and election of the transition practical expedients, the Company recognized right-of-use (“ROU”) assets and lease liabilities for those leases classified as operating leases under ASC Topic 840 that continued to be classified as operating leases under ASC Topic 842 at the date of initial application. The Company does not have any leases classified as a capital lease under ASC 840 and therefore has no leases classified as a “finance lease” under the new standard. In applying the alternative modified retrospective transition method, the Company measured lease liabilities at the present value of the sum of remaining minimum rental payments (as defined under ASC Topic 840). The present value of lease liabilities has been measured using the Company’s incremental borrowing rates as of April 1, 2019 (the date of initial application). Additionally, ROU assets for these operating leases have been measured as the initial measurement of applicable lease liabilities adjusted for any prepaid or accrued rent. Upon adoption of Topic 842, the Company recognized ROU assets of approximately $1.1 million and lease liabilities of approximately $1.1 million on the Company’s Condensed Consolidated Balance Sheets as of April 1, 2019, with no material impact to its Condensed Consolidated Statements of Operations.

2. REVENUE RECOGNITION

2. REVENUE RECOGNITION	3 Months Ended
	Jun. 30, 2019
REVENUE RECOGNITION.
Note 2 - REVENUE RECOGNITION	NOTE 2 —REVENUE RECOGNITION The Company determines revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon products. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time (or within the same accounting period). Transfer of control typically occurs at the time of shipment or at the time the product is pulled from consignment as that is the point at which delivery has occurred, title and the risks and rewards of ownership have passed to the customer, and the Company has a right to payment. Thus, the Company will generally recognize revenue upon shipment of the product. Because all of the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company adjusts the transaction price for variable consideration. Variable consideration is not typically significant and primarily results from stock rotation rights and quick pay discounts provided to certain distributors. As a practical expedient, the Company is recognizing the incremental costs of obtaining a contract, specifically commission expenses that have a period of benefit of less than twelve months, as an expense when incurred. Additionally, the Company has adopted an accounting policy to recognize shipping costs that occur after control transfers to the customer as a fulfillment activity. The Company’s contracts with customers do not typically include extended payment terms. Payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. Additionally, the Company has right to payment upon shipment. The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with product sales. The impact of such taxes on products sales is immaterial. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of June 30, 2019. The majority of the Company’s revenue is derived from sales of SRAM products which represent approximately 99% of total revenues in the three months ended June 30, 2019. Nokia, the Company’s largest customer, purchases products directly from the Company and through contract manufacturers and distributors. Based on information provided to the Company by its contract manufacturers and distributors, purchases by Nokia represented approximately 46% of the Company’s net revenues in the three months ended June 30, 2019. See “Note 11 - Segment and Geographic Information” for revenue by shipment destination. The following table presents the Company’s revenue disaggregated by customer type. Three Months Ended June 30, 2019 2018 (In thousands) Contract manufacturers $ 3,477 $ 4,927 Distribution 9,256 6,101 OEMs 286 238 $ 13,019 $ 11,266

3. NET LOSS PER COMMON SHARE

3. NET LOSS PER COMMON SHARE	3 Months Ended
	Jun. 30, 2019
NET LOSS PER COMMON SHARE
NOTE 3 - NET LOSS PER COMMON SHARE	NOTE 3—NET LOSS PER COMMON SHARE The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share. The following table sets forth the computation of basic and diluted net income loss per share: Three Months Ended June 30, 2019 2018 (In thousands, except per share amounts) Net loss $ (125) $ (1,646) Denominators: Weighted average shares—Basic 22,605 21,567 Dilutive effect of employee stock options — — Dilutive effect of employee stock purchase plan options — — Weighted average shares—Dilutive 22,605 21,567 Net loss per common share—Basic $ (0.01) $ (0.08) Net loss per common share—Diluted $ (0.01) $ (0.08) The following shares of common stock underlying outstanding stock options, determined on a weighted average basis, were excluded from the computation of diluted net loss per share as they had an anti-dilutive effect: Three Months Ended June 30, 2019 2018 (In thousands) Shares underlying options and ESPP shares 3,624 3,044

4. BALANCE SHEET DETAIL

4. BALANCE SHEET DETAIL	3 Months Ended
	Jun. 30, 2019
BALANCE SHEET DETAIL
NOTE 4 - BALANCE SHEET DETAIL	NOTE 4—BALANCE SHEET DETAIL June 30, 2019 March 31, 2019 (In thousands) Inventories: Work-in-progress $ 1,853 $ 1,983 Finished goods 3,604 3,690 Inventory at distributors 6 12 $ 5,463 $ 5,685 June 30, 2019 March 31, 2019 (In thousands) Accounts receivable, net: Accounts receivable $ 7,468 $ 7,441 Less: Allowances for doubtful accounts and other (93) (102) $ 7,375 $ 7,339 June 30, 2019 March 31, 2019 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 880 $ 535 Prepaid income taxes 51 39 Escrow deposit 1,000 1,000 Other receivables 341 321 Other prepaid expenses and other current assets 737 605 $ 3,009 $ 2,500 June 30, 2019 March 31, 2019 (In thousands) Property and equipment, net: Computer and other equipment $ 19,117 $ 19,086 Software 4,058 4,058 Land 3,900 3,900 Building and building improvements 3,718 3,718 Furniture and fixtures 102 102 Leasehold improvements 848 848 31,743 31,712 Less: Accumulated depreciation (23,017) (22,711) $ 8,726 $ 9,001 Depreciation expense was $306,000 and $251,000 for the three months ended June 30, 2019 and 2018, respectively. June 30, 2019 March 31, 2019 (In thousands) Other assets: Non-current deferred income taxes 34 35 Deposits 126 125 $ 160 $ 160 The following tables summarize the components of intangible assets and related accumulated amortization balances at June 30, 2019 and March 31, 2019 (in thousands): As of June 30, 2019 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,556) 2,664 Software 80 (80) — Total $ 4,890 $ (2,226) $ 2,664 As of March 31, 2019 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,498) 2,722 Software 80 (80) — Total $ 4,890 $ (2,168) $ 2,722 Amortization of intangible assets included in cost of revenues was $58,000 and $78,000 for the three months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2020 (9 months remaining) $ 175 2021 233 2022 233 2023 233 2024 233 Thereafter 1,557 Total $ 2,664 June 30, 2019 March 31, 2019 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,090 $ 4,659 Accrued professional fees 45 60 Accrued commissions 384 304 Contingent consideration 495 492 Accrued retention payment 446 415 Miscellaneous accrued expenses 745 939 $ 5,205 $ 6,869

5. GOODWILL

5. GOODWILL	3 Months Ended
	Jun. 30, 2019
GOODWILL
NOTE 5 - GOODWILL	NOTE 5—GOODWILL Goodwill represents the difference between the purchase price and the estimated fair value of the identifiable assets acquired and liabilities assumed in a business combination. The Company tests for goodwill impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. The Company has one reporting unit. The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company had a goodwill balance of $8.0 million as of both March 31, 2019 and June 30, 2019. The goodwill resulted from the acquisition of MikaMonu Group Ltd. in fiscal 2016. The Company utilized a two-step quantitative analysis to complete its annual impairment test during the fourth quarter of fiscal 2019 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. The Company determined that the second step of the impairment test was not necessary. No triggering event took place subsequent to the fiscal 2019 annual assessment that necessitated a quantitative impairment analysis for the Company’s one reporting unit.

6. INCOME TAXES

6. INCOME TAXES	3 Months Ended
	Jun. 30, 2019
INCOME TAXES
NOTE 6 - INCOME TAXES	NOTE 6—INCOME TAXES The current portion of the Company’s unrecognized tax benefits was $0 at both June 30, 2019 and March 31, 2019. The long-term portion at June 30, 2019 and March 31, 2019 was $624,000 and $622,000, respectively, of which the timing of the resolution is uncertain. As of June 30, 2019, $2.6 million of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. As of June 30, 2019, the Company’s net deferred tax assets of $7.4 million were subject to a valuation allowance of $7.4 million. As of March 31, 2019, the Company’s net deferred tax assets of $6.7 million were subject to a valuation allowance of $6.7 million. Management believes that within the next twelve months the Company will not have a significant reduction in uncertain tax benefits, including interest and penalties, related to positions taken with respect to credits and loss carryforwards on previously filed tax returns. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations. The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2013 through 2019 remain open to examination by federal tax authorities, and fiscal years 2012 through 2019 remain open to examination by California tax authorities. The Company’s estimated annual effective income tax rate was approximately (8.7%) and (4.8%) as of June 30, 2019 and 2018, respectively. The annual effective tax rates as of June 30, 2019 and 2018 vary from the United States statutory income tax rate primarily due to valuation allowances in the United States, whereby pre-tax losses do not result in the recognition of corresponding income tax benefits and expenses, the foreign tax differential, and the impact of recent tax reform.

7. FINANCIAL INSTRUMENTS

7. FINANCIAL INSTRUMENTS	3 Months Ended
	Jun. 30, 2019
FINANCIAL INSTRUMENTS
NOTE 7 - FINANCIAL INSTRUMENTS	NOTE 7—FINANCIAL INSTRUMENTS Fair value measurements Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories: Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of June 30, 2019, the Level 1 category included money market funds of $8.1 million, which were included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. As of June 30, 2019, the Level 2 category included short-term investments $18.3 million and long-term investments of $7.3 million, which were comprised of certificates of deposit, government and agency securities. Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of June 30, 2019, the Company’s Level 3 financial instruments measured at fair value on the Condensed Consolidated Balance Sheets consisted of the contingent consideration liability related to the acquisition of MikaMonu. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs included the estimated amount and timing of future cash flows, the probability of success (achievement of the various contingent events) and a risk-adjusted discount rate of approximately 14.8% used to adjust the probability-weighted cash flows to their present value. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is re-measured to fair value with changes recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The contingent consideration liability is included in contingent consideration, long-term on the Consolidated Balance Sheet at June 30, 2019 and March 31, 2019 in the amount of $3.7 million and $3.7 million, respectively, and is included in accrued expenses and other liabilities at June 30, 2019 and March 31, 2019 in the amount of $495,000 and $492,000, respectively. The fair value of financial assets measured on a recurring basis is as follows (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 8,107 $ 8,107 $ — $ — Marketable securities 25,546 — 25,546 — Total $ 33,653 $ 8,107 $ 25,546 $ — Liabilities: Contingent consideration $ 4,235 $ — $ — $ 4,235 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 4,090 $ 4,090 $ — $ — Marketable securities 28,343 — 28,343 — Total $ 32,433 $ 4,090 $ 28,343 $ — Liabilities: Contingent consideration $ 4,206 $ — $ — $ 4,206 The following table sets forth the changes in fair value of contingent consideration for the three months ended June 30, 2019 and June 30, 2018: Three Months Ended June 30, 2019 2018 (In thousands) Contingent consideration, beginning of period $ 4,206 $ 5,514 Change due to accretion 29 36 Contingent consideration, end of period $ 4,235 $ 5,550 Short-term and long-term investments All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. The Company had money market funds of $8.1 million and $4.1 million at June 30, 2019 and March 31, 2019, respectively, included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary. The following table summarizes the Company’s available-for-sale investments: June 30, 2019 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 15,500 $ 20 (6) $ 15,514 Agency bonds 1,501 5 — 1,506 Supranational obligations 1,261 1 — 1,262 Total short-term investments $ 18,262 $ 26 $ (6) $ 18,282 Long-term investments: Certificates of deposit $ 5,740 $ 36 $ (2) $ 5,774 Agency bonds 1,473 17 — 1,490 Total long-term investments $ 7,213 $ 53 $ (2) $ 7,264 March 31, 2019 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 16,500 $ 4 $ (24) $ 16,480 Suprational obligations 2,867 — (1) 2,866 Total short-term investments $ 19,367 $ 4 $ (25) $ 19,346 Long-term investments: Certificates of deposit $ 6,000 $ 23 $ (4) $ 6,019 Agency bonds 2,968 11 (1) 2,978 Total long-term investments $ 8,968 $ 34 $ (5) $ 8,997 The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2019 and March 31, 2019, respectively. June 30, 2019 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ - $ - $ 5,992 $ (8) $ 5,992 $ (8) $ - $ - $ 5,992 $ (8) $ 5,992 $ (8) March 31, 2019 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ 2,998 $ (2) $ 7,974 $ (26) $ 10,972 $ (28) Supranational obligations 2,866 (1) - - 2,866 (1) Agency bonds 1,501 (1) - - 1,501 (1) $ 7,365 $ (4) $ 7,974 $ (26) $ 15,339 $ (30) The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains and losses are due to changes in interest rates and bond yields. Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity. The deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $(16,000) and $(2,000) at June 30, 2019 and March 31, 2019, respectively. As of June 30, 2019, contractual maturities of the Company’s available-for-sale investments were as follows: Fair Cost Value (In thousands) Maturing within one year $ 18,262 $ 18,282 Maturing in one to three years 7,213 7,264 $ 25,475 $ 25,546 The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations.

8. LEASES

8. LEASES	3 Months Ended
	Jun. 30, 2019
Leases
Leases	NOTE 8—LEASES The Company has operating leases for corporate offices, research and development facilities, certain equipment and software. The Company’s leases have remaining lease terms of 2 months to 34 months, some of which include options to extend for up to 5 years. Supplemental balance sheet information related to leases was as follows: As of June 30, 2019 (in thousands) Operating_Leases Operating lease right-of-use assets $ Lease liabilities-current $ Lease liabilities-non-current Total operating lease liabilities $ The following table provides the details of lease costs: Three months ended June 30, 2019 (in thousands) Amortization of right-of-use assets $ Operating lease cost Short-term lease cost $ The following table provides other information related to leases: Three months ended June 30, 2019 (amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ Right-of-use assets obtained in exchange for lease obligations Operating leases $ Weighted-average remaining lease term (years): Operating leases Weighted-average discount rate: Operating leases The following table provides the maturities of the Company’s operating lease liabilities as of June 30, 2019: Operating Lease Liabilities Fiscal Year (in thousands) 2020 (Remaining nine months) $ 2021 2022 2023 Total undiscounted future cash flows Less: Imputed interest Present value of undiscounted future cash flows $ Presentation on statement of financial position Current $ Non-current $ The following table provides the future minimum lease payments as of June 30, 2019 in accordance with ASC 840: Operating Fiscal Year Ending March 31, Leases (In thousands) 2020 (Remaining nine months) $ 437 2021 431 2022 127 2023 7 Total $ 1,002

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2019
COMMITMENTS AND CONTINGENCIES
NOTE 9 - COMMITMENTS AND CONTINGENCIES	NOTE 9—COMMITMENTS AND CONTINGENCIES Indemnification obligations The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, payment by the Company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements. It is not possible to predict the maximum potential amount of future payments that may be required under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations. Product warranties The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of June 30, 2019 and March 31, 2019 and for the three months ended June 30, 2019 or 2018.

10. STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2019
STOCK-BASED COMPENSATION
NOTE 10 - STOCK-BASED COMPENSATION	NOTE 10—STOCK-BASED COMPENSATION As of June 30, 2019, 3,376,588 shares of common stock were available for grant under the Company’s 2016 Equity Incentive Plan. The following table summarizes the Company’s stock option activities for the three months ended June 30, 2019: Weighted Number of Shares Average Weighted Shares Underlying Remaining Average Available for Options Contractual Exercise Intrinsic Grant Outstanding Life (Years) Price Value Balance at March 31, 2019 3,426,548 8,017,029 $ 5.77 Granted (71,610) 71,610 $ 7.46 Exercised — (501,601) $ 3.94 $ 1,836,662 Forfeited 21,650 (21,950) $ 7.90 Balance at June 30, 2019 3,376,588 7,565,088 5.67 $ 5.90 Options vested and exercisable 4,978,464 4.30 $ 5.64 $ 14,640,255 Options vested and expected to vest 7,508,754 5.65 $ 5.89 $ 20,158,398 The weighted average fair value per underlying share of options granted during the three months ended June 30, 2019 and 2018 was $2.70 and $2.76, respectively. Options outstanding by exercise price at June 30, 2019 were as follows: Number of Options Outstanding Options Exercisable Shares Weighted Weighted Average Weighted Underlying Average Remaining Number Average Options Exercise Contractual Vested and Exercise Exercise Price Outstanding Price Life (Years) Exercisable Price $ 3.40 - 4.43 772,823 $ 3.82 4.70 665,141 $ 3.86 $ 4.68 - 4.98 976,291 $ 4.91 4.55 976,291 $ 4.91 $ 4.99 - 5.23 1,143,116 $ 5.10 6.21 701,267 $ 5.16 $ 5.28 - 5.91 978,667 $ 5.63 5.97 667,017 $ 5.58 $ 6.00 - 6.54 930,533 $ 6.29 3.03 797,977 $ 6.31 $ 6.61 - 6.70 847,158 $ 6.68 8.11 239,738 $ 6.64 $ 6.82 - 7.00 789,407 $ 6.88 4.35 648,332 $ 6.89 $ 7.26 - 7.70 791,793 $ 7.33 8.29 142,594 $ 7.35 $ 7.88 - 8.09 226,720 $ 7.98 8.88 31,527 $ 8.09 $ 9.20 108,580 $ 9.20 1.59 108,580 $ 9.20 7,565,088 $ 5.90 5.67 4,978,464 $ 5.64 The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans: Three Months Ended June 30, 2019 2018 (In thousands) Cost of revenues $ $ 53 Research and development 323 Selling, general and administrative Total $ 651 $ 542 As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance. The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No tax benefit related to stock-based compensation was recognized in the three months ended June 30, 2019 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options in either of these periods. Compensation cost capitalized within inventory at June 30, 2019 was immaterial. As of June 30, 2019, the Company’s total unrecognized compensation cost was $4.2 million, which will be recognized over a weighted average period of 2.02 years. The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions: Three Months Ended June 30, 2019 2018 Stock Option Plans: Risk-free interest rate % % Expected life (in years) Volatility % % Dividend yield — % — % Employee Stock Purchase Plan: Risk-free interest rate % % Expected life (in years) Volatility % % Dividend yield — % — %

11. SEGMENT AND GEOGRAPHIC INFO

11. SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
	Jun. 30, 2019
SEGMENT AND GEOGRAPHIC INFORMATION
NOTE 11 - SEGMENT AND GEOGRAPHIC INFORMATION	NOTE 11—SEGMENT AND GEOGRAPHIC INFORMATION Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits. The following is a summary of net revenues by geographic area based on the location to which product is shipped: Three Months Ended June 30, 2019 2018 (In thousands) United States $ 4,606 $ 4,489 China 1,233 1,009 Singapore 3,542 2,003 Netherlands 1,393 2,399 Germany 1,897 952 Rest of the world 348 414 $ 13,019 $ 11,266 All sales are denominated in United States dollars.

1. THE COMPANY AND SUMMARY OF_2

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2019
The Company And Summary Of Significant Accounting Policies
Accounting principles	Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. The consolidated results of operations for the three months ended June 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year.
Significant accounting policies	Significant accounting policies Except for the accounting policy for leases, which was updated as a result of adopting a new accounting standard related to leases, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. See “Recent accounting pronouncements” below for additional information on the impact of the adoption of the new accounting standard for leases on the Company’s consolidated financial statements.
Recent accounting pronouncements	Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company’s first presentation of changes in stockholders' equity is included in this Form 10-Q for the quarter ended June 30, 2019. In January 2017, the FASB issued ASU No. 2017-04, " Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13 , “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted beginning April 1, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842) .” The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, “ Elements of Financial Statements ,” and, therefore, recognition of those lease assets and lease liabilities represents a change of previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842): Targeted Improvements," which provides clarifications and improvements to ASU 2016-02 including allowing entities to elect an additional transition method, a modified retrospective approach, that permits changes to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with Leases (Topic 840) ("ASC 840"), including the disclosure requirements of ASC 840. The Company adopted Topic 842 as of April 1, 2019 and applied the modified retrospective approach to all leases existing at, or entered into on or after, the date of adoption of April 1, 2019. The Company did not restate comparative periods, as permitted by ASU 2018-11, and elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Further, the Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company will recognize those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. As a result of adoption of this standard and election of the transition practical expedients, the Company recognized right-of-use (“ROU”) assets and lease liabilities for those leases classified as operating leases under ASC Topic 840 that continued to be classified as operating leases under ASC Topic 842 at the date of initial application. The Company does not have any leases classified as a capital lease under ASC 840 and therefore has no leases classified as a “finance lease” under the new standard. In applying the alternative modified retrospective transition method, the Company measured lease liabilities at the present value of the sum of remaining minimum rental payments (as defined under ASC Topic 840). The present value of lease liabilities has been measured using the Company’s incremental borrowing rates as of April 1, 2019 (the date of initial application). Additionally, ROU assets for these operating leases have been measured as the initial measurement of applicable lease liabilities adjusted for any prepaid or accrued rent. Upon adoption of Topic 842, the Company recognized ROU assets of approximately $1.1 million and lease liabilities of approximately $1.1 million on the Company’s Condensed Consolidated Balance Sheets as of April 1, 2019, with no material impact to its Condensed Consolidated Statements of Operations.

2. REVENUE RECOGNITION (Tables)

2. REVENUE RECOGNITION (Tables)	3 Months Ended
	Jun. 30, 2019
REVENUE RECOGNITION.
Summary of revenue disaggregated by customer type	Three Months Ended June 30, 2019 2018 (In thousands) Contract manufacturers $ 3,477 $ 4,927 Distribution 9,256 6,101 OEMs 286 238 $ 13,019 $ 11,266

3. NET LOSS PER COMMON SHARE (T

3. NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Jun. 30, 2019
NET LOSS PER COMMON SHARE
Basic and diluted net income (loss) per share	Three Months Ended June 30, 2019 2018 (In thousands, except per share amounts) Net loss $ (125) $ (1,646) Denominators: Weighted average shares—Basic 22,605 21,567 Dilutive effect of employee stock options — — Dilutive effect of employee stock purchase plan options — — Weighted average shares—Dilutive 22,605 21,567 Net loss per common share—Basic $ (0.01) $ (0.08) Net loss per common share—Diluted $ (0.01) $ (0.08)
Anti-dilutive shares	Three Months Ended June 30, 2019 2018 (In thousands) Shares underlying options and ESPP shares 3,624 3,044

4. BALANCE SHEET DETAIL (Tables

4. BALANCE SHEET DETAIL (Tables)	3 Months Ended
	Jun. 30, 2019
BALANCE SHEET DETAIL
Schedule of inventories	June 30, 2019 March 31, 2019 (In thousands) Inventories: Work-in-progress $ 1,853 $ 1,983 Finished goods 3,604 3,690 Inventory at distributors 6 12 $ 5,463 $ 5,685
Schedule of accounts receivable, net	June 30, 2019 March 31, 2019 (In thousands) Accounts receivable, net: Accounts receivable $ 7,468 $ 7,441 Less: Allowances for doubtful accounts and other (93) (102) $ 7,375 $ 7,339
Schedule of prepaid expenses and other current assets	June 30, 2019 March 31, 2019 (In thousands) Prepaid expenses and other current assets: Prepaid tooling and masks $ 880 $ 535 Prepaid income taxes 51 39 Escrow deposit 1,000 1,000 Other receivables 341 321 Other prepaid expenses and other current assets 737 605 $ 3,009 $ 2,500
Schedule of property and equipment, net	June 30, 2019 March 31, 2019 (In thousands) Property and equipment, net: Computer and other equipment $ 19,117 $ 19,086 Software 4,058 4,058 Land 3,900 3,900 Building and building improvements 3,718 3,718 Furniture and fixtures 102 102 Leasehold improvements 848 848 31,743 31,712 Less: Accumulated depreciation (23,017) (22,711) $ 8,726 $ 9,001
Schedule of other assets	June 30, 2019 March 31, 2019 (In thousands) Other assets: Non-current deferred income taxes 34 35 Deposits 126 125 $ 160 $ 160
Schedule of intangible assets	The following tables summarize the components of intangible assets and related accumulated amortization balances at June 30, 2019 and March 31, 2019 (in thousands): As of June 30, 2019 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,556) 2,664 Software 80 (80) — Total $ 4,890 $ (2,226) $ 2,664 As of March 31, 2019 Gross Accumulated Net Carrying Intangible assets: Product designs $ 590 $ (590) $ — Patents 4,220 (1,498) 2,722 Software 80 (80) — Total $ 4,890 $ (2,168) $ 2,722
Estimated future amortization expense of intangible assets	As of June 30, 2019, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): Fiscal year ending March 31, 2020 (9 months remaining) $ 175 2021 233 2022 233 2023 233 2024 233 Thereafter 1,557 Total $ 2,664
Schedule of accrued expenses and other liabilities	June 30, 2019 March 31, 2019 (In thousands) Accrued expenses and other liabilities: Accrued compensation $ 3,090 $ 4,659 Accrued professional fees 45 60 Accrued commissions 384 304 Contingent consideration 495 492 Accrued retention payment 446 415 Miscellaneous accrued expenses 745 939 $ 5,205 $ 6,869

7. FINANCIAL INSTRUMENTS (Table

7. FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2019
FINANCIAL INSTRUMENTS
Schedule of fair value of financial assets measured on a recurring basis	The fair value of financial assets measured on a recurring basis is as follows (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 8,107 $ 8,107 $ — $ — Marketable securities 25,546 — 25,546 — Total $ 33,653 $ 8,107 $ 25,546 $ — Liabilities: Contingent consideration $ 4,235 $ — $ — $ 4,235 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 4,090 $ 4,090 $ — $ — Marketable securities 28,343 — 28,343 — Total $ 32,433 $ 4,090 $ 28,343 $ — Liabilities: Contingent consideration $ 4,206 $ — $ — $ 4,206
Schedule of changes in fair value of contingent consideration	Three Months Ended June 30, 2019 2018 (In thousands) Contingent consideration, beginning of period $ 4,206 $ 5,514 Change due to accretion 29 36 Contingent consideration, end of period $ 4,235 $ 5,550
Schedule of available-for-sale investments	June 30, 2019 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 15,500 $ 20 (6) $ 15,514 Agency bonds 1,501 5 — 1,506 Supranational obligations 1,261 1 — 1,262 Total short-term investments $ 18,262 $ 26 $ (6) $ 18,282 Long-term investments: Certificates of deposit $ 5,740 $ 36 $ (2) $ 5,774 Agency bonds 1,473 17 — 1,490 Total long-term investments $ 7,213 $ 53 $ (2) $ 7,264 March 31, 2019 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Short-term investments: Certificates of deposit $ 16,500 $ 4 $ (24) $ 16,480 Suprational obligations 2,867 — (1) 2,866 Total short-term investments $ 19,367 $ 4 $ (25) $ 19,346 Long-term investments: Certificates of deposit $ 6,000 $ 23 $ (4) $ 6,019 Agency bonds 2,968 11 (1) 2,978 Total long-term investments $ 8,968 $ 34 $ (5) $ 8,997
Schedule of unrealized losses and fair value of investments	June 30, 2019 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ - $ - $ 5,992 $ (8) $ 5,992 $ (8) $ - $ - $ 5,992 $ (8) $ 5,992 $ (8) March 31, 2019 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) Certificates of deposit $ 2,998 $ (2) $ 7,974 $ (26) $ 10,972 $ (28) Supranational obligations 2,866 (1) - - 2,866 (1) Agency bonds 1,501 (1) - - 1,501 (1) $ 7,365 $ (4) $ 7,974 $ (26) $ 15,339 $ (30)
Schedule of contractual maturities of the available-for-sale investments	Fair Cost Value (In thousands) Maturing within one year $ 18,262 $ 18,282 Maturing in one to three years 7,213 7,264 $ 25,475 $ 25,546

8. LEASES (Tables)

8. LEASES (Tables)	3 Months Ended
	Jun. 30, 2019
Leases
Summary of balance sheet information related to leases	As of June 30, 2019 (in thousands) Operating_Leases Operating lease right-of-use assets $ Lease liabilities-current $ Lease liabilities-non-current Total operating lease liabilities $
Summary of components of lease cost	Three months ended June 30, 2019 (in thousands) Amortization of right-of-use assets $ Operating lease cost Short-term lease cost $
Summary of other information related to leases	Three months ended June 30, 2019 (amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ Right-of-use assets obtained in exchange for lease obligations Operating leases $ Weighted-average remaining lease term (years): Operating leases Weighted-average discount rate: Operating leases
Summary of maturities of our lease liabilities	Operating Lease Liabilities Fiscal Year (in thousands) 2020 (Remaining nine months) $ 2021 2022 2023 Total undiscounted future cash flows Less: Imputed interest Present value of undiscounted future cash flows $ Presentation on statement of financial position Current $ Non-current $ The following table provides the future minimum lease payments as of June 30, 2019 in accordance with ASC 840: Operating Fiscal Year Ending March 31, Leases (In thousands) 2020 (Remaining nine months) $ 437 2021 431 2022 127 2023 7 Total $ 1,002

10. STOCK-BASED COMPENSATION (T

10. STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2019
STOCK-BASED COMPENSATION
Summary of stock option activities	Weighted Number of Shares Average Weighted Shares Underlying Remaining Average Available for Options Contractual Exercise Intrinsic Grant Outstanding Life (Years) Price Value Balance at March 31, 2019 3,426,548 8,017,029 $ 5.77 Granted (71,610) 71,610 $ 7.46 Exercised — (501,601) $ 3.94 $ 1,836,662 Forfeited 21,650 (21,950) $ 7.90 Balance at June 30, 2019 3,376,588 7,565,088 5.67 $ 5.90 Options vested and exercisable 4,978,464 4.30 $ 5.64 $ 14,640,255 Options vested and expected to vest 7,508,754 5.65 $ 5.89 $ 20,158,398
Schedule of options outstanding by exercise price	Number of Options Outstanding Options Exercisable Shares Weighted Weighted Average Weighted Underlying Average Remaining Number Average Options Exercise Contractual Vested and Exercise Exercise Price Outstanding Price Life (Years) Exercisable Price $ 3.40 - 4.43 772,823 $ 3.82 4.70 665,141 $ 3.86 $ 4.68 - 4.98 976,291 $ 4.91 4.55 976,291 $ 4.91 $ 4.99 - 5.23 1,143,116 $ 5.10 6.21 701,267 $ 5.16 $ 5.28 - 5.91 978,667 $ 5.63 5.97 667,017 $ 5.58 $ 6.00 - 6.54 930,533 $ 6.29 3.03 797,977 $ 6.31 $ 6.61 - 6.70 847,158 $ 6.68 8.11 239,738 $ 6.64 $ 6.82 - 7.00 789,407 $ 6.88 4.35 648,332 $ 6.89 $ 7.26 - 7.70 791,793 $ 7.33 8.29 142,594 $ 7.35 $ 7.88 - 8.09 226,720 $ 7.98 8.88 31,527 $ 8.09 $ 9.20 108,580 $ 9.20 1.59 108,580 $ 9.20 7,565,088 $ 5.90 5.67 4,978,464 $ 5.64
Summary of stock-based compensation expense by line item	Three Months Ended June 30, 2019 2018 (In thousands) Cost of revenues $ $ 53 Research and development 323 Selling, general and administrative Total $ 651 $ 542
Schedule of weighted average assumptions	Three Months Ended June 30, 2019 2018 Stock Option Plans: Risk-free interest rate % % Expected life (in years) Volatility % % Dividend yield — % — % Employee Stock Purchase Plan: Risk-free interest rate % % Expected life (in years) Volatility % % Dividend yield — % — %

11. SEGMENT AND GEOGRAPHIC IN_2

11. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2019
SEGMENT AND GEOGRAPHIC INFORMATION
Net revenues by geographic area	Three Months Ended June 30, 2019 2018 (In thousands) United States $ 4,606 $ 4,489 China 1,233 1,009 Singapore 3,542 2,003 Netherlands 1,393 2,399 Germany 1,897 952 Rest of the world 348 414 $ 13,019 $ 11,266

1. THE COMPANY AND SUMMARY OF_3

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent accounting pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Apr. 01, 2019
The Company And Summary Of Significant Accounting Policies
Operating lease right-of-use assets	$ 910	$ 1,100
Lease liabilities, operating lease	$ 939	$ 1,100

2. REVENUE RECOGNITION (Details

2. REVENUE RECOGNITION (Details)	3 Months Ended
	Jun. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true/false]	true
Warranty period	3 years
SRAM products | Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	99.00%
Sales revenue goods | Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	46.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	60 days

2. REVENUE RECOGNITION - Revenu

2. REVENUE RECOGNITION - Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 13,019	$ 11,266
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	3,477	4,927
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	9,256	6,101
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 286	$ 238

3. NET LOSS PER COMMON SHARE (D

3. NET LOSS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
NET LOSS PER COMMON SHARE
Net loss	$ (125)	$ (1,646)
Weighted average shares - Basic	22,605	21,567
Weighted average shares - Dilutive	22,605	21,567
Net loss per common share - Basic	$ (0.01)	$ (0.08)
Net loss per common share - Diluted	$ (0.01)	$ (0.08)

3. NET LOSS PER COMMON SHARE -

3. NET LOSS PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
NET LOSS PER COMMON SHARE
Shares underlying options and ESPP shares	3,624	3,044

4. BALANCE SHEET DETAIL - Inven

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Inventories:
Work-in-progress	$ 1,853	$ 1,983
Finished goods	3,604	3,690
Inventory at distributors	6	12
Total inventory	$ 5,463	$ 5,685

4. BALANCE SHEET DETAIL - Accou

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Accounts receivable, net:
Accounts receivable	$ 7,468	$ 7,441
Less: Allowances for doubtful accounts and other	(93)	(102)
Total accounts receivable, net	$ 7,375	$ 7,339

4. BALANCE SHEET DETAIL - Prepa

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 880	$ 535
Prepaid income taxes	51	39
Escrow deposit	1,000	1,000
Other receivables	341	321
Other prepaid expenses and other current assets	737	605
Total prepaid expenses and other current assets	$ 3,009	$ 2,500

4. BALANCE SHEET DETAIL - Prope

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Property and equipment, net:
Property and equipment, gross	$ 31,743,000		$ 31,712,000
Less: Accumulated depreciation	(23,017,000)		(22,711,000)
Total property and equipment, net	8,726,000		9,001,000
Depreciation	306,000	$ 251,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	19,117,000		19,086,000
Software
Property and equipment, net:
Property and equipment, gross	4,058,000		4,058,000
Land
Property and equipment, net:
Property and equipment, gross	3,900,000		3,900,000
Building and building improvements
Property and equipment, net:
Property and equipment, gross	3,718,000		3,718,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000		102,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 848,000		$ 848,000

4. BALANCE SHEET DETAIL - Other

4. BALANCE SHEET DETAIL - Other assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Other assets:
Non-current deferred income taxes	$ 34	$ 35
Deposits	126	125
Total other assets	$ 160	$ 160

4. BALANCE SHEET DETAIL - Intan

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Gross Carrying Amount	$ 4,890,000		$ 4,890,000
Accumulated Amortization	(2,226,000)		(2,168,000)
Total	2,664,000		2,722,000
Amortization of intangible assets	58,000	$ 78,000
Product designs
Gross Carrying Amount	590,000		590,000
Accumulated Amortization	(590,000)		(590,000)
Patents
Gross Carrying Amount	4,220,000		4,220,000
Accumulated Amortization	(1,556,000)		(1,498,000)
Total	2,664,000		2,722,000
Software.
Gross Carrying Amount	80,000		80,000
Accumulated Amortization	$ (80,000)		$ (80,000)

4. BALANCE SHEET DETAIL - Futur

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Fiscal year ending March 31,
2020 (9 months remaining)	$ 175
2021	233
2022	233
2023	233
2024	233
Thereafter	1,557
Total	$ 2,664	$ 2,722

4. BALANCE SHEET DETAIL - Accru

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Accrued expenses and other liabilities:
Accrued compensation	$ 3,090	$ 4,659
Accrued professional fees	45	60
Accrued commissions	384	304
Contingent consideration	495	492
Accrued retention payment	446	415
Miscellaneous accrued expenses	745	939
Total accrued expenses and other liabilities	$ 5,205	$ 6,869

5. GOODWILL (Details)

5. GOODWILL (Details)	3 Months Ended
	Jun. 30, 2019USD ($)segment	Mar. 31, 2019USD ($)
GOODWILL
Number of reporting units | segment	1
Goodwill	$ 7,978,000	$ 7,978,000
Goodwill impairment		$ 0

6. INCOME TAXES - Unrecognized

6. INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
INCOME TAXES
Unrecognized tax benefits, current	$ 0		$ 0
Unrecognized tax benefits, noncurrent	624,000		622,000
Deferred tax assets unrecognized tax benefit	2,600,000
Net deferred tax assets	7,400,000		6,700,000
Valuation allowance	$ (7,400,000)		$ (6,700,000)
Effective annual income tax rate (as a percentage)	(8.70%)	(4.80%)

7. FINANCIAL INSTRUMENTS (Detai

7. FINANCIAL INSTRUMENTS (Details)	Jun. 30, 2019USD ($)item	Mar. 31, 2019USD ($)
Fair value measurements
Long-term investments	$ 7,264,000	$ 8,997,000
Short-term investments	$ 18,282,000	19,346,000
Measurement input
Fair value measurements
Discount rate (as a percent) | item	0.148
Level 2 | Marketable securities
Fair value measurements
Long-term investments	$ 7,300,000
Other accrued expenses
Fair value measurements
Contingent consideration liability	3,700,000	3,700,000
Accrued expenses and other liabilities
Fair value measurements
Contingent consideration liability	495,000	492,000
Recurring
Fair value measurements
Assets	33,653,000	32,433,000
Liabilities	4,235,000	4,206,000
Recurring | Money market funds
Fair value measurements
Money market funds	8,107,000	4,090,000
Recurring | Marketable securities
Fair value measurements
Marketable securities	25,546,000	28,343,000
Recurring | Level 1
Fair value measurements
Assets	8,107,000	4,090,000
Recurring | Level 1 | Money market funds
Fair value measurements
Money market funds	8,107,000	4,090,000
Recurring | Level 2
Fair value measurements
Assets	25,546,000	28,343,000
Recurring | Level 2 | Marketable securities
Fair value measurements
Marketable securities	25,546,000	28,343,000
Recurring | Level 3
Fair value measurements
Liabilities	$ 4,235,000	$ 4,206,000

7. FINANCIAL INSTRUMENTS - Chan

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 4,206	$ 5,514
Change due to accretion	29	36
Contingent consideration, end of period	$ 4,235	$ 5,550

7. FINANCIAL INSTRUMENTS - Avai

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Available-for-sale investments
Cost	$ 25,475
Total	25,546
Short-term investments
Available-for-sale investments
Cost	18,262	$ 19,367
Gross Unrealized Gains	26	4
Gross Unrealized Losses	(6)	(25)
Total	18,282	19,346
Short-term investments | Agency bonds
Available-for-sale investments
Cost	1,501
Gross Unrealized Gains	5
Total	1,506
Short-term investments | Supranational obligations
Available-for-sale investments
Cost	1,261	2,867
Gross Unrealized Gains	1
Gross Unrealized Losses		(1)
Total	1,262	2,866
Short-term investments | Certificates of deposit
Available-for-sale investments
Cost	15,500	16,500
Gross Unrealized Gains	20	4
Gross Unrealized Losses	(6)	(24)
Total	15,514	16,480
Long-term investment
Available-for-sale investments
Cost	7,213	8,968
Gross Unrealized Gains	53	34
Gross Unrealized Losses	(2)	(5)
Total	7,264	8,997
Long-term investment | Agency bonds
Available-for-sale investments
Cost	1,473	2,968
Gross Unrealized Gains	17	11
Gross Unrealized Losses		(1)
Total	1,490	2,978
Long-term investment | Certificates of deposit
Available-for-sale investments
Cost	5,740	6,000
Gross Unrealized Gains	36	23
Gross Unrealized Losses	(2)	(4)
Total	$ 5,774	$ 6,019

7. FINANCIAL INSTRUMENTS - Unre

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Fair Value
Less Than 12 Months, Fair Value		$ 7,365
12 Months or Greater, Fair Value	$ 5,992	7,974
Total, Fair Value	5,992	15,339
Unrealized Loss
Less Than 12 Months, Unrealized Loss		4
12 Months or Greater, Unrealized Loss	8	26
Total, Unrealized Loss	8	30
Certificates of deposit
Fair Value
Less Than 12 Months, Fair Value		2,998
12 Months or Greater, Fair Value	5,992	7,974
Total, Fair Value	5,992	10,972
Unrealized Loss
Less Than 12 Months, Unrealized Loss		2
12 Months or Greater, Unrealized Loss	8	26
Total, Unrealized Loss	$ 8	28
Supranational obligations
Fair Value
Less Than 12 Months, Fair Value		2,866
Total, Fair Value		2,866
Unrealized Loss
Less Than 12 Months, Unrealized Loss		1
Total, Unrealized Loss		1
Agency bonds
Fair Value
Less Than 12 Months, Fair Value		1,501
Total, Fair Value		1,501
Unrealized Loss
Less Than 12 Months, Unrealized Loss		1
Total, Unrealized Loss		$ 1

7. FINANCIAL INSTRUMENTS - Othe

7. FINANCIAL INSTRUMENTS - Other Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Other information
Maximum maturity period of investment portfolio	3 years
Deferred tax liability related to unrecognized gains and losses on short-term and long-term investments	$ 16,000	$ 2,000

7. FINANCIAL INSTRUMENTS - Cont

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 18,262
Maturing in one to three years, Cost	7,213
Total	25,475
Maturing within one year, Fair Value	18,282
Maturing in one to three years, Fair Value	7,264
Total	$ 25,546

8. LEASES - Operating Leases (D

8. LEASES - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Apr. 01, 2019
Leases
Operating lease, option to extend	true
Operating lease, renewal term	5 years
Operating lease right-of-use assets	$ 910	$ 1,100
Lease liabilities, current	559
Lease liabilities, non-current	380
Total operating lease liabilities	$ 939	$ 1,100
Minimum
Leases
Operating lease, term of lease	2 months
Maximum
Leases
Operating lease, term of lease	34 months

8. LEASES - Lease Cost (Details

8. LEASES - Lease Cost (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2019USD ($)
Components of lease cost
Amortization of right-of-use assets	$ 144
Operating lease cost	161
Short-term lease cost	7
Lease costs	$ 312

8. LEASES - Other Information (

8. LEASES - Other Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 160
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 1,082
Weighted-average remaining lease term (years) - Operating leases	1 year 11 months 1 day
Weighted-average discount rate - Operating leases	6.50%

8. LEASES - Maturity of Lease L

8. LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Apr. 01, 2019
Maturity of Lease Liabilities
2020 (Remaining nine months)	$ 433
2021	431
2022	127
2023	7
Total undiscounted future cash flows	998
Less: Imputed interest	59
Total operating lease liabilities	939	$ 1,100
Current	559
Non-current	380
Future minimum lease payments
2020 (Remaining nine months)	437
2021	431
2022	127
2023	7
Total	$ 1,002

9. COMMITMENTS AND CONTINGENC_2

9. COMMITMENTS AND CONTINGENCIES - Product warranties (Details)	3 Months Ended
	Jun. 30, 2019
Product warranties
Warranty period	3 years

10. STOCK-BASED COMPENSATION -

10. STOCK-BASED COMPENSATION - Stock options activities (Details)	3 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	3,426,548
Granted (in shares)	(71,610)
Forfeited (in shares)	21,650
Shares available for grant, Ending	3,376,588
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	8,017,029
Granted (in shares)	71,610
Exercised (in shares)	(501,601)
Forfeited (in shares)	(21,950)
Balance at the end of the period (in shares)	7,565,088
Options vested and exercisable (in shares)	4,978,464
Options vested and expected to vest (in shares)	7,508,754
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 8 months 1 day
Options vested and exercisable	4 years 3 months 18 days
Options vested and expected to vest	5 years 7 months 24 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 5.77
Granted (in dollars per share) | $ / shares	7.46
Exercised (in dollars per share) | $ / shares	3.94
Forfeited (in dollars per share) | $ / shares	7.90
Balance at the end of the period (in dollars per share) | $ / shares	5.90
Options vested and exercisable (in dollars per share) | $ / shares	5.64
Options vested and expected to vest (in dollars per share) | $ / shares	$ 5.89
Intrinsic Value
Exercised (in dollars) | $	$ 1,836,662
Options vested and exercisable (in dollars) | $	14,640,255
Options vested and expected to vest (in dollars) | $	$ 20,158,398

10. STOCK-BASED COMPENSATION _2

10. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 5.90	$ 5.77
Number of Shares Underlying Options Outstanding (in shares)	7,565,088
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.90
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 8 months 1 day
Options Exercisable, Number Vested and Exercisable (in shares)	4,978,464
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.64
$3.40 - $4.43
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	3.40
Exercise Price, high end of range (in dollars per share)	$ 4.43
Number of Shares Underlying Options Outstanding (in shares)	772,823
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 3.82
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 8 months 12 days
Options Exercisable, Number Vested and Exercisable (in shares)	665,141
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 3.86
$4.68 - $4.98
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.68
Exercise Price, high end of range (in dollars per share)	$ 4.98
Number of Shares Underlying Options Outstanding (in shares)	976,291
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.91
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 6 months 18 days
Options Exercisable, Number Vested and Exercisable (in shares)	976,291
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.91
$4.99 - $5.23
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.99
Exercise Price, high end of range (in dollars per share)	$ 5.23
Number of Shares Underlying Options Outstanding (in shares)	1,143,116
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.10
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 2 months 16 days
Options Exercisable, Number Vested and Exercisable (in shares)	701,267
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.16
$5.28 - $5.91
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.28
Exercise Price, high end of range (in dollars per share)	$ 5.91
Number of Shares Underlying Options Outstanding (in shares)	978,667
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.63
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 11 months 19 days
Options Exercisable, Number Vested and Exercisable (in shares)	667,017
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.58
$6.00 - $6.54
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6
Exercise Price, high end of range (in dollars per share)	$ 6.54
Number of Shares Underlying Options Outstanding (in shares)	930,533
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.29
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 11 days
Options Exercisable, Number Vested and Exercisable (in shares)	797,977
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.31
$6.61 - $6.70
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.61
Exercise Price, high end of range (in dollars per share)	$ 6.70
Number of Shares Underlying Options Outstanding (in shares)	847,158
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.68
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 1 month 10 days
Options Exercisable, Number Vested and Exercisable (in shares)	239,738
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.64
$6.82 - $7.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.82
Exercise Price, high end of range (in dollars per share)	$ 7
Number of Shares Underlying Options Outstanding (in shares)	789,407
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.88
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 4 months 6 days
Options Exercisable, Number Vested and Exercisable (in shares)	648,332
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.89
$7.26 - $7.70
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	7.26
Exercise Price, high end of range (in dollars per share)	$ 7.70
Number of Shares Underlying Options Outstanding (in shares)	791,793
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.33
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 3 months 15 days
Options Exercisable, Number Vested and Exercisable (in shares)	142,594
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.35
$7.88 - $8.09
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	7.88
Exercise Price, high end of range (in dollars per share)	$ 8.09
Number of Shares Underlying Options Outstanding (in shares)	226,720
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.98
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 10 months 17 days
Options Exercisable, Number Vested and Exercisable (in shares)	31,527
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.09
$9.20
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 9.20
Number of Shares Underlying Options Outstanding (in shares)	108,580
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.20
Options Outstanding, Weighted Average Remaining Contractual Life	1 year 7 months 2 days
Options Exercisable, Number Vested and Exercisable (in shares)	108,580
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 9.20

10. STOCK-BASED COMPENSATION _3

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation expense by line item
Stock-based compensation expense	$ 651	$ 542
Cost of revenues
Stock-based compensation expense by line item
Stock-based compensation expense	55	53
Research and development
Stock-based compensation expense by line item
Stock-based compensation expense	399	323
Selling, general and administrative
Stock-based compensation expense by line item
Stock-based compensation expense	$ 197	$ 166

10. STOCK-BASED COMPENSATION _4

10. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Other information
Income tax benefit recognized from allocation of share-based compensation expense	$ 0
Windfall tax benefits realized	0
Unrecognized compensation costs	$ 4,200
Weighted average period of recognition of unrecognized compensation costs	2 years 7 days
Weighted average fair value per underlying share of options granted (in dollars per share)	$ 2.70	$ 2.76
Employee stock options
Stock-based compensation
Risk-free interest rate (as a percent)	2.30%	2.78%
Expected life	5 years	5 years
Volatility (as a percent)	37.30%	35.60%
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate (as a percent)	2.43%	2.09%
Expected life	6 months	6 months
Volatility (as a percent)	43.10%	37.70%

11. SEGMENT AND GEOGRAPHIC IN_3

11. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Net revenues and long-lived assets by geographic area
Net revenues	$ 13,019	$ 11,266
Number of reporting units | segment	1
United States
Net revenues and long-lived assets by geographic area
Net revenues	$ 4,606	4,489
China
Net revenues and long-lived assets by geographic area
Net revenues	1,233	1,009
Singapore
Net revenues and long-lived assets by geographic area
Net revenues	3,542	2,003
Netherlands
Net revenues and long-lived assets by geographic area
Net revenues	1,393	2,399
Germany
Net revenues and long-lived assets by geographic area
Net revenues	1,897	952
Rest of the world
Net revenues and long-lived assets by geographic area
Net revenues	$ 348	$ 414