Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | UQM TECHNOLOGIES INC | |
Entity Central Index Key | 315,449 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,541,847 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,626,817 | $ 6,585,703 |
Accounts receivable, net | 414,861 | 522,417 |
Other Receivables, Net, Current | 0 | 855,000 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 69,917 | 49,917 |
Inventories | 9,374,848 | 9,354,053 |
Prepaid expenses and other current assets | 335,414 | 266,448 |
Total current assets | 15,821,857 | 17,633,538 |
Property and equipment, at cost: | ||
Land | 1,683,330 | 1,683,330 |
Building | 4,516,301 | 4,516,301 |
Machinery and equipment | 7,083,950 | 7,037,200 |
Property, plant and equipment, gross | 13,283,581 | 13,236,831 |
Less accumulated depreciation | (6,664,667) | (6,410,242) |
Net property and equipment | 6,618,914 | 6,826,589 |
Patent costs, net of accumulated amortization of $898,292 and $895,227, respectively | 238,430 | 239,043 |
Trademark costs, net of accumulated amortization of $74,048 and $73,018, respectively | 101,793 | 102,823 |
Total assets | 22,780,994 | 24,801,993 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 497,043 | 398,568 |
Other current liabilities | 1,464,540 | 1,544,971 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 83,591 | 84,444 |
Total current liabilities | 2,045,174 | 2,027,983 |
Long-term deferred compensation under executive employment agreements | 470,080 | 445,024 |
Total liabilities | $ 2,515,254 | $ 2,473,007 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $.01 par value, 50,000,000 shares authorized; 40,052,602 and 39,999,984 shares issued and outstanding | $ 400,526 | $ 400,000 |
Additional paid-in capital | 122,026,540 | 121,866,061 |
Accumulated deficit | (102,161,326) | (99,937,075) |
Total stockholders' equity | 20,265,740 | 22,328,986 |
Total liabilities and stockholders' equity | $ 22,780,994 | $ 24,801,993 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Consolidated Condensed Balance Sheets [Abstract] | ||
Patent costs, accumulated amortization | $ 898,292 | $ 895,227 |
Trademark costs, accumulated amortization | $ 74,048 | $ 73,018 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 40,052,602 | 39,999,984 |
Common Stock, Shares, Outstanding | 40,052,602 | 39,999,984 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue: | ||
Product sales | $ 630,666 | $ 823,032 |
Contract services | 109,863 | 196,516 |
Total Revenues | 740,529 | 1,019,548 |
Operating costs and expenses: | ||
Costs of product sales | 577,446 | 464,028 |
Costs of contract services | 64,798 | 148,234 |
Research and development | 1,088,480 | 84,404 |
Production engineering | 0 | 1,227,191 |
Reimbursement of costs under DOE grant | 0 | (716,014) |
Selling, general and administrative | 1,245,374 | 1,128,531 |
Total Costs and Expenses | 2,976,098 | 2,336,374 |
Loss before other income | (2,235,569) | (1,316,826) |
Other income: | ||
Interest income | 3,372 | 6,789 |
Other | 7,946 | 0 |
Total nonoperating income | 11,318 | 6,789 |
Net loss | $ (2,224,251) | $ (1,310,037) |
Net loss per common share - basic and diluted | $ (0.06) | $ (0.03) |
Weighted average number of shares of common stock outstanding - basic and diluted | 40,040,673 | 39,788,769 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (2,224,251) | $ (1,310,037) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 258,520 | 260,484 |
Non-cash equity based compensation | 139,288 | 166,658 |
Change in operating assets and liabilities: | ||
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts | 107,556 | (30,067) |
Increase (Decrease) in Other Receivables | 855,000 | 0 |
Increase (Decrease) in Cost in Excess of Billing on Uncompleted Contract | (20,000) | 194,020 |
Inventories | (20,795) | 114,413 |
Prepaid expenses and other current assets | (68,966) | (224,137) |
Accounts payable and other current liabilities | 18,044 | (82,240) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (853) | 0 |
Deferred compensation under executive employment agreements | 25,056 | 24,736 |
Net cash (used in) provided by operating activities | (931,401) | (886,170) |
Cash flows from investing activities: | ||
Increase in short-term investments | 0 | (153) |
Acquisition of property and equipment | (46,750) | (45,458) |
Property and equipment reimbursements received from DOE under grant | 0 | 123,470 |
Cash paid for patent and trademark fees | (2,452) | (6,444) |
Net cash (used in) provided by investing activities | (49,202) | 71,415 |
Cash flows from financing activities: | ||
Cash received for shares under employee stock purchase plan | 23,125 | 22,055 |
Cash received for exercise of employee options | 0 | 4,497 |
Cash paid for retirement of vested shares | (1,408) | 0 |
Net cash (used in) provided by financing activities | 21,717 | 26,552 |
(Decrease) increase in cash and cash equivalents | (958,886) | (788,203) |
Cash and cash equivalents at beginning of period | 6,585,703 | 10,247,112 |
Cash and cash equivalents at end of period | $ 5,626,817 | $ 9,458,909 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | (1) Basis of Presentation The accompanying consolidated condensed financial statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of the results to be expected for the fiscal year. The Notes contained herein should be read in conjunction with the Notes to our Consolidated Financial Statements filed on Form 10-K for the fiscal year ended March 31, 2015. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (2) New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for public entities for interim and annual reporting periods beginning after December 15, 2016 . On July 9, 2015, the FASB deferred the effective date of this new standard to December 15, 2017 for public entities. Early application is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We are in the process of determining the impact on our financial statements. In August 2014, the FASB issued guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We expect the new standard to increase the disclosures we provide regarding our liquidity and cash obligations. |
Contracts In Process
Contracts In Process | 3 Months Ended |
Jun. 30, 2015 | |
Contracts In Process [Abstract] | |
Contracts In Process | (3) Contracts in Process At June 30, 2015 and March 31, 2015, the estimated period to complete contracts in process ranged from one to seven months and one to eighteen months, respectively. We expect to collect all accounts receivable arising from these contracts within sixty days of billing. The following summarizes contracts in process: June 30, 2015 March 31, 2015 Costs incurred on uncompleted contracts $ $ Estimated earnings Less billings to date Contracts in process $ $ Included in the accompanying consolidated condensed balance sheets as follows: Costs and estimated earnings in excess of billings on uncompleted contracts $ $ Billings in excess of costs and estimated earnings on uncompleted contracts Contracts in process $ $ |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | (4) Inventories Inventories at June 30, 2015 and March 31, 2015 consisted of: June 30, 2015 March 31, 2015 Raw materials $ $ Work-in-process Finished products $ $ We maintain raw material inventories of electronic components, motor parts and other materials to meet our expected manufacturing needs for proprietary products and for products manufactured to the design specifications of our customers. Some of these components may become obsolete or impaired due to bulk purchases in excess of customer requirements. Accordingly, we periodically assesses our raw material and finished product inventories for potential impairment of value based on then available information, expectations and estimates and establish impairment reserves as appropriate. We concluded that there were no impairments for obsolete inventory during the three month periods ended June 30, 2015 and 2014. |
Government Grant
Government Grant | 3 Months Ended |
Jun. 30, 2015 | |
Government Grant [Abstract] | |
Government Grant | (5) Government Grant We had a grant (the “Grant”) with the DOE under the American Recovery and Reinvestment Act, which ended on January 12, 2015. The Grant provided funds to facilitate the manufacture and deployment of electric drive vehicles, batteries and electric drive vehicle components in the United States. Under the terms of the Grant, the DOE reimbursed us for 50 percent of qualifying costs for the purchase of facilities, tooling and manufacturing equipment, and for engineering related to product qualification and testing of our electric propulsion systems. Engineering costs that were incurred under the Grant were classified in our consolidated condensed statements of operations as production engineering. With the expiration of the Grant, we launched and re-deployed resources from production engineering activities to several new internally funded projects aimed at developing and significantly improving our product portfolio. This led to a significant increase in research and development expenditures in the first quarter of fiscal year 2016 compared to the same quarter last year, and we expect those resources to continue to be deployed on similar research and development activities in the future. The Grant was also subject to our compliance with certain reporting requirements. The American Recovery and Reinvestment Act imposed minimum construction wages and labor standards for projects funded by the Grant. If we dispose of assets acquired using Grant funding, we may be required to reimburse the DOE upon such sale date if the fair value of the asset on the date of disposition exceeds $ 5,000 . The amount of any such reimbursement shall be equal to 50 percent of the fair value of the asset on the date of disposition. The application of grant funds to eligible capital asset purchases as of the end of the Grant are as follows: Purchase Cost Grant Funding Recorded Value Land $ $ $ Building Machinery and Equipment $ $ $ |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Jun. 30, 2015 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (6) Other Current Liabilities Other current liabilities at June 30, 2015 and March 31, 2015 consist of: June 30, 2015 March 31, 2015 Accrued payroll and employee benefits $ $ Accrued personal property and real estate taxes Accrued warranty costs Unearned revenue Accrued royalties Accrued import duties Accrued vendor settlements Other $ $ |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (7) Stock-Based Compensation Share-Based Compensation Expense The table below shows total share-based compensation expense for the quarters ended June 30, 2015 and 2014 and the classification of these expenses: Quarter Ended June 30, 2015 2014 Costs of contract services $ $ Costs of product sales Research and development Production engineering - Selling, general and administrative $ $ Stock Option Plans Activity Additional information with respect to stock option activity during the quarter ended June 30, 2015 under our Stock Option Plans is as follows: Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at April 1, 2015 $ 5.5 years $ Granted - $ - Exercised - $ - $ - Forfeited $ Outstanding at June 30, 2015 $ 5.4 years $ Exercisable at June 30, 2015 $ 4.4 years $ Vested and expected to vest at June 30, 2015 $ 5.3 years $ As of June 30, 2015, there was $ 243,062 of total unrecognized compensation costs related to stock options granted under our Stock Option Plans. The unrecognized compensation cost is expected to be recognized over a weighted-average period of thirteen months. The total fair value of stock options that vested during both quarters ended June 30, 2015 and 2014 was $7,690 . Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of June 30, 2015 and 2014 and changes during the quarters ended June 30, 2015 and 2014 are presented below: Quarter Ended June 30, 2015 Quarter Ended June 30, 2014 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Non-vested at April 1 $ $ Granted - $ - - $ - Vested $ $ Forfeited - $ - - $ - Non-vested at June 30 $ $ As of June 30, 2015, there was $ 268,739 of total unrecognized compensation costs related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at June 30, 2015 is expected to be recognized over a weighted-average period of thirteen months. Stock Purchase Plan Activity During the quarters ended June 30, 2015 and 2014, we issued 34,508 and 12,052 shares of common stock, respectively, under the Stock Purchase Plan. Cash received by us upon the purchase of shares under the Stock Purchase Plan for the quarters ended June 30, 2015 and 2014 was $23,125 and $22,055 , respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (8) Stockholders’ Equity Changes in the components of stockholders’ equity during the quarter ended June 30, 2015 were as follows: Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at April 1, 2015 $ $ $ $ Issuance of common stock under employee stock purchase plan - Issuance of common stock under stock bonus plan - - Retirement of vested shares - Compensation expense from employee and director stock option and common stock grants - - - Net loss - - - Balances at June 30, 2015 $ $ $ $ In February 2014, we completed a follow-on offering consisting of 2,864,872 shares of our common stock, and common stock purchase warrants to purchase 1,432,436 shares of our common stock. The warrants have an exercise price of $2.1275 per whole share of common stock and are exercisable on or after August 6, 2014 and on or before August 5, 2018. In addition, the placement agent was issued warrants to purchase 57,297 shares of common stock, on substantially the same terms as the warrants issued to the purchasers. Warrants to acquire 1,489,733 shares of our common stock were outstanding at both June 30, 2015 and March 31, 2015. |
Significant Customers
Significant Customers | 3 Months Ended |
Jun. 30, 2015 | |
Significant Customers [Abstract] | |
Significant Customers | (9) Significant Customers We have historically derived significant revenue from a few key customers. The following table summarizes revenue and percent of total revenue from significant customers for the quarters ended June 30, 2015 and 2014: Quarter Ended June 30, 2015 2014 Customer A $ % $ - - % Customer B $ % $ % Customer C $ % $ % Customer D $ % $ % Customer E $ - % $ % The following table summarizes accounts receivable from significant customers as of June 30, 2015 and March 31, 2015: June 30, 2015 March 31, 2015 Customer A % - % Customer B % % Customer C % % Customer D % - % Customer E - % % |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (10) Income Taxes The Company currently has a full valuation allowance against its deferred tax assets, as it is management’s judgment that it is more-likely-than-not that net deferred tax assets will not be realized to reduce future taxable income. We recognize interest and penalties related to uncertain tax positions in “Other Income (expense),” net. As of June 30, 2015 and 2014, we had no provisions for interest or penalties related to uncertain tax positions. The tax years 1999 through 2014 remain open to examination by both the Internal Revenue Service of the United States and by the various state taxing authorities where we file. |
Loss Per Common Share
Loss Per Common Share | 3 Months Ended |
Jun. 30, 2015 | |
Loss Per Common Share [Abstract] | |
Loss Per Common Share | (11) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the quarters ended June 30, 2015 and 2014: Quarter Ended June 30, 2015 2014 Numerator: Net loss $ $ Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted Net loss per common share - basic and diluted $ $ The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each quarter presented: June 30, 2015 2014 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (12) Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (13) Commitments and Contingencies Employment Agreements The Company has employment agreements with four of its officers for a term expiring on August 31, 2015. The aggregate future base salary payable to the executive officers over their remaining terms is $ 209,180 . In addition, we have recorded a liability of $ 298,414 and $ 268,357 at June 30, 2015 and March 31, 2015, respectively, representing the potential future compensation payable under the retirement and voluntary termination provisions of the employment agreements of the Company’s current officers. The value of the liability was determined using a discounted cash flow model with a discount rate of 14 percent, which is based on the expected cost of capital for the Company. A 1 percent change in this discount rate would result in approximately a $1,000 change in the recorded value of the liability as of June 30, 2015. The employment agreements provide for severance payments under the conditions and for the amounts specified in the agreements. Litigation We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow, although adverse developments in these matters could have a material impact on a future reporting period. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (1 4 ) Subsequent Event On July 21, 2015, the Company announced that its board of directors ha d removed Eric Ridenour as President and Chief Executive of the Company, effective July 20, 2015 . As a result, the Company became obligated to pay Mr. Ridenour one year’s salary in the amount of $460,410 . This payment will be made in two equal installments during the second and fourth quarters of the current fiscal year. |
Contracts In Process (Tables)
Contracts In Process (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Contracts In Process [Abstract] | |
Summary Of Contract In Process | June 30, 2015 March 31, 2015 Costs incurred on uncompleted contracts $ $ Estimated earnings Less billings to date Contracts in process $ $ Included in the accompanying consolidated condensed balance sheets as follows: Costs and estimated earnings in excess of billings on uncompleted contracts $ $ Billings in excess of costs and estimated earnings on uncompleted contracts Contracts in process $ $ |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | June 30, 2015 March 31, 2015 Raw materials $ $ Work-in-process Finished products $ $ |
Government Grant (Tables)
Government Grant (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Government Grant [Abstract] | |
Schedule Of Capital Asset Purchases, Partially Funded By Government Grants | Purchase Cost Grant Funding Recorded Value Land $ $ $ Building Machinery and Equipment $ $ $ |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | June 30, 2015 March 31, 2015 Accrued payroll and employee benefits $ $ Accrued personal property and real estate taxes Accrued warranty costs Unearned revenue Accrued royalties Accrued import duties Accrued vendor settlements Other $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share-Based Compensation Expense | Quarter Ended June 30, 2015 2014 Costs of contract services $ $ Costs of product sales Research and development Production engineering - Selling, general and administrative $ $ |
Summary Of Stock Option Activity | Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at April 1, 2015 $ 5.5 years $ Granted - $ - Exercised - $ - $ - Forfeited $ Outstanding at June 30, 2015 $ 5.4 years $ Exercisable at June 30, 2015 $ 4.4 years $ Vested and expected to vest at June 30, 2015 $ 5.3 years $ |
Stock Bonus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Nonvested Share Activity | Quarter Ended June 30, 2015 Quarter Ended June 30, 2014 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Non-vested at April 1 $ $ Granted - $ - - $ - Vested $ $ Forfeited - $ - - $ - Non-vested at June 30 $ $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Changes In Components Of Stockholders' Equity | Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at April 1, 2015 $ $ $ $ Issuance of common stock under employee stock purchase plan - Issuance of common stock under stock bonus plan - - Retirement of vested shares - Compensation expense from employee and director stock option and common stock grants - - - Net loss - - - Balances at June 30, 2015 $ $ $ $ |
Significant Customers (Tables)
Significant Customers (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Quarter Ended June 30, 2015 2014 Customer A $ % $ - - % Customer B $ % $ % Customer C $ % $ % Customer D $ % $ % Customer E $ - % $ % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | June 30, 2015 March 31, 2015 Customer A % - % Customer B % % Customer C % % Customer D % - % Customer E - % % |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Quarter Ended June 30, 2015 2014 Numerator: Net loss $ $ Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted Net loss per common share - basic and diluted $ $ |
Shares Not Included In Diluted Net Loss Per Share | June 30, 2015 2014 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Contracts In Process (Narrative
Contracts In Process (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Mar. 31, 2015 | |
Contracts In Process [Abstract] | ||
Estimated Period To Complete Contracts In Process, Minimum | 1 month | 1 month |
Estimated Period To Complete Contracts In Process, Maximum | 7 months | 18 months |
Expected collection period of accounts receivable | 60 days |
Contracts In Process (Summary O
Contracts In Process (Summary Of Contract In Process) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Contracts In Process [Abstract] | ||
Costs incurred on uncompleted contracts | $ 2,389,461 | $ 2,327,816 |
Estimated earnings | 709,989 | 626,075 |
Contracts in process, Gross | 3,099,450 | 2,953,891 |
Less billings to date | (3,113,124) | (2,988,418) |
Contracts in progress, Total | (13,674) | (34,527) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 69,917 | 49,917 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (83,591) | $ (84,444) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 7,261,536 | $ 7,261,568 |
Work-in-process | 63,385 | 25,842 |
Finished products | 2,049,927 | 2,066,643 |
Inventories, Total | $ 9,374,848 | $ 9,354,053 |
Government Grant (Narrative) (D
Government Grant (Narrative) (Details) - Jun. 30, 2015 - USD ($) | Total |
Government Grant [Abstract] | |
Percentage of eligible costs reimbursed by government grants | 50.00% |
Threshold for government reimbursement, asset fair value | $ 5,000 |
Government Grant (Schedule Of C
Government Grant (Schedule Of Capital Asset Purchases, Partially Funded By Government Grants) (Details) | Mar. 31, 2015USD ($) |
Government Grants [Line Items] | |
Purchase Cost | $ 19,266,085 |
Grant Funding | 9,633,042 |
Recorded Value | 9,633,043 |
Land [Member] | |
Government Grants [Line Items] | |
Purchase Cost | 896,388 |
Grant Funding | 448,194 |
Recorded Value | 448,194 |
Building [Member] | |
Government Grants [Line Items] | |
Purchase Cost | 9,906,736 |
Grant Funding | 4,953,368 |
Recorded Value | 4,953,368 |
Machinery and equipment [Member] | |
Government Grants [Line Items] | |
Purchase Cost | 8,462,961 |
Grant Funding | 4,231,480 |
Recorded Value | $ 4,231,481 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Other Current Liabilities [Abstract] | ||
Accrued payroll and employee benefits | $ 155,045 | $ 183,245 |
Accrued personal property and real estate taxes | 124,932 | 208,162 |
Accrued warranty costs | 182,913 | 184,920 |
Unearned revenue | 71,098 | 37,000 |
Accrued royalties | 48,336 | 48,336 |
Accrued import duties | 87,100 | 87,100 |
Accrued vendor settlements | 774,974 | 774,974 |
Other | 20,142 | 21,234 |
Other current liabilities, Total | $ 1,464,540 | $ 1,544,971 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of options vested in period | $ 7,690 | $ 7,690 |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 243,062 | |
Unrecognized compensation costs, period for recognition | 13 months | |
Stock Bonus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 268,739 | |
Unrecognized compensation costs, period for recognition | 13 months | |
Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period for share-based awards | 34,508 | 12,052 |
Cash received from settlement of share-based awards | $ 23,125 | $ 22,055 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 139,288 | $ 166,658 |
Costs Of Contract Services [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 746 | 1,732 |
Costs Of Product Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 5,619 | 6,912 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 14,281 | 2,246 |
Production Engineering [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 33,544 | |
Selling, General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 118,642 | $ 122,224 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at Period End, Options | 2,954,330 | |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at Period Start, Options | 2,969,075 | |
Forfeited, Options | (39,604) | |
Outstanding at Period End, Options | 2,929,471 | 2,969,075 |
Exercisable, Options | 2,365,021 | |
Vested and expected to vest, Options | 2,909,043 | |
Outstanding at Period Start, Weighted-Average Exercise Price | $ 1.79 | |
Forfeited, Weighted-Average Exercise Price | 3.89 | |
Outstanding at Period End, Weighted-Average Exercise Price | 1.76 | $ 1.79 |
Exercisable, Weighted-Average Exercise Price | 1.87 | |
Vested and expected to vest, Weighted-Average Exercise Price | $ 1.77 | |
Outstanding, Weighted Average Remaining Contractual Life | 5 years 4 months 24 days | 5 years 6 months |
Exercisable, Weighted Average Remaining Contractual Life | 4 years 4 months 24 days | |
Vested and expected to vest, Weighted Average Remaining Contractual Life | 5 years 3 months 18 days | |
Outstanding at Period Start, Aggregate Intrinsic Value | $ 311,101 | |
Outstanding at Period End, Aggregate Intrinsic Value | 22,124 | $ 311,101 |
Exercisable, Aggregate Intrinsic Value | 21,330 | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 22,076 |
Stock-Based Compensation (Sch37
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested at Period End, shares | 428,372 | 637,313 |
Stock Bonus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested at Period Start, shares | 432,039 | 640,979 |
Vested, shares | (3,667) | (3,666) |
Non-vested at Period End, shares | 428,372 | 637,313 |
Non-vested at Period Start, Weighted-Average Grant Date Fair Value | $ 1.26 | $ 1.17 |
Vested Weighted-Average Grant Date Fair Value | 0.69 | 0.69 |
Non-vested at Period End, Weighted-Average Grant Date Fair Value | $ 1.26 | $ 1.17 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Class of Stock [Line Items] | ||
Beginning balance, value | $ 22,328,986 | |
Beginning balance, shares | 39,999,984 | |
Issuance of common stock under employee stock purchase plan, value | $ 23,125 | |
Issuance of common stock under employee stock purchase plan, shares | 34,508 | |
Issuance of common stock under stock bonus plan, shares | 19,478 | |
Retirement of vested shares, shares | (1,368) | |
Issuance of common stock upon exercise of employee options, value | $ (1,408) | |
Compensation expense from employee and director stock option and common stock grants | 139,288 | |
Net Income (Loss) Attributable to Parent | (2,224,251) | $ (1,310,037) |
Ending balance, value | $ 20,265,740 | |
Ending balance, shares | 40,052,602 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | $ 400,000 | |
Issuance of common stock under employee stock purchase plan, value | 345 | |
Issuance of common stock under stock bonus plan, value | 195 | |
Issuance of common stock upon exercise of employee options, value | (14) | |
Ending balance, value | 400,526 | |
Additional Paid-in Capital [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | 121,866,061 | |
Issuance of common stock under employee stock purchase plan, value | 22,780 | |
Issuance of common stock under stock bonus plan, value | (195) | |
Issuance of common stock upon exercise of employee options, value | (1,394) | |
Compensation expense from employee and director stock option and common stock grants | 139,288 | |
Ending balance, value | 122,026,540 | |
Accumulated Deficit [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | (99,937,075) | |
Net Income (Loss) Attributable to Parent | (2,224,251) | |
Ending balance, value | $ (102,161,326) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - Jun. 30, 2015 - $ / shares | Total |
Stock Issued During Period, Shares, New Issues | 2,864,872 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,432,436 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.1275 |
Class of Warrant or Right, Outstanding | 1,489,733 |
Class of Warrant, Class Two [Member] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 57,297 |
Significant Customers (Details)
Significant Customers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 630,666 | $ 823,032 | |
Customer A [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 201,157 | ||
Customer A [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 39.00% | ||
Customer A [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 27.00% | ||
Customer B [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 150,316 | $ 154,443 | |
Customer B [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 24.00% | |
Customer B [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20.00% | 15.00% | |
Customer C [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 121,682 | $ 94,474 | |
Customer C [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 6.00% | 11.00% | |
Customer C [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.00% | 9.00% | |
Customer D [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 34,863 | $ 196,516 | |
Customer D [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21.00% | ||
Customer D [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 5.00% | 19.00% | |
Customer E [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 560 | $ 115,770 | |
Customer E [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 1.00% | ||
Customer E [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% |
Loss Per Common Share (Basic an
Loss Per Common Share (Basic and Diluted Net Loss Per Share) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loss Per Common Share [Abstract] | ||
Net loss | $ (2,224,251) | $ (1,310,037) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 40,040,673 | 39,788,769 |
Net loss per common share - basic and diluted | $ (0.06) | $ (0.03) |
Loss Per Common Share (Number S
Loss Per Common Share (Number Shares) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Loss Per Common Share [Abstract] | ||
Non-vested Stock Bonus Plan shares | 428,372 | 637,313 |
Stock Options Outstanding | 2,954,330 | 3,335,091 |
Warrants and Rights Outstanding | $ 1,489,733 | $ 1,489,733 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Aggregate future base salary payable | $ 209,180 | |
Potential future compensation payable | 298,414 | $ 268,357 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 1,000 | |
Fair Value Inputs, Discount Rate [Member] | ||
Fair Value Inputs, Discount Rate | 14.00% |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Jul. 20, 2015 | Jun. 30, 2015 |
Subsequent Events [Abstract] | ||
Subsequent Event, Date | Jul. 20, 2015 | |
Supplemental Unemployment Benefits, Salary Continuation | $ 460,410 |