Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jun. 05, 2016 | Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
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 | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 48,436,196 | ||
Entity Public Float | $ 25,838,504 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 7,030,230 | $ 6,585,703 |
Accounts receivable | 481,404 | 522,417 |
Other receivable | 855,000 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 60,296 | 49,917 |
Inventories | 2,271,271 | 9,354,053 |
Prepaid expenses and other current assets | 272,597 | 266,448 |
Total current assets | 10,115,798 | 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 | 7,089,332 | 7,037,200 |
Property, plant and equipment, gross | 13,288,963 | 13,236,831 |
Less accumulated depreciation | (7,241,769) | (6,410,242) |
Net property and equipment | 6,047,194 | 6,826,589 |
Patent costs, net of accumulated amortization of $916,960 and $895,227, respectively | 249,414 | 239,043 |
Trademark costs, net of accumulated amortization of $77,514 and $73,018, respectively | 98,327 | 102,823 |
Noncurrent inventories | 6,840,170 | |
Total assets | 23,350,903 | 24,801,993 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 364,841 | 398,568 |
Other current liabilities | 985,435 | 1,544,971 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 84,444 | |
Total current liabilities | 1,350,276 | 2,027,983 |
Other long-term liabilities | 288,889 | 445,024 |
Total liabilities | $ 1,639,165 | $ 2,473,007 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 75,000,000 and 50,000,000 shares authorized; 48,330,286 and 39,999,984 shares issued and outstanding, respectively | $ 483,303 | $ 400,000 |
Additional paid-in capital | 128,103,861 | 121,866,061 |
Accumulated deficit | (106,875,426) | (99,937,075) |
Total stockholders' equity | 21,711,738 | 22,328,986 |
Total liabilities and stockholders' equity | $ 23,350,903 | $ 24,801,993 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accumulated amortization of patent costs | $ 916,960 | $ 895,227 |
Accumulated amortization of trademark costs | $ 77,514 | $ 73,018 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 50,000,000 |
Common stock, shares issued | 48,330,286 | 39,999,984 |
Common Stock, shares outstanding | 48,330,286 | 39,999,984 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue: | |||
Product sales | $ 4,592,852 | $ 3,218,616 | $ 6,136,305 |
Contract services | 713,947 | 797,128 | 909,895 |
Total Revenues | 5,306,799 | 4,015,744 | 7,046,200 |
Operating costs and expenses: | |||
Costs of product sales | 3,343,508 | 2,101,610 | 3,609,028 |
Costs of contract services | 659,244 | 798,038 | 743,068 |
Research and development | 3,459,746 | 1,131,159 | 219,887 |
Production engineering | 3,406,923 | 4,644,646 | |
Reimbursement of costs under DOE grant | (1,901,109) | (3,625,853) | |
Selling, general and administrative | 5,406,628 | 5,337,795 | 5,143,864 |
Recovery of impaired assets | (585,800) | (868,475) | |
Loss (gain) on disposal of long-lived assets | 1,219 | (37,462) | |
Total Costs and Expenses | 12,283,326 | 10,875,635 | 9,828,703 |
Loss before other income | (6,976,527) | (6,859,891) | (2,782,503) |
Other income: | |||
Interest income | 8,122 | 12,306 | 1,787 |
Other | 30,054 | 859,055 | 7,472 |
Total nonoperating income | 38,176 | 871,361 | 9,259 |
Net loss | $ (6,938,351) | $ (5,988,530) | $ (2,773,244) |
Net loss per common share - basic and diluted | $ (0.16) | $ (0.15) | $ (0.07) |
Weighted average number of shares of common stock outstanding - basic and diluted | 43,574,137 | 39,940,795 | 37,253,066 |
Stockholders' Equity
Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance, value at Mar. 31, 2013 | $ 366,641 | $ 115,573,331 | $ (91,175,301) | $ 24,764,671 |
Beginning balance, shares at Mar. 31, 2013 | 36,664,097 | |||
Class of Stock [Line Items] | ||||
Issuance of common stock under employee stock purchase plan, value | $ 624 | 60,065 | 60,689 | |
Issuance of common stock under employee stock purchase plan, shares | 62,421 | |||
Issuance of common stock under offering, net of offering costs, value | $ 28,649 | 4,883,284 | 4,911,933 | |
Issuance of common stock under offering, net of offering costs, shares | 2,864,872 | |||
Issuance of common stock under stock bonus plan, value | $ 1,663 | 34,836 | 36,499 | |
Issuance of common stock under stock bonus plan, shares | 166,231 | |||
Issuance of common stock upon exercise of employee options, value | $ 201 | 20,874 | 21,075 | |
Issuance of common stock upon exercise of employee options, shares | 20,146 | |||
Compensation expense from employee and director stock option and common stock grants | 753,372 | 753,372 | ||
Net loss | (2,773,244) | (2,773,244) | ||
Ending balance, value at Mar. 31, 2014 | $ 397,778 | 121,325,762 | (93,948,545) | 27,774,995 |
Ending balance, shares at Mar. 31, 2014 | 39,777,767 | |||
Class of Stock [Line Items] | ||||
Issuance of common stock under employee stock purchase plan, value | $ 120 | 21,935 | 22,055 | |
Issuance of common stock under employee stock purchase plan, shares | 12,052 | |||
Issuance of common stock under stock bonus plan, value | $ 2,881 | 29,563 | 32,444 | |
Issuance of common stock under stock bonus plan, shares | 288,051 | |||
Issuance of common stock upon exercise of employee options, value | $ 50 | 4,447 | 4,497 | |
Issuance of common stock upon exercise of employee options, shares | 5,053 | |||
Retirement of vested shares, value | $ (829) | (170,911) | (171,740) | |
Retirement of vested shares, shares | (82,939) | |||
Compensation expense from employee and director stock option and common stock grants | 655,265 | 655,265 | ||
Net loss | (5,988,530) | (5,988,530) | ||
Ending balance, value at Mar. 31, 2015 | $ 400,000 | 121,866,061 | (99,937,075) | $ 22,328,986 |
Ending balance, shares at Mar. 31, 2015 | 39,999,984 | 39,999,984 | ||
Class of Stock [Line Items] | ||||
Issuance of common stock under employee stock purchase plan, value | $ 629 | 38,748 | $ 39,377 | |
Issuance of common stock under employee stock purchase plan, shares | 62,932 | |||
Issuance of common stock under offering, net of offering costs, value | $ 80,000 | 5,698,463 | 5,778,463 | |
Issuance of common stock under offering, net of offering costs, shares | 8,000,000 | |||
Issuance of common stock under stock bonus plan, value | $ 3,771 | 11,805 | 15,576 | |
Issuance of common stock under stock bonus plan, shares | 377,047 | |||
Common stock used for tax withholdings, value | $ (1,097) | (91,494) | (92,591) | |
Common stock used for tax withholdings, shares | (109,677) | |||
Compensation expense from employee and director stock option and common stock grants | 580,278 | 580,278 | ||
Net loss | (6,938,351) | (6,938,351) | ||
Ending balance, value at Mar. 31, 2016 | $ 483,303 | $ 128,103,861 | $ (106,875,426) | $ 21,711,738 |
Ending balance, shares at Mar. 31, 2016 | 48,330,286 | 48,330,286 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (6,938,351) | $ (5,988,530) | $ (2,773,244) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 950,145 | 1,061,312 | 1,136,021 |
Non-cash equity based compensation | 595,854 | 687,709 | 789,871 |
Recovery of impaired assets | (585,800) | (868,475) | |
Loss (gain) on disposal of long-lived assets | 1,219 | (37,462) | |
Impairment of inventories | 9,906 | 44,451 | 5,047 |
Change in operating assets and liabilities: | |||
Accounts receivable | 41,013 | 328,080 | 1,218,971 |
Other receivable | 855,000 | (855,000) | |
Costs and estimated earnings on uncompleted contracts | (10,379) | 291,338 | (162,991) |
Inventories | 232,706 | 655,918 | 938,992 |
Prepaid expenses and other current assets | (6,149) | (2,460) | 45,969 |
Accounts payable and other current liabilities | (7,463) | 65,501 | (470,119) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (84,444) | 84,444 | |
Other long-term liabilities | (156,135) | 262,924 | (445,312) |
Net cash used in operating activities | (5,104,097) | (3,363,094) | (622,732) |
Cash flows from investing activities: | |||
Purchases of short-term investments | (593) | ||
Maturities of short-term investments | 63,029 | ||
Acquisition of property and equipment | (144,522) | (558,755) | (377,224) |
Property and equipment reimbursements received from DOE under grant | 371,140 | 215,754 | |
Increase in patent and trademark costs | (32,103) | (28,541) | (54,721) |
Cash proceeds from the sale of equipment | 1,565,032 | ||
Net cash (used in) provided by investing activities | (176,625) | (153,127) | 1,348,248 |
Cash flows from financing activities: | |||
Cash received for shares exercised under employee stock purchase plan | 39,377 | 4,497 | 21,075 |
Cash received for exercise of employee options | 22,055 | 60,689 | |
Issuance of common stock in registered direct offering, net of offering costs | 5,778,463 | 4,911,933 | |
Payment of employee tax withholdings in exchange for return of common stock | (92,591) | (171,740) | |
Net cash (used in) provided by financing activities | 5,725,249 | (145,188) | 4,993,697 |
Increase (decrease) in cash and cash equivalents | 444,527 | (3,661,409) | 5,719,213 |
Cash and cash equivalents at beginning of period | 6,585,703 | 10,247,112 | 4,527,899 |
Cash and cash equivalents at end of period | $ 7,030,230 | $ 6,585,703 | $ 10,247,112 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | (1) Summary of Significant Accounting Policie s (a) Description of Business UQM Technologies, Inc. and our wholly-owned subsidiaries are engaged in the research, development and manufacture of permanent magnet electric motors and the electronic controls for such motors. Our facility is located in Longmont, Colorado. Our revenue is derived primarily from product sales to customers in the commercial truck, bus, automotive, marine, military, and industrial markets, and from contract research and development services. We are impacted by other factors such as the continued receipt of contracts from industrial and governmental parties, our ability to protect and maintain the proprietary nature of our technology, continued product and technological advances and our ability, together with our partners, to commercialize our products and technology. (b) Principles of Consolidation The consolidated financial statements include the accounts of UQM Technologies, Inc. and its majority-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. (c) Cash and Cash Equivalents We consider cash on hand and investments with original maturities of three months or less to be cash and cash equivalents. We limit our cash and cash equivalents to high quality financial institutions in order to minimize our credit risk. We maintain cash and cash equivalent balances with financial institutions that exceed federally insured limits. We have not experienced any losses related to these balances and management believes our credit risk to be minimal. (d) Accounts Receivables We extend unsecured credit to many of our customers following a review of the customers’ financial condition and credit history. Our sales are conducted through acceptance of customer purchase orders or in some cases through supply agreements. For credit qualified customers, our standard terms are net 30 days. For international customers without an adequate credit rating, our typical terms are irrevocable letter of credit or cash payment in advance of delivery. We establish an allowance for uncollectable accounts based upon a number of factors including the length of time trade receivables are past due, the customer’s ability to pay its obligation to us, the condition of the general economy, estimates of credit risk, historical trends and other information. We write off accounts receivable when they become uncollectible against our allowance for doubtful accounts receivable. At both March 31, 2016 and 2015, we had no allowance for doubtful accounts receivable. The following represents activity under our allowance for doubtful accounts receivable for the fiscal years ended March 31, 2016, 2015 and 2014 : Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Year ended March 31, 2016 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2015 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2014 Allowance for doubtful accounts- deducted from accounts receivable $ — — $ — (e) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We analyze slow-moving and excess inventory on a periodic basis and we charge directly to expense obsolete inventory items during the period we assess the value of such inventory to be impaired. For the fiscal years ended March 31, 2016, 2015 and 2014 , we recognized impaired inventory of $9,906 , $44,451 and $5,047 , respectively. See Footnote 3. (f) Property and Equipment Property and equipment are stated at cost, unless the asset was acquired, in part, with U.S. Department of Energy (“DOE”) grant funds, in which case it is stated at cost net of DOE reimbursements. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to five years, except for buildings, which are depreciated over 27.5 years. Maintenance and repairs are charged to expense as incurred. Depreciation expense for the fiscal years ended March 31, 2016, 2015 and 2014 was $923,917 , $1,040,499 and $1,098,622 , respectively, and was reported in operating costs and expenses on the Consolidated Statements of Operations. (g) Patent and Trademark Costs Patent and trademark costs consist primarily of legal expenses, and represent those costs incurred by us for the filing of patent and trademark applications. Amortization of patent and trademark costs is computed using the straight-line method over the estimated useful life of the asset, typically 8 years for patents, and 40 years for trademarks. Amortization expense for the fiscal years ended March 31, 2016, 2015 and 2014 was $26,228 , $20,813 , and $37,399 , respectively. (h) Impairment of Long-Lived Assets We periodically evaluate whether circumstances or events have affected the recoverability of long-lived assets including intangible assets with finite useful lives. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or groups of assets from expected future cash flows (undiscounted and without interest charges) estimated by management. If expected future cash flows are less than the carrying value, an impairment loss is recognized to adjust the asset to fair value as determined by expected discounted future cash flows. (i) Product Warranties Our warranty policy generally provides three months to four years of coverage depending on the product. We record a liability for estimated warranty obligations at the date products are sold. The estimated cost of warranty coverage is based on our actual historical experience with our current products or similar products. For new products, the required reserve is based on historical experience of similar products until sufficient historical data has been collected on the new product. Adjustments are made as new information becomes available. The following is a summary of warranty activity for the fiscal years ended March 31, 2016, 2015 and 2014 : Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions ( A ) End of Year Year ended March 31, 2016 Accrued warranty cost $ - $ Year ended March 31, 2015 Accrued warranty cost $ - $ Year ended March 31, 2014 Accrued warranty cost $ - $ Note (A) Represents actual warranty payments for units covered under warranty (j) Revenue and Cost Recognition Revenue from sales of products is generally recognized at the time title to the goods and the benefits and risks of ownership passes to the customer, which is typically when products are shipped based on the terms of the customer purchase agreement. Revenue relating to long-term fixed price contracts is recognized using the percentage of completion method. Under the percentage of completion method, contract revenues and related costs are recognized based on the percentage that costs incurred to date bear to total estimated costs. Changes in job performance, estimated profitability and final contract settlements may result in revisions to cost and revenue, and are recognized in the period in which the revisions are determined. Contract costs include all direct materials, subcontract and labor costs and other indirect costs. Selling, general and administrative costs are charged to expense as incurred. At the time a loss on a contract becomes known, the entire amount of the estimated loss is accrued. The aggregate of costs incurred and estimated earnings recognized on uncompleted contracts in excess of related billings is shown as a current asset, and billings on uncompleted contracts in excess of costs incurred and estimated earnings is shown as a current liability. (k) Government Grants The Company recognizes revenue and cost reimbursements from government grants when it is probable that the Company will comply with the conditions attached to the grant arrangement and the grant proceeds will be received. Government grants are recognized in the Consolidated Statements of Operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, when government grants are related to reimbursements for cost of revenues or operating expenses, the government grants are recognized as a reduction of the related expense in the Consolidated Statements of Operations. For government grants related to reimbursements of capital expenditures, the government grants are recognized as a reduction of the basis of the asset and recognized in the Consolidated Statements of Operations over the estimated useful life of the depreciable asset as reduced depreciation expense. The Company records government grants receivable in the Consolidated Balance Sheets in accounts receivable. (l) Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The valuation of deferred tax assets may be reduced if future realization is not assured. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense or benefit in the period that includes the enactment date. The Company has unexpired net operating losses and research and development credits carrying forward into current years that date from the tax year 1999 and 2001, respectively. As such, all federal tax returns from 1999 to the present are subject to audit. (m) Research and Development Costs of researching and developing new technology, or significantly altering existing technology, are expensed as incurred. (n) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the fiscal years ended March 31, 2016, 2015 and 2014: Fiscal Year Ended March 31, 2016 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 period presented: March 31, 2016 2015 2014 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock (o) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets, obsolescence reserves, and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. (p) 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 us for the first fiscal year beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 of this guidance 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. In July 2015, the FASB issued guidance on simplifying the measurement of inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. Prospective application is allowed as of the beginning of an interim or annual reporting period. An entity is only required to disclose the nature of and reason for the change in accounting principle in the first interim and annual period of adoption. We are in the process of determining the impact of this guidance on our financial statements. In March 2016, the FASB issued guidance on improvements to employee share-based payment accounting for stock compensation. The new standard addresses the topics of accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows, forfeitures, minimum statutory tax withholding requirements, classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax withholding purposes. This is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted within any interim or annual period. Any adjustments should be reflective as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all the amendments in the same period. We are in the process of determining the impact of this guidance on our financial statements. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Mar. 31, 2016 | |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts | (2) Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts At March 31, 2016 and March 31, 2015, the estimated period to complete contracts in process ranged from one to six months and one to thirteen months, respectively. We expect to collect all accounts receivable arising from these contracts within sixty days of billing. The following summarizes contracts in process: Fiscal Year Ended March 31, 2016 2015 Costs incurred on uncompleted contracts $ $ Estimated earnings Less billings to date Contracts in process $ $ Included in the accompanying Consolidated 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 | 12 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Inventories | (3) Inventories Inventories consist of: Fiscal Year Ended March 31, 2016 2015 Raw materials $ $ Work-in-process Finished products $ $ Fiscal Year Ended March 31, 2016 2015 Inventories- current $ $ Inventories- noncurrent - $ $ During the fiscal year ended March 31, 2016, the Company entered into a ten year supply agreement (“Agreement”) with ITL Efficiency Corporation (“ITL”) in China. The Agreement anticipates that development, test and certification programs will take place during calendar 2016, and that production will commence in early calendar 2017. The Company also received a purchase order for the first 3,000 units which are planned to ship in calendar year 2017. It is expected that the majority of the first 3,000 units shipped will be PP135 electric propulsion systems to address the 6-8 meter shuttle bus market in China. Due to the fact of this new Agreement and that management believes the majority of sales of current PP135 inventory will be to ITL, at March 31, 2016, inventory of $6,840,170 was reclassified as a noncurrent asset on the Consolidated Balance Sheet representing that portion of inventory in excess of amounts expected to be sold in the next twelve months, given the parameters and expectations of the Agreement. |
Patents and Trademarks
Patents and Trademarks | 12 Months Ended |
Mar. 31, 2016 | |
Patents And Trademarks [Abstract] | |
Patents and Trademarks | (4) Patents and Trademarks Patents owned by the Company had a gross carrying amount of $1,166,374 and $1,134,270 , accumulated amortization of $916,960 and $895,227 , and a net carrying amount of $249,414 and $239,043 , at March 31, 2016 and 2015, respectively. Trademarks owned by the Company had a gross carrying amount of $175,841 and $175,841 , accumulated amortization of $77,514 and $73,018 , and a net carrying value of $98,327 and $102,823 at March 31, 2016 and 2015, respectively. Patents and trademarks are amortized on a straight-line basis over the estimated useful life of the asset. The weighted-average period of amortization is 8 years for patents, and 40 years for trademarks. Estimated future amortization of these intangible assets by fiscal year is as follows: Patents Trademarks 2017 $ $ 2018 2019 2020 2021 Thereafter $ $ |
Government Grants
Government Grants | 12 Months Ended |
Mar. 31, 2016 | |
Government Grants [Abstract] | |
Government Grants | (5) Government Grant We had a grant (the “Grant”) with the DOE under the American Recovery and Reinvestment Act. 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 Agreement, 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 and other products. The Grant ended on January 12, 2015. 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. At March 31, 2015, we had received reimbursements from the DOE under the Grant totaling approximately $27.1 million. The application of grant funds to the recorded value of eligible capital asset purchases under the Grant as of March 31, 2015 is as follows: March 31, 2015 Purchase Cost Grant Funding Recorded Value Land $ $ $ Building Machinery and Equipment $ $ $ |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Mar. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (6) Other Current Liabilities Other current liabilities consist of: Fiscal Year Ended March 31, 2016 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 $ $ |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (7) Commitments and Contingencies Employment Agreements On July 21, 2015, the Company entered into new employment agreements with its executive officers that expire on June 30, 2017. The aggregate future base salary payable to the executive officers over their remaining terms is $1,347,975 . The July, 2015 employment agreements provide for future retention payments under the conditions and for the amounts specified in the agreements. These retention payments are being recorded over the required service period and as a result, we have recorded a liability of $132,222 at March 31, 2016. As of March 31, 2015 we had a liability of $268,357 representing the potential future compensation payable under the retirement and voluntary termination provisions of the previous employment agreements of the Company’s officers. These retirement and voluntary termination provisions were eliminated from the employment agreements when they were renewed in July, 2015. Lease Commitments At March 31, 2016, there were no operating leases and there was no rental expense during the years ended March 31, 2016, 2015 and 2014. Litigation In November, 2015, we were notified that a supplier of electronic components under the former CODA automotive program had filed a lawsuit against us alleging breach of contract. This lawsuit has been settled as of March 31, 2016 and we have adjusted our Consolidated Financial Statements accordingly. 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (8) 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. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (9) Stockholders’ Equity 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. Cash proceeds, net of offering costs, were $4,911,933 . Warrants to acquire 1,489,733 shares of our common stock were outstanding at both March 31, 2016 and 2015. In October, 2015, we completed a follow-on offering consisting of 8,000,000 shares of common stock, and common stock warrants to purchase 4,000,000 shares of our common stock. The warrants have an exercise price of $1.31 per whole share of common stock and are exercisable for a period beginning April 30, 2016 through October 20, 2020. Warrants from this offering to acquire 4,000,000 were outstanding at March 31, 2016. Cash proceeds, net of offering costs, were $5,778,463 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (10) Stock-Based Compensation Stock Option Plans As of March 31, 2016, we had 2,100,000 shares of common stock authorized and 525,095 shares of common stock available for future grant to employees and consultants under our 2012 Equity Incentive Plan (“Plan”). The term of the 2012 Plan is ten years. Under the 2012 Plan, the exercise price of each option is set at the fair value of the common stock on the date of grant and the maximum term of the option is ten years from the date of grant. Options granted to employees generally have a ten year term and vest ratably over a three -year period. The maximum number of options that may be granted to an employee under the Plan in any calendar year is 500,000 options. Forfeitures under the Plan are available for re-issuance at any time prior to expiration of the Plan in 2022. Options granted under the Plan to employees require the option holder to abide by certain Company policies, which restrict their ability to sell the underlying common stock. Prior to the adoption of the 2012 Plan, we issued stock options under our 2002 Equity Incentive Plan. Forfeitures under the 2002 Equity Incentive Plan may not be re-issued. We also have a Stock Option Plan for Non-Employee Directors (“Directors Plan”) pursuant to which Directors may elect to receive stock options in lieu of cash compensation for their services as directors. As of March 31, 2016, we had 1,000,000 shares of common stock authorized and 435,935 shares of common stock available for future grant under the Directors Plan. Option terms range from three to ten years from the date of grant. Option exercise prices are equal to the fair value of the common shares on the date of grant. Options granted under the plan vest immediately. Forfeitures under the Directors Plan are available for re-issuance at a future date. Stock Bonus Plan We have a Stock Bonus Plan (“Stock Plan”) administered by the Board of Directors. As of March 31, 2016, we had 2,254,994 shares of common stock authorized and there were 233,641 shares of common stock available for future grant under the Stock Plan. Under the Stock Plan, shares of common stock may be granted to employees, key consultants, and directors who are not employees as additional compensation for services rendered. Vesting requirements for grants under the Stock Plan, if any, are determined by the Board of Directors at the time of grant. Stock Purchase Plan We have established a Stock Purchase Plan under which eligible employees may contribute up to 10 percent of their compensation to purchase shares of our common stock at 85 percent of the fair market value at specified dates. At March 31, 2016, we had 700,000 shares of common stock authorized and 232,666 shares of common stock available for issuance under the Stock Purchase Plan. Share-Based Compensation Expense We use the straight-line attribution method to recognize share-based compensation costs over the requisite service period of the award. The exercise price of options is equal to the market price of our common stock (defined as the closing price reported by the NYSE MKT) on the date of grant. We adjust share-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments during the years ended March 31, 2016, 2015 and 2014 was insignificant. We use the Black-Scholes-Merton option pricing model for estimating the fair value of stock option awards. The expected volatility and the expected life of options granted are based on historical experience, and the risk free interest rate is obtained from the U.S. Department of the Treasury daily yield curve rates. The weighted average estimated values of employee and director stock option grants, as well as the weighted average assumptions that were used in calculating such values during the years ended March 31, 2016, 2015 and 2014, were based on estimates at the date of grant as follows: Fiscal Year Ended March 31, 2016 2015 2014 Weighted average estimated fair value of grant $ per option $ per option $ per option Expected life (in years) years years years Risk free interest rate % % % Expected volatility % % % Expected dividend yield % % % Total share-based compensation expense and the classification of these expenses for the last three fiscal years were as follows: Fiscal Year Ended March 31, 2016 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 year ended March 31, 2016 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 March 31, 2016 $ 6.2 years $ - Exercisable at March 31, 2016 $ 5.5 years $ - Vested and expected to vest at March 31, 2016 $ 6.2 years $ - Additional information with respect to stock option activity during the year ended March 31, 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, 2014 $ 4.8 years $ Granted $ Exercised $ $ Forfeited $ Outstanding at March 31, 2015 $ 5.5 years $ Exercisable at March 31, 2015 $ 4.6 years $ Vested and expected to vest at March 31, 2015 $ 5.5 years $ Additional information with respect to stock option activity during the year ended March 31, 2014 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, 2013 $ 4.7 years $ - Granted $ Exercised $ $ Forfeited $ Outstanding at March 31, 2014 $ 4.8 years $ Exercisable at March 31, 2014 $ 3.9 years $ Vested and expected to vest at March 31, 2014 $ 4.8 years $ The weighted-average grant date fair value of options granted during the years ended March 31, 2016, 2015 and 2014 was $0.45 , $1.12 and $0.68 , respectively. As of March 31, 2016, there was $210,378 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 twenty-six months. The total fair value of stock options that vested during the years ended March 31, 2016, 2015 and 2014 was $414,981 , $377,375 and $493,271 , respectively. Cash received by us upon the exercise of stock options for the years ended March 31, 2016, 2015 and 2014 was zero , $4,497 and $21,075 , respectively. The source of shares of common stock issuable upon the exercise of stock options is from authorized and previously unissued common shares. Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of March 31, 2016, 2015 and 2014 and changes during the years ended March 31, 2016, 2015 and 2014 are presented below: Fiscal Year Ended March 31, 2016 2015 2014 Weighted- Average Weighted- Average Weighted- Average Shares Under Grant Date Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Contract Fair Value Unvested at April 1 $ $ $ Granted $ $ $ Vested $ $ $ Forfeited $ $ $ Unvested at March 31 $ $ $ As of March 31, 2016, there was $56,104 of total unrecognized compensation costs related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at March 31, 2016 is expected to be recognized over a weighted-average period of eight months. Stock Purchase Plan Activity During the years ended March 31, 2016, 2015 and 2014, we issued 62,932 , 12,052 and 62,421 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 years ended March 31, 2016, 2015 and 2014 was $39,377 , $22,055 and $60,689 , respectively. |
Significant Customers
Significant Customers | 12 Months Ended |
Mar. 31, 2016 | |
Significant Customers [Abstract] | |
Significant Customers | (11) 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 fiscal years ended March 31, 2016, 2015 and 2014: Fiscal Year Ended March 31, 2016 2015 2014 Customer A $ % $ % $ % Customer B $ % $ % $ % Customer C $ % $ % $ % Customer D $ % $ % $ % Customer E $ % $ % $ % Customer F $ % $ % $ - - % The following table summarizes accounts receivable from significant customers as of March 31, 2016 and 2015: Fiscal Year Ended March 31, 2016 2015 Customer A - % % Customer B % - % Customer C % % Customer D % - % Customer E % % Customer F - % - % |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (12) Income Taxes Income tax benefit attributable to loss from operations differed from the amounts computed by applying the U.S. federal income tax rate of 34 percent as a result of the following: Fiscal Year Ended March 31, 2016 2015 2014 Computed "expected" tax benefit $ $ $ Increase (decrease) in taxes resulting from: Increase (decrease) in valuation allowance for net deferred tax assets Other, net Income tax expense $ — $ — $ — The tax effects of temporary difference that give rise to significant portions of the net deferred tax asset are presented below: Fiscal Year Ended March 31, 2016 2015 Deferred tax assets: Research and development credit carry-forwards $ $ Net operating loss carry-forwards Deferred compensation Property and equipment Stock Compensation Other Total deferred tax assets Deferred tax liabilities: Intangible assets Total deferred tax liabilities Net deferred tax assets Less valuation allowance Deferred tax assets, net of valuation allowance $ — $ — As of March 31, 2016 and March 31, 2015, respectively, we had net operating loss (“NOL”) carry-forwards of approximately $84.8 million and $77.4 million for U.S. income tax purposes that expire in varying amounts through 2036. Approximately $5.3 million of the net operating loss carry-forwards are attributable to stock options, the benefit of which will be credited to additional paid-in capital if realized. However, due to the provisions of Section 382 of the Internal Revenue Code, the utilization of a portion of these NOLs may be limited. Future ownership changes under Section 382 could occur that would result in additional Section 382 limitations, which could further restrict the use of NOLs. In addition, any Section 382 limitation could reduce our ability for utilization to zero if we fail to satisfy the continuity of business enterprise requirement for the two-year period following an ownership change. The valuation allowance for deferred tax assets of $31.1 million and $28.6 million at March 31, 2016 and 2015, respectively, relates principally to the uncertainty of the utilization of deferred tax assets in various tax jurisdictions. The Company continually assesses both positive and negative evidence to determine whether it is more-likely-than-not that the deferred tax assets can be realized prior to their expiration. Based on the Company’s assessment it has determined the deferred tax assets are not currently realizable. We have not recorded any potential liability for uncertain tax positions taken on our tax returns. We may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. Penalties are recorded in selling, general and administrative expenses and interest paid or received is recorded in interest expense or interest income, respectively, in the consolidated statements of operations. |
401(k) Employee Benefit Plan
401(k) Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2016 | |
401(k) Employee Benefit Plan [Abstract] | |
401(k) Employee Benefit Plan | (13) 401(k) Employee Benefit Plan We have established a 401(k) Savings Plan (“401K Plan”) under which eligible employees may contribute up to 15 percent of their compensation. Employees over the age of 18 are eligible immediately upon hire to participate in the 401K Plan. At the direction of the participants, contributions are invested in several investment options offered by the 401K Plan. We currently match 33 percent of participants’ contributions, subject to certain limitations. These matching contributions vest ratably over a three -year period. Matching contributions to the 401K Plan were $115,789 , $117,222 , and $132,471 , for the years ended March 31, 2016, 2015, and 2014, respectively. |
Interim Financial Data Unaudite
Interim Financial Data Unaudited | 12 Months Ended |
Mar. 31, 2016 | |
Interim Financial Data [Abstract] | |
Interim Financial Data | (14) Interim Financial Data (Unaudited) Quarters Ended June 30, September 30, December 31, March 31, Fiscal year 2016 Sales $ $ $ $ Gross profit $ $ $ $ Net loss $ $ $ $ Net loss per common share basic and diluted: $ $ $ $ Quarters Ended June 30, September 30, December 31, March 31, Fiscal year 2015 Sales $ $ $ $ Gross profit $ $ $ $ Net loss $ $ $ $ Net loss per common share basic and diluted: $ $ $ $ |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the accounts of UQM Technologies, Inc. and its majority-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Short-term Investments | (c) Cash and Cash Equivalents We consider cash on hand and investments with original maturities of three months or less to be cash and cash equivalents. We limit our cash and cash equivalents to high quality financial institutions in order to minimize our credit risk. We maintain cash and cash equivalent balances with financial institutions that exceed federally insured limits. We have not experienced any losses related to these balances and management believes our credit risk to be minimal. |
Accounts Receivables | (d) Accounts Receivables We extend unsecured credit to many of our customers following a review of the customers’ financial condition and credit history. Our sales are conducted through acceptance of customer purchase orders or in some cases through supply agreements. For credit qualified customers, our standard terms are net 30 days. For international customers without an adequate credit rating, our typical terms are irrevocable letter of credit or cash payment in advance of delivery. We establish an allowance for uncollectable accounts based upon a number of factors including the length of time trade receivables are past due, the customer’s ability to pay its obligation to us, the condition of the general economy, estimates of credit risk, historical trends and other information. We write off accounts receivable when they become uncollectible against our allowance for doubtful accounts receivable. At both March 31, 2016 and 2015, we had no allowance for doubtful accounts receivable. The following represents activity under our allowance for doubtful accounts receivable for the fiscal years ended March 31, 2016, 2015 and 2014 : Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Year ended March 31, 2016 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2015 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2014 Allowance for doubtful accounts- deducted from accounts receivable $ — — $ — |
Inventories | (e) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We analyze slow-moving and excess inventory on a periodic basis and we charge directly to expense obsolete inventory items during the period we assess the value of such inventory to be impaired. For the fiscal years ended March 31, 2016, 2015 and 2014 , we recognized impaired inventory of $9,906 , $44,451 and $5,047 , respectively. See Footnote 3. |
Property and Equipment | (f) Property and Equipment Property and equipment are stated at cost, unless the asset was acquired, in part, with U.S. Department of Energy (“DOE”) grant funds, in which case it is stated at cost net of DOE reimbursements. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to five years, except for buildings, which are depreciated over 27.5 years. Maintenance and repairs are charged to expense as incurred. Depreciation expense for the fiscal years ended March 31, 2016, 2015 and 2014 was $923,917 , $1,040,499 and $1,098,622 , respectively, and was reported in operating costs and expenses on the Consolidated Statements of Operations. |
Patent and Trademark Costs | (g) Patent and Trademark Costs Patent and trademark costs consist primarily of legal expenses, and represent those costs incurred by us for the filing of patent and trademark applications. Amortization of patent and trademark costs is computed using the straight-line method over the estimated useful life of the asset, typically 8 years for patents, and 40 years for trademarks. Amortization expense for the fiscal years ended March 31, 2016, 2015 and 2014 was $26,228 , $20,813 , and $37,399 , respectively. |
Impairment of Long-Lived Assets | (h) Impairment of Long-Lived Assets We periodically evaluate whether circumstances or events have affected the recoverability of long-lived assets including intangible assets with finite useful lives. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or groups of assets from expected future cash flows (undiscounted and without interest charges) estimated by management. If expected future cash flows are less than the carrying value, an impairment loss is recognized to adjust the asset to fair value as determined by expected discounted future cash flows. |
Product Warranties | (i) Product Warranties Our warranty policy generally provides three months to four years of coverage depending on the product. We record a liability for estimated warranty obligations at the date products are sold. The estimated cost of warranty coverage is based on our actual historical experience with our current products or similar products. For new products, the required reserve is based on historical experience of similar products until sufficient historical data has been collected on the new product. Adjustments are made as new information becomes available. The following is a summary of warranty activity for the fiscal years ended March 31, 2016, 2015 and 2014 : Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions ( A ) End of Year Year ended March 31, 2016 Accrued warranty cost $ - $ Year ended March 31, 2015 Accrued warranty cost $ - $ Year ended March 31, 2014 Accrued warranty cost $ - $ Note (A) Represents actual warranty payments for units covered under warranty |
Revenue and Cost Recognition | (j) Revenue and Cost Recognition Revenue from sales of products is generally recognized at the time title to the goods and the benefits and risks of ownership passes to the customer, which is typically when products are shipped based on the terms of the customer purchase agreement. Revenue relating to long-term fixed price contracts is recognized using the percentage of completion method. Under the percentage of completion method, contract revenues and related costs are recognized based on the percentage that costs incurred to date bear to total estimated costs. Changes in job performance, estimated profitability and final contract settlements may result in revisions to cost and revenue, and are recognized in the period in which the revisions are determined. Contract costs include all direct materials, subcontract and labor costs and other indirect costs. Selling, general and administrative costs are charged to expense as incurred. At the time a loss on a contract becomes known, the entire amount of the estimated loss is accrued. The aggregate of costs incurred and estimated earnings recognized on uncompleted contracts in excess of related billings is shown as a current asset, and billings on uncompleted contracts in excess of costs incurred and estimated earnings is shown as a current liability. |
Government Grants | (k) Government Grants The Company recognizes revenue and cost reimbursements from government grants when it is probable that the Company will comply with the conditions attached to the grant arrangement and the grant proceeds will be received. Government grants are recognized in the Consolidated Statements of Operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, when government grants are related to reimbursements for cost of revenues or operating expenses, the government grants are recognized as a reduction of the related expense in the Consolidated Statements of Operations. For government grants related to reimbursements of capital expenditures, the government grants are recognized as a reduction of the basis of the asset and recognized in the Consolidated Statements of Operations over the estimated useful life of the depreciable asset as reduced depreciation expense. The Company records government grants receivable in the Consolidated Balance Sheets in accounts receivable. |
Income Taxes | (l) Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The valuation of deferred tax assets may be reduced if future realization is not assured. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense or benefit in the period that includes the enactment date. The Company has unexpired net operating losses and research and development credits carrying forward into current years that date from the tax year 1999 and 2001, respectively. As such, all federal tax returns from 1999 to the present are subject to audit. |
Research and Development | (m) Research and Development Costs of researching and developing new technology, or significantly altering existing technology, are expensed as incurred. |
Loss Per Common Share | (n) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the fiscal years ended March 31, 2016, 2015 and 2014: Fiscal Year Ended March 31, 2016 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 period presented: March 31, 2016 2015 2014 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Use of Estimates | (o) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets, obsolescence reserves, and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements | (p) 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 us for the first fiscal year beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 of this guidance 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. In July 2015, the FASB issued guidance on simplifying the measurement of inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. Prospective application is allowed as of the beginning of an interim or annual reporting period. An entity is only required to disclose the nature of and reason for the change in accounting principle in the first interim and annual period of adoption. We are in the process of determining the impact of this guidance on our financial statements. In March 2016, the FASB issued guidance on improvements to employee share-based payment accounting for stock compensation. The new standard addresses the topics of accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows, forfeitures, minimum statutory tax withholding requirements, classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax withholding purposes. This is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted within any interim or annual period. Any adjustments should be reflective as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all the amendments in the same period. We are in the process of determining the impact of this guidance on our financial statements. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Loss Per Common Share | Fiscal Year Ended March 31, 2016 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 period presented: March 31, 2016 2015 2014 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Warranty Reserves [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts | Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions ( A ) End of Year Year ended March 31, 2016 Accrued warranty cost $ - $ Year ended March 31, 2015 Accrued warranty cost $ - $ Year ended March 31, 2014 Accrued warranty cost $ - $ Note (A) Represents actual warranty payments for units covered under warranty |
Allowance for Doubtful Accounts [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts | Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Year ended March 31, 2016 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2015 Allowance for doubtful accounts- deducted from accounts receivable $ — — — — $ — Year ended March 31, 2014 Allowance for doubtful accounts- deducted from accounts receivable $ — — $ — |
Costs and Estimated Earnings 23
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Summary Of Contract In Process | Fiscal Year Ended March 31, 2016 2015 Costs incurred on uncompleted contracts $ $ Estimated earnings Less billings to date Contracts in process $ $ Included in the accompanying Consolidated 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) | 12 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | Fiscal Year Ended March 31, 2016 2015 Raw materials $ $ Work-in-process Finished products $ $ Fiscal Year Ended March 31, 2016 2015 Inventories- current $ $ Inventories- noncurrent - $ $ |
Patents and Trademarks (Tables)
Patents and Trademarks (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Patents And Trademarks [Abstract] | |
Future Amortization Expense | Patents Trademarks 2017 $ $ 2018 2019 2020 2021 Thereafter $ $ |
Government Grants (Tables)
Government Grants (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Government Grants [Abstract] | |
Schedule Of Capital Asset Purchases, Partially Funded By Government Grants | March 31, 2015 Purchase Cost Grant Funding Recorded Value Land $ $ $ Building Machinery and Equipment $ $ $ |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | Fiscal Year Ended March 31, 2016 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) | 12 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock Options, Valuation Assumptions | Fiscal Year Ended March 31, 2016 2015 2014 Weighted average estimated fair value of grant $ per option $ per option $ per option Expected life (in years) years years years Risk free interest rate % % % Expected volatility % % % Expected dividend yield % % % |
Schedule Of Share-Based Compensation Expense | Fiscal Year Ended March 31, 2016 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 March 31, 2016 $ 6.2 years $ - Exercisable at March 31, 2016 $ 5.5 years $ - Vested and expected to vest at March 31, 2016 $ 6.2 years $ - Additional information with respect to stock option activity during the year ended March 31, 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, 2014 $ 4.8 years $ Granted $ Exercised $ $ Forfeited $ Outstanding at March 31, 2015 $ 5.5 years $ Exercisable at March 31, 2015 $ 4.6 years $ Vested and expected to vest at March 31, 2015 $ 5.5 years $ Additional information with respect to stock option activity during the year ended March 31, 2014 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, 2013 $ 4.7 years $ - Granted $ Exercised $ $ Forfeited $ Outstanding at March 31, 2014 $ 4.8 years $ Exercisable at March 31, 2014 $ 3.9 years $ Vested and expected to vest at March 31, 2014 $ 4.8 years $ |
Schedule Of Nonvested Share Activity | Fiscal Year Ended March 31, 2016 2015 2014 Weighted- Average Weighted- Average Weighted- Average Shares Under Grant Date Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Contract Fair Value Unvested at April 1 $ $ $ Granted $ $ $ Vested $ $ $ Forfeited $ $ $ Unvested at March 31 $ $ $ |
Significant Customers (Tables)
Significant Customers (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedule Of Concentration of Risk | Fiscal Year Ended March 31, 2016 2015 2014 Customer A $ % $ % $ % Customer B $ % $ % $ % Customer C $ % $ % $ % Customer D $ % $ % $ % Customer E $ % $ % $ % Customer F $ % $ % $ - - % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule Of Concentration of Risk | Fiscal Year Ended March 31, 2016 2015 Customer A - % % Customer B % - % Customer C % % Customer D % - % Customer E % % Customer F - % - % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income Tax Benefit | Fiscal Year Ended March 31, 2016 2015 2014 Computed "expected" tax benefit $ $ $ Increase (decrease) in taxes resulting from: Increase (decrease) in valuation allowance for net deferred tax assets Other, net Income tax expense $ — $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | Fiscal Year Ended March 31, 2016 2015 Deferred tax assets: Research and development credit carry-forwards $ $ Net operating loss carry-forwards Deferred compensation Property and equipment Stock Compensation Other Total deferred tax assets Deferred tax liabilities: Intangible assets Total deferred tax liabilities Net deferred tax assets Less valuation allowance Deferred tax assets, net of valuation allowance $ — $ — |
Interim Financial Data Unaudi31
Interim Financial Data Unaudited (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Interim Financial Data [Abstract] | |
Schedule of Interim Financial Data | Quarters Ended June 30, September 30, December 31, March 31, Fiscal year 2016 Sales $ $ $ $ Gross profit $ $ $ $ Net loss $ $ $ $ Net loss per common share basic and diluted: $ $ $ $ Quarters Ended June 30, September 30, December 31, March 31, Fiscal year 2015 Sales $ $ $ $ Gross profit $ $ $ $ Net loss $ $ $ $ Net loss per common share basic and diluted: $ $ $ $ |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Accounts Receivables) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Warranty Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 184,920 | $ 175,661 | $ 77,393 |
Charged to Costs and Expenses | 102,247 | 73,678 | 164,567 |
Deductions | (42,857) | (64,419) | (66,299) |
Balance at End of Year | $ 244,310 | 184,920 | 175,661 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 3,838,092 | ||
Deductions | 3,838,092 | ||
Balance at End of Year | $ 3,838,092 |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Inventories) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||
Inventory Write-down | $ 9,906 | $ 44,451 | $ 5,047 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Property and Equipment) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 923,917 | $ 1,040,499 | $ 1,098,622 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 27 years 6 months | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Patent and Trademark Costs) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization of Intangible Assets | $ 26,228 | $ 20,813 | $ 37,399 |
Patents [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Trademarks [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Loss Per Common Share) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Loss Per Common Share [Abstract] | |||||||||||
Net loss | $ (930,919) | $ (1,374,134) | $ (2,409,047) | $ (2,224,251) | $ (1,316,314) | $ (1,371,465) | $ (1,990,714) | $ (1,310,037) | $ (6,938,351) | $ (5,988,530) | $ (2,773,244) |
Weighted average number of shares of common stock outstanding - basic and diluted | 43,574,137 | 39,940,795 | 37,253,066 | ||||||||
Net loss per common share - basic and diluted | $ (0.01) | $ (0.03) | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.03) | $ (0.05) | $ (0.03) | $ (0.16) | $ (0.15) | $ (0.07) |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Loss Per Common Share: Potential Shares Of Common Stock Not Included In The Calculation Of Diluted Net Loss Per Share) (Details) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Loss Per Common Share [Abstract] | |||
Non-vested stock bonus plan shares | 88,214 | 432,039 | 640,979 |
Stock options outstanding | 2,561,769 | 3,006,009 | 3,342,627 |
Warrants to purchase common stock | 5,489,733 | 1,489,733 | 1,489,733 |
Costs and Estimated Earnings 38
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Expected collection period of accounts receivable | 60 days | |
Minimum [Member] | ||
Estimated Period To Complete Contracts In Process, Minimum | 1 month | 1 month |
Maximum [Member] | ||
Estimated Period To Complete Contracts In Process, Maximum | 6 months | 13 months |
Costs and Estimated Earnings 39
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts (Summary Of Contract In Process) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $ 2,607,764 | $ 2,327,816 |
Estimated earnings | 717,771 | 626,075 |
Contracts in process, Gross | 3,325,535 | 2,953,891 |
Less billings to date | (3,265,239) | (2,988,418) |
Contracts in process | 60,296 | (34,527) |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 60,296 | 49,917 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (84,444) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 7,279,633 | $ 7,261,568 |
Work-in-process | 45,506 | 25,842 |
Finished products | 1,786,302 | 2,066,643 |
Inventory Total | $ 9,111,441 | $ 9,354,053 |
Inventories (Schedule Of Inve41
Inventories (Schedule Of Inventories Current and Noncurrent) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($) | |
Inventories [Abstract] | ||
Inventories- current | $ 2,271,271 | $ 9,354,053 |
Inventories- noncurrent | 6,840,170 | |
Inventory Total | $ 9,111,441 | $ 9,354,053 |
Number Of Units Sold | item | 3,000 |
Patents and Trademarks (Narrati
Patents and Trademarks (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 26,228 | $ 20,813 | $ 37,399 |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 1,166,374 | 1,134,270 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 916,960 | 895,227 | |
Finite-Lived Intangible Assets, Net | $ 249,414 | 239,043 | |
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 175,841 | 175,841 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 77,514 | 73,018 | |
Finite-Lived Intangible Assets, Net | $ 98,327 | $ 102,823 | |
Finite-Lived Intangible Asset, Useful Life | 40 years |
Patents and Trademarks (Future
Patents and Trademarks (Future Amortization Expense) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | $ 21,566 | |
2,018 | 21,089 | |
2,019 | 17,347 | |
2,020 | 11,354 | |
2,021 | 8,627 | |
Thereafter | 169,431 | |
Finite-Lived Intangible Assets, Net, Total | 249,414 | $ 239,043 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | 4,496 | |
2,018 | 4,496 | |
2,019 | 4,496 | |
2,020 | 4,496 | |
2,021 | 4,496 | |
Thereafter | 75,847 | |
Finite-Lived Intangible Assets, Net, Total | $ 98,327 | $ 102,823 |
Government Grants (Narrative) (
Government Grants (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Government Grants [Abstract] | |
Percentage of eligible costs reimbursed by government grants | 50.00% |
Threshold for government reimbursement, asset fair value | $ 5,000 |
Threshold for government reimbursement, Percent of asset fair value | 50.00% |
Grant reimbursements received | $ 27,100,000 |
Government Grants (Schedule Of
Government Grants (Schedule Of Capital Asset Purchases, Partially Funded By Government Grants) (Details) | Mar. 31, 2016USD ($) |
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 ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Other Current Liabilities [Abstract] | ||
Accrued payroll and employee benefits | $ 141,544 | $ 183,245 |
Accrued personal property and real estate taxes | 174,260 | 208,162 |
Accrued warranty costs | 244,310 | 184,920 |
Unearned revenue | 79,956 | 37,000 |
Accrued royalties | 48,336 | 48,336 |
Accrued import duties | 87,100 | 87,100 |
Accrued vendor settlements | 189,175 | 774,974 |
Other | 20,754 | 21,234 |
Other current liabilities, Total | $ 985,435 | $ 1,544,971 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | |||
Aggregate future base salary payable | $ 1,347,975 | ||
Potential future compensation payable | 132,222 | $ 268,357 | |
Operating Leases, Rent Expense | $ 0 | $ 0 | $ 0 |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Feb. 28, 2014 | Mar. 31, 2016 | Mar. 31, 2014 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 2,864,872 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.1275 | ||||
Proceeds from Issuance of Common Stock | $ 5,778,463 | $ 4,911,933 | $ 5,778,463 | $ 4,911,933 | |
Class of Warrant or Right, Outstanding | 1,489,733 | 1,489,733 | |||
Class of Warrant, Class One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,432,436 | ||||
Class of Warrant, Class Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 8,000,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 | 57,297 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.31 | ||||
Class of Warrant or Right, Outstanding | 4,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from settlement of share-based awards | $ 0 | $ 4,497 | $ 21,075 |
Unrecognized compensation costs, period for recognition | 26 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 414,981 | $ 377,375 | $ 493,271 |
Weighted average estimated fair value of grant | $ 0.45 | $ 1.12 | $ 0.68 |
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,100,000 | ||
Number of shares available for grant | 525,095 | ||
Plan term | 10 years | ||
Award, expiration period | 10 years | ||
Vesting period | 3 years | ||
Maximum number of grants, per employee, per year | 500,000 | ||
Granted, Options | 424,713 | 369,287 | 89,340 |
Unrecognized compensation costs | $ 210,378 | ||
Non-Employee Director Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 1,000,000 | ||
Number of shares available for grant | 435,935 | ||
Non-Employee Director Stock Option Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Plan term | 3 years | ||
Non-Employee Director Stock Option Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Plan term | 10 years | ||
Stock Bonus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,254,994 | ||
Number of shares available for grant | 233,641 | ||
Shares issued in period for share-based awards | 62,932 | 12,052 | 62,421 |
Unrecognized compensation costs | $ 56,104 | ||
Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 700,000 | ||
Number of shares available for grant | 232,666 | ||
Maximum percentage of base compensation that may be contributed to purchase shares of common stock | 10.00% | ||
Purchase of common stock under share-based compensation plan, percentage of fair market value | 85.00% | ||
Cash received from settlement of share-based awards | $ 39,377 | $ 22,055 | $ 60,689 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options, Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted average estimated fair value of grant | $ 0.45 | $ 1.12 | $ 0.68 |
Expected life (in years) | 6 years 6 months | 6 years 6 months | 4 years 9 months 18 days |
Risk free interest rate | 2.05% | 2.18% | 2.30% |
Expected volatility | 79.03% | 74.66% | 73.91% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 595,852 | $ 687,709 | $ 789,871 |
Costs Of Contract Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 6,345 | 17,626 | 18,738 |
Costs Of Product Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 15,301 | 27,696 | 40,559 |
Research And Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 36,561 | 14,255 | 8,981 |
Production Engineering [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 72,712 | 140,811 | |
Selling, General And Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 537,645 | $ 555,420 | $ 580,782 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding at Period Start, Options | 3,006,009 | 3,342,627 | ||
Outstanding at Period End, Options | 2,561,769 | 3,006,009 | 3,342,627 | |
Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding at Period Start, Options | 2,969,075 | 3,330,575 | 4,251,695 | |
Granted, Options | 424,713 | 369,287 | 89,340 | |
Exercised, Options | (5,053) | (20,146) | ||
Forfeited, Options | (832,019) | (725,734) | (990,314) | |
Outstanding at Period End, Options | 2,561,769 | 2,969,075 | 3,330,575 | 4,251,695 |
Exercisable, Options | 2,107,828 | 2,391,625 | 2,634,589 | |
Vested and expected to vest, Options | 2,534,662 | 2,948,647 | 3,306,339 | |
Outstanding at Period Start, Weighted-Average Exercise Price | $ 1.79 | $ 1.98 | $ 2.14 | |
Granted, Weighted-Average Exercise Price | 0.66 | 1.71 | 1.11 | |
Exercised, Weighted-Average Exercise Price | 0.89 | 1.05 | ||
Forfeited, Weighted-Average Exercise Price | 2.43 | 2.60 | 2.62 | |
Outstanding at Period End, Weighted-Average Exercise Price | 1.40 | 1.79 | 1.98 | $ 2.14 |
Exercisable, Weighted-Average Exercise Price | 1.50 | 1.91 | 2.21 | |
Vested and expected to vest, Weighted-Average Exercise Price | $ 1.40 | $ 1.79 | $ 1.98 | |
Outstanding, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | 5 years 6 months | 4 years 9 months 18 days | 4 years 8 months 12 days |
Exercisable, Weighted Average Remaining Contractual Life | 5 years 6 months | 4 years 7 months 6 days | 3 years 10 months 24 days | |
Vested and expected to vest, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | 5 years 6 months | 4 years 9 months 18 days | |
Outstanding at Period Start, Aggregate Intrinsic Value | $ 311,101 | $ 2,931,885 | ||
Exercised, Aggregate Intrinsic Value | 6,720 | $ 27,462 | ||
Outstanding at Period End, Aggregate Intrinsic Value | 311,101 | 2,931,885 | ||
Exercisable, Aggregate Intrinsic Value | 251,329 | 1,848,784 | ||
Vested and expected to vest, Aggregate Intrinsic Value | $ 309,935 | $ 2,891,654 |
Stock-Based Compensation (Sch53
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | |||
Non-vested at Period Start, shares | 432,039 | 640,979 | 358,855 |
Granted, shares | 23,600 | 136,144 | 452,195 |
Vested, shares | (362,411) | (303,862) | (166,231) |
Forfeited, shares | (5,014) | (41,222) | (3,840) |
Non-vested at Period End, shares | 88,214 | 432,039 | 640,979 |
Non-vested at Period Start, Weighted-Average Grant Date Fair Value | $ 1.26 | $ 1.17 | $ 1.22 |
Granted, Weighted-Average Grant Date Fair Value | 0.66 | 1.71 | 1.18 |
Vested Weighted-Average Grant Date Fair Value | 1.22 | 1.21 | 1.34 |
Forfeited Weighted-Average Grant Date Fair Value | 3.95 | 1.28 | 1.25 |
Non-vested at Period End, Weighted-Average Grant Date Fair Value | $ 1.36 | $ 1.26 | $ 1.17 |
Significant Customers (Details)
Significant Customers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 1,504,288 | $ 1,327,172 | $ 1,734,810 | $ 740,529 | $ 1,043,782 | $ 835,635 | $ 1,116,779 | $ 1,019,548 | $ 5,306,799 | $ 4,015,744 | $ 7,046,200 |
Customer_A [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 174,565 | $ 394,922 | $ 727,683 | ||||||||
Revenue from major customer, percentage | 3.00% | 10.00% | 10.00% | ||||||||
Customer_A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue from major customer, percentage | 2.00% | ||||||||||
Customer_B [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 480,454 | $ 160,000 | $ 323,000 | ||||||||
Revenue from major customer, percentage | 9.00% | 4.00% | 5.00% | ||||||||
Customer_B [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue from major customer, percentage | 20.00% | ||||||||||
Customer_C [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 564,636 | $ 822,929 | $ 615,081 | ||||||||
Revenue from major customer, percentage | 11.00% | 20.00% | 9.00% | ||||||||
Customer_C [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue from major customer, percentage | 12.00% | 24.00% | |||||||||
Customer_D [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 625,947 | $ 479,678 | $ 880,145 | ||||||||
Revenue from major customer, percentage | 12.00% | 12.00% | 12.00% | ||||||||
Customer_D [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue from major customer, percentage | 32.00% | ||||||||||
Customer_E [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 859,964 | $ 142,128 | $ 608,222 | ||||||||
Revenue from major customer, percentage | 16.00% | 4.00% | 9.00% | ||||||||
Customer_E [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue from major customer, percentage | 22.00% | 11.00% | |||||||||
Customer_F [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 1,075,861 | $ 32,771 | |||||||||
Revenue from major customer, percentage | 20.00% | 1.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Net operating loss carry-forwards | $ 84,800,000 | $ 77,400,000 |
Operating Loss Carryforwards, Stock Options | 5,300,000 | |
Deferred Tax Assets, Valuation Allowance | $ (31,071,514) | $ (28,575,977) |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Benefit) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Abstract] | |||
Computed "expected" tax benefit | $ (2,359,039) | $ (2,036,100) | $ (942,903) |
Increase (decrease) in valuation allowance for net deferred tax assets | 2,495,540 | 2,489,012 | 875,016 |
Other, net | $ (136,501) | $ (452,912) | $ 67,887 |
Income tax benefit |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Income Taxes [Abstract] | ||
Research and development credit carry-forwards | $ 4,073 | $ 4,073 |
Net operating loss carry-forwards | 29,451,289 | 26,742,134 |
Deferred compensation | 50,021 | 104,559 |
Property and equipment | 133,085 | 131,440 |
Stock Compensation | 981,829 | 993,216 |
Other | 505,883 | 653,578 |
Total deferred tax assets | 31,126,180 | 28,629,000 |
Intangible assets | 54,666 | 53,023 |
Total deferred tax liabilities | 54,666 | 53,023 |
Net deferred tax assets | 31,071,514 | 28,575,977 |
Less valuation allowance | $ (31,071,514) | $ (28,575,977) |
Deferred tax assets, net of valuation allowance |
401(k) Employee Benefit Plan (D
401(k) Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
401(k) Employee Benefit Plan [Abstract] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 33.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Vesting Period | 3 years | ||
Defined Contribution Plan, Cost Recognized | $ 115,789 | $ 117,222 | $ 132,471 |
Interim Financial Data (Details
Interim Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Interim Financial Data [Abstract] | |||||||||||
Sales | $ 1,504,288 | $ 1,327,172 | $ 1,734,810 | $ 740,529 | $ 1,043,782 | $ 835,635 | $ 1,116,779 | $ 1,019,548 | $ 5,306,799 | $ 4,015,744 | $ 7,046,200 |
Gross Profit | 391,013 | 465,283 | 349,466 | 98,285 | 135,014 | 174,165 | 399,631 | 407,286 | |||
Net loss | $ (930,919) | $ (1,374,134) | $ (2,409,047) | $ (2,224,251) | $ (1,316,314) | $ (1,371,465) | $ (1,990,714) | $ (1,310,037) | $ (6,938,351) | $ (5,988,530) | $ (2,773,244) |
Net loss per common share - basic and diluted | $ (0.01) | $ (0.03) | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.03) | $ (0.05) | $ (0.03) | $ (0.16) | $ (0.15) | $ (0.07) |