Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Aug. 03, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Entity Current Reporting Status | Yes | |
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 | 48,461,003 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,497,556 | $ 7,030,230 |
Accounts receivable | 679,460 | 481,404 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 71,689 | 60,296 |
Inventories | 2,314,322 | 2,271,271 |
Prepaid expenses and other current assets | 274,322 | 272,597 |
Total current assets | 8,837,349 | 10,115,798 |
Property and equipment, at cost: | ||
Land | 1,683,330 | 1,683,330 |
Building | 4,516,301 | 4,516,301 |
Machinery and equipment | 7,105,194 | 7,089,332 |
Property, plant and equipment, gross | 13,304,825 | 13,288,963 |
Less accumulated depreciation | (7,398,556) | (7,241,769) |
Net property and equipment | 5,906,269 | 6,047,194 |
Patent costs, net of accumulated amortization of $922,104 and $916,960, respectively | 248,067 | 249,414 |
Trademark costs, net of accumulated amortization of $78,638 and $77,514, respectively | 97,203 | 98,327 |
Noncurrent inventories | 6,739,012 | 6,840,170 |
Total assets | 21,827,900 | 23,350,903 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 818,613 | 364,841 |
Other current liabilities | 858,636 | 985,435 |
Total current liabilities | 1,677,249 | 1,350,276 |
Other long-term liabilities | 330,556 | 288,889 |
Total liabilities | 2,007,805 | 1,639,165 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 75,000,000 shares authorized; 48,350,682 and 48,330,286 shares issued and outstanding, respectively | 483,507 | 483,303 |
Additional paid-in capital | 128,166,044 | 128,103,861 |
Accumulated deficit | (108,829,456) | (106,875,426) |
Total stockholders' equity | 19,820,095 | 21,711,738 |
Total liabilities and stockholders' equity | $ 21,827,900 | $ 23,350,903 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Consolidated Condensed Balance Sheets [Abstract] | ||
Patent costs, accumulated amortization | $ 922,104 | $ 916,960 |
Trademark costs, accumulated amortization | $ 78,638 | $ 77,514 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 48,350,682 | 48,330,286 |
Common Stock, Shares, Outstanding | 48,350,682 | 48,330,286 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||
Product sales | $ 1,173,261 | $ 630,666 |
Contract services | 261,820 | 109,863 |
Total Revenues | 1,435,081 | 740,529 |
Operating costs and expenses: | ||
Costs of product sales | 759,089 | 577,446 |
Costs of contract services | 236,949 | 64,798 |
Research and development | 718,918 | 1,088,480 |
Selling, general and administrative | 1,684,645 | 1,245,374 |
Total Costs and Expenses | 3,399,601 | 2,976,098 |
Loss from operations | (1,964,520) | (2,235,569) |
Other income: | ||
Interest income | 3,408 | 3,372 |
Other | 7,082 | 7,946 |
Total nonoperating income | 10,490 | 11,318 |
Net loss | $ (1,954,030) | $ (2,224,251) |
Net loss per common share - basic and diluted | $ (0.04) | $ (0.06) |
Weighted average number of shares of common stock outstanding - basic and diluted | 48,346,344 | 40,040,673 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (1,954,030) | $ (2,224,251) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 163,054 | 258,520 |
Non-cash equity based compensation | 53,768 | 139,288 |
Change in operating assets and liabilities: | ||
Accounts receivable | (198,056) | 107,556 |
Other receivable | 855,000 | |
Costs and estimated earnings on uncompleted contracts | (11,393) | (20,000) |
Inventories | 58,107 | (20,795) |
Prepaid expenses and other current assets | (1,725) | (68,966) |
Accounts payable and other current liabilities | 326,973 | 18,044 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (853) | |
Other long-term liabilities | 41,667 | 25,056 |
Net cash used in operating activities | (1,521,635) | (931,401) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (15,862) | (46,750) |
Cash paid for patent and trademark fees | (3,796) | (2,452) |
Net cash used in investing activities | (19,658) | (49,202) |
Cash flows from financing activities: | ||
Cash received for shares exercised under employee stock purchase plan | 9,591 | 23,125 |
Payment of employee tax withholdings in exchange for return of common stock | (972) | (1,408) |
Net cash provided by financing activities | 8,619 | 21,717 |
Decrease in cash and cash equivalents | (1,532,674) | (958,886) |
Cash and cash equivalents at beginning of period | 7,030,230 | 6,585,703 |
Cash and cash equivalents at end of period | $ 5,497,556 | $ 5,626,817 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | (1) Basis of Presentation The accompanying consolidated condensed financial statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of the results to be expected for the fiscal year. The Notes contained herein should be read in conjunction with the Notes to our Consolidated Financial Statements filed on Form 10-K for the fiscal year ended March 31, 2016. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (2) New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us for the first fiscal year beginning after December 15, 2017. Early 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 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 reasonable 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. |
Contracts In Process
Contracts In Process | 3 Months Ended |
Jun. 30, 2016 | |
Contracts In Process [Abstract] | |
Contracts In Process | (3) Contracts in Process At June 30, 2016 and March 31, 2016, the estimated period to complete contracts in process ranged from one to three months and one to six months, respectively. We expect to collect all accounts receivable arising from these contracts within sixty days of billing. The following summarizes contracts in process: June 30, March 31, 2016 2016 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 $ $ Contracts in process $ $ |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | (4) Inventories Inventories at June 30, 2016 and March 31, 2016 consisted of: June 30, March 31, 2016 2016 Raw materials $ $ Work-in-process Finished products $ $ June 30, March 31, 2016 2016 Inventories- current $ $ Inventories- noncurrent $ $ We maintain raw material inventories of electronic components, motor parts and other materials to meet our expected manufacturing needs for proprietary products and for products manufactured to the design specifications of our customers. Some of these components may become obsolete or impaired due to bulk purchases in excess of customer requirements. Accordingly, we periodically assess our raw material and finished product inventories for potential impairment of value based on then available information, expectations and estimates and establish impairment reserves as appropriate. We concluded that there were no impairments for obsolete inventory during the three month periods ended June 30, 2016 and 2015, and we had no reserve for obsolete inventory as of June 30, 2016 or March 31, 2016. As of June 30, 2016, inventory of $ 6,739,012 shown on the balance sheet as a noncurrent asset represents that portion of the inventory in excess of amounts expected to be sold in the next twelve months. Management believes that there will be adequate demand for this noncurrent inventory. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Jun. 30, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (5) Other Current Liabilities Other current liabilities at June 30, 2016 and March 31, 2016 consist of: June 30, March 31, 2016 2016 Accrued payroll and employee benefits $ $ Accrued personal property and real estate taxes Accrued warranty costs Unearned revenue Accrued royalties Accrued import duties Accrued vendor settlements Other $ $ |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (6) Stock-Based Compensation Share-Based Compensation Expense The table below shows total share-based compensation expense for the quarters ended June 30, 2016 and 2015 and the classification of these expenses: Quarters Ended June 30, 2016 2015 Costs of contract services $ $ Costs of product sales Research and development Selling, general and administrative $ $ Stock Option Plans Activity Additional information with respect to stock option activity during the three months ended June 30, 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, 2016 $ 6.2 years $ - Granted - $ - Exercised - $ - $ - Forfeited $ Outstanding at June 30, 2016 $ 6.2 years $ - Exercisable at June 30, 2016 $ 5.5 years $ - Vested and expected to vest at June 30, 2016 $ 6.1 years $ - As of June 30, 2016, there was $177,083 of total unrecognized compensation cost 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-three months. The total fair value of stock options that vested during the quarters ended June 30, 2016 and 2015 was $1,773 and $7,690 , respectively. Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of June 30, 2016 and 2015 and changes during the three months ended June 30, 2016 and 2015 are presented below: Quarter Ended June 30, 2016 Quarter Ended June 30, 2015 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at April 1 $ $ Granted - $ - - $ - Vested $ $ Forfeited $ - $ - Unvested at June 30 $ $ As of June 30, 2016, there was $32,455 of total unrecognized compensation cost related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at June 30, 2016 is expected to be recognized over a weighted-average period of five months. Stock Purchase Plan Activity During the three months ended June 30, 2016 and 2015, we issued 18,097 and 34,508 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 three months ended June 30, 2016 and 2015 was $9,591 and $23,125 , respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (7) Stockholders’ Equity Changes in the components of stockholders’ equity during the three month period ended June 30, 2016 were as follows: Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at April 1, 2016 $ $ $ $ Issuance of common stock under employee stock purchase plan - Issuance of common stock under stock bonus plan - - Common stock used for tax withholdings - Compensation expense from employee and director stock option and common stock grants - - - Net loss - - - Balances at June 30, 2016 $ $ $ $ In February 2014, we completed a follow-on offering consisting of 2,864,872 shares of our common stock, and common stock purchase warrants to purchase 1,432,436 shares of our common stock. The warrants have an exercise price of $2.1275 per whole share of common stock and are exercisable on or after August 6, 2014 and on or before August 5, 2018. In addition, the placement agent was issued warrants to purchase 57,297 shares of common stock, on substantially the same terms as the warrants issued to the purchasers. Warrants from this offering to acquire 1,489,733 shares of our common stock were outstanding at both June 30, 2016 and March 31, 2016. In October 2015, we completed a follow-on offering consisting of 8,000,000 shares of our 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 30, 2020. Warrants from this offering to acquire 4,000,000 and zero shares were outstanding at June 30, 2016 and March 31, 2016, respectively. |
Significant Customers
Significant Customers | 3 Months Ended |
Jun. 30, 2016 | |
Significant Customers [Abstract] | |
Significant Customers | (8) Significant Customers We have historically derived significant revenue from a few key customers. The following table summarizes revenue and percent of total revenue from significant customers for the quarters ended June 30, 2016 and 2015: Quarter Ended June 30, 2016 2015 Customer A $ % $ % Customer B $ % $ % Customer C $ % $ % Customer D $ % $ - - % Customer E $ % $ % The following table summarizes accounts receivable from significant customers as of June 30, 2016 and March 31, 2016: June 30, March 31, 2016 2016 Customer A % % Customer B % % Customer C % % Customer D % - % Customer E - % - % |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (9) Income Taxes The Company currently has a full valuation allowance against its deferred tax assets, as it is management’s judgment that it is more-likely-than-not that net deferred tax assets will not be realized to reduce future taxable income. We recognize interest and penalties related to uncertain tax positions in “Other Income (expense),” net. As of June 30, 2016 and 2015, we had no provisions for interest or penalties related to uncertain tax positions. The Company is subject to taxation in the U.S. and various state jurisdictions. As of June 30, 2016, the Company’s tax years for 2012 to 2015 are subject to examination by the tax authorities. |
Loss Per Common Share
Loss Per Common Share | 3 Months Ended |
Jun. 30, 2016 | |
Loss Per Common Share [Abstract] | |
Loss Per Common Share | (10) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the quarters ended June 30, 2016 and 2015: Quarter Ended June 30, 2016 2015 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: June 30, 2016 2015 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (11) Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (12) Commitments and Contingencies Employment Agreements On July 21, 2015, the Company entered into new employment agreements with its four officers that expire on June 30, 2017. The aggregate future base salary payable to the executive officers over their remaining terms is $1,014,604 . 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 $178,889 as of June 30, 2016. Litigation We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow. |
Contracts In Process (Tables)
Contracts In Process (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Contracts In Process [Abstract] | |
Summary Of Contract In Process | June 30, March 31, 2016 2016 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 $ $ Contracts in process $ $ |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | June 30, March 31, 2016 2016 Raw materials $ $ Work-in-process Finished products $ $ June 30, March 31, 2016 2016 Inventories- current $ $ Inventories- noncurrent $ $ |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | June 30, March 31, 2016 2016 Accrued payroll and employee benefits $ $ Accrued personal property and real estate taxes Accrued warranty costs Unearned revenue Accrued royalties Accrued import duties Accrued vendor settlements Other $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Expense | Quarters Ended June 30, 2016 2015 Costs of contract services $ $ Costs of product sales Research and development 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, 2016 $ 6.2 years $ - Granted - $ - Exercised - $ - $ - Forfeited $ Outstanding at June 30, 2016 $ 6.2 years $ - Exercisable at June 30, 2016 $ 5.5 years $ - Vested and expected to vest at June 30, 2016 $ 6.1 years $ - |
Schedule Of Nonvested Share Activity | Quarter Ended June 30, 2016 Quarter Ended June 30, 2015 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at April 1 $ $ Granted - $ - - $ - Vested $ $ Forfeited $ - $ - Unvested at June 30 $ $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Changes In Components Of Stockholders' Equity | Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at April 1, 2016 $ $ $ $ Issuance of common stock under employee stock purchase plan - Issuance of common stock under stock bonus plan - - Common stock used for tax withholdings - Compensation expense from employee and director stock option and common stock grants - - - Net loss - - - Balances at June 30, 2016 $ $ $ $ |
Significant Customers (Tables)
Significant Customers (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | Quarter Ended June 30, 2016 2015 Customer A $ % $ % Customer B $ % $ % Customer C $ % $ % Customer D $ % $ - - % Customer E $ % $ % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | June 30, March 31, 2016 2016 Customer A % % Customer B % % Customer C % % Customer D % - % Customer E - % - % |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Quarter Ended June 30, 2016 2015 Numerator: Net loss $ $ Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted Net loss per common share - basic and diluted $ $ |
Shares Not Included In Diluted Net Loss Per Share | June 30, 2016 2015 Non-vested stock bonus plan shares Stock options outstanding Warrants to purchase common stock |
Contracts In Process (Narrative
Contracts In Process (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Contracts In Process [Abstract] | ||
Estimated Period To Complete Contracts In Process, Minimum | 1 month | 1 month |
Estimated Period To Complete Contracts In Process, Maximum | 3 months | 6 months |
Expected collection period of accounts receivable | 60 days |
Contracts In Process (Summary O
Contracts In Process (Summary Of Contract In Process) (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Contracts In Process [Abstract] | ||
Costs incurred on uncompleted contracts | $ 2,837,461 | $ 2,607,764 |
Estimated earnings | 738,593 | 717,771 |
Contracts in process, Gross | 3,576,054 | 3,325,535 |
Less billings to date | (3,504,365) | (3,265,239) |
Contracts in progress, Total | 71,689 | 60,296 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 71,689 | $ 60,296 |
Inventories (Details)
Inventories (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Inventories [Abstract] | |||
Inventory impairments | $ 0 | $ 0 | |
Inventory reserve | 0 | $ 0 | |
Noncurrent inventories | $ 6,739,012 | $ 6,840,170 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 7,301,274 | $ 7,279,633 |
Work-in-process | 100,625 | 45,506 |
Finished products | 1,651,435 | 1,786,302 |
Inventories, Total | $ 9,053,334 | $ 9,111,441 |
Inventories (Schedule Of Curren
Inventories (Schedule Of Current and Noncurrent Inventories) (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Inventories [Abstract] | ||
Inventories - current | $ 2,314,322 | $ 2,271,271 |
Inventories - noncurrent | 6,739,012 | 6,840,170 |
Inventories, Total | $ 9,053,334 | $ 9,111,441 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Other Current Liabilities [Abstract] | ||
Accrued payroll and employee benefits | $ 112,842 | $ 141,544 |
Accrued personal property and real estate taxes | 116,163 | 174,260 |
Accrued warranty costs | 257,730 | 244,310 |
Unearned revenue | 26,136 | 79,956 |
Accrued royalties | 48,336 | 48,336 |
Accrued import duties | 87,100 | 87,100 |
Accrued vendor settlements | 189,175 | 189,175 |
Other | 21,154 | 20,754 |
Other current liabilities, Total | $ 858,636 | $ 985,435 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of options vested in period | $ 1,773 | $ 7,690 |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 177,083 | |
Unrecognized compensation costs, period for recognition | 23 months | |
Stock Bonus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 32,455 | |
Unrecognized compensation costs, period for recognition | 5 months | |
Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period for share-based awards | 18,097 | 34,508 |
Cash received from settlement of share-based awards | $ 9,591 | $ 23,125 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 53,768 | $ 139,288 |
Costs Of Contract Services [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 2,409 | 746 |
Costs Of Product Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 2,974 | 5,619 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 6,817 | 14,281 |
Selling, General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 41,568 | $ 118,642 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | ||
Outstanding at Period Start, Options | 2,561,769 | |
Forfeited, Options | (72,931) | |
Outstanding at Period End, Options | 2,488,838 | 2,561,769 |
Exercisable, Options | 2,053,754 | |
Vested and expected to vest, Options | 2,424,929 | |
Outstanding at Period Start, Weighted-Average Exercise Price | $ 1.40 | |
Forfeited, Weighted-Average Exercise Price | 1.66 | |
Outstanding at Period End, Weighted-Average Exercise Price | 1.39 | $ 1.40 |
Exercisable, Weighted-Average Exercise Price | 1.49 | |
Vested and expected to vest, Weighted-Average Exercise Price | $ 1.39 | |
Outstanding, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | 6 years 2 months 12 days |
Exercisable, Weighted Average Remaining Contractual Life | 5 years 6 months | |
Vested and expected to vest, Weighted Average Remaining Contractual Life | 6 years 1 month 6 days |
Stock-Based Compensation (Sch34
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | ||
Non-vested beginning balance, shares | 88,214 | 432,039 |
Vested, shares | (3,667) | (3,667) |
Forfeited, shares | (1,573) | |
Non-vested Ending balance, shares | 82,974 | 428,372 |
Non-vested beginning balance, Weighted-Average Grant Date Fair Value | $ 1.36 | $ 1.26 |
Vested, Weighted-Average Grant Date Fair Value | (0.69) | 0.69 |
Forfeited, Weighted-Average Grant Date Fair Value | (1.25) | |
Non-vested endign balance, Weighted-Average Grant Date Fair Value | $ 1.39 | $ 1.26 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Class of Stock [Line Items] | ||
Beginning balance, value | $ 21,711,738 | |
Beginning balance, shares | 48,330,286 | |
Issuance of common stock under employee stock purchase plan, value | $ 9,591 | |
Common stock used for tax withholdings | (972) | |
Compensation expense from employee and director stock option and common stock grants | 53,768 | |
Net loss | (1,954,030) | $ (2,224,251) |
Ending balance, value | $ 19,820,095 | |
Ending balance, shares | 48,350,682 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | $ 483,303 | |
Beginning balance, shares | 48,330,286 | |
Issuance of common stock under employee stock purchase plan, value | $ 181 | |
Issuance of common stock under employee stock purchase plan, shares | 18,097 | |
Issuance of common stock under stock bonus plan, value | $ 37 | |
Issuance of common stock under stock bonus plan, shares | 3,667 | |
Common stock used for tax withholdings | $ (14) | |
Common stock used for tax withholdings (in shares) | (1,368) | |
Ending balance, value | $ 483,507 | |
Ending balance, shares | 48,350,682 | |
Additional Paid-in Capital [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | $ 128,103,861 | |
Issuance of common stock under employee stock purchase plan, value | 9,410 | |
Issuance of common stock under stock bonus plan, value | (37) | |
Common stock used for tax withholdings | (958) | |
Compensation expense from employee and director stock option and common stock grants | 53,768 | |
Ending balance, value | 128,166,044 | |
Accumulated Deficit [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | (106,875,426) | |
Net loss | (1,954,030) | |
Ending balance, value | $ (108,829,456) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - $ / shares | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | |
Class of Warrant or Right [Line Items] | |||
Issuance of common stock under direct offering, shares | 2,864,872 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,432,436 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.1275 | ||
Class of Warrant or Right, Outstanding | 1,489,733 | 1,489,733 | |
Class of Warrant, Class Two [Member] | |||
Class of Warrant or Right [Line Items] | |||
Issuance of common stock under direct offering, shares | 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 | 0 |
Significant Customers (Details)
Significant Customers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 1,173,261 | $ 630,666 | |
Customer A [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 353,435 | $ 121,682 | |
Customer A [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 32.00% | 22.00% | |
Customer A [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 25.00% | 16.00% | |
Customer B [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 250,519 | $ 34,863 | |
Customer B [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 11.00% | 32.00% | |
Customer B [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 17.00% | 5.00% | |
Customer C [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 225,105 | $ 150,316 | |
Customer C [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 9.00% | 12.00% | |
Customer C [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 16.00% | 20.00% | |
Customer D [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 147,500 | ||
Customer D [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 24.00% | ||
Customer D [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 10.00% | ||
Customer E [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, amount | $ 12,212 | $ 201,157 | |
Customer E [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 1.00% | 27.00% |
Loss Per Common Share (Basic an
Loss Per Common Share (Basic and Diluted Net Loss Per Share) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Loss Per Common Share [Abstract] | ||
Net loss | $ (1,954,030) | $ (2,224,251) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 48,346,344 | 40,040,673 |
Net loss per common share - basic and diluted | $ (0.04) | $ (0.06) |
Loss Per Common Share (Number S
Loss Per Common Share (Number Shares) (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Loss Per Common Share [Abstract] | ||||
Non-vested stock bonus plan shares | 82,974 | 88,214 | 428,372 | 432,039 |
Stock Options Outstanding | 2,488,838 | 2,561,769 | 2,954,330 | |
Warrants and Rights Outstanding | $ 5,489,733 | $ 1,489,733 |
Commitments And Contingencies (
Commitments And Contingencies (Details) | Jun. 30, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
Aggregate future base salary payable | $ 1,014,604 |
Potential future compensation payable | $ 178,889 |