Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 22-May-15 | Sep. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMERICAN SUPERCONDUCTOR CORP /DE/ | ||
Trading Symbol | AMSC | ||
Entity Central Index Key | 880807 | ||
Current Fiscal Year End Date | -28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 13,863,254 | ||
Entity Public Float | $99 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $20,490 | $43,114 |
Accounts receivable, net | 9,879 | 7,556 |
Inventory | 20,596 | 20,694 |
Prepaid expenses and other current assets | 10,764 | 9,004 |
Restricted cash | 2,822 | 2,913 |
Total current assets | 64,551 | 83,281 |
Property, plant and equipment, net | 56,097 | 64,574 |
Intangibles, net | 1,422 | 1,995 |
Restricted cash | 1,236 | 3,394 |
Deferred tax assets | 7,766 | 7,724 |
Other assets | 2,753 | 7,541 |
Total assets | 133,825 | 168,509 |
Current liabilities: | ||
Accounts payable and accrued expenses | 21,615 | 21,764 |
Note payable, current portion, net of discount of $244 as of March 31, 2015 and $555 as of March 31, 2014 | 3,756 | 6,240 |
Derivative liabilities | 2,999 | 2,601 |
Deferred revenue | 11,019 | 9,456 |
Deferred tax liabilities | 7,843 | 7,761 |
Total current liabilities | 47,232 | 47,822 |
Note payable, net of discount of $290 as of March 31, 2015 and $287 as of March 31, 2014 | 3,877 | 6,380 |
Deferred revenue | 2,756 | 990 |
Other liabilities | 67 | 1,058 |
Total liabilities | 53,932 | 56,250 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 75,000,000 and 150,000,000 shares authorized; 9,624,275 and 7,892,990 shares issued at March 31, 2015 and 2014, respectively | 96 | 79 |
Additional paid-in capital | 985,921 | 967,100 |
Treasury stock, at cost, 34,067 and 5,705 shares at March 31, 2015 and 2014, respectively | -771 | -370 |
Accumulated other comprehensive (loss) income | -308 | 1,839 |
Accumulated deficit | -905,045 | -856,389 |
Total stockholders' equity | 79,893 | 112,259 |
Total liabilities and stockholders' equity | $133,825 | $168,509 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 150,000,000 |
Common stock, shares issued | 9,624,275 | 7,892,990 |
Treasury Stock, shares | 34,067 | 5,705 |
Note Payable Current | ||
Note payable, Unamortized Discount | $244 | $555 |
Note Payable Noncurrent | ||
Note payable, Unamortized Discount | $290 | $287 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Revenues | $70,530 | $84,117 | $87,419 |
Cost and operating expenses: | |||
Cost of revenues | 67,442 | 72,858 | 71,937 |
Research and development | 11,878 | 12,173 | 15,325 |
Selling, general and administrative | 29,217 | 37,230 | 49,652 |
Arbitration award expense | 8,987 | ||
Restructuring and impairments | 5,366 | 2,998 | 7,922 |
Amortization of acquisition related intangibles | 157 | 287 | 324 |
Total operating expenses | 123,047 | 125,546 | 145,160 |
Operating loss | -52,517 | -41,429 | -57,741 |
Change in fair value of derivatives and warrants | 3,963 | 1,872 | 7,556 |
Loss on extinguishment of debt | -5,197 | ||
Interest expense, net | -1,882 | -9,661 | -14,948 |
Other income (expense), net | 1,596 | -991 | -1,262 |
Loss before income tax (benefit) expense | -48,840 | -55,406 | -66,395 |
Income tax (benefit) expense | -184 | 852 | -264 |
Net loss | ($48,656) | ($56,258) | ($66,131) |
Net loss per common share | |||
Basic | ($5.74) | ($8.98) | ($12.46) |
Diluted | ($5.74) | ($8.98) | ($12.46) |
Weighted average number of common shares outstanding | |||
Basic | 8,477 | 6,262 | 5,307 |
Diluted | 8,477 | 6,262 | 5,307 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | ($48,656) | ($56,258) | ($66,131) |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation (losses) gains | -2,147 | 727 | -887 |
Unrealized losses on investments | -28 | ||
Total other comprehensive income (loss), net of tax | -2,147 | 727 | -915 |
Comprehensive loss | ($50,803) | ($55,531) | ($67,046) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
In Thousands, except Share data | ||||||
Balance at Mar. 31, 2012 | $164,879 | $52 | $897,071 | ($271) | $2,027 | ($734,000) |
Balance, shares at Mar. 31, 2012 | 5,199,000 | |||||
Exercise of stock options | 2 | 2 | ||||
Issuance of common stock - ESPP | 290 | 290 | ||||
Issuance of common stock - ESPP, shares | 10,000 | |||||
Issuance of common stock - restricted shares | 1,619 | 2 | 1,617 | |||
Issuance of common stock - restricted shares, shares | 246,000 | |||||
Stock-based compensation expense | 8,138 | 8,138 | ||||
Issuance of stock for 401(k) match | 539 | 539 | ||||
Issuance of stock for 401(k) match, shares | 16,000 | |||||
Issuance of common stock to settle liabilities | 16,739 | 6 | 16,733 | |||
Issuance of common stock to settle liabilities, shares, other | 559,000 | |||||
Repurchase of treasury stock | -42 | -42 | ||||
Net unrealized losses on investments | -28 | -28 | ||||
Cumulative translation adjustment | -887 | -887 | ||||
Net loss | -66,131 | -66,131 | ||||
Balance at Mar. 31, 2013 | 125,118 | 60 | 924,390 | -313 | 1,112 | -800,131 |
Balance, shares at Mar. 31, 2013 | 6,030,000 | |||||
Issuance of common stock - ESPP | 168 | 168 | ||||
Issuance of common stock - ESPP, shares | 10,000 | |||||
Issuance of common stock - restricted shares | 502 | 2 | 500 | |||
Issuance of common stock - restricted shares, shares | 178,000 | |||||
Stock-based compensation expense | 10,696 | 10,696 | ||||
Issuance of stock for 401(k) match | 425 | 425 | ||||
Issuance of stock for 401(k) match, shares | 21,000 | |||||
Issuance of common stock-ATM, net of costs | 7,458 | 5 | 7,453 | |||
Issuance of common stock-ATM, net of costs, shares | 487,000 | |||||
Issuance of common stock to settle liabilities | 23,480 | 12 | 23,468 | |||
Issuance of common stock to settle liabilities, shares, other | 1,167,000 | |||||
Repurchase of treasury stock | -57 | -57 | ||||
Cumulative translation adjustment | 727 | 727 | ||||
Net loss | -56,258 | -56,258 | ||||
Balance at Mar. 31, 2014 | 112,259 | 79 | 967,100 | -370 | 1,839 | -856,389 |
Balance, shares at Mar. 31, 2014 | 7,893,000 | |||||
Issuance of common stock - ESPP | 124 | 124 | ||||
Issuance of common stock - ESPP, shares | 17,000 | |||||
Issuance of common stock - restricted shares | 3 | -3 | ||||
Issuance of common stock - restricted shares, shares | 301,000 | |||||
Stock-based compensation expense | 5,936 | 5,936 | ||||
Issuance of stock for 401(k) match | 392 | 392 | ||||
Issuance of stock for 401(k) match, shares | 35,000 | |||||
Issuance of common stock-ATM, net of costs | 5,839 | 4 | 5,835 | |||
Issuance of common stock-ATM, net of costs, shares | 375,000 | |||||
Issuance of common stock-Hudson Bay Capital | 5,225 | 9 | 5,216 | |||
Issuance of common stock-Hudson Bay Capital, shares | 909,000 | |||||
Issuance of common stock to settle liabilities | 1,323 | 1 | 1,322 | |||
Issuance of common stock to settle liabilities, shares, other | 94,000 | |||||
Reverse stock split | -1 | -1 | ||||
Repurchase of treasury stock | -401 | -401 | ||||
Cumulative translation adjustment | -2,147 | -2,147 | ||||
Net loss | -48,656 | -48,656 | ||||
Balance at Mar. 31, 2015 | $79,893 | $96 | $985,921 | ($771) | ($308) | ($905,045) |
Balance, shares at Mar. 31, 2015 | 9,624,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | |||
Net loss | ($48,656) | ($56,258) | ($66,131) |
Adjustments to reconcile net loss to net cash used in operations: | |||
Depreciation and amortization | 9,554 | 10,615 | 13,054 |
Stock-based compensation expense | 5,936 | 10,696 | 8,138 |
Impairment of long-lived and intangible assets | 3,464 | 1,265 | 4,984 |
Provision for excess and obsolete inventory | 1,386 | 316 | 2,230 |
Adverse purchase commitment losses (recoveries), net | -7,768 | ||
Prepaid VAT reserve | 1,426 | ||
Loss on minority interest investments | 743 | 1,008 | 2,231 |
Change in fair value of derivatives and warrants | -3,963 | -1,872 | -7,556 |
Loss on extinguishment of debt | 5,197 | ||
Reversal of Catlin legal costs | -2,220 | ||
Non-cash interest expense | 566 | 7,713 | 12,426 |
Other non-cash items | -2,436 | 1,980 | 3,329 |
Changes in operating asset and liability accounts: | |||
Accounts receivable | -2,677 | 11,379 | -751 |
Inventory | -1,887 | 13,043 | -6,457 |
Prepaid expenses and other current assets | -2,330 | 12,512 | 8,887 |
Accounts payable and accrued expenses | 5,579 | -10,861 | -21,864 |
Deferred revenue | 4,265 | -21,426 | 9,977 |
Net cash used in operating activities | -32,676 | -13,267 | -45,271 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | -737 | -278 | -1,430 |
Proceeds from the sale of property, plant and equipment | 18 | 54 | 136 |
Proceeds from the maturity of marketable securities | 5,276 | ||
Change in restricted cash | 2,248 | 4,669 | 3,678 |
Change in other assets | 280 | -436 | -307 |
Net cash provided by investing activities | 1,809 | 4,009 | 7,353 |
Cash flows from financing activities: | |||
Employee taxes paid related to net settlement of equity awards | -401 | -57 | -42 |
Proceeds from the issuance of debt, net of expenses | 1,422 | 9,842 | 32,895 |
Repayment of debt | -7,295 | -4,615 | -1,923 |
Proceeds from public equity offering, net | 14,933 | 7,458 | |
Proceeds from exercise of employee stock options and ESPP | 124 | 168 | 291 |
Net cash provided by financing activities | 8,783 | 12,796 | 31,221 |
Effect of exchange rate changes on cash and cash equivalents | -540 | 333 | -339 |
Net (decrease)/increase in cash and cash equivalents | -22,624 | 3,871 | -7,036 |
Cash and cash equivalents at beginning of year | 43,114 | 39,243 | 46,279 |
Cash and cash equivalents at end of year | 20,490 | 43,114 | 39,243 |
Supplemental schedule of cash flow information: | |||
Cash paid for income taxes, net of refunds | 362 | 864 | -311 |
Issuance of common stock to settle liabilities | 1,715 | 24,407 | 18,896 |
Cash paid for interest | $1,362 | $990 | $787 |
Nature_of_the_Business_and_Ope
Nature of the Business and Operations and Liquidity | 12 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Operations and Liquidity | 1. Nature of the Business and Operations and Liquidity |
Nature of the Business and Operations | |
American Superconductor Corporation (“AMSC” or the “Company”) was founded on April 9, 1987. The Company is a leading provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. In the wind power market, the Company enables manufacturers to field wind turbines through its advanced engineering, support services and power electronics products. In the power grid market, the Company enables electric utilities and renewable energy project developers to connect, transmit and distribute power through its transmission planning services and power electronics, and superconductor-based products. The Company’s wind and power grid products and services provide exceptional reliability, security, efficiency and affordability to its customers. | |
The Company’s consolidated financial statements have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. | |
On March 24, 2015, the Company effected a 1-for-10 reverse stock split of its common stock. Trading of the Company’s common stock reflected the reverse stock split beginning on March 25, 2015. Unless otherwise indicated, all historical references to shares of common stock, shares of restricted stock, restricted units, shares underlying options, warrants or calculations that use common stock for per share financial reporting have been adjusted for comparative purposes to reflect the impact of the 1-for-10 reverse stock split as if it had occurred at the beginning of the earliest period presented. | |
Liquidity | |
The Company has experienced recurring operating losses and as of March 31, 2015, the Company had an accumulated deficit of $905.0 million. In addition, the Company has experienced recurring negative operating cash flows. At March 31, 2015, the Company had cash and cash equivalents of $20.5 million. Cash used in operations for the year ended March 31, 2015 was $32.7 million. | |
On August 29, 2014, the Arbitration Tribunal for the ICC International Court of Arbitration (the “ICC Court”) found the Company’s wholly-owned Austrian subsidiary, AMSC Austria GmbH (“AMSC Austria”), liable for damages in its breach of contract proceeding against Ghodawat Energy Pvt Ltd (“Ghodawat”) and awarded Ghodawat approximately €8.3 million plus interest of 5.33%, which accrued from the date of award. On February 4, 2015, AMSC Austria entered into a Settlement Agreement with Ghodawat, which provided for, among other things, (i) a payment by AMSC Austria to Ghodawat of €7.45 million, and (ii) upon payment by AMSC Austria to Ghodawat, the full settlement of any and all disputes and claims between the parties (including their respective parent and affiliated companies), in particular related to or arising out of the award. Cash used in operations for the year ended March 31, 2015 includes approximately $8.4 million for the payment of this liability. | |
From April 1, 2011 through the date of this filing, the Company has reduced its global workforce substantially. As of March 31, 2015, the Company had a global workforce of 318 persons. The Company plans to closely monitor its expenses and if required, expects to further reduce operating costs and capital spending to enhance liquidity. | |
Over the last several years, the Company has entered into several debt and equity financing arrangements in order to enhance liquidity. During the fiscal years ended March 31, 2015, 2014 and 2013, the Company generated aggregate cash flows from financing activities of $52.8 million. In addition, on April 29, 2015, the Company completed an additional equity offering, which generated net proceeds of approximately $22.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. See Note 9, “Debt”, Note 12 “Stockholders Equity” and Note 19 “Subsequent Events” for further discussion of these financing arrangements. The Company believes that it is in compliance with the covenants and restrictions included in the agreements governing its debt arrangements as of March 31, 2015. | |
The Company believes it has sufficient liquidity to fund its operations, capital expenditures and scheduled cash payments under its debt obligations for the next twelve months. The Company’s liquidity is highly dependent on, its ability to increase revenues, its ability to control its operating costs, its ability to maintain compliance with the covenants and restrictions on its debt obligations (or obtain waivers from its lender in the event of non-compliance), and its ability to raise additional capital, if necessary. There can be no assurance that the Company will be able to continue to raise additional capital from other sources or execute on any other means of improving liquidity described above. | |
In addition, the Company is actively seeking to sell its minority investment in Tres Amigas, LLC, a Delaware limited liability Company (“Tres Amigas”). The Company no longer believes its investment in Blade Dynamics is recoverable and fully impaired its remaining investment in Blade Dynamics Ltd. (“Blade Dynamics”) during the three months ended September 30, 2014. (See Note 15, “Minority Investments”, for further information about such investments.) There can be no assurance that the Company will be able to sell these investments on commercially reasonable terms or at all. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | |||||||||||
Basis of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. These reclassifications had no effect on net income, cash flows from operating activities or stockholders’ equity. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, goodwill and intangible assets, warranty provisions, stock-based compensation, valuation of warrant and derivative liabilities, tax reserves, and deferred tax assets. Provisions for depreciation are based on their estimated useful lives using the straight-line method. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. While for any given estimate or assumption made by the Company’s management there may be other estimates or assumptions that are reasonable, the Company believes that, given the current facts and circumstances, it is unlikely that applying any such other reasonable estimate or assumption would materially impact the financial statements. | ||||||||||||
Cash Equivalents | ||||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposits and money market accounts. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company’s accounts receivable relate principally to a limited number of customers. As of March 31, 2015, one customer, Inox Wind Limited (“Inox”), accounted for approximately 56% of the Company’s total receivable balance, with no other customer accounting for greater than 10% of the balance. As of March 31, 2014, three customers, Inox, CG Power Solutions UK Ltd (“CGPS”), and JCNE, accounted for approximately 20%, 14% and 13%, respectively, of the Company’s total receivable balance. Changes in the financial condition or operations of the Company’s customers may result in delayed payments or non-payments which would adversely impact its cash flows from operating activities and/or its results of operations. As such the Company may require collateral, advanced payment or other security based upon the customer history and/or creditworthiness. In determining the allowance for doubtful accounts, the Company evaluates the collectability of accounts receivable based primarily on the probability of recoverability based on historical collection and write-off experience, the age of past due receivables, specific customer circumstances, and current economic trends. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payment, additional allowances may be required. Failure to accurately estimate the losses for doubtful accounts and ensure that payments are received on a timely basis could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows. | ||||||||||||
Inventory | ||||||||||||
Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost or market determined on a first-in, first-out basis. The Company records inventory when it takes delivery and title to the product according to the terms of each supply contract. | ||||||||||||
Program costs may be deferred and recorded as inventory on contracts on which costs are incurred in excess of approved contractual amounts and/or funding, if future recovery of the costs is deemed probable. | ||||||||||||
At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. | ||||||||||||
For the years ended March 31, 2015 and 2014, the Company recorded inventory reserves of approximately $1.4 million and $0.3 million, respectively, based on evaluating its ending inventory on hand for excess quantities and obsolescence. For the years ended March 31, 2015, 2014, and 2013, the Company recorded benefits of $8.0 million, $4.3 million, and $2.1 million, respectively, for the usage of inventories previously reserved. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | ||||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. | ||||||||||||
Valuation of Long-Lived Assets | ||||||||||||
The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company evaluates its long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. | ||||||||||||
During the fiscal years ended March 31, 2014 and 2013, in response to challenging liquidity and market conditions, the Company entered into and completed certain restructuring activities, approved by the Board of Directors, in order to reduce costs and align its strategic priorities. Since the restructuring action impacted all of its operations, management concluded that there were indicators of potential impairment of its long-lived assets in each of those fiscal years and the Company therefore conducted assessments of the recoverability of these assets by comparing its carrying value of the assets to the pre-tax undiscounted cash flows estimated to be generated by those assets over their remaining book useful lives. Based on the calculations performed by management, the sum of the undiscounted cash flows forecasted to be generated by certain assets were less than the carrying value of those assets. Therefore, there were indications that certain of its assets were impaired and, as a result, the Company performed additional analysis. An evaluation of the level of impairment was made by comparing the implied fair value of those definite long-lived tangible and intangible assets of each reporting unit against their carrying values. | ||||||||||||
The fair values of the impacted property and equipment were based on what the Company could reasonably expect to sell each asset from the perspective of a market participant. The determination of the fair value of its property and equipment includes estimates and judgments regarding the marketability and ultimate sales price of individual assets. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted property and equipment. The fair values of amortization intangible assets related to completed technology and trade names were determined using primarily the relief-from-royalty method over the estimated economic lives of those assets from the perspective of a market participant. During the year ended March 31, 2014, the Company determined that the fair values of those assets were greater than or equal to their carrying values and no impairment charge was recorded. During the year ended March 31, 2013, management determined that certain of its corporate assets and Grid segment property, plant and equipment were impaired as their carrying values exceeded their fair values. The Company determined the long-lived assets of its Wind segment were not impaired. Accordingly, for the year ended March 31, 2013, the Company recorded an impairment charge of $5.0 million on certain of its corporate assets and on certain of its Grid segment property, plant and equipment. | ||||||||||||
Equity Method Investments | ||||||||||||
The Company uses the equity method of accounting for investments in entities in which it has an ownership interest, but does not exercise a controlling interest in the operating and financial policies of an investee. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition. | ||||||||||||
The Company periodically tests its investments for potential impairment whenever events and circumstances indicate a loss in the fair value of the investments may be other than temporary. During the years ended March 31, 2015 and 2014, the Company recorded impairment charges of $3.5 and $1.3 million, respectively, on its investment in Blade Dynamics Ltd. This minority investment is fully impaired as of March 31, 2015. (See Note 15, “Minority Investments”, for further discussion.) | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue for product sales upon customer acceptance, which can occur at the time of delivery, installation or post-installation where applicable, provided persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and the collectability is reasonably assured. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis of accounting. Certain of the Company’s contracts involve retention amounts which are contingent upon meeting certain performance requirements through the expiration of the contract warranty periods. For contractual arrangements that involve retention, the Company recognizes revenue for these amounts upon the expiration of the warranty period, meeting the performance requirements and when collection of the fee is reasonably assured. | ||||||||||||
During the year ended March 31, 2011, the Company determined that revenues from certain of its customers in China could not be recorded for shipments made according to the delivery terms, as the fee was not fixed or determinable or collectability was not reasonably assured. For these customers, the Company is utilizing a cash basis of accounting with cash applied first against accounts receivable balances, then costs of shipments (inventory and value added taxes) before recognizing any gross margin. Payments of $3.7 million and $3.4 million were received from these customers during the years ended March 31, 2014 and 2013, respectively, for past shipments and recorded as revenue. There were no payments received for past shipments in the fiscal year ending March 31, 2015. | ||||||||||||
For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain product sales, the Company records revenues using the percentage-of-completion method, measured by the relationship of costs incurred to total estimated contract costs. Percentage-of-completion revenue recognition accounting is predominantly used on certain turnkey power systems installations for electric utilities and long-term prototype development contracts with the U.S. government. The Company follows this method since reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made. However, the ability to reliably estimate total costs at completion is challenging, especially on long-term prototype development contracts, and could result in future changes in contract estimates. For contracts where reasonably dependable estimates of the revenues and costs cannot be made, the Company follows the completed-contract method. | ||||||||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of certain products may include extended warranty and support or service packages, and at times include performance bonds. As these contracts progress, the Company continually assesses the probability of a payout from the performance bond. Should the Company determine that such a payout is likely; the Company would record a liability. The Company would reduce revenue to the extent a liability is recorded. In addition, the Company enters into licensing arrangements that include training services. | ||||||||||||
Deliverables are separated into more than one unit of accounting when (1) the delivered element(s) have value to the customer on a stand-alone basis, and (2) delivery of the undelivered element(s) is probable and substantially in the control of the Company. In general, revenues are separated between the different product shipments which have stand-alone value, and the various services to be provided. Revenue for product shipments is recognized in accordance with the Company’s policy for product sales, while revenues for the services are recognized over the period of performance. The Company has determined that the licenses have no standalone value to the customer and are not separable from training services as the Company can only fully transfer the technology knowhow through the training component. Accordingly, the Company accounts for these arrangements as a single unit of accounting, and recognizes revenue over the period of the Company’s performance and milestones that have been achieved. Costs for these arrangements are expensed as incurred. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on the element’s fair value as determined by vendor-specific objective evidence (“VSOE”), which is the price charged when that element is sold separately, or third-party evidence (“TPE”). When VSOE and TPE are unavailable, fair value is based on the Company’s best estimate of selling price utilizing a cost plus reasonable margin consistent with how the Company has set pricing historically for similar products and services. When the Company’s estimates are used to determine fair value, management makes its estimates using reasonable and objective evidence to determine the price. The Company reviews VSOE and TPE at least annually. If the Company concludes it is unable to establish fair values for one or more undelivered elements within a multiple-element arrangement using VSOE then the Company uses TPE or the best estimate of the selling price for that unit of accounting, being the price at which the vendor would transact if the unit of accounting were sold by the vendor regularly on a standalone basis. | ||||||||||||
The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. | ||||||||||||
Customer deposits received in advance of revenue recognition are recorded as deferred revenue until customer acceptance is received. Deferred revenue also represents the amount billed to and/or collected from commercial and government customers on contracts which permit billings to occur in advance of contract performance/revenue recognition. | ||||||||||||
Product Warranty | ||||||||||||
Warranty obligations are incurred in connection with the sale of the Company’s products. The Company generally provides a one to three year warranty on its products, commencing upon installation. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. Future warranty costs are estimated based on historical performance rates and related costs to repair given products. The accounting estimate related to product warranty involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revision to the estimated warranty liability would be required. | ||||||||||||
Research and Development Costs | ||||||||||||
Research and development costs are expensed as incurred. | ||||||||||||
Income Taxes | ||||||||||||
The Company’s provision for income taxes is composed of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. | ||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S. and foreign deferred income tax assets since the Company believes that it is more likely than not that these deferred tax assets are not currently realizable due to uncertainty around profitability in the future. | ||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company includes interest and penalties related to gross unrecognized tax benefits within the provision for income taxes. (See Note 11, “Income Taxes,” for further information regarding our income tax assumptions and expenses.) | ||||||||||||
The Company evaluates its permanent reinvestment assertions with respect to foreign earnings at each reporting period. The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of the tax basis over its book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. The Company has recorded a deferred tax liability as of March 31, 2015 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2015 was $1.2 million resulting in the recording of a $0.4 million net deferred federal and state income tax liability. (See Note 11, “Income Taxes,” for further information regarding our income tax assumptions and expenses.) | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. | ||||||||||||
Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company’s common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, accruals of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. | ||||||||||||
Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company’s common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company’s common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company’s historical exercise, cancellation and expiration patterns. | ||||||||||||
The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may result in significant, unanticipated increases or decreases in stock-based compensation expense from period to period. The termination of employment of certain employees who hold large numbers of stock-based awards may also have a significant, unanticipated impact on forfeiture experience and, therefore, on stock-based compensation expense. The Company will update these assumptions on at least an annual basis and on an interim basis if significant changes to the assumptions are warranted. | ||||||||||||
Computation of Net Loss per Common Share | ||||||||||||
Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the years ended March 31, 2015, 2014, and 2013, common equivalent shares of 1,567,352, 643,158, and 1,072,584, respectively, were not included in the calculation of diluted EPS as they were considered antidilutive. The following table reconciles the numerators and denominators of the EPS calculation for the years ended March 31, 2015, 2014, and 2013 (in thousands except per share amounts): | ||||||||||||
Year ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (48,656 | ) | $ | (56,258 | ) | $ | (66,131 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 8,559 | 6,411 | 5,354 | |||||||||
Weighted-average shares subject to repurchase | (82 | ) | (149 | ) | (47 | ) | ||||||
Shares used in per-share calculation ― basic | 8,477 | 6,262 | 5,307 | |||||||||
Shares used in per-share calculation ― diluted | 8,477 | 6,262 | 5,307 | |||||||||
Net loss per share ― basic | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Net loss per share ― diluted | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Foreign Currency Translation | ||||||||||||
The functional currency of all the Company’s foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders’ equity. Net foreign currency gains (losses) are included in net loss and were $2.8 million, ($0.1) million, and $1.0 million for the years ended March 31, 2015, 2014 and 2013, respectively. The Company has no restrictions on the foreign exchange activities of its foreign subsidiaries, including the payment of dividends and other distributions. | ||||||||||||
Risks and Uncertainties | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. | ||||||||||||
The Company invests its available cash with high-credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not limited to, government obligations, money market funds and corporate debt instruments. | ||||||||||||
Several of the Company’s government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to receive additional contract modifications in the year ending March 31, 2015 and beyond as incremental funding is authorized and appropriated by the government. | ||||||||||||
Contingencies | ||||||||||||
From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information is known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If, with respect to a matter, it is not both probable to result in liability and the amount of loss cannot be reasonably estimated, an estimate of possible loss or range of loss is disclosed unless such an estimate cannot be made. The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred. During the fiscal year ended March 31, 2015, the Company reversed legal expenses of approximately $2.2 million incurred in connection with the Ghodawat arbitration that were covered by the Catlin settlement. The Company recorded a loss contingency of $1.8 million for the year ended March 31, 2013. (See Note 13, “Commitments and Contingencies,” for further information regarding the Company’s pending litigation.) | ||||||||||||
Debt | ||||||||||||
For debt arrangements, the Company considers any embedded equity-linked components and accounts for the fair value of any embedded warrants and derivatives. The Company elects not to use the fair value option for recording debt arrangements and elects to record the debt at the stated value of the loan agreement on the date of issuance. Any other elements present are reviewed to determine if they are embedded derivatives requiring bifurcation and requiring valuation under the fair value option. Derivatives and warrants, which meet the condition to satisfy an obligation by issuing a variable number of equity shares, are recorded at fair value. The carrying value assigned to the host instrument will be the difference between the previous carrying value of the host instrument and the fair value of the warrants and derivatives. There is no immediate gain/loss from the initial recognition and measurement if the embedded derivative is accounted for separately from its host contract. There is an offsetting debt discount or premium as a result of the fair value assigned to the warrants and derivatives, as well as any debt issuance costs, which is amortized under the effective interest method over the term of the loan. Each reporting period, fair value is assessed for the warrants and derivatives with the change in value being recorded as other income/loss. (See Note 9, “Debt,” and Note 10, “Warrants and Derivative Liabilities,” for a full discussion regarding the activity and financial impact for the Company’s debt, warrants and derivative liabilities.) | ||||||||||||
Disclosure of Fair Value of Financial Instruments | ||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, warrants to purchase shares of common stock, derivatives, a senior convertible note and senior secured term loan. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses due to their short nature approximate fair value at March 31, 2015 and 2014. The estimated fair values have been determined through information obtained from market sources and management estimates. The fair value for the debt and warrant arrangements have been estimated by management based on the terms that it believes it could obtain in the current market for debt with the same terms and similar maturities and is further supported by the December 2014 amendments to the senior secured term loan with similar terms and interest rate. The Company classifies the estimates used to fair value these instruments as Level 3 inputs (See Note 3, “Fair Value Measurements” for a full discussion on fair value measurements.) | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements | |||||||||||||||
A valuation hierarchy for disclosure of the inputs to valuation used to measure fair value has been established. This hierarchy prioritizes the inputs into three broad levels as follows: | ||||||||||||||||
Level 1 | - | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||
Level 2 | - | Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | ||||||||||||||
Level 3 | - | Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. | ||||||||||||||
The Company provides a gross presentation of activity within Level 3 measurement roll-forward and details of transfers in and out of Level 1 and 2 measurements. A change in the hierarchy of an investment from its current level is reflected in the period during which the pricing methodology of such investment changes. Disclosure of the transfer of securities from Level 1 to Level 2 or Level 3 is made in the event that the related security is significant to total cash and investments. The Company did not have any transfers of assets and liabilities between Level 1 and Level 3 of the fair value measurement hierarchy during the fiscal years ended March 31, 2015 and 2014. | ||||||||||||||||
A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following table provides the assets and liabilities carried at fair value, measured as of March 31, 2015 and 2014 (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 12,519 | $ | 12,519 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,999 | $ | - | $ | - | $ | 2,999 | ||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 17,675 | $ | 17,675 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,601 | $ | - | $ | - | $ | 2,601 | ||||||||
The table below reflects the activity for the Company’s major classes of liabilities measured at fair value (in thousands): | ||||||||||||||||
Warrants | ||||||||||||||||
1-Apr-14 | $ | 2,601 | ||||||||||||||
Warrant issuance with equity offering | 4,255 | |||||||||||||||
Warrant issuance with senior secured term loan | 106 | |||||||||||||||
Mark to market adjustment | (3,963 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | 2,999 | ||||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
1-Apr-13 | $ | 529 | $ | 3,633 | ||||||||||||
Warrant issuance with senior secured term loan | - | 315 | ||||||||||||||
Mark to market adjustment | (525 | ) | (1,347 | ) | ||||||||||||
Extinguishment of derivative liability | (4 | ) | - | |||||||||||||
Balance at March 31, 2014 | $ | - | $ | 2,601 | ||||||||||||
The following table provides the assets and liabilities measured at fair value on a non-recurring basis, as of March 31, 2014 (in thousands). During the year ended March 31, 2015 the following asset was determined to be no longer recoverable and was fully impaired. See note 15, “Minority Investments” for further details: | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment in unconsolidated entity – Blade Dynamics | $ | 3,690 | $ | $ | $ | 3,690 | ||||||||||
Valuation Techniques | ||||||||||||||||
Cash Equivalents | ||||||||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposit and money market accounts. | ||||||||||||||||
Warrants | ||||||||||||||||
Warrants were issued in conjunction with a Securities Purchase Agreement with Capital Ventures International (“CVI”), an equity offering to Hudson Bay Capital in November 2014, and a Loan and Security Agreement with Hercules Technology Growth Capital, Inc (“Hercules”). (See Note 9, “Debt,” and Note 10 “Warrants and Derivative Liabilities,” for additional information.) These warrants are subject to revaluation at each balance sheet date, and any change in fair value will be recorded as a change in fair value in derivatives and warrants until the earlier of their exercise or expiration. | ||||||||||||||||
The Company relies on various assumptions in a lattice model to determine the fair value of warrants. The Company has valued the warrants within Level 3 of the valuation hierarchy. (See Note 10, “Warrants and Derivative Liabilities,” for a discussion of the warrants and the valuation assumptions used.) | ||||||||||||||||
Minority Investment | ||||||||||||||||
The Company accounts for the minority investment in Blade Dynamics on a cost basis (See Note 15, “Minority Investments”). During the year ended March 31, 2014, the Company determined that as a result of its efforts to sell its investment in Blade Dynamics, certain indicators of impairment existed which required the Company to perform further analysis. Based on analysis which included potential sale scenarios of the investment, the Company recorded an impairment charge of approximately $1.3 million and reported the investment at its estimated fair value as of March 31, 2014. | ||||||||||||||||
During the year ended March 31, 2015, the Company determined that as a result of a dilutive financing which resulted in the Company losing certain of its shareholder rights, as well as certain operational issues and adverse changes to the potential sale scenarios previously considered, its investment in Blade Dynamics was no longer recoverable and therefore recorded a charge of $3.5 million to fully impair the investment. | ||||||||||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable | 4. Accounts Receivable | |||||||
Accounts receivable at March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Accounts receivable (billed) | $ | 8,946 | $ | 6,113 | ||||
Accounts receivable (unbilled) | 987 | 1,459 | ||||||
Less: Allowance for doubtful accounts | (54 | ) | (16 | ) | ||||
Accounts receivable, net | $ | 9,879 | $ | 7,556 | ||||
As of March 31, 2015, one customer, Inox Wind Limited (“Inox”), accounted for approximately 56% of the Company’s total receivable balance. As of March 31, 2014, three customers, Inox, CGPS, and JCNE, accounted for approximately 20%, 14% and 13%, respectively, of the Company’s total receivable balance. |
Inventory
Inventory | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | 5. Inventory | |||||||
Inventory at March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 9,411 | $ | 3,304 | ||||
Work-in-process | 2,117 | 4,047 | ||||||
Finished goods | 7,487 | 10,275 | ||||||
Deferred program costs | 1,581 | 3,068 | ||||||
Net inventory | $ | 20,596 | $ | 20,694 | ||||
The Company recorded inventory write-downs of $1.4 million and $0.3 million for the years ended March 31, 2015 and 2014, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence. | ||||||||
Deferred program costs as of March 31, 2015 and 2014 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized. | ||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property, Plant and Equipment | 6. Property, Plant and Equipment | |||||||
The cost and accumulated depreciation of property and equipment at March 31, 2015 and 2014 are as follows (in thousands): | ||||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 3,643 | $ | 3,643 | ||||
Construction in progress - equipment | 130 | 117 | ||||||
Buildings | 34,549 | 34,341 | ||||||
Equipment and software | 81,855 | 83,861 | ||||||
Furniture and fixtures | 1,156 | 1,353 | ||||||
Leasehold improvements | 4,132 | 5,211 | ||||||
Property, plant and equipment, gross | 125,465 | 128,526 | ||||||
Less accumulated depreciation | (69,368 | ) | (63,952 | ) | ||||
Property, plant and equipment, net | $ | 56,097 | $ | 64,574 | ||||
Depreciation expense was $9.0 million, $9.9 million, and $12.1 million, for the years ended March 31, 2015, 2014, and 2013, respectively. (See Note 16, “Restructuring and Impairments,” for additional information regarding the effect the Company’s restructuring plan had on property, plant and equipment.) |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Intangible Assets | 7. Intangible Assets | |||||||||||||||||||||||||
Intangible assets at March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Estimated | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | Useful Life | ||||||||||||||||||||
Licenses | $ | 4,422 | $ | (3,328 | ) | $ | 1,094 | $ | 4,473 | $ | (2,962 | ) | $ | 1,511 | 7 | |||||||||||
Core technology and know-how | 4,858 | (4,530 | ) | 328 | 5,736 | (5,252 | ) | 484 | 10-May | |||||||||||||||||
Intangible assets | $ | 9,280 | $ | (7,858 | ) | $ | 1,422 | $ | 10,209 | $ | (8,214 | ) | $ | 1,995 | ||||||||||||
The Company recorded intangible amortization expense of $0.6 million, $0.8 million, and $0.9 million for the years ended March 31, 2015, 2014, and 2013, respectively. | ||||||||||||||||||||||||||
Expected future amortization expense related to intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
For the years ended March 31, | Total | |||||||||||||||||||||||||
2016 | $ | 568 | ||||||||||||||||||||||||
2017 | 553 | |||||||||||||||||||||||||
2018 | 301 | |||||||||||||||||||||||||
2019 | - | |||||||||||||||||||||||||
Total | $ | 1,422 | ||||||||||||||||||||||||
The geographic composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Intangible assets by geography: | ||||||||||||||||||||||||||
U.S. | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
Europe | - | - | ||||||||||||||||||||||||
Total | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
The business segment composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Intangible assets by business segments: | ||||||||||||||||||||||||||
Wind | $ | - | $ | - | ||||||||||||||||||||||
Grid | 1,422 | 1,995 | ||||||||||||||||||||||||
Total | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Expenses | 8. Accounts Payable and Accrued Expenses | |||||||
Accounts payable and accrued expenses at March 31, 2015 and 2014 consisted of the following (in thousands): | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Accounts payable | $ | 7,062 | $ | 1,749 | ||||
Accrued inventories in-transit | 1,127 | 212 | ||||||
Accrued miscellaneous expenses | 2,695 | 5,935 | ||||||
Accrued outside services | 582 | 3,716 | ||||||
Accrued subcontractor program costs | - | 290 | ||||||
Accrued compensation | 5,937 | 6,080 | ||||||
Income taxes payable | 278 | 173 | ||||||
Accrued adverse purchase commitments | - | 402 | ||||||
Accrued warranty | 3,934 | 3,207 | ||||||
Total | $ | 21,615 | $ | 21,764 | ||||
The Company generally provides a one to three year warranty on its products, commencing upon installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. | ||||||||
Product warranty activity was as follows (in thousands): | ||||||||
For the years ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Balance at beginning of period | $ | 3,207 | $ | 2,709 | ||||
Change in accruals for warranties during the period | 2,839 | 1,717 | ||||||
Settlements during the period | (2,112 | ) | (1,219 | ) | ||||
Balance at end of period | $ | 3,934 | $ | 3,207 | ||||
Debt
Debt | 12 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt |
Senior Convertible Note | |
On April 4, 2012, the Company entered into the Purchase Agreement with CVI and completed a private placement of a senior convertible note, (the “Initial Note”). After fees and expenses, the net proceeds of the Initial Note were $23.2 million. The Initial Note had an initial conversion price of $48.50 per share, representing a premium of approximately 20% over AMSC’s closing price on April 3, 2012, as adjusted for the reverse stock split. The Initial Note was payable in monthly installments beginning four months from issuance and ending on October 4, 2014. Monthly payments were payable in cash or the Company’s common stock at the option of the Company, subject to certain trading volume, stock price and other conditions. CVI could elect to defer receipt of monthly installment payments at its option. Any deferred installment payments would continue to accrue interest. The Company registered 1,026,231 shares of common stock which could be used as payment for principal and interest in lieu of cash for resale under the Securities Act of 1933, as amended (the “Securities Act”) as required under a Registration Rights Agreement with CVI. | |
The Company accounted for the Initial Note as an instrument that has the characteristics of a debt host contract containing several embedded derivative features that would require bifurcation and separate accounting as a derivative instrument pursuant to the provisions of ASC Topic 815 – Derivatives and Hedging (ASC 815). The Company elected not to use the fair value option for the aggregate amount of the Initial Note and recorded the liability at its stated value on the date of issuance with no changes in fair value reported in subsequent periods. The Company identified the following derivatives associated with the Initial Note: holder change of control redemption rights; issuer original redemption rights; sale redemption rights; and a feature to convert the Initial Note into equity at the holder’s option. The Company valued these derivatives at $3.8 million upon issuance of the Initial Note. (See Note 10, “Warrants and Derivative Liabilities,” for additional information regarding derivative liabilities.) | |
In conjunction with the Initial Note, CVI received a warrant to purchase 309,406 additional shares of common stock exercisable at a strike price of $54.50 per share, subject to adjustment, until October 4, 2017. Due to certain adjustment provisions within the warrant, it qualified for liability accounting and had a fair value of $7.0 million upon issuance. The Company recorded the value as a debt discount and a warrant liability. (See Note 10, “Warrants and Derivative Liabilities,” for additional information regarding the warrant.) | |
On December 20, 2012, the Company entered into an Amendment and Exchange Agreement, (the “Amendment”) with CVI, which amended the Purchase Agreement. Pursuant to the Amendment, the Company and CVI exchanged the Initial Note for the Exchanged Note. At the time of the exchange, the Exchanged Note had the same principal amount and accrued interest as the Initial Note. The Exchanged Note was convertible into the Company’s common stock and had the same scheduled monthly installment payments as the Initial Note. The Exchanged Note provided the Company with additional flexibility to make monthly installment payments in shares of the Company’s common stock. The Company retained the ability to repay the Exchanged Note in cash. | |
The Company assessed the changes in the Exchanged Note and accounted for it as a modification of the Initial Note. Therefore, the Company determined the incremental value of the derivative instruments, as a result of the Exchanged Note, as having a reduced conversion price. As a result of the re-valuation, the Company recorded a $0.5 million increase in the value of the derivative liability and additional debt discount. At the modification date, the value of the derivative liability was $1.5 million. The total debt discount, including the embedded derivatives in the Initial Note, the incremental value of embedded derivatives in the Exchanged Note, warrant and legal and origination costs of $13.1 million was amortized into interest expense over the term of the Exchanged Note using the effective interest method. Under this method, interest expense was recognized each period until the debt instruments reached maturity. Given that the maturity of the Exchanged Note was accelerated due to prepayment, the amortization was accelerated. | |
On October 9, 2013, the Company entered into a Second Amendment and Warrant Exchange Agreement (the “CVI Second Amendment”) with CVI. The CVI Second Amendment further amended the Purchase Agreement, as amended by the Amendment (collectively, the “Amended Purchase Agreement”), that the Company previously entered into with CVI. | |
Pursuant to the CVI Second Amendment, the Company and/or CVI waived certain provisions of the Amended Purchase Agreement and amended certain provisions of the Exchanged Note and exchanged the warrant (the “Original Warrant”) for a new warrant (the Exchanged Warrant”) with a reduced exercise price of $26.10 per share of common stock. | |
The Company assessed the changes to the Exchanged Note included in the CVI Second Amendment and accounted for it as a modification of the Exchanged Note. Therefore, the Company determined the incremental value of the derivative instruments, as a result of the CVI Second Amendment, specifically the Exchanged Warrant. (See Note 10 “Warrants and Derivative Liabilities” for discussion of the valuation of the Exchanged Warrant.) | |
During the years ended March 31, 2014 and 2013, the Company recorded non-cash interest expense for amortization of the debt discount related to the convertible notes of $4.1 million and $8.2 million respectively. | |
Provided certain equity conditions were met, the Company could elect to repay principal and interest in shares of the Company’s common stock. If the Company elected to make a payment in shares of the Company’s common stock, the number of shares issued was determined by dividing the amount of such payment by 85% of the lessor of the average volume-weighted average price (“VWAP”) of the 10 consecutive days immediately preceding the payment date or the VWAP price on the day preceding the payment date (the “Market Price”). The Company recorded the difference between the closing price of its common stock on the day preceding the payment date and the Market Price as a discount on the fair value of its shares. During the years ended March 31, 2014 and 2013, the Company recorded $2.9 million and $3.6 million, respectively, of non-cash interest expense related to installment payments made by issuing the Company’s common stock at a discount. | |
On March 2, 2014, the Company entered into an Exchange Agreement with CVI, pursuant to which the Company exchanged the Exchanged Note for approximately 663,000 shares of common stock and extinguished the debt. As a result of this transaction, the Company recorded a loss on the extinguishment of debt of $5.2 million during the three months ended March 31, 2014. | |
Senior Secured Term Loans | |
On June 5, 2012, the Company entered into a Loan and Security Agreement with Hercules (the “Term Loan”), under which the Company borrowed $10.0 million. After the closing fees and expenses, the net proceeds to the Company were $9.7 million. The Term Loan bears an interest rate equal to 11% plus the percentage, if any, by which the prime rate as reported by The Wall Street Journal exceeds 3.75%. The Company made interest-only payments from July 1, 2012 through October 31, 2012, after which the Company began repaying the Term Loan in equal monthly installments ending on December 1, 2014, when the loan was repaid in full. In addition, Hercules received a warrant (the “First Warrant”) to purchase 13,927 shares of common stock, exercisable at an initial strike price of $35.90 per share, subject to adjustment, until December 5, 2017. Due to certain adjustment provisions within the warrant, it qualified for liability accounting and the fair value of $0.4 million was recorded upon issuance, which the Company recorded as a debt discount and a warrant liability. The Company paid an end of term fee of $0.5 million upon the maturity of the loan on December 1, 2014. Initially, the Company had accrued the end of term fee and recorded a corresponding amount into the debt discount. In addition, the Company incurred $0.3 million of legal and origination costs in the year ended March 31, 2013, which have been recorded as a debt discount. The total debt discount including the First Warrant, end of term fee and legal and origination costs of $1.2 million was amortized into interest expense over the term of the Term Loan using the effective interest method. Under this method, interest expense was recognized each period until the debt instrument reached maturity. During the years ended March 31, 2015 and 2014, the Company recorded non-cash interest expense for amortization of the debt discount related to the Term Loan of less than $0.1 million and $0.5 million, respectively. | |
On November 15, 2013, the Company amended the Term Loan with Hercules and entered into a new term loan (the “New Term Loan B”), borrowing an additional $10.0 million. After closing fees and expenses, the net proceeds to the Company for the New Term Loan B were $9.8 million. The New Term Loan B bears the same interest rate as the Term Loan. The Company made interest-only payments from December 1, 2013 to May 31, 2014. If the Company achieved certain revenue targets for the six-month period ending March 31, 2014, interest only payments would continue through August 31, 2014. The Company did not meet these revenue targets. As a result, the Company is repaying the New Term Loan B in equal monthly installments ending on November 1, 2016. The principal balance of the New Term Loan B is approximately $6.7 million as of March 31, 2015. Hercules received a warrant (the “Second Warrant”) to purchase 25,641 shares of common stock, exercisable at an initial strike price of $19.50 per share, subject to adjustment, until May 15, 2019. In addition, the exercise price of the First Warrant was reduced to $19.50 per share. (See Note 10, “Warrants and Derivative Liabilities,” for a discussion on both warrants and the valuation assumptions used.) The Company will pay an end of term fee of $0.5 million upon the earlier of maturity or prepayment of the New Term Loan B. The Company has accrued the end of term fee and recorded a corresponding amount into the debt discount. The New Term Loan B includes a mandatory prepayment feature which allows Hercules the right to use any of the Company’s net proceeds from specified asset dispositions greater than $1.0 million in a calendar year to pay off any outstanding accrued interest and principal balance on the New Term Loan B. The Company determined the fair value to be de-minimis for this feature. In addition, the Company incurred $0.2 million of legal and origination costs in the year ended March 31, 2014, which have been recorded as a debt discount. The total debt discount including the Second Warrant, end of term fee and legal and origination costs of $1.0 million is being amortized into interest expense over the term of the New Term Loan B using the effective interest method. During the years ended March 31, 2015 and 2014, the Company recorded non-cash interest expense for amortization of the debt discount related to the New Term Loan B of $0.4 million and $0.2 million, respectively. | |
On December 19, 2014, the Company entered into an amendment with Hercules (the “Hercules Second Amendment”) and entered into a new term loan (the “New Term Loan C”), borrowing an additional $1.5 million. After closing fees and expenses, the net proceeds to the Company for the New Term Loan C were $1.4 million (The Term Loan, New Term Loan B and New Term Loan C are collectively referred to as the “Term Loans”). The New Term Loan C also bears the same interest rate as the other Term Loans. The Company will make interest only payments until maturity on March 1, 2017, when the loan is scheduled to be repaid in its entirety. As a result of the Company’s equity raise on April 29, 2015, the maturity date of the loan was extended to June 1, 2017 (See Note 19, “Subsequent Events”). In conjunction with the Hercules Second Amendment, the First and Second Warrants were cancelled and replaced with the issuance of a new warrant (the “Warrant”) to purchase 58,823 shares of common stock at an exercise price of $11.10 per share, subject to adjustment. The Warrant expires on June 30, 2020. (See Note 10, “Warrants and Derivative Liabilities”, for a discussion on the Warrant and the valuation assumptions used.) The Company will pay an end of term fee of approximately $0.1 million upon earlier of maturity or prepayment of the New Term Loan C. The Company has accrued the end of term fee and recorded a corresponding amount in the debt discount. The New Term Loan C includes the same mandatory prepayment feature as the New Term Loan B. The Company determined the fair value to be de-minimus for this feature. In addition, the Company incurred approximately $0.1 million of legal and origination costs in the three months ended December 31, 2014, which have been recorded as a debt discount. The total debt discount, including the Warrant, end of term fee and legal and origination costs of $0.3 million is being amortized into interest expense over the term of the New Term Loan C using the effective interest method. During the year ended March 31, 2015 the Company recorded less than $0.1 million of non-cash interest expense related to the New Term Loan C. If the maturity of any of the Term Loans is accelerated because of prepayment, then the amortization will be accelerated. | |
The Term Loans are secured by substantially all of the Company’s existing and future assets, including a mortgage on real property owned by the Company’s wholly-owned subsidiary, ASC Devens LLC, and located at 64 Jackson Road, Devens, Massachusetts. The Term Loans contain certain covenants that restrict the Company’s ability to, among other things, incur or assume certain debt, merge or consolidate, materially change the nature of the Company’s business, make certain investments, acquire or dispose of certain assets, make guaranties or grant liens on its assets, make certain loans, advances or investments, declare dividends or make distributions or enter into transactions with affiliates. In addition, there is a covenant that requires the Company to maintain a minimum unrestricted cash balance (the “Minimum Threshold”) in the United States. As part of the Hercules Second Amendment, this Minimum Threshold was amended to be the lower of $5.0 million or the aggregate outstanding principal balance of the Term Loans. As of March 31, 2015, the Minimum Threshold was $5.0 million. As a result of the Company’s equity offering on April 29, 2015, the Minimum Threshold will be reduced to the lesser of $2.0 million or the aggregate outstanding principal balance of the Term Loans (See Note 19, “Subsequent Events”). The events of default under the Term Loans include, but are not limited to, failure to pay amounts due, breaches of covenants, bankruptcy events, cross defaults under other material indebtedness and the occurrence of a material adverse effect and/or change in control. In the case of a continuing event of default, Hercules may, among other remedies, declare due all unpaid principal amounts outstanding and any accrued but unpaid interest and foreclose on all collateral granted to Hercules as security under the Term Loans. | |
Although the Company believes that as of March 31, 2015, it is in, and will remain in, compliance with the covenants and restrictions under the Term Loans, there can be no assurance that the Company will continue to be in compliance. | |
Interest expense on the Exchanged Note and Term Loans for the years ended March 31, 2015, 2014 and 2013, was $1.7 million, $9.7 million and $14.9 million, respectively, which included $0.5 million, $7.7 million and $12.4 million, respectively, of non-cash interest expense related to the amortization of the debt discount and payment of the Exchanged Note in Company common stock at a discount. |
Warrants_and_Derivative_Liabil
Warrants and Derivative Liabilities | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Warrants and Derivative Liabilities | 10. Warrants and Derivative Liabilities | |||||||||||||||||||||||||||
Senior Convertible Note Warrant | ||||||||||||||||||||||||||||
On April 4, 2012, the Company entered into the Purchase Agreement with CVI. The Purchase Agreement included the Original Warrant to purchase 309,406 shares of the Company’s common stock. The warrant is exercisable at any time on or after the date that is six months after the issuance of the warrant and entitles CVI to purchase shares of the Company’s common stock for a period of five years from the initial date the warrant becomes exercisable at a price equal to $54.50 per share, subject to certain price-based and other anti-dilution adjustments. On October 9, 2013, the Company amended the Purchase Agreement with CVI (the “Amendment”). Pursuant to the Amendment, the Company exchanged the Original Warrant for the Exchanged Warrant, with a reduced exercise price of $26.10 per share of common stock. Other than the reduced exercise price, the Exchanged Warrant has the same terms and conditions as the Original Warrant. As a result of the sales of common stock under the ATM (See Note 12, “Stockholders’ Equity”, for further discussion of the ATM) and the 909,090 units, each unit consisting of one share of common stock and 0.90 of a warrant to purchase one share of common stock (adjusted to reflect our 1-for-10 reverse stock on March 24, 2015) sold to Hudson Bay Capital during the three months ended December 31, 2014, the exercise price of the Exchanged Warrant was reduced to $22.10 per share. The Exchanged Warrant may not be exercised if, after giving effect to the conversion, CVI together with its affiliates would beneficially own in excess of 4.99% of the Company’s common stock. This percentage may be raised to any other percentage not in excess of 9.99% at the option of CVI, upon at least 61-days prior notice to the Company, or lowered to any other percentage, at the option of CVI, at any time. | ||||||||||||||||||||||||||||
The Company calculated the fair value of the derivative liabilities, (see Note 3, “Fair Value Measurements”, and Note 9, “Debt” for further discussion), and warrants utilizing an integrated lattice model. The lattice model is an option pricing model that involves the construction of a binomial tree to show the different paths that the underlying asset may take over the option’s life. A lattice model can take into account expected changes in various parameters such as volatility over the life of the options, providing more accurate estimates of option prices than the Black-Scholes model. | ||||||||||||||||||||||||||||
The Company accounts for the Exchanged Warrant as a liability due to certain adjustment provisions within the warrant, which requires that it be recorded at fair value. The Exchanged Warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the warrant: | ||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 1 | % | 1.07 | % | 0.98 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | 70.42 | % | 72.38 | % | 76.2 | % | 83.5 | % | ||||||||||||||||||||
Term (years) | 2.51 | 2.76 | 3.01 | 3.26 | ||||||||||||||||||||||||
Fair value | $0.3 million | $0.5 million | $1.5 million | $2.3 million | ||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | October 9, | October 9, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.17 | % | 1.05 | % | 1.05 | % | 1.02 | % | 1.13 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.99 | % | 75.6 | % | 71.45 | % | 71.45 | % | 71.98 | % | 71.9 | % | ||||||||||||||||
Term (years) | 3.51 | 3.76 | 3.99 | 3.99 | 4.01 | 4.27 | ||||||||||||||||||||||
Fair value | $ 2.2 million | $ 2.2 million | $ 3.2 million | $ 2.2 million | $ 2.5 million | $ 3.0 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | April 4, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.75 | % | 0.63 | % | 0.77 | % | 1.19 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 71.74 | % | 80.6 | % | 80.9 | % | 80.8 | % | 80 | % | ||||||||||||||||||
Term (years) | 4.51 | 4.76 | 5.01 | 5.28 | 5.5 | |||||||||||||||||||||||
Fair value | $ 3.4 million | $ 4.4 million | $ 7.1 million | $ 8.6 million | $ 7.0 million | |||||||||||||||||||||||
The Company recorded net gains, resulting from the decrease in the fair value of the Exchanged Warrant, of $1.9 million, $1.2 million and $3.6 million to change in fair value of derivatives and warrants in the years ended March 31, 2015, 2014, and 2013 respectively. | ||||||||||||||||||||||||||||
Convertible Note Derivative Liability | ||||||||||||||||||||||||||||
The Company determined certain embedded derivatives issued with the Initial Note required accounting as a liability, which requires they be accounted for as a standalone liability subject to revaluation at each balance sheet date with changes in fair value recorded as change in fair value of derivatives and warrants until the earlier of exercise or expiration. | ||||||||||||||||||||||||||||
The terms of the December 2012 Amendment with CVI provided for, among other things, the exchange of the Initial Note for the Exchanged Note and the reduction of the conversion price of the Initial Note from $48.50 per share to $31.90 per share in the Exchanged Note. | ||||||||||||||||||||||||||||
On March 2, 2014, the Company entered into an Exchange Agreement with CVI, pursuant to which the Company exchanged the Exchanged Note for approximately 663,000 shares of common stock, in full satisfaction of all amounts owed under the Exchanged Note, including any accrued interest. In addition, the Company extinguished the remaining value for the derivative liability identified with the Exchanged Note and any unamortized debt discount. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to value the convertible notes derivative features: | ||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||
Principal outstanding (000's) | $ — | $ | 10,411 | $ | 10,411 | $ | 14,389 | |||||||||||||||||||||
Stock price | N/A | $ | 16.4 | $ | 23.4 | $ | 26.4 | |||||||||||||||||||||
Percentage volume condition met | — % | 87.2 | % | 80.2 | % | 87.5 | % | |||||||||||||||||||||
Expected volatility | — % | 68.63 | % | 66.26 | % | 65.8 | % | |||||||||||||||||||||
Risk free rate | — % | 0.12 | % | 0.1 | % | 0.21 | % | |||||||||||||||||||||
Bond yield | — % | 16.5 | % | 15.5 | % | 16.7 | % | |||||||||||||||||||||
Recovery rate | — % | 35 | % | 35 | % | 37 | % | |||||||||||||||||||||
Redeemable | N/A | yes | yes | yes | ||||||||||||||||||||||||
Total time (years) | — | 0.75 | 1 | 1.26 | ||||||||||||||||||||||||
Dilution effect | N/A | yes | yes | yes | ||||||||||||||||||||||||
Fair value | $ — | $ — | $ 0.2 million | $ 0.5 million | ||||||||||||||||||||||||
Fair value as a percent of par | — % | 0.02 | % | 0.7 | % | 3.3 | % | |||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | December 20, | December 20, | September 30, | June 30, | April 4, | ||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||
Principal outstanding (000's) | $ | 15,380 | $ | 20,944 | $ | 20,944 | $ | 24,074 | $ | 24,074 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Stock price | $ | 26.7 | $ | 26.2 | $ | 29.5 | $ | 29.5 | $ | 41.5 | $ | 46.8 | $ | 39.7 | ||||||||||||||
Percentage volume condition met | 80.5 | % | 94.5 | % | 94.9 | % | 28.6 | % | 51 | % | 75.2 | % | 85.9 | % | ||||||||||||||
Expected volatility | 66.91 | % | 73.5 | % | 72.5 | % | 72.5 | % | 70 | % | 71 | % | 75 | % | ||||||||||||||
Risk free rate | 0.2 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.23 | % | 0.33 | % | 0.44 | % | ||||||||||||||
Bond yield | 16.5 | % | 16.5 | % | 16.5 | % | 16.5 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||
Recovery rate | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | ||||||||||||||
Redeemable | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Total time (years) | 1.51 | 1.76 | 1.79 | 1.79 | 2.01 | 2.28 | 2.5 | |||||||||||||||||||||
Dilution effect | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Fair value | $ 0.5 million | $ 1.0 million | $ 1.5 million | $ 0.9 million | $ 2.8 million | $ 4.5 million | $ 3.8 million | |||||||||||||||||||||
Fair value as a percent of par | 3.4 | % | 4.9 | % | 7.1 | % | 3.9 | % | 11.4 | % | 17.9 | % | 15.1 | % | ||||||||||||||
Based on historical VWAP of the Company’s common stock as well as the historic average dollar trading volume of the Company’s common stock, the percentage volume condition is the probability that the Company will convert monthly installment payments into the Company’s common stock. The expected volatility rate was estimated based on an equal weighting of the historical volatility of the Company’s common stock and the implied volatility of the Company’s traded options. To determine the risk-free interest rate, an interpolated rate was used based on the one, two and three-year United States Treasury rates. The bond yield was estimated using comparable corporate debt and yield information. The recovery rate of the Exchanged Note was estimated by reviewing historical corporate debt that went into default. The bond is redeemable by the Company at any point after the one-year anniversary of the grant date provided certain provisions within the note. The total time is based on the actual 30-month contractual terms. It was determined that there is a dilution effect based on the Company’s ability to make payments in shares of common stock. | ||||||||||||||||||||||||||||
The Company recorded net gains, resulting from the decrease in the fair value of the derivative, of $0.5 million and $3.8 million to change in fair value of derivatives and warrants in the year ended March 31, 2014, and 2013, respectively. | ||||||||||||||||||||||||||||
Senior Secured Term Loan – First Warrant | ||||||||||||||||||||||||||||
On June 5, 2012, the Company entered into the Loan and Security Agreement with Hercules. (See Note 9, “Debt,” for additional information regarding the Loan and Security Agreement.) In conjunction with this agreement, the Company issued the First Warrant to purchase 13,927 shares of the Company’s common stock. The First Warrant was exercisable at any time after its issuance and had an expiration date of December 5, 2017, at a price equal to $35.90 per share subject to certain price-based and other anti-dilution adjustments. The exercise price was reduced to $19.50 per share in conjunction with entering into the New Term Loan B. An anti-dilution adjustment due to the sale of 909,090 units of the Company’s common stock to Hudson Bay Capital resulted in a reduction of the exercise price to $17.00 per share, on November 13, 2014. The Hercules Second Amendment resulted in the cancellation of the First Warrant on December 19, 2014. | ||||||||||||||||||||||||||||
The Company had accounted for the First Warrant as a liability due to certain provisions within the warrant, which required that it be recorded at fair value. The First Warrant was subject to revaluation at each balance sheet date and any change in fair value was recorded as a change in fair value of derivatives and warrants until the warrant was cancelled on December 19, 2014. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the First Warrant: | ||||||||||||||||||||||||||||
Pre-Exchange | ||||||||||||||||||||||||||||
December 31, | December 19, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | — | % | 1.1 | % | 1.13 | % | 1.04 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | — | % | 67.01 | % | 78.3 | % | 82.75 | % | ||||||||||||||||||||
Term (years) | — | 2.96 | 3.18 | 3.43 | ||||||||||||||||||||||||
Fair value | — | $ 0.1 million | $ 0.1 million | $ 0.1 million | ||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | November 15, | November 15, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.24 | % | 1 | % | 1 | % | 1.09 | % | 1.2 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.73 | % | 74.79 | % | 72.64 | % | 72.64 | % | 72.1 | % | 72.3 | % | ||||||||||||||||
Term (years) | 3.68 | 3.93 | 4.05 | 4.05 | 4.18 | 4.43 | ||||||||||||||||||||||
Fair value | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.2 million | $ 0.2 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | June 5, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.75 | % | 0.64 | % | 0.8 | % | 0.77 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 72.01 | % | 80.14 | % | 81.18 | % | 80.32 | % | 79.99 | % | ||||||||||||||||||
Term (years) | 4.68 | 4.93 | 5.18 | 5.44 | 5.5 | |||||||||||||||||||||||
Fair value | $ 0.2 million | $ 0.2 million | $ 0.4 million | $ 0.5 million | $ 0.4 million | |||||||||||||||||||||||
The Company recorded net gains, resulting from the decrease in fair value of the First Warrant, of $0.1 million, $0.1 million and $0.2 million to change in fair value of derivatives and warrants during the years ended March 31, 2015, 2014, and 2013, respectively. | ||||||||||||||||||||||||||||
Senior Secured Term Loan – Second Warrant | ||||||||||||||||||||||||||||
On November 15, 2013, the Company amended the Loan and Security Agreement with Hercules and entered into the New Term Loan B. (See Note 9, “Debt,” for additional information regarding the New Term Loan B.) In conjunction with this agreement, the Company issued the Second Warrant to purchase 25,641 shares of the Company’s common stock. The Second Warrant was exercisable at any time after its issuance at a price equal to $19.50 per share subject to certain price-based and other anti-dilution adjustments and had an expiration date of May 15, 2019. An anti-dilution adjustment due to the sale of 909,090 units of the Company’s common stock to Hudson Bay Capital resulted in a reduction of the exercise price to $17.00 per share on November 13, 2014. The Hercules Second Amendment resulted in the cancellation of the Second Warrant on December 19, 2014. | ||||||||||||||||||||||||||||
The Company had accounted for the Second Warrant as a liability due to certain provisions within the warrant, which required that it be recorded at fair value. The Second Warrant was subject to revaluation at each balance sheet date and any change in fair value was recorded as a change in fair value of derivatives and warrants until the warrant was cancelled on December 19, 2014. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the Second Warrant: | ||||||||||||||||||||||||||||
Pre-Exchange | ||||||||||||||||||||||||||||
December 31, | December 19, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | — | % | 1.65 | % | 1.65 | % | 1.57 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | — | % | 71.82 | % | 78.1 | % | 80 | % | ||||||||||||||||||||
Term (years) | — | 4.41 | 4.62 | 4.87 | ||||||||||||||||||||||||
Fair value | — | $0.1 million | $ 0.2 million | $ 0.3 million | ||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 15, | ||||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
Risk-free interest rate | 1.76 | % | 1.89 | % | 1.55 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 79.73 | % | 80.37 | % | 76.97 | % | ||||||||||||||||||||||
Term (years) | 5.12 | 5.37 | 5.49 | |||||||||||||||||||||||||
Fair value | $ 0.3 million | $ 0.3 million | $ 0.3 million | |||||||||||||||||||||||||
The Company recorded a net gain, resulting from the decrease in fair value of the Second Warrant, of $0.3 million in the year ended March 31, 2015 and no change in the year ended March 31, 2014. | ||||||||||||||||||||||||||||
The Company prepared its estimates for the assumptions used to determine the fair value of the warrants issued in conjunction with both the Exchanged Note and Term Loans utilizing the respective terms of the warrants with similar inputs, as described above. | ||||||||||||||||||||||||||||
Senior Secured Term Loan - New Warrant | ||||||||||||||||||||||||||||
On December 19, 2014, the Company entered into the Hercules Second Amendment and entered into the New Term Loan C. (See Note 9, “Debt” for additional information regarding the New Term Loan C). In conjunction with the agreement, the Company cancelled the First and Second Warrants, and reissued a Warrant to purchase 58,823 shares of the Company’s common stock. The Warrant is exercisable at any time after its issuance at a price of $11.00 per share, subject to certain price-based and other anti-dilution adjustments, and expires on June 30, 2020. | ||||||||||||||||||||||||||||
The Company accounts for the Warrant as a liability due to certain provisions within the Warrant, which requires that it be recorded at fair value. The Warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise, at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the Warrant: | ||||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | December 19, | ||||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Risk-free interest rate | 1.41 | % | 1.73 | % | 1.74 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 74.6 | % | 77.43 | % | 70.26 | % | ||||||||||||||||||||||
Term (years) | 5.25 | 5.5 | 5.53 | |||||||||||||||||||||||||
Fair value | $0.2 million | $0.2 million | $0.2 million | |||||||||||||||||||||||||
The Company recorded no significant change in the fair value of the Warrant in the year ended March 31, 2015. | ||||||||||||||||||||||||||||
November 2014 Warrant | ||||||||||||||||||||||||||||
On November 13, 2014, the Company completed an offering of 909,090 units of the Company’s common stock (adjusted to reflect our 1-for-10 reverse stock split effected on March 24, 2015) with Hudson Bay Capital. (See Note 12, “Stockholder’s Equity”, for further information). Each unit consisted of one share of the Company’s common stock and 0.90 of a warrant to purchase one share of common stock, or a warrant to purchase in the aggregate 818,181 shares (the “November 2014 Warrant”). The November 2014 Warrant is exercisable at any time, at a price equal to $11.00 per share and expires on November 13, 2019. | ||||||||||||||||||||||||||||
The Company accounts for the November 2014 Warrant as a liability due to certain provisions within the warrant, which requires that it be recorded at fair value. The November 2014 Warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as a change in fair value of derivatives and warrants until the earlier of its expiration or its exercise, at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the November 2014 Warrant: | ||||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 13, | ||||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Risk-free interest rate | 1.28 | % | 1.61 | % | 1.64 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 75.96 | % | 78 | % | 72.86 | % | ||||||||||||||||||||||
Term (years) | 4.62 | 4.87 | 5 | |||||||||||||||||||||||||
Fair value | $2.5 million | $3.2 million | $4.3 million | |||||||||||||||||||||||||
The Company recorded a decrease in the fair value of the November 2014 Warrant, resulting in a gain of $1.8 million in the year ended March 31, 2015. | ||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 11. Income Taxes | ||||||||||||
Income (loss) before income taxes for the years ended March 31, 2015, 2014, and 2013 are provided in the table as follows (in thousands): | |||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income (loss) before income tax expense: | |||||||||||||
U.S. | $ | (40,277 | ) | $ | (91,558 | ) | $ | (66,975 | ) | ||||
Foreign | (8,563 | ) | 36,152 | 580 | |||||||||
Total | $ | (48,840 | ) | $ | (55,406 | ) | $ | (66,395 | ) | ||||
The components of income tax expense (benefit) attributable to continuing operations consist of the following (in thousands): | |||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current | |||||||||||||
Federal | $ | 47 | $ | 287 | $ | 94 | |||||||
State | - | - | - | ||||||||||
Foreign | (274 | ) | 614 | (438 | ) | ||||||||
Total current | (227 | ) | 901 | (344 | ) | ||||||||
Deferred | |||||||||||||
Federal | 43 | (49 | ) | 93 | |||||||||
State | - | - | - | ||||||||||
Foreign | - | - | (13 | ) | |||||||||
Total deferred | 43 | (49 | ) | 80 | |||||||||
Income tax (benefit) expense | $ | (184 | ) | $ | 852 | $ | (264 | ) | |||||
The reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate is shown below. | |||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal income tax rate | (34 | ) | % | (34 | ) | % | (34 | ) | % | ||||
State income taxes, net of federal benefit | 2 | - | (3 | ) | |||||||||
Deemed dividend | 1 | 1 | 2 | ||||||||||
Foreign income tax rate differential | 6 | (6 | ) | (2 | ) | ||||||||
Stock options | 1 | 2 | (2 | ) | |||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
Research and development tax credit | - | - | (1 | ) | |||||||||
Deferred Warrants | (3 | ) | (1 | ) | |||||||||
Interest expense | - | 5 | 7 | ||||||||||
Extinguishment of debt | - | 3 | - | ||||||||||
Reversal of uncertain tax benefits | (6 | ) | - | - | |||||||||
Valuation allowance | 32 | 30 | 32 | ||||||||||
Effective income tax rate | - | % | 1 | % | - | % | |||||||
The following is a summary of the principal components of the Company’s deferred tax assets and liabilities (in thousands): | |||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 272,498 | $ | 260,254 | |||||||||
Research and development and other tax credit carryforwards | 10,655 | 10,613 | |||||||||||
Accruals and reserves | 37,153 | 36,214 | |||||||||||
Fixed assets and intangible assets | 2,432 | 2,855 | |||||||||||
Other | 18,514 | 19,594 | |||||||||||
Gross deferred tax assets | 341,252 | 329,530 | |||||||||||
Valuation allowance | (294,860 | ) | (282,824 | ) | |||||||||
Total deferred tax assets | 46,392 | 46,706 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intercompany debt | (36,298 | ) | (36,102 | ) | |||||||||
Other | (10,174 | ) | (10,641 | ) | |||||||||
Total deferred tax liabilities | (46,472 | ) | (46,743 | ) | |||||||||
Net deferred tax liabilities | $ | (80 | ) | $ | (37 | ) | |||||||
The Company has provided a full valuation allowance against its net deferred income tax assets since it is more likely than not that its deferred tax assets are not currently realizable due to the net operating losses incurred by the Company since its inception and net operating losses forecasted in the future. The Company has recorded a deferred tax asset of approximately $13.2 million reflecting the benefit of deductions from the exercise of stock options. This deferred tax asset has been fully reserved since it is more likely than not that the tax benefit from the exercise of stock options will not be realized. The tax benefit will be recorded as a credit to additional paid-in capital if realized. | |||||||||||||
At March 31, 2015, the Company had aggregate net operating loss carryforwards in the U.S. for federal and state income tax purposes of approximately $760.4 million and $185.5 million, respectively, which expire in the years ending March 31, 2016 through 2035. Included in the U.S. net operating loss is $3.7 million of acquired losses from Power Quality Systems, Inc. and $52.4 million from excess tax deductions from stock options exercised in the years ending March 31, 2006 through 2015. Pursuant to the guidance on accounting for stock-based compensation, the deferred tax asset relating to excess tax benefits from these exercises was not recognized for financial statement purposes. The future benefit from these deductions will be recorded as a credit to additional paid-in capital when realized. Research and development and other tax credit carryforwards amounting to approximately $8.2 million and $3.0 million are available to offset federal and state income taxes, respectively, and will expire in the years ending March 31, 2016 through 2035. | |||||||||||||
At March 31, 2015, the Company had aggregate net operating loss carryforwards for its Austrian subsidiary, AMSC Austria GmbH, of approximately $51.5 million which can be carried forward indefinitely subject to certain annual limitations. At March 31, 2015, the Company had aggregate net operating loss carryforwards for its Chinese operation of approximately $28.6 million, which expire in the years ending March 31, 2017 and 2020. At March 31, 2015, the Company had aggregate net operating loss carryforwards from Romania of $3.0 million, which can be carried forward through March 31, 2022. Also the Company had immaterial amounts of current and net operating loss carryforwards for its other foreign operations which can be carried forward indefinitely. | |||||||||||||
Section 382 of the U.S. Internal Revenue Code of 1986, as amended (the “IRC”), provides limits on the extent to which a corporation that has undergone an ownership change (as defined) can utilize any NOL and general business tax credit carryforwards it may have. The Company is currently conducting a study as a result of the April 2015 equity offering (See Note 19, “Subsequent Events”) to determine whether Section 382 could limit the use of its carryforwards in this manner. The Company does not anticipate that any potential limitation will have a material impact on its ability to utilize its net operating loss carryforwards. If there were material ownership changes subsequent to the study it could limit the ability to utilize its net operating loss carryforwards. | |||||||||||||
The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of its tax basis over the book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. | |||||||||||||
The Company has recorded a deferred tax liability as of March 31, 2015 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2015 was $1.2 million resulting in the recording of a $0.4 million net deferred federal and state income tax liability. | |||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company did not identify any uncertain tax positions at March 31, 2015. The Company did not have any gross unrecognized tax benefits at March 31, 2015 and had approximately $1.1 million at March 31, 2014. These amounts represent the amount of unrecognized tax benefits that, if recognized, would result in a reduction of the Company’s effective tax rate. | |||||||||||||
During the quarter ended September 30, 2011, the Company concluded a tax audit for the period January 1, 2006 through March 31, 2008 with its foreign subsidiary in Austria. The results of the audit concluded that previously deducted amounts for certain trademark and management fees related to corporate affairs charges would no longer be tax deductible. During the quarter ended March 31, 2015, the Company concluded a second tax audit for the period April 1, 2008 through March 31, 2011 with its foreign subsidiary in Austria. The results of this audit found no exceptions to the trademark and management fees related to corporate affairs charges in the periods under audit. | |||||||||||||
A tabular roll-forward of the Company’s uncertainties in income tax provision liability is presented below (in thousands): | |||||||||||||
Balance at March 31, 2013 | $ | 1,061 | |||||||||||
Increase for tax positions | - | ||||||||||||
Balance at March 31, 2014 | $ | 1,061 | |||||||||||
Reversal of uncertain tax positions | -1,061 | ||||||||||||
Balance at March 31, 2015 | $ | - | |||||||||||
The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. Any unrecognized tax benefits, if recognized, would favorably affect its effective tax rate in any future period. The Company does not expect that the amounts of unrecognized benefits will change significantly within the next twelve months. Interest and penalties were recorded beginning in the year ended March 31, 2011 through March 31, 2014, but were immaterial amounts and subsequently reversed in the year ended March 31, 2015. | |||||||||||||
The Company conducts business globally and, as a result, its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Major tax jurisdictions include the U.S., China and Austria. All U.S. income tax filings for years ending March 31, 1995 through 2015 remain open and subject to examination and all years from the year ended March 31, 2012 through 2015 remain open and subject to examination in Austria. Tax filings in China for calendar years 2008 through 2014 will remain open and subject to examination. Tax filings in Romania for the year ended March 31, 2014 through 2015 remain open and subject to examination. | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Stockholdersb Equity | 12. Stockholders’ Equity | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
The components of employee stock-based compensation for the years ended March 31, 2015, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||
For the Years Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 1,851 | $ | 2,730 | $ | 3,389 | ||||||||||
Restricted stock and stock awards | 4,063 | 7,936 | 4,698 | |||||||||||||
Employee stock purchase plan | 22 | 30 | 51 | |||||||||||||
Total stock-based compensation expense | $ | 5,936 | $ | 10,696 | $ | 8,138 | ||||||||||
The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding stock options was $1.2 million and $2.0 million for the years ended March 31, 2015 and 2014, respectively. This expense will be recognized over a weighted-average expense period of approximately 2.7 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $2.6 million and $1.8 million for the years ended March 31, 2015 and 2014, respectively. This expense will be recognized over a weighted-average expense period of approximately 1.2 years. | ||||||||||||||||
The following table summarizes employee stock-based compensation expense by financial statement line item for the years ended March 31, 2015, 2014 and 2013 (in thousands): | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 719 | $ | 1,002 | $ | 726 | ||||||||||
Research and development | 1,728 | 2,751 | 2,456 | |||||||||||||
Selling, general and administrative | 3,489 | 6,943 | 4,956 | |||||||||||||
Total | $ | 5,936 | $ | 10,696 | $ | 8,138 | ||||||||||
The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: | ||||||||||||||||
Weighted- | ||||||||||||||||
Weighted- | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Options/ | Exercise | Contractual | Intrinsic Value | |||||||||||||
Shares | Price | Term | (thousands) | |||||||||||||
Outstanding at March 31, 2014 | 294,184 | $ | 109.31 | |||||||||||||
Granted | 100,000 | 14.3 | ||||||||||||||
Exercised | - | - | ||||||||||||||
Cancelled/forfeited | (13,244 | ) | 103.51 | |||||||||||||
Outstanding at March 31, 2015 | 380,940 | $ | 84.57 | 6.6 | $ | - | ||||||||||
Exercisable at March 31, 2015 | 210,869 | $ | 135.95 | 5 | $ | - | ||||||||||
Fully vested and expected to vest at March 31, 2015 | 363,021 | $ | 87.94 | 6.5 | $ | - | ||||||||||
The weighted-average grant-date fair value of stock option awards granted during the years ended March 31, 2015, 2014 and 2013 was $10.18 per share, $16.20 per share, and $25.60 per share, respectively. Intrinsic value represents the amount by which the market price of the common stock exceeds the exercise price of the options. Given the decline in the Company’s stock price, exercisable options as of March 31, 2015, 2014 and 2013 had no intrinsic value. | ||||||||||||||||
The weighted average assumptions used in the Black-Scholes valuation model for stock options granted during the years ended March 31, 2015, 2014, and 2013 are as follows: | ||||||||||||||||
For the Years Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Expected volatility | 85.5 | % | 75.1 | % | 72 | % | ||||||||||
Risk-free interest rate | 1.9 | % | 1.7 | % | 0.9 | % | ||||||||||
Expected life (years) | 5.8 | 5.9 | 5.9 | |||||||||||||
Dividend yield | None | None | None | |||||||||||||
The expected volatility rate was estimated based on an equal weighting of the historical volatility of the Company’s common stock and the implied volatility of the Company’s traded options. The expected term was estimated based on an analysis of the Company’s historical experience of exercise, cancellation, and expiration patterns. The risk-free interest rate is based on the average of the five and seven year U.S. Treasury rates. | ||||||||||||||||
The following table summarizes the employee and non-employee restricted stock activity for the year ended March 31, 2015: | ||||||||||||||||
Weighted | Intrinsic | |||||||||||||||
Average | Aggregate | |||||||||||||||
Grant Date | Value | |||||||||||||||
Shares | Fair Value | (thousands) | ||||||||||||||
Outstanding at March 31, 2014 | 241,536 | $ | 33.43 | |||||||||||||
Granted | 332,782 | 16.68 | ||||||||||||||
Vested | (210,942 | ) | 29.09 | |||||||||||||
Forfeited | (22,788 | ) | 18.91 | |||||||||||||
Outstanding at March 31, 2015 | 340,588 | $ | 20.82 | $ | 2,193 | |||||||||||
The total fair value of restricted stock that was granted during the years ended March 31, 2015, 2014 and 2013 was $5.6 million, $4.5 million, which includes $0.5 million for bonus and severance, and $10.6 million, which includes $1.6 million for bonus and severance, respectively. The total fair value of restricted stock that vested during the years ended March 31, 2015, 2014 and 2013 was $3.1 million, $3.7 million, which includes $0.5 million for bonus and severance, and $3.4 million, which includes $1.6 million for bonus and severance respectively. | ||||||||||||||||
The restricted stock granted during the years ended March 31, 2015, 2014 and 2013 includes approximately 38,021, 40,201, and 142,212 shares, respectively, of performance-based restricted stock, which would vest upon achievement of certain financial performance measurements. Included in the table above are 10,000 shares of restricted stock units outstanding. | ||||||||||||||||
The remaining shares granted vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period. | ||||||||||||||||
Stock-Based Compensation Plans | ||||||||||||||||
As of March 31, 2015, the Company had two active stock plans: the 2007 Stock Incentive Plan, as amended (the “2007 Plan”) and the Amended and Restated 2007 Director Stock Plan (the “2007 Director Plan”). The 2007 Stock Incentive Plan replaced the Company’s 2004 Stock Incentive Plan upon the approval by the Company’s stockholders on August 3, 2007. The 2007 Director Stock Plan replaced the Second Amended and Restated 1997 Director Stock Option Plan, which expired pursuant to its terms on May 2, 2007. Both the 2007 Plan and the 2007 Director Plan were approved by the Company’s stockholders on August 1, 2014. | ||||||||||||||||
The 2007 Plan provides for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. In the case of options, the exercise price shall be equal to at least the fair market value of the common stock, as determined by (or in a manner approved by) the Board of Directors, on the date of grant. The contractual life of options is generally 10 years. Options generally vest over a 3-5 year period while restricted stock generally vests over a 3 year period. | ||||||||||||||||
As of March 31, 2015, the 2007 Director Plan provided for the grant of nonstatutory stock options and stock awards to members of the Board of Directors who are not also employees of the Company (outside directors). Under the terms of the 2007 Director Plan as of March 31, 2014, each outside director was granted an option to purchase 1,000 shares of common stock upon his or her initial election to the Board of Directors with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a two-year period. In addition, as of March 31, 2014, each outside director was granted an award of 300 shares of common stock three business days following each annual meeting of stockholders, provided that such outside director had served as a director for at least one year. Under the terms of the 2007 Director Plan effective April 1, 2014, each outside director is granted an option to purchase shares of common stock with an aggregate grant date value equal to $40,000 upon his or her initial election to the Board with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a two-year period. In addition, effective April 1, 2014, each outside director is granted an award of shares of common stock with an aggregate grant date value equal to $40,000 three business days following the last day of each fiscal year, subject to proration for any partial fiscal year of service. | ||||||||||||||||
As of March 31, 2015, the 2007 Plan had 557,578 shares and the 2007 Director Plan had 64,700 shares available for future issuance. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The Company has an employee stock purchase plan (ESPP) which provides employees with the opportunity to purchase shares of common stock at a price equal to the market value of the common stock at the end of the offering period, less a 15% purchase discount. The Company recognized compensation expense of $0.1 million for each of the years ended March 31, 2015, 2014, and 2013, respectively, related to the ESPP. The Company issued 16,708 shares of common stock related to the ESPP during the year ended March 31, 2015. As of March 31, 2015, the ESPP had 8,168 shares available for future issuance. | ||||||||||||||||
ATM Arrangement | ||||||||||||||||
On November 15, 2013, the Company entered into an ATM arrangement, pursuant to which, the Company could, at its discretion, sell up to $30.0 million of the Company’s common stock through its sales agent, MLV & Co. LLC (“MLV”). Sales of common stock made under the ATM were made on The NASDAQ Global Market under the Company’s previously filed and currently effective Registration Statement on Form S-3 (File No. 333-191153) by means of ordinary brokers’ transactions at market prices. Under the terms of the ATM, the Company could sell shares of its common stock through MLV, on The NASDAQ Global Market or otherwise, at negotiated prices or at prices related to the prevailing market price. Under the terms of the ATM, MLV could not engage in any proprietary trading or trading as principal for MLV’s own account. MLV used its commercially reasonable efforts to sell the Company’s common stock from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company paid MLV a commission of up to 3% of the gross proceeds from the sale of shares of its common stock under the ATM. The Company has also agreed to provide MLV with customary indemnification rights. | ||||||||||||||||
During the years ended March 31, 2015 and 2014, the Company received net proceeds of $5.8 million and $7.5 million, including sales commissions and offering expenses, from sales of approximately 375,000 and 487,000 shares of its common stock at an average sales price of approximately $16.05 and $16.24 per share under the ATM, respectively. The ATM arrangement was terminated on November 5, 2014. | ||||||||||||||||
November 2014 Offering | ||||||||||||||||
On November 13, 2014, the Company completed an equity offering to Hudson Bay Capital, under which the Company sold 909,090 units of its common stock at $11.00 per unit (adjusted to reflect our 1-for-10 reverse stock split). Each unit consisted of one share of common stock and 0.90 of a warrant to purchase one share of common stock, or a warrant to purchase 818,181 shares of common stock. (See Note 10, “Warrants and Derivative Liabilities”, for further information regarding the warrant.). After the underwriting discount and estimated offering expenses payable by the Company, the Company received net proceeds from the offering of approximately $9.1 million. The Company allocated the net proceeds first to the fair value of the warrants as determined under a lattice model on November 13, 2014 (See Note 10, “Warrants and Derivative Liabilities,” for a discussion on both warrants and the valuation assumptions used) with the residual fair value allocated to the common stock. Costs of the offering were allocated to other (expense) income and equity based on the relative fair value of the warrants and common stock, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||
Commitments and Contingencies | 13. Commitments and Contingencies | |||||||||||
Commitments | ||||||||||||
Purchase Commitments | ||||||||||||
The Company periodically enters into non-cancelable purchase contracts in order to ensure the availability of materials to support production of its products. Purchase commitments represent enforceable and legally binding agreements with suppliers to purchase goods or services. The Company periodically assesses the need to provide for impairment on these purchase contracts and record a loss on purchase commitments when required. As of March 31, 2015, the Company had paid the remaining adverse purchase commitment liability. As of March 31, 2014, the Company recorded a liability for adverse purchase commitments of $0.4 million, which was paid during the year ended March 31, 2015. | ||||||||||||
Lease Commitments | ||||||||||||
Operating leases include minimum payments under leases for the Company’s facilities and certain equipment; see Item 2, “Properties.” The Company’s primary leased facilities are located in New Berlin, Wisconsin; Suzhou and Beijing, China; Klagenfurt, Austria; and Timisoara, Romania with a combined total of approximately 272,000 square feet of space. These leases have varying expiration dates through March 2021 which can generally be terminated at the Company’s request after a six month advance notice. The Company leases other locations which focus primarily on applications engineering, sales and/or field service and do not have significant leases or physical presence. | ||||||||||||
Minimum future lease commitments at March 31, 2015 were as follows (in thousands): | ||||||||||||
For the years ended March 31, | Total | |||||||||||
2016 | $ | 1,211 | ||||||||||
2017 | 652 | |||||||||||
2018 | 367 | |||||||||||
2019 | 224 | |||||||||||
2020 | 160 | |||||||||||
Thereafter | 154 | |||||||||||
Total | $ | 2,768 | ||||||||||
Rent expense under the operating leases mentioned above was as follows (in thousands): | ||||||||||||
For the years ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Rent expense | $ | 2,091 | $ | 2,152 | $ | 2,437 | ||||||
Legal Contingencies | ||||||||||||
From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. | ||||||||||||
Ghodawat, a company registered in India carrying on the business of wind power development, lodged a Request for Arbitration with the ICC Court on May 12, 2011 and named the Company’s wholly-owned Austrian subsidiary, AMSC Austria GmbH (“AMSC Austria”) as the Respondent. Under the Request for Arbitration, Ghodawat alleged that AMSC Austria breached an agreement dated March 19, 2008 pursuant to which AMSC Austria granted a license to Ghodawat to manufacture, use, sell, market, erect, commission and maintain certain wind turbines using its technical information and wind turbine design (the “License Agreement”). Under the Request for Arbitration, Ghodawat’s claims in this arbitration amounted to approximately €18 million ($24 million). AMSC Austria submitted counterclaims under the License Agreement against Ghodawat in the amount of approximately €6 million ($8 million). On August 29, 2014, the ICC Court ruled that AMSC Austria was liable for damages and awarded Ghodawat approximately €8.3 million, which included reimbursement of legal costs and associated expenses. Interest on this amount accrued at a rate of 5.33% from the date of award. The Company had recorded a loss contingency of $0.5 million based on its assessment of probable losses on this claim in a prior period. As a result of the arbitration award liability, the Company recorded a charge of $10.2 million during the three months ended September 30, 2014. | ||||||||||||
On February 4, 2015, AMSC Austria entered into a Settlement Agreement with Ghodawat, which provided for, among other things, (i) a payment by AMSC Austria to Ghodawat of €7.45 million, and (ii) upon payment by AMSC Austria to Ghodawat, the full settlement of any and all disputes and claims between the parties (including their respective parent and affiliated companies), in particular relating to or arising out of the award. The Company paid the settlement amount during the fourth quarter of fiscal 2014. As a result of the Settlement Agreement, the Company reversed a portion of the accrued arbitration liability and recorded a reversal of an excess accrual of approximately $1.2 million in the fourth quarter of fiscal 2014. The Company’s insurer, Catlin Specialty Insurance Company (“Catlin”) sought and received a ruling from the Massachusetts Superior Court that coverage does not apply to the arbitration award liability. On January 14, 2015, the Company and AMSC Austria entered into a Settlement Agreement and Release with Catlin, which provided for, among other things, (i) the Company’s and AMSC Austria’s release of all claims against Catlin relating to the arbitration award liability, and (ii) Catlin’s release of all claims against the Company and AMSC Austria relating to approximately $2.3 million reimbursed to date under the insurance policy for expenses incurred in connection with the arbitration proceedings. As a result of the settlement with Catlin, in the fourth quarter of fiscal 2014, the Company reversed an accrual of approximately $2.2 million for expenses previously reimbursed by Catlin under the policy. | ||||||||||||
Between April 6, 2011 and May 12, 2011, seven putative securities class action complaints were filed against the Company and two of its officers in the United States District Court for the District of Massachusetts (the “Court”); one complaint additionally asserted claims against the underwriters who participated in its November 12, 2010 securities offering. On June 7, 2011, the Court consolidated these actions under the caption Lenartz v. American Superconductor Corporation, et al., Docket No. 1:11-cv-10582-WGY. On August 31, 2011, Lead Plaintiff, the Plumbers and Pipefitters National Pension Fund, filed a consolidated amended complaint against the Company, its officers and directors, and the underwriters who participated in its November 12, 2010 securities offering, asserting claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated under the Exchange Act, as well as under sections 11, 12(a)(2) and 15 of the Securities Act. On November 19, 2013, the Company entered into a Stipulation and Agreement of Settlement (the “Stipulation”), which resolved the claims asserted against the Company, certain of its current and former officers and directors, and the underwriters. The terms of the Stipulation provided, among other things, a settlement payment by the Company of $10.0 million, $8.2 million of which was to be funded by the Company’s insurers and $1.8 million of which was paid through the issuance of 94,488 shares of its common stock (the “Settlement Shares”). In the event that the value of the Settlement Shares (as calculated under the Stipulation) decreased as of the effective date of the settlement, the Company was required to make a cash payment for the difference in value. The effective date of the Stipulation was June 5, 2014 (the “Effective Date”). Pursuant to the terms of the Stipulation, (i) on June 11, 2014, the Company made a cash payment of approximately $0.5 million for the decrease in value of the Settlement Shares (as calculated under the Stipulation) as of the Effective Date, and (ii) on June 18, 2014, the Company issued the Settlement Shares. The issuance of the Settlement Shares was exempt from registration pursuant to Section 3(a)(10) of the Securities Act. The aforementioned payments by the Company represented the final amounts to be paid to the plaintiffs under the Stipulation. | ||||||||||||
Between May 4, 2011 and June 17, 2011, four putative shareholder derivative complaints were filed against the Company (as a nominal defendant) and certain of its directors in the Court. On July 5, 2011, the Court consolidated three of these actions under the caption In re American Superconductor Corporation Derivative Litigation, Docket No. 1:11-cv-10784-WGY. On June 1, 2011, the plaintiff in the fourth action, Marlborough Family Revocable Trust v. Yurek, et al., moved to voluntarily dismiss its complaint and refiled its complaint in Superior Court for the Commonwealth of Massachusetts, Middlesex County. On September 7, 2011, the Marlborough action and another putative shareholder derivative complaint filed in Superior Court for the Commonwealth of Massachusetts were consolidated. That consolidated matter was captioned In re American Superconductor Corporation Shareholder Derivative Litigation, Docket No. 11-1961. On January 12, 2012, an additional shareholder derivative complaint was filed in the Court of Chancery for the State of Delaware. That matter was captioned Krasnoff v. Budhraja, et al., Docket No. 7171. On February 4, 2014, the Company entered into a Stipulation and Agreement of Settlement (the “Derivative Stipulation”) to settle In re American Superconductor Corporation Derivative Litigation, In re American Superconductor Corporation Shareholder Derivative Litigation, and Krasnoff v. Budhraja, et al., (together, the “Derivative Actions”). The Derivative Stipulation provided for, among other things, (a) a release of all claims relating to the Derivative Actions for the Company, the individual defendants, who are all current or former officers and directors of the Company, and the plaintiffs; (b) a requirement that the Company pay to plaintiffs’ counsel $475,000 for fees and expenses, which was fully funded by the Company’s insurers; and (c) certain additions to the Company’s corporate governance policies. The terms of the Derivative Stipulation were subject to approval by the Court following notice to stockholders. By order entered May 8, 2014, the Court approved the terms of the Derivative Stipulation and issued a final judgment dismissing In re American Superconductor Corporation Derivative Litigation. Pursuant to the terms of the Derivative Stipulation, the Company and the plaintiffs subsequently jointly sought and obtained dismissal of In re American Superconductor Corporation Shareholder Derivative Litigation, and Krasnoff v. Budhraja, et al. The effective date of the settlement was June 10, 2014. | ||||||||||||
On September 13, 2011, the Company commenced a series of legal actions in China against Sinovel Wind Group Co. Ltd. (“Sinovel”). The Company’s Chinese subsidiary, Suzhou AMSC Superconductor Co. Ltd., filed a claim for arbitration with the Beijing Arbitration Commission in accordance with the terms of the Company’s supply contracts with Sinovel. The case is captioned (2011) Jing Zhong An Zi No. 0963. On March 31, 2011, Sinovel refused to accept contracted shipments of 1.5 megawatt, (“MW”) and 3 MW wind turbine core electrical components and spare parts that the Company was prepared to deliver. The Company alleges that these actions constitute material breaches of its contracts because Sinovel did not give it notice that it intended to delay deliveries as required under the contracts. Moreover, the Company alleges that Sinovel has refused to pay past due amounts for prior shipments of core electrical components and spare parts. The Company is seeking compensation for past product shipments and retention (including interest) in the amount of approximately RMB 485 million ($76 million) due to Sinovel’s breaches of its contracts. The Company is also seeking specific performance of its existing contracts as well as reimbursement of all costs and reasonable expenses with respect to the arbitration. The value of the undelivered components under the existing contracts, including the deliveries refused by Sinovel in March 2011, amounts to approximately RMB 4.6 billion ($720 million). | ||||||||||||
On October 8, 2011, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2011) Jing Zhong An Zi No. 0963, for a counterclaim against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claimed, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claimed damages in the amount of approximately RMB 370 million ($58 million). On October 17, 2011, Sinovel filed with the Beijing Arbitration Commission a request for change of counterclaim to increase its damage claim to approximately RMB 1 billion ($157 million). On December 22, 2011, Sinovel filed with the Beijing Arbitration Commission an additional request for change of counterclaim to increase its damages claim to approximately RMB 1.2 billion ($190 million). On February 27, 2012, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2012) Jing Zhong An Zi No. 0157, against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claimed, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claimed damages in the amount of approximately RMB 105 million ($17 million). The Company believes that Sinovel’s claims are without merit and it intends to defend these actions vigorously. Since the proceedings in this matter are in relatively early stages, the Company cannot reasonably estimate possible losses or range of losses at this time. | ||||||||||||
The Company also submitted a civil action application to the Beijing No. 1 Intermediate People’s Court under the caption (2011) Yi Zhong Min Chu Zi No. 15524, against Sinovel for software copyright infringement on September 13, 2011. The application alleges Sinovel’s unauthorized use of portions of the Company’s wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines and the binary code, or upper layer, of the Company’s software for the PM3000 power converters in 1.5MW wind turbines. In July 2011, a former employee of the Company’s Austrian subsidiary was arrested in Austria on charges of economic espionage and fraudulent manipulation of data. In September 2011, the former employee pled guilty to the charges, and was imprisoned. As a result of the Company’s internal investigation and a criminal investigation conducted by Austrian authorities, the Company believes that this former employee was contracted by Sinovel through an intermediary while employed by the Company and improperly obtained and transferred to Sinovel portions of its wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines. Moreover, the Company believes the former employee illegally used source code to develop for Sinovel a software modification to circumvent the encryption and remove technical protection measures on the Company’s PM3000 power converters in 1.5MW wind turbines in the field. The Company is seeking a cease and desist order with respect to the unauthorized copying, installation and use of its software, monetary damages of approximately RMB 38 million ($6 million) for its economic losses and reimbursement of all costs and reasonable expenses. The Beijing No. 1 Intermediate People’s Court accepted the case, which was necessary in order for the case to proceed. In November 2011, Sinovel filed a motion to remove this case from the Beijing No. 1 Intermediate People’s Court and transfer the matter to the Beijing Arbitration Commission. On February 14, 2012, the court denied Sinovel’s motion to remove the case. On February 21, 2012, Sinovel filed an appeal of the Beijing No. 1 Intermediate People’s Court decision to the Beijing Higher People’s Court. On April 25, 2012, the Beijing Higher People’s Court issued a final Civil Ruling which supports the Beijing No.1 Intermediate People’s Court’s civil ruling and rejected Sinovel’s appeal. Sinovel filed an appeal of the Beijing Higher People’s Court’s decision with China’s Supreme People’s Court. A hearing regarding this appeal was held at the Chinese Supreme People’s Court on October 26, 2012. On November 23, 2012, China’s Supreme People’s Court issued a Civil Ruling, holding that (1) it will conduct a re-trial of Sinovel’s appeal, and (2) the lower court’s decision will be stayed pending the re-trial. China’s Supreme People’s Court conducted a re-trial of Sinovel’s appeal on May 29, 2013. On January 26, 2014, the Supreme People’s Court ruled to uphold the Beijing Higher People’s Court ruling that the dispute shall be heard by the court. On September 15, 2014, the Beijing No. 1 Intermediate People’s Court held its first substantive hearing in the Beijing case. At the hearing, the parties presented evidence, reviewed claims, and answered questions from the court. On April 24, 2015, the Company received the sentence made by the Beijing No. 1 Intermediate People’s Court that it dismissed the case for what it cited was a lack of evidence. On May 6, 2015, the Company filed an appeal of the Beijing No. 1 Intermediate People’s Court decision to dismiss the case with the Beijing Higher People’s Court. | ||||||||||||
The Company submitted a civil action application to the Beijing Higher People’s Court against Sinovel and certain of its employees for trade secret infringement on September 13, 2011 under the caption (2011) Gao Min Chu Zi No. 4193. The application alleges the defendants’ unauthorized use of portions of the Company’s wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines as described above with respect to the Copyright Action. The Company is seeking monetary damages of RMB 2.9 billion ($453 million) for the trade secret infringement as well as reimbursement of all costs and reasonable expenses. The Beijing Higher People’s Court accepted the case, which was necessary in order for the case to proceed. On December 22, 2011, the Beijing Higher People’s Court transferred this case to the Beijing No. 1 Intermediate People’s Court under the caption (2011) Gao Min Chu Zi No. 4193. On June 7, 2012, the Company received an Acceptance Notice from the Beijing No.1 Intermediate People’s Court under the caption (2012) Yi Zhong Min Chu Zi No.6833. In August 2012, Sinovel filed a motion to remove this case from the Beijing No. 1 Intermediate People’s Court and transfer the matter to the Beijing Arbitration Commission. On February 24, 2014, the Beijing No. 1 Intermediate People’s Court denied Sinovel’s motion to remove and transfer the case. On March 13, 2014, Sinovel filed an appeal of the Beijing No. 1 Intermediate People’s Court decision to the Beijing Higher People’s Court. On August 7, 2014, the Beijing Higher People’s Court upheld the Beijing No.1 Intermediate Court’s decision and rejected Sinovel’s appeal regarding the jurisdiction opposition. The Beijing No. 1 Intermediate Court held its first substantive hearing on May 11, 2015. | ||||||||||||
On September 16, 2011, the Company filed a civil copyright infringement complaint in the Hainan Province No. 1 Intermediate People’s Court against Dalian Guotong Electric Co. Ltd. (“Guotong”), a supplier of power converter products to Sinovel, and Huaneng Hainan Power, Inc. (“Huaneng”), a wind farm operator that has purchased Sinovel wind turbines containing Guotong power converter products. The case is captioned (2011) Hainan Yi Zhong Min Chu Zi No. 62. The application alleges that the Company’s PM1000 converters in certain Sinovel wind turbines have been replaced by converters produced by Guotong. Because the Guotong converters are being used in wind turbines containing the Company’s wind turbine control software, the Company believes that its copyrighted software is being infringed. The Company is seeking a cease and desist order with respect to the unauthorized use of its software, monetary damages of RMB 1.2 million ($0.2 million) for its economic losses (with respect to Guotong only) and reimbursement of all costs and reasonable expenses. The court has accepted the case, which was necessary in order for the case to proceed. In addition, upon the request of the defendant Huaneng, Sinovel has been added by the court to this case as a defendant and Huaneng has been released from this case. In December 2011, Sinovel filed a jurisdiction opposition motion requesting dismissal by the Hainan Province No. 1 Intermediate People’s Court, saying the case should be governed by the Beijing Arbitration Commission. On February 3, 2012, the Company received the Civil Ruling from the court, which granted Sinovel’s motion, and dismissed the entire case. The Company appealed the court’s ruling to the Hainan Higher Court, which on April 5, 2012 upheld the decision of the Hainan Province No. 1 Intermediate People’s Court. On April 9, 2012, the Company filed an appeal of the Hainan Higher Court’s decision with China’s Supreme People’s Court. China’s Supreme People’s Court accepted the appeal on May 23, 2012. The case is captioned, (2012) Min Shen Zi No. 630. On December 20, 2012, China’s Supreme People’s Court issued a Civil ruling, holding that (1) it will conduct a re-trial of the Company’s appeal and (2) the lower court’s decision will be stayed pending the re-trial. China’s Supreme People’s Court conducted a re-trial of Sinovel’s appeal on May 29, 2013. On January 26, 2014, the Supreme People’s Court revoked Hainan No. 1 Intermediate People’s Court and Hainan Higher People’s Court rulings and ruled that the case shall be heard by the Hainan No. 1 Intermediate People’s Court. The Hainan No. 1 Intermediate People’s Court accepted the case under the caption (2014) Hainan Yi Zhong Min San Chu Zi No. 1. On October 21, 2014, the Hainan No. 1 Intermediate People’s Court changed the caption of this case to (2014) Hainan Yi Zhong Zhi Min Chu Zi No. 2. On November 18, 2014, the Hainan No. 1 Intermediate People’s Court held its first substantive hearing in the Hainan case. At the hearing, the parties presented evidence, reviewed claims, and answered questions from the court. The Company is awaiting a decision from the Hainan No. 1 Intermediate People’s Court. | ||||||||||||
Other | ||||||||||||
The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. | ||||||||||||
As of March 31, 2015 the Company had $2.8 million of restricted cash included in current assets and $1.2 million of restricted cash included in long-term assets. These amounts included in restricted cash primarily represent deposits to secure letters of credit for various supply contracts. These deposits are held in interest bearing accounts. | ||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 14. Employee Benefit Plans |
The Company has implemented a defined contribution plan (the “Plan”) under Section 401(k) of the Internal Revenue Code. Any contributions made by the Company to the Plan are discretionary. The Company has a stock match program under which the Company matched, in the form of Company common stock, 50% of the first 6% of eligible contributions. The Company recorded expense of $0.4 million, $0.4 million, and $0.5 million, for the years ended March 31, 2015, 2014, and 2013, respectively, and recorded corresponding charges to additional paid-in capital related to this program. |
Minority_Investments
Minority Investments | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Equity Method Investments And Joint Ventures [Abstract] | ||||
Minority Investments | 15. Minority Investments | |||
Investment in Tres Amigas LLC | ||||
The Company made an investment in Tres Amigas, focused on providing the first common interconnection of America’s three power grids to help the country achieve its renewable energy goals and facilitate the smooth, reliable and efficient transfer of green power from region to region. The Company’s original investment in Tres Amigas was $5.4 million. As of March 31, 2015, the Company holds a 26% ownership interest in Tres Amigas. | ||||
The Company has determined that Tres Amigas is a variable interest entity (“VIE”) and that the Company is not the primary beneficiary of the VIE. Therefore, the Company has not consolidated Tres Amigas as of March 31, 2015. The investment is carried at acquisition cost, plus the Company’s equity in undistributed earnings or losses. The Company’s maximum exposure to loss is limited to the Company’s recorded investment in this VIE. The Company’s investment in Tres Amigas is included in other assets on the consolidated balance sheet and the equity in undistributed losses of Tres Amigas is included in other expense, net, on the consolidated statements of operations. | ||||
The net investment activity for the year ended March 31, 2015 is as follows (in thousands): | ||||
Balance at April 1, 2014 | $ | 1,845 | ||
Minority interest in net losses | (743 | ) | ||
Balance at March 31, 2015 | $ | 1,102 | ||
Investment in Blade Dynamics Ltd. | ||||
The Company has acquired (through its Austrian subsidiary), a minority ownership position in Blade Dynamics, a designer and manufacturer of advanced wind turbine blades based on proprietary materials and structural technologies. The Company’s original investment was for $8.0 million in cash. As of March 31, 2015, the Company holds a 12% ownership interest in Blade Dynamics. | ||||
The investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses, through December 1, 2012, the date which the company no longer reported undistributed earnings or losses. The Company’s investment in Blade Dynamics is included in other assets on the consolidated balance sheet and the equity in undistributed losses of Blade Dynamics is included in other expense, net, on the consolidated statements of operations. | ||||
During the year ended March 31, 2014, the Company determined that as a result of its efforts to sell its investment in Blade Dynamics, certain indicators of impairment existed which required the Company to perform further analysis. As a result of this analysis, the Company recorded an impairment charge for approximately $1.3 million. | ||||
During the year ended March 31, 2015, the Company determined that as a result of dilutive financing which resulted in the Company losing certain of its shareholder rights, as well as certain operational issues and adverse changes to the potential sale scenarios previously considered, its investment in Blade Dynamics was no longer recoverable and therefore recorded an impairment charge of $3.5 million. | ||||
The net investment activity for the year ended March 31, 2015 is as follows (in thousands): | ||||
Balance at April 1, 2014 | $ | 3,690 | ||
Net foreign exchange rate impact | (226 | ) | ||
Impairment | (3,464 | ) | ||
Balance at March 31, 2015 | $ | - | ||
Restructuring
Restructuring | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||
Restructuring | 16. Restructuring | |||||||||||
The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation—Nonretirement Postemployment Benefits (“ASC 712”). In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs and the time period over which leased facilities will remain vacant, sublease terms, sublease rates and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued on the consolidated balance sheet. | ||||||||||||
During the years ended March 31, 2015, 2014 and 2013, the Company undertook restructuring activities, approved by the Board of Directors, in order to reorganize its global operations, streamline various functions of the business, and reduce its global workforce to better reflect the demand for its products. During the year ended March 31, 2014, the Company undertook a plan to consolidate its Grid manufacturing activities in its Devens, Massachusetts facility and close its facility in Middleton, Wisconsin which was completed during the year ended March 31, 2015. In addition, the Company established a new Wind manufacturing facility in Romania and as a result reduced the headcount in its operation in China to a level necessary to support demand from its Chinese customers. The Company also undertook a workforce reduction in July 2013, reducing its workforce by approximately 7%, impacting primarily selling, engineering and general and administrative functions. During the year ended March 31, 2013, the Company consolidated certain of its business operations to reduce overall facility costs. The Company recorded restructuring charges for severance and other costs of approximately $1.9 million, $1.7 million, and $2.5 million during the years ended March 31, 2015, 2014, and 2013 respectively. The restructuring charge for the fiscal year ended March 31, 2015 primarily represents severance, relocation and lease termination costs associated with closure of the Company’s Middleton, WI facility. From April 1, 2011 through March 31, 2015, the Company’s various restructuring activities resulted in a substantial reduction of its global workforce. Remaining unpaid amounts under these restructuring activities are expected to be paid by August 31, 2015. | ||||||||||||
The following table presents restructuring charges and cash payments (in thousands): | ||||||||||||
Severance pay | Facility exit and | |||||||||||
and benefits | Relocation costs | Total | ||||||||||
Accrued restructuring balance at April 1, 2013 | $ | 145 | $ | 54 | $ | 199 | ||||||
Charges to operations | 1,710 | 23 | 1,733 | |||||||||
Cash payments | (836 | ) | (37 | ) | (873 | ) | ||||||
Non-cash/miscellaneous reductions | (175 | ) | (39 | ) | (215 | ) | ||||||
Accrued restructuring balance at March 31, 2014 | $ | 844 | $ | - | $ | 844 | ||||||
Charges to operations | 618 | 1,284 | 1,902 | |||||||||
Cash payments | (1,282 | ) | (1,284 | ) | (2,566 | ) | ||||||
Accrued restructuring balance at March 31, 2015 | $ | 180 | $ | - | $ | 180 | ||||||
All restructuring charges discussed above are included within restructuring and impairments in the Company’s consolidated statements of operations. The Company includes accrued restructuring within accounts payable and accrued expenses in the consolidated balance sheets. |
Business_Segment_and_Geographi
Business Segment and Geographic Information | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segment and Geographic Information | 17. Business Segment and Geographic Information | |||||||||||
The Company reports its financial results in two reportable business segments: Wind and Grid. | ||||||||||||
Through the Company’s Windtec Solutions, the Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company’s design portfolio includes a broad range of drive trains and power ratings of 2 MWs and higher. The Company provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. | ||||||||||||
Through the Company’s Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit and distribute power with exceptional efficiency, reliability and affordability. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment. | ||||||||||||
The operating results for the two business segments are as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues: | ||||||||||||
Wind | $ | 51,307 | $ | 55,608 | $ | 44,231 | ||||||
Grid | 19,223 | 28,509 | 43,188 | |||||||||
Total | $ | 70,530 | $ | 84,117 | $ | 87,419 | ||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Operating loss: | ||||||||||||
Wind | $ | (14,321 | ) | $ | (5,213 | ) | $ | (16,098 | ) | |||
Grid | (26,890 | ) | (22,523 | ) | (23,815 | ) | ||||||
Unallocated corporate expenses | (11,306 | ) | (13,693 | ) | (17,828 | ) | ||||||
Total | $ | (52,517 | ) | $ | (41,429 | ) | $ | (57,741 | ) | |||
Total business segments assets are as follows (in thousands): | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Wind | $ | 41,947 | $ | 36,701 | ||||||||
Grid | 42,482 | 54,342 | ||||||||||
Corporate assets | 49,396 | 77,466 | ||||||||||
Total | $ | 133,825 | $ | 168,509 | ||||||||
The accounting policies of the business segments are the same as those for the consolidated Company. The Company’s business segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating (loss) income. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating income. | ||||||||||||
Unallocated corporate expenses primarily consist of stock-based compensation expense of $5.9 million, $10.7 million, and $8.1 million for the years ended March 31, 2015, 2014 and 2013, respectively, and restructuring and impairment charges of $5.4 million, $3.0 million, and $7.9 million for the years ended March 31, 2015, 2014 and 2013, respectively. For the year ended March 31, 2013, unallocated corporate expenses also included a loss contingency of $1.8 million. | ||||||||||||
Geographic information about revenue, based on shipments to customers by region, is as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
U.S. | $ | 9,820 | $ | 11,013 | $ | 13,197 | ||||||
Canada | 2,690 | 3,312 | 1,663 | |||||||||
Europe | 2,905 | 7,453 | 14,709 | |||||||||
China | 10,410 | 24,748 | 17,906 | |||||||||
Korea | 3,506 | 6,429 | 10,945 | |||||||||
India | 39,314 | 26,384 | 17,062 | |||||||||
Australia | 1,885 | 4,779 | 11,937 | |||||||||
Total | $ | 70,530 | $ | 84,117 | $ | 87,419 | ||||||
In the year ended March 31, 2015, 2014 and 2013, 86%, 87%, and 85% of the Company’s revenues, respectively, were recognized from sales outside the United States. The Company maintains operations in Austria, China and the United States and sales and service support centers around the world. | ||||||||||||
In the year ended March 31, 2015, Inox, accounted for approximately 56%, of the Company’s total revenues. In the year ended March 31, 2014, Inox and Beijing JINGCHENG New Energy (“JCNE”) accounted for approximately 31% and 18%, respectively, of the Company’s total revenues. In the year ended March 31, 2013, Inox and JCNE accounted for approximately 19% and 13%, respectively, of the Company’s total revenues. | ||||||||||||
Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
North America | $ | 54,673 | $ | 62,426 | ||||||||
Europe | 854 | 1,232 | ||||||||||
Asia Pacific | 570 | 916 | ||||||||||
Total | $ | 56,097 | $ | 64,574 | ||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Quarterly Financial Data | 18. Quarterly Financial Data (Unaudited) | |||||||||||||||
(In thousands, except per share amount) | For the year ended March 31, 2015: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2014 | 2014 | 2014 | 2015 | |||||||||||||
Total revenue | $ | 11,696 | $ | 12,455 | $ | 21,250 | $ | 25,129 | ||||||||
Operating loss | (12,667 | ) | (26,400 | ) | (7,735 | ) | (5,715 | ) | ||||||||
Net loss | (13,517 | ) | (25,423 | ) | (6,353 | ) | (3,363 | ) | ||||||||
Net loss per common share—basic | (1.74 | ) | (3.12 | ) | (0.72 | ) | (0.36 | ) | ||||||||
Net loss per common share—diluted | (1.74 | ) | (3.12 | ) | (0.72 | ) | (0.36 | ) | ||||||||
For the year ended March 31, 2014: | ||||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2013 | 2013 | 2013 | 2014 | |||||||||||||
Total revenue | $ | 23,086 | $ | 24,181 | $ | 20,563 | $ | 16,287 | ||||||||
Operating loss | (8,850 | ) | (11,028 | ) | (6,675 | ) | (14,876 | ) | ||||||||
Net loss | (10,513 | ) | (14,623 | ) | (8,417 | ) | (22,705 | ) | ||||||||
Net loss per common share—basic | (1.80 | ) | (2.39 | ) | (1.35 | ) | (3.30 | ) | ||||||||
Net loss per common share—diluted | (1.80 | ) | (2.39 | ) | (1.35 | ) | (3.30 | ) | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events |
On April 24, 2015, the Company entered into an underwriting agreement with Cowen and Company, LLC, as representative of the several underwriters named therein, relating to the issuance and sale (the "Offering") of 4,000,000 shares of the Company's common stock at a public offering price of $6.00 per share. The net proceeds to the Company from the Offering were approximately $22.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Offering closed on April 29, 2015. | |
The Offering was made pursuant to the Company's shelf registration statement on Form S-3 (Registration Statement No. 333-198851) previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") and a prospectus supplement and accompanying prospectus filed with the SEC |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 20. Recent Accounting Pronouncements |
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued ASU 2014-09, ASU Revenue from Contracts with Customers (Topic 606), The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. The FASB is currently considering a proposed one year extension of the effective date to December 15, 2017. The Company is currently evaluating the impact of adopting ASU 2014-09 to determine the impact, if any, it may have on its current practices. | |
In July 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share Based Payments When the Terms of an Award Provide that a Performance Target could be Achieved after the Requisite Service Period. To account for such awards, a reporting entity should apply existing guidance in FASB Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. This ASU is effective for annual reporting periods and interim periods, within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2014-12 to determine the impact, if any, it may have on its current practices. | |
In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity. The new standard applies to reporting entities that are required to consolidate a collaterized financing entity under the variable interest entities subtopic 810-10. This ASU is effective for annual reporting periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of adopting ASU 2014-13 to determine the impact, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flow. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The new standard explicitly requires the assessment at interim and annual periods, and provides management with its own disclosure guidance. This ASU is effective for annual reporting periods and interim periods, within those annual periods ending after December 15, 2016. The Company is currently evaluating the impact of ASU 2014-15, if any, may have on its current practices. | |
In January 2015, the FASB issued ASU 2015-01 Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement – Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. This ASU is effective for annual reporting periods and interim periods, within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2015-01, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flow. | |
In February 2015 the FASB issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in ASU 2015-02 updated the process that a reporting entity must follow to determine whether it should consolidate certain types of legal entities. This ASU is effective for annual reporting periods beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of adopting ASU 2015-02 to determine the impact, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flow. | |
In April 2015 the FASB issued ASU 2015-03 Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU 2015-03 require an entity to present debt issuance costs on the balance sheet as a direct deduction from the related debt liability as opposed to an asset. Amortization of the costs will continue to be reported as interest expense. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2015-03 to determine the impact, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flow. | |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ||||||||||||||||
Valuation and Qualifying Accounts | American Superconductor Corporation | |||||||||||||||
Schedule II — Valuation and Qualifying Accounts | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance, | Recoveries | Balance, | ||||||||||||||
Beginning of | and Other | End of | ||||||||||||||
Year | Additions | Write-offs | Adjustments | Year | ||||||||||||
Allowance for doubtful accounts receivable: | ||||||||||||||||
Fiscal year ended March 31, 2015 | $ | 16 | 54 | (16 | ) | - | $ | 54 | ||||||||
Fiscal year ended March 31, 2014 | $ | - | 16 | - | - | $ | 16 | |||||||||
Fiscal year ended March 31, 2013 | $ | 52 | - | (52 | ) | - | $ | - | ||||||||
Balance, | Recoveries | Balance, | ||||||||||||||
Beginning of | and Other | End of | ||||||||||||||
Year | Additions | Write-offs | Adjustments | Year | ||||||||||||
Deferred tax asset valuation allowance: | ||||||||||||||||
Fiscal year ended March 31, 2015 | $ | 282,824 | 15,189 | (3,153 | ) | - | $ | 294,860 | ||||||||
Fiscal year ended March 31, 2014 | $ | 261,961 | 26,649 | (5,786 | ) | - | $ | 282,824 | ||||||||
Fiscal year ended March 31, 2013 | $ | 252,302 | 21,333 | (11,674 | ) | - | $ | 261,961 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basis of Consolidation | Basis of Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. These reclassifications had no effect on net income, cash flows from operating activities or stockholders’ equity. | ||||||||||||
Use of Estimates | Use of Estimates | |||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, goodwill and intangible assets, warranty provisions, stock-based compensation, valuation of warrant and derivative liabilities, tax reserves, and deferred tax assets. Provisions for depreciation are based on their estimated useful lives using the straight-line method. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. While for any given estimate or assumption made by the Company’s management there may be other estimates or assumptions that are reasonable, the Company believes that, given the current facts and circumstances, it is unlikely that applying any such other reasonable estimate or assumption would materially impact the financial statements. | ||||||||||||
Cash Equivalents | Cash Equivalents | |||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposits and money market accounts. | ||||||||||||
Accounts Receivable | Accounts Receivable | |||||||||||
Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company’s accounts receivable relate principally to a limited number of customers. As of March 31, 2015, one customer, Inox Wind Limited (“Inox”), accounted for approximately 56% of the Company’s total receivable balance, with no other customer accounting for greater than 10% of the balance. As of March 31, 2014, three customers, Inox, CG Power Solutions UK Ltd (“CGPS”), and JCNE, accounted for approximately 20%, 14% and 13%, respectively, of the Company’s total receivable balance. Changes in the financial condition or operations of the Company’s customers may result in delayed payments or non-payments which would adversely impact its cash flows from operating activities and/or its results of operations. As such the Company may require collateral, advanced payment or other security based upon the customer history and/or creditworthiness. In determining the allowance for doubtful accounts, the Company evaluates the collectability of accounts receivable based primarily on the probability of recoverability based on historical collection and write-off experience, the age of past due receivables, specific customer circumstances, and current economic trends. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payment, additional allowances may be required. Failure to accurately estimate the losses for doubtful accounts and ensure that payments are received on a timely basis could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows. | ||||||||||||
Inventory | Inventory | |||||||||||
Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost or market determined on a first-in, first-out basis. The Company records inventory when it takes delivery and title to the product according to the terms of each supply contract. | ||||||||||||
Program costs may be deferred and recorded as inventory on contracts on which costs are incurred in excess of approved contractual amounts and/or funding, if future recovery of the costs is deemed probable. | ||||||||||||
At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. | ||||||||||||
For the years ended March 31, 2015 and 2014, the Company recorded inventory reserves of approximately $1.4 million and $0.3 million, respectively, based on evaluating its ending inventory on hand for excess quantities and obsolescence. For the years ended March 31, 2015, 2014, and 2013, the Company recorded benefits of $8.0 million, $4.3 million, and $2.1 million, respectively, for the usage of inventories previously reserved. | ||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | ||||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. | ||||||||||||
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets | |||||||||||
The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company evaluates its long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. | ||||||||||||
During the fiscal years ended March 31, 2014 and 2013, in response to challenging liquidity and market conditions, the Company entered into and completed certain restructuring activities, approved by the Board of Directors, in order to reduce costs and align its strategic priorities. Since the restructuring action impacted all of its operations, management concluded that there were indicators of potential impairment of its long-lived assets in each of those fiscal years and the Company therefore conducted assessments of the recoverability of these assets by comparing its carrying value of the assets to the pre-tax undiscounted cash flows estimated to be generated by those assets over their remaining book useful lives. Based on the calculations performed by management, the sum of the undiscounted cash flows forecasted to be generated by certain assets were less than the carrying value of those assets. Therefore, there were indications that certain of its assets were impaired and, as a result, the Company performed additional analysis. An evaluation of the level of impairment was made by comparing the implied fair value of those definite long-lived tangible and intangible assets of each reporting unit against their carrying values. | ||||||||||||
The fair values of the impacted property and equipment were based on what the Company could reasonably expect to sell each asset from the perspective of a market participant. The determination of the fair value of its property and equipment includes estimates and judgments regarding the marketability and ultimate sales price of individual assets. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted property and equipment. The fair values of amortization intangible assets related to completed technology and trade names were determined using primarily the relief-from-royalty method over the estimated economic lives of those assets from the perspective of a market participant. During the year ended March 31, 2014, the Company determined that the fair values of those assets were greater than or equal to their carrying values and no impairment charge was recorded. During the year ended March 31, 2013, management determined that certain of its corporate assets and Grid segment property, plant and equipment were impaired as their carrying values exceeded their fair values. The Company determined the long-lived assets of its Wind segment were not impaired. Accordingly, for the year ended March 31, 2013, the Company recorded an impairment charge of $5.0 million on certain of its corporate assets and on certain of its Grid segment property, plant and equipment. | ||||||||||||
Equity Method Investments | Equity Method Investments | |||||||||||
The Company uses the equity method of accounting for investments in entities in which it has an ownership interest, but does not exercise a controlling interest in the operating and financial policies of an investee. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition. | ||||||||||||
The Company periodically tests its investments for potential impairment whenever events and circumstances indicate a loss in the fair value of the investments may be other than temporary. During the years ended March 31, 2015 and 2014, the Company recorded impairment charges of $3.5 and $1.3 million, respectively, on its investment in Blade Dynamics Ltd. This minority investment is fully impaired as of March 31, 2015. (See Note 15, “Minority Investments”, for further discussion.) | ||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||
The Company recognizes revenue for product sales upon customer acceptance, which can occur at the time of delivery, installation or post-installation where applicable, provided persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and the collectability is reasonably assured. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis of accounting. Certain of the Company’s contracts involve retention amounts which are contingent upon meeting certain performance requirements through the expiration of the contract warranty periods. For contractual arrangements that involve retention, the Company recognizes revenue for these amounts upon the expiration of the warranty period, meeting the performance requirements and when collection of the fee is reasonably assured. | ||||||||||||
During the year ended March 31, 2011, the Company determined that revenues from certain of its customers in China could not be recorded for shipments made according to the delivery terms, as the fee was not fixed or determinable or collectability was not reasonably assured. For these customers, the Company is utilizing a cash basis of accounting with cash applied first against accounts receivable balances, then costs of shipments (inventory and value added taxes) before recognizing any gross margin. Payments of $3.7 million and $3.4 million were received from these customers during the years ended March 31, 2014 and 2013, respectively, for past shipments and recorded as revenue. There were no payments received for past shipments in the fiscal year ending March 31, 2015. | ||||||||||||
For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain product sales, the Company records revenues using the percentage-of-completion method, measured by the relationship of costs incurred to total estimated contract costs. Percentage-of-completion revenue recognition accounting is predominantly used on certain turnkey power systems installations for electric utilities and long-term prototype development contracts with the U.S. government. The Company follows this method since reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made. However, the ability to reliably estimate total costs at completion is challenging, especially on long-term prototype development contracts, and could result in future changes in contract estimates. For contracts where reasonably dependable estimates of the revenues and costs cannot be made, the Company follows the completed-contract method. | ||||||||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of certain products may include extended warranty and support or service packages, and at times include performance bonds. As these contracts progress, the Company continually assesses the probability of a payout from the performance bond. Should the Company determine that such a payout is likely; the Company would record a liability. The Company would reduce revenue to the extent a liability is recorded. In addition, the Company enters into licensing arrangements that include training services. | ||||||||||||
Deliverables are separated into more than one unit of accounting when (1) the delivered element(s) have value to the customer on a stand-alone basis, and (2) delivery of the undelivered element(s) is probable and substantially in the control of the Company. In general, revenues are separated between the different product shipments which have stand-alone value, and the various services to be provided. Revenue for product shipments is recognized in accordance with the Company’s policy for product sales, while revenues for the services are recognized over the period of performance. The Company has determined that the licenses have no standalone value to the customer and are not separable from training services as the Company can only fully transfer the technology knowhow through the training component. Accordingly, the Company accounts for these arrangements as a single unit of accounting, and recognizes revenue over the period of the Company’s performance and milestones that have been achieved. Costs for these arrangements are expensed as incurred. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on the element’s fair value as determined by vendor-specific objective evidence (“VSOE”), which is the price charged when that element is sold separately, or third-party evidence (“TPE”). When VSOE and TPE are unavailable, fair value is based on the Company’s best estimate of selling price utilizing a cost plus reasonable margin consistent with how the Company has set pricing historically for similar products and services. When the Company’s estimates are used to determine fair value, management makes its estimates using reasonable and objective evidence to determine the price. The Company reviews VSOE and TPE at least annually. If the Company concludes it is unable to establish fair values for one or more undelivered elements within a multiple-element arrangement using VSOE then the Company uses TPE or the best estimate of the selling price for that unit of accounting, being the price at which the vendor would transact if the unit of accounting were sold by the vendor regularly on a standalone basis. | ||||||||||||
The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. | ||||||||||||
Customer deposits received in advance of revenue recognition are recorded as deferred revenue until customer acceptance is received. Deferred revenue also represents the amount billed to and/or collected from commercial and government customers on contracts which permit billings to occur in advance of contract performance/revenue recognition. | ||||||||||||
Product Warranty | Product Warranty | |||||||||||
Warranty obligations are incurred in connection with the sale of the Company’s products. The Company generally provides a one to three year warranty on its products, commencing upon installation. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. Future warranty costs are estimated based on historical performance rates and related costs to repair given products. The accounting estimate related to product warranty involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revision to the estimated warranty liability would be required. | ||||||||||||
Research and Development Costs | Research and Development Costs | |||||||||||
Research and development costs are expensed as incurred. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The Company’s provision for income taxes is composed of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. | ||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S. and foreign deferred income tax assets since the Company believes that it is more likely than not that these deferred tax assets are not currently realizable due to uncertainty around profitability in the future. | ||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company includes interest and penalties related to gross unrecognized tax benefits within the provision for income taxes. (See Note 11, “Income Taxes,” for further information regarding our income tax assumptions and expenses.) | ||||||||||||
The Company evaluates its permanent reinvestment assertions with respect to foreign earnings at each reporting period. The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of the tax basis over its book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. The Company has recorded a deferred tax liability as of March 31, 2015 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2015 was $1.2 million resulting in the recording of a $0.4 million net deferred federal and state income tax liability. (See Note 11, “Income Taxes,” for further information regarding our income tax assumptions and expenses.) | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. | ||||||||||||
Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company’s common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, accruals of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. | ||||||||||||
Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company’s common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company’s common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company’s historical exercise, cancellation and expiration patterns. | ||||||||||||
The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may result in significant, unanticipated increases or decreases in stock-based compensation expense from period to period. The termination of employment of certain employees who hold large numbers of stock-based awards may also have a significant, unanticipated impact on forfeiture experience and, therefore, on stock-based compensation expense. The Company will update these assumptions on at least an annual basis and on an interim basis if significant changes to the assumptions are warranted. | ||||||||||||
Computation of Net Loss Per Common Share | Computation of Net Loss per Common Share | |||||||||||
Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the years ended March 31, 2015, 2014, and 2013, common equivalent shares of 1,567,352, 643,158, and 1,072,584, respectively, were not included in the calculation of diluted EPS as they were considered antidilutive. The following table reconciles the numerators and denominators of the EPS calculation for the years ended March 31, 2015, 2014, and 2013 (in thousands except per share amounts): | ||||||||||||
Year ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (48,656 | ) | $ | (56,258 | ) | $ | (66,131 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 8,559 | 6,411 | 5,354 | |||||||||
Weighted-average shares subject to repurchase | (82 | ) | (149 | ) | (47 | ) | ||||||
Shares used in per-share calculation ― basic | 8,477 | 6,262 | 5,307 | |||||||||
Shares used in per-share calculation ― diluted | 8,477 | 6,262 | 5,307 | |||||||||
Net loss per share ― basic | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Net loss per share ― diluted | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Foreign Currency Translation | Foreign Currency Translation | |||||||||||
The functional currency of all the Company’s foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders’ equity. Net foreign currency gains (losses) are included in net loss and were $2.8 million, ($0.1) million, and $1.0 million for the years ended March 31, 2015, 2014 and 2013, respectively. The Company has no restrictions on the foreign exchange activities of its foreign subsidiaries, including the payment of dividends and other distributions. | ||||||||||||
Risk and Uncertainties | Risks and Uncertainties | |||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. | ||||||||||||
The Company invests its available cash with high-credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not limited to, government obligations, money market funds and corporate debt instruments. | ||||||||||||
Several of the Company’s government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to receive additional contract modifications in the year ending March 31, 2015 and beyond as incremental funding is authorized and appropriated by the government. | ||||||||||||
Contingencies | Contingencies | |||||||||||
From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information is known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If, with respect to a matter, it is not both probable to result in liability and the amount of loss cannot be reasonably estimated, an estimate of possible loss or range of loss is disclosed unless such an estimate cannot be made. The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred. During the fiscal year ended March 31, 2015, the Company reversed legal expenses of approximately $2.2 million incurred in connection with the Ghodawat arbitration that were covered by the Catlin settlement. The Company recorded a loss contingency of $1.8 million for the year ended March 31, 2013. (See Note 13, “Commitments and Contingencies,” for further information regarding the Company’s pending litigation.) | ||||||||||||
Debt | Debt | |||||||||||
For debt arrangements, the Company considers any embedded equity-linked components and accounts for the fair value of any embedded warrants and derivatives. The Company elects not to use the fair value option for recording debt arrangements and elects to record the debt at the stated value of the loan agreement on the date of issuance. Any other elements present are reviewed to determine if they are embedded derivatives requiring bifurcation and requiring valuation under the fair value option. Derivatives and warrants, which meet the condition to satisfy an obligation by issuing a variable number of equity shares, are recorded at fair value. The carrying value assigned to the host instrument will be the difference between the previous carrying value of the host instrument and the fair value of the warrants and derivatives. There is no immediate gain/loss from the initial recognition and measurement if the embedded derivative is accounted for separately from its host contract. There is an offsetting debt discount or premium as a result of the fair value assigned to the warrants and derivatives, as well as any debt issuance costs, which is amortized under the effective interest method over the term of the loan. Each reporting period, fair value is assessed for the warrants and derivatives with the change in value being recorded as other income/loss. (See Note 9, “Debt,” and Note 10, “Warrants and Derivative Liabilities,” for a full discussion regarding the activity and financial impact for the Company’s debt, warrants and derivative liabilities.) | ||||||||||||
Disclosure of Fair Value of Financial Instruments | Disclosure of Fair Value of Financial Instruments | |||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, warrants to purchase shares of common stock, derivatives, a senior convertible note and senior secured term loan. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses due to their short nature approximate fair value at March 31, 2015 and 2014. The estimated fair values have been determined through information obtained from market sources and management estimates. The fair value for the debt and warrant arrangements have been estimated by management based on the terms that it believes it could obtain in the current market for debt with the same terms and similar maturities and is further supported by the December 2014 amendments to the senior secured term loan with similar terms and interest rate. The Company classifies the estimates used to fair value these instruments as Level 3 inputs (See Note 3, “Fair Value Measurements” for a full discussion on fair value measurements.) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Estimated Useful Life of Property, Plant and Equipment | Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | |||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Reconciliation of Numerators and Denominators of EPS Calculation | The following table reconciles the numerators and denominators of the EPS calculation for the years ended March 31, 2015, 2014, and 2013 (in thousands except per share amounts): | |||||||||||
Year ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (48,656 | ) | $ | (56,258 | ) | $ | (66,131 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 8,559 | 6,411 | 5,354 | |||||||||
Weighted-average shares subject to repurchase | (82 | ) | (149 | ) | (47 | ) | ||||||
Shares used in per-share calculation ― basic | 8,477 | 6,262 | 5,307 | |||||||||
Shares used in per-share calculation ― diluted | 8,477 | 6,262 | 5,307 | |||||||||
Net loss per share ― basic | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Net loss per share ― diluted | $ | (5.74 | ) | $ | (8.98 | ) | $ | (12.46 | ) | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Assets and Liabilities Carried at Fair Value | The following table provides the assets and liabilities carried at fair value, measured as of March 31, 2015 and 2014 (in thousands): | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 12,519 | $ | 12,519 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,999 | $ | - | $ | - | $ | 2,999 | ||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 17,675 | $ | 17,675 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,601 | $ | - | $ | - | $ | 2,601 | ||||||||
Schedule of Liabilities Measured at Fair Value | The table below reflects the activity for the Company’s major classes of liabilities measured at fair value (in thousands): | |||||||||||||||
Warrants | ||||||||||||||||
1-Apr-14 | $ | 2,601 | ||||||||||||||
Warrant issuance with equity offering | 4,255 | |||||||||||||||
Warrant issuance with senior secured term loan | 106 | |||||||||||||||
Mark to market adjustment | (3,963 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | 2,999 | ||||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
1-Apr-13 | $ | 529 | $ | 3,633 | ||||||||||||
Warrant issuance with senior secured term loan | - | 315 | ||||||||||||||
Mark to market adjustment | (525 | ) | (1,347 | ) | ||||||||||||
Extinguishment of derivative liability | (4 | ) | - | |||||||||||||
Balance at March 31, 2014 | $ | - | $ | 2,601 | ||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table provides the assets and liabilities measured at fair value on a non-recurring basis, as of March 31, 2014 (in thousands). During the year ended March 31, 2015 the following asset was determined to be no longer recoverable and was fully impaired. See note 15, “Minority Investments” for further details: | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment in unconsolidated entity – Blade Dynamics | $ | 3,690 | $ | $ | $ | 3,690 | ||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable at March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Accounts receivable (billed) | $ | 8,946 | $ | 6,113 | ||||
Accounts receivable (unbilled) | 987 | 1,459 | ||||||
Less: Allowance for doubtful accounts | (54 | ) | (16 | ) | ||||
Accounts receivable, net | $ | 9,879 | $ | 7,556 | ||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | Inventory at March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 9,411 | $ | 3,304 | ||||
Work-in-process | 2,117 | 4,047 | ||||||
Finished goods | 7,487 | 10,275 | ||||||
Deferred program costs | 1,581 | 3,068 | ||||||
Net inventory | $ | 20,596 | $ | 20,694 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Schedule of Cost and Accumulated Depreciation of Property and Equipment | The cost and accumulated depreciation of property and equipment at March 31, 2015 and 2014 are as follows (in thousands): | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 3,643 | $ | 3,643 | ||||
Construction in progress - equipment | 130 | 117 | ||||||
Buildings | 34,549 | 34,341 | ||||||
Equipment and software | 81,855 | 83,861 | ||||||
Furniture and fixtures | 1,156 | 1,353 | ||||||
Leasehold improvements | 4,132 | 5,211 | ||||||
Property, plant and equipment, gross | 125,465 | 128,526 | ||||||
Less accumulated depreciation | (69,368 | ) | (63,952 | ) | ||||
Property, plant and equipment, net | $ | 56,097 | $ | 64,574 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets at March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Estimated | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | Useful Life | ||||||||||||||||||||
Licenses | $ | 4,422 | $ | (3,328 | ) | $ | 1,094 | $ | 4,473 | $ | (2,962 | ) | $ | 1,511 | 7 | |||||||||||
Core technology and know-how | 4,858 | (4,530 | ) | 328 | 5,736 | (5,252 | ) | 484 | 10-May | |||||||||||||||||
Intangible assets | $ | 9,280 | $ | (7,858 | ) | $ | 1,422 | $ | 10,209 | $ | (8,214 | ) | $ | 1,995 | ||||||||||||
Schedule of Expected Future Amortization Expense | Expected future amortization expense related to intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
For the years ended March 31, | Total | |||||||||||||||||||||||||
2016 | $ | 568 | ||||||||||||||||||||||||
2017 | 553 | |||||||||||||||||||||||||
2018 | 301 | |||||||||||||||||||||||||
2019 | - | |||||||||||||||||||||||||
Total | $ | 1,422 | ||||||||||||||||||||||||
Schedule of Geographic Composition of Goodwill and Intangible Assets | The geographic composition of intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Intangible assets by geography: | ||||||||||||||||||||||||||
U.S. | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
Europe | - | - | ||||||||||||||||||||||||
Total | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
Schedule of Business Segment Composition of Intangible Assets | The business segment composition of intangible assets is as follows (in thousands): | |||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Intangible assets by business segments: | ||||||||||||||||||||||||||
Wind | $ | - | $ | - | ||||||||||||||||||||||
Grid | 1,422 | 1,995 | ||||||||||||||||||||||||
Total | $ | 1,422 | $ | 1,995 | ||||||||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses at March 31, 2015 and 2014 consisted of the following (in thousands): | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Accounts payable | $ | 7,062 | $ | 1,749 | ||||
Accrued inventories in-transit | 1,127 | 212 | ||||||
Accrued miscellaneous expenses | 2,695 | 5,935 | ||||||
Accrued outside services | 582 | 3,716 | ||||||
Accrued subcontractor program costs | - | 290 | ||||||
Accrued compensation | 5,937 | 6,080 | ||||||
Income taxes payable | 278 | 173 | ||||||
Accrued adverse purchase commitments | - | 402 | ||||||
Accrued warranty | 3,934 | 3,207 | ||||||
Total | $ | 21,615 | $ | 21,764 | ||||
Schedule of Product Warranty Activity | Product warranty activity was as follows (in thousands): | |||||||
For the years ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Balance at beginning of period | $ | 3,207 | $ | 2,709 | ||||
Change in accruals for warranties during the period | 2,839 | 1,717 | ||||||
Settlements during the period | (2,112 | ) | (1,219 | ) | ||||
Balance at end of period | $ | 3,934 | $ | 3,207 | ||||
Warrants_and_Derivative_Liabil1
Warrants and Derivative Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Fair Value Assumptions Used to Calculate Value of Convertible Note Derivative Feature | Following is a summary of the key assumptions used to value the convertible notes derivative features: | |||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||
Principal outstanding (000's) | $ — | $ | 10,411 | $ | 10,411 | $ | 14,389 | |||||||||||||||||||||
Stock price | N/A | $ | 16.4 | $ | 23.4 | $ | 26.4 | |||||||||||||||||||||
Percentage volume condition met | — % | 87.2 | % | 80.2 | % | 87.5 | % | |||||||||||||||||||||
Expected volatility | — % | 68.63 | % | 66.26 | % | 65.8 | % | |||||||||||||||||||||
Risk free rate | — % | 0.12 | % | 0.1 | % | 0.21 | % | |||||||||||||||||||||
Bond yield | — % | 16.5 | % | 15.5 | % | 16.7 | % | |||||||||||||||||||||
Recovery rate | — % | 35 | % | 35 | % | 37 | % | |||||||||||||||||||||
Redeemable | N/A | yes | yes | yes | ||||||||||||||||||||||||
Total time (years) | — | 0.75 | 1 | 1.26 | ||||||||||||||||||||||||
Dilution effect | N/A | yes | yes | yes | ||||||||||||||||||||||||
Fair value | $ — | $ — | $ 0.2 million | $ 0.5 million | ||||||||||||||||||||||||
Fair value as a percent of par | — % | 0.02 | % | 0.7 | % | 3.3 | % | |||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | December 20, | December 20, | September 30, | June 30, | April 4, | ||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||
Principal outstanding (000's) | $ | 15,380 | $ | 20,944 | $ | 20,944 | $ | 24,074 | $ | 24,074 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Stock price | $ | 26.7 | $ | 26.2 | $ | 29.5 | $ | 29.5 | $ | 41.5 | $ | 46.8 | $ | 39.7 | ||||||||||||||
Percentage volume condition met | 80.5 | % | 94.5 | % | 94.9 | % | 28.6 | % | 51 | % | 75.2 | % | 85.9 | % | ||||||||||||||
Expected volatility | 66.91 | % | 73.5 | % | 72.5 | % | 72.5 | % | 70 | % | 71 | % | 75 | % | ||||||||||||||
Risk free rate | 0.2 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.23 | % | 0.33 | % | 0.44 | % | ||||||||||||||
Bond yield | 16.5 | % | 16.5 | % | 16.5 | % | 16.5 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||
Recovery rate | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | ||||||||||||||
Redeemable | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Total time (years) | 1.51 | 1.76 | 1.79 | 1.79 | 2.01 | 2.28 | 2.5 | |||||||||||||||||||||
Dilution effect | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Fair value | $ 0.5 million | $ 1.0 million | $ 1.5 million | $ 0.9 million | $ 2.8 million | $ 4.5 million | $ 3.8 million | |||||||||||||||||||||
Fair value as a percent of par | 3.4 | % | 4.9 | % | 7.1 | % | 3.9 | % | 11.4 | % | 17.9 | % | 15.1 | % | ||||||||||||||
Senior Secured Term Loan Second Warrant | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | Following is a summary of the key assumptions used to calculate the fair value of the Second Warrant: | |||||||||||||||||||||||||||
Pre-Exchange | ||||||||||||||||||||||||||||
December 31, | December 19, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | — | % | 1.65 | % | 1.65 | % | 1.57 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | — | % | 71.82 | % | 78.1 | % | 80 | % | ||||||||||||||||||||
Term (years) | — | 4.41 | 4.62 | 4.87 | ||||||||||||||||||||||||
Fair value | — | $0.1 million | $ 0.2 million | $ 0.3 million | ||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 15, | ||||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
Risk-free interest rate | 1.76 | % | 1.89 | % | 1.55 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 79.73 | % | 80.37 | % | 76.97 | % | ||||||||||||||||||||||
Term (years) | 5.12 | 5.37 | 5.49 | |||||||||||||||||||||||||
Fair value | $ 0.3 million | $ 0.3 million | $ 0.3 million | |||||||||||||||||||||||||
Senior Secured Term Loan New Warrant | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | Following is a summary of the key assumptions used to calculate the fair value of the Warrant: | |||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | December 19, | ||||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Risk-free interest rate | 1.41 | % | 1.73 | % | 1.74 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 74.6 | % | 77.43 | % | 70.26 | % | ||||||||||||||||||||||
Term (years) | 5.25 | 5.5 | 5.53 | |||||||||||||||||||||||||
Fair value | $0.2 million | $0.2 million | $0.2 million | |||||||||||||||||||||||||
November 2014 Warrant | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | Following is a summary of the key assumptions used to calculate the fair value of the November 2014 Warrant: | |||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 13, | ||||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Risk-free interest rate | 1.28 | % | 1.61 | % | 1.64 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 75.96 | % | 78 | % | 72.86 | % | ||||||||||||||||||||||
Term (years) | 4.62 | 4.87 | 5 | |||||||||||||||||||||||||
Fair value | $2.5 million | $3.2 million | $4.3 million | |||||||||||||||||||||||||
Loan and Security Agreement | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | Following is a summary of the key assumptions used to calculate the fair value of the First Warrant: | |||||||||||||||||||||||||||
Pre-Exchange | ||||||||||||||||||||||||||||
December 31, | December 19, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | — | % | 1.1 | % | 1.13 | % | 1.04 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | — | % | 67.01 | % | 78.3 | % | 82.75 | % | ||||||||||||||||||||
Term (years) | — | 2.96 | 3.18 | 3.43 | ||||||||||||||||||||||||
Fair value | — | $ 0.1 million | $ 0.1 million | $ 0.1 million | ||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | November 15, | November 15, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.24 | % | 1 | % | 1 | % | 1.09 | % | 1.2 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.73 | % | 74.79 | % | 72.64 | % | 72.64 | % | 72.1 | % | 72.3 | % | ||||||||||||||||
Term (years) | 3.68 | 3.93 | 4.05 | 4.05 | 4.18 | 4.43 | ||||||||||||||||||||||
Fair value | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.2 million | $ 0.2 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | June 5, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.75 | % | 0.64 | % | 0.8 | % | 0.77 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 72.01 | % | 80.14 | % | 81.18 | % | 80.32 | % | 79.99 | % | ||||||||||||||||||
Term (years) | 4.68 | 4.93 | 5.18 | 5.44 | 5.5 | |||||||||||||||||||||||
Fair value | $ 0.2 million | $ 0.2 million | $ 0.4 million | $ 0.5 million | $ 0.4 million | |||||||||||||||||||||||
Securities Purchase Agreement | ||||||||||||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | Following is a summary of the key assumptions used to calculate the fair value of the warrant: | |||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 14 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 1 | % | 1.07 | % | 0.98 | % | ||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Expected volatility | 70.42 | % | 72.38 | % | 76.2 | % | 83.5 | % | ||||||||||||||||||||
Term (years) | 2.51 | 2.76 | 3.01 | 3.26 | ||||||||||||||||||||||||
Fair value | $0.3 million | $0.5 million | $1.5 million | $2.3 million | ||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | October 9, | October 9, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.17 | % | 1.05 | % | 1.05 | % | 1.02 | % | 1.13 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.99 | % | 75.6 | % | 71.45 | % | 71.45 | % | 71.98 | % | 71.9 | % | ||||||||||||||||
Term (years) | 3.51 | 3.76 | 3.99 | 3.99 | 4.01 | 4.27 | ||||||||||||||||||||||
Fair value | $ 2.2 million | $ 2.2 million | $ 3.2 million | $ 2.2 million | $ 2.5 million | $ 3.0 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | April 4, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.75 | % | 0.63 | % | 0.77 | % | 1.19 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 71.74 | % | 80.6 | % | 80.9 | % | 80.8 | % | 80 | % | ||||||||||||||||||
Term (years) | 4.51 | 4.76 | 5.01 | 5.28 | 5.5 | |||||||||||||||||||||||
Fair value | $ 3.4 million | $ 4.4 million | $ 7.1 million | $ 8.6 million | $ 7.0 million | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes for the years ended March 31, 2015, 2014, and 2013 are provided in the table as follows (in thousands): | ||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income (loss) before income tax expense: | |||||||||||||
U.S. | $ | (40,277 | ) | $ | (91,558 | ) | $ | (66,975 | ) | ||||
Foreign | (8,563 | ) | 36,152 | 580 | |||||||||
Total | $ | (48,840 | ) | $ | (55,406 | ) | $ | (66,395 | ) | ||||
Schedule of Components of Income Tax Expense (Benefit) Attributable to Continuing Operations | The components of income tax expense (benefit) attributable to continuing operations consist of the following (in thousands): | ||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current | |||||||||||||
Federal | $ | 47 | $ | 287 | $ | 94 | |||||||
State | - | - | - | ||||||||||
Foreign | (274 | ) | 614 | (438 | ) | ||||||||
Total current | (227 | ) | 901 | (344 | ) | ||||||||
Deferred | |||||||||||||
Federal | 43 | (49 | ) | 93 | |||||||||
State | - | - | - | ||||||||||
Foreign | - | - | (13 | ) | |||||||||
Total deferred | 43 | (49 | ) | 80 | |||||||||
Income tax (benefit) expense | $ | (184 | ) | $ | 852 | $ | (264 | ) | |||||
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | The reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate is shown below. | ||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal income tax rate | (34 | ) | % | (34 | ) | % | (34 | ) | % | ||||
State income taxes, net of federal benefit | 2 | - | (3 | ) | |||||||||
Deemed dividend | 1 | 1 | 2 | ||||||||||
Foreign income tax rate differential | 6 | (6 | ) | (2 | ) | ||||||||
Stock options | 1 | 2 | (2 | ) | |||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
Research and development tax credit | - | - | (1 | ) | |||||||||
Deferred Warrants | (3 | ) | (1 | ) | |||||||||
Interest expense | - | 5 | 7 | ||||||||||
Extinguishment of debt | - | 3 | - | ||||||||||
Reversal of uncertain tax benefits | (6 | ) | - | - | |||||||||
Valuation allowance | 32 | 30 | 32 | ||||||||||
Effective income tax rate | - | % | 1 | % | - | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the principal components of the Company’s deferred tax assets and liabilities (in thousands): | ||||||||||||
For the years ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 272,498 | $ | 260,254 | |||||||||
Research and development and other tax credit carryforwards | 10,655 | 10,613 | |||||||||||
Accruals and reserves | 37,153 | 36,214 | |||||||||||
Fixed assets and intangible assets | 2,432 | 2,855 | |||||||||||
Other | 18,514 | 19,594 | |||||||||||
Gross deferred tax assets | 341,252 | 329,530 | |||||||||||
Valuation allowance | (294,860 | ) | (282,824 | ) | |||||||||
Total deferred tax assets | 46,392 | 46,706 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intercompany debt | (36,298 | ) | (36,102 | ) | |||||||||
Other | (10,174 | ) | (10,641 | ) | |||||||||
Total deferred tax liabilities | (46,472 | ) | (46,743 | ) | |||||||||
Net deferred tax liabilities | $ | (80 | ) | $ | (37 | ) | |||||||
Schedule of Uncertainties in Income Tax Provision Liability | A tabular roll-forward of the Company’s uncertainties in income tax provision liability is presented below (in thousands): | ||||||||||||
Balance at March 31, 2013 | $ | 1,061 | |||||||||||
Increase for tax positions | - | ||||||||||||
Balance at March 31, 2014 | $ | 1,061 | |||||||||||
Reversal of uncertain tax positions | -1,061 | ||||||||||||
Balance at March 31, 2015 | $ | - | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||||
Components of Employee Stock-Based Compensation | The components of employee stock-based compensation for the years ended March 31, 2015, 2014 and 2013 were as follows (in thousands): | |||||||||||||||
For the Years Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 1,851 | $ | 2,730 | $ | 3,389 | ||||||||||
Restricted stock and stock awards | 4,063 | 7,936 | 4,698 | |||||||||||||
Employee stock purchase plan | 22 | 30 | 51 | |||||||||||||
Total stock-based compensation expense | $ | 5,936 | $ | 10,696 | $ | 8,138 | ||||||||||
Summary of Stock-Based Compensation Expense | The following table summarizes employee stock-based compensation expense by financial statement line item for the years ended March 31, 2015, 2014 and 2013 (in thousands): | |||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 719 | $ | 1,002 | $ | 726 | ||||||||||
Research and development | 1,728 | 2,751 | 2,456 | |||||||||||||
Selling, general and administrative | 3,489 | 6,943 | 4,956 | |||||||||||||
Total | $ | 5,936 | $ | 10,696 | $ | 8,138 | ||||||||||
Summary of Employee and Non-Employee Stock Options Activity | The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: | |||||||||||||||
Weighted- | ||||||||||||||||
Weighted- | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Options/ | Exercise | Contractual | Intrinsic Value | |||||||||||||
Shares | Price | Term | (thousands) | |||||||||||||
Outstanding at March 31, 2014 | 294,184 | $ | 109.31 | |||||||||||||
Granted | 100,000 | 14.3 | ||||||||||||||
Exercised | - | - | ||||||||||||||
Cancelled/forfeited | (13,244 | ) | 103.51 | |||||||||||||
Outstanding at March 31, 2015 | 380,940 | $ | 84.57 | 6.6 | $ | - | ||||||||||
Exercisable at March 31, 2015 | 210,869 | $ | 135.95 | 5 | $ | - | ||||||||||
Fully vested and expected to vest at March 31, 2015 | 363,021 | $ | 87.94 | 6.5 | $ | - | ||||||||||
Schedule of Weighted Average Assumptions used in Black-Scholes Valuation Model for Stock Options Granted | The weighted average assumptions used in the Black-Scholes valuation model for stock options granted during the years ended March 31, 2015, 2014, and 2013 are as follows: | |||||||||||||||
For the Years Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Expected volatility | 85.5 | % | 75.1 | % | 72 | % | ||||||||||
Risk-free interest rate | 1.9 | % | 1.7 | % | 0.9 | % | ||||||||||
Expected life (years) | 5.8 | 5.9 | 5.9 | |||||||||||||
Dividend yield | None | None | None | |||||||||||||
Summary of the Employee and Non-Employee Restricted Stock Activity | The following table summarizes the employee and non-employee restricted stock activity for the year ended March 31, 2015: | |||||||||||||||
Weighted | Intrinsic | |||||||||||||||
Average | Aggregate | |||||||||||||||
Grant Date | Value | |||||||||||||||
Shares | Fair Value | (thousands) | ||||||||||||||
Outstanding at March 31, 2014 | 241,536 | $ | 33.43 | |||||||||||||
Granted | 332,782 | 16.68 | ||||||||||||||
Vested | (210,942 | ) | 29.09 | |||||||||||||
Forfeited | (22,788 | ) | 18.91 | |||||||||||||
Outstanding at March 31, 2015 | 340,588 | $ | 20.82 | $ | 2,193 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Minimum Future Lease Commitments | Minimum future lease commitments at March 31, 2015 were as follows (in thousands): | |||||||||||
For the years ended March 31, | Total | |||||||||||
2016 | $ | 1,211 | ||||||||||
2017 | 652 | |||||||||||
2018 | 367 | |||||||||||
2019 | 224 | |||||||||||
2020 | 160 | |||||||||||
Thereafter | 154 | |||||||||||
Total | $ | 2,768 | ||||||||||
Schedule of Rent Expense Under Operating Leases | Rent expense under the operating leases mentioned above was as follows (in thousands): | |||||||||||
For the years ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Rent expense | $ | 2,091 | $ | 2,152 | $ | 2,437 | ||||||
Minority_Investments_Tables
Minority Investments (Tables) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Equity Method Investments And Joint Ventures [Abstract] | ||||
Schedule of Net Investment in Tres Amigas LLC | The net investment activity for the year ended March 31, 2015 is as follows (in thousands): | |||
Balance at April 1, 2014 | $ | 1,845 | ||
Minority interest in net losses | (743 | ) | ||
Balance at March 31, 2015 | $ | 1,102 | ||
Schedule of Net Investment in Blade Dynamics Ltd | The net investment activity for the year ended March 31, 2015 is as follows (in thousands): | |||
Balance at April 1, 2014 | $ | 3,690 | ||
Net foreign exchange rate impact | (226 | ) | ||
Impairment | (3,464 | ) | ||
Balance at March 31, 2015 | $ | - | ||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||
Schedule of Restructuring Charges and Cash Payments | The following table presents restructuring charges and cash payments (in thousands): | |||||||||||
Severance pay | Facility exit and | |||||||||||
and benefits | Relocation costs | Total | ||||||||||
Accrued restructuring balance at April 1, 2013 | $ | 145 | $ | 54 | $ | 199 | ||||||
Charges to operations | 1,710 | 23 | 1,733 | |||||||||
Cash payments | (836 | ) | (37 | ) | (873 | ) | ||||||
Non-cash/miscellaneous reductions | (175 | ) | (39 | ) | (215 | ) | ||||||
Accrued restructuring balance at March 31, 2014 | $ | 844 | $ | - | $ | 844 | ||||||
Charges to operations | 618 | 1,284 | 1,902 | |||||||||
Cash payments | (1,282 | ) | (1,284 | ) | (2,566 | ) | ||||||
Accrued restructuring balance at March 31, 2015 | $ | 180 | $ | - | $ | 180 | ||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Operating Results for Two Business Segments | The operating results for the two business segments are as follows (in thousands): | |||||||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues: | ||||||||||||
Wind | $ | 51,307 | $ | 55,608 | $ | 44,231 | ||||||
Grid | 19,223 | 28,509 | 43,188 | |||||||||
Total | $ | 70,530 | $ | 84,117 | $ | 87,419 | ||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Operating loss: | ||||||||||||
Wind | $ | (14,321 | ) | $ | (5,213 | ) | $ | (16,098 | ) | |||
Grid | (26,890 | ) | (22,523 | ) | (23,815 | ) | ||||||
Unallocated corporate expenses | (11,306 | ) | (13,693 | ) | (17,828 | ) | ||||||
Total | $ | (52,517 | ) | $ | (41,429 | ) | $ | (57,741 | ) | |||
Total Business Segments Assets | Total business segments assets are as follows (in thousands): | |||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Wind | $ | 41,947 | $ | 36,701 | ||||||||
Grid | 42,482 | 54,342 | ||||||||||
Corporate assets | 49,396 | 77,466 | ||||||||||
Total | $ | 133,825 | $ | 168,509 | ||||||||
Geographic Information about Revenue, Based on Shipments to Customers by Region | Geographic information about revenue, based on shipments to customers by region, is as follows (in thousands): | |||||||||||
For the Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
U.S. | $ | 9,820 | $ | 11,013 | $ | 13,197 | ||||||
Canada | 2,690 | 3,312 | 1,663 | |||||||||
Europe | 2,905 | 7,453 | 14,709 | |||||||||
China | 10,410 | 24,748 | 17,906 | |||||||||
Korea | 3,506 | 6,429 | 10,945 | |||||||||
India | 39,314 | 26,384 | 17,062 | |||||||||
Australia | 1,885 | 4,779 | 11,937 | |||||||||
Total | $ | 70,530 | $ | 84,117 | $ | 87,419 | ||||||
Geographic Information about Property, Plant and Equipment Associated with Particular Regions | Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
North America | $ | 54,673 | $ | 62,426 | ||||||||
Europe | 854 | 1,232 | ||||||||||
Asia Pacific | 570 | 916 | ||||||||||
Total | $ | 56,097 | $ | 64,574 | ||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Schedule Of Quarterly Financial Data | ||||||||||||||||
(In thousands, except per share amount) | For the year ended March 31, 2015: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2014 | 2014 | 2014 | 2015 | |||||||||||||
Total revenue | $ | 11,696 | $ | 12,455 | $ | 21,250 | $ | 25,129 | ||||||||
Operating loss | (12,667 | ) | (26,400 | ) | (7,735 | ) | (5,715 | ) | ||||||||
Net loss | (13,517 | ) | (25,423 | ) | (6,353 | ) | (3,363 | ) | ||||||||
Net loss per common share—basic | (1.74 | ) | (3.12 | ) | (0.72 | ) | (0.36 | ) | ||||||||
Net loss per common share—diluted | (1.74 | ) | (3.12 | ) | (0.72 | ) | (0.36 | ) | ||||||||
For the year ended March 31, 2014: | ||||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2013 | 2013 | 2013 | 2014 | |||||||||||||
Total revenue | $ | 23,086 | $ | 24,181 | $ | 20,563 | $ | 16,287 | ||||||||
Operating loss | (8,850 | ) | (11,028 | ) | (6,675 | ) | (14,876 | ) | ||||||||
Net loss | (10,513 | ) | (14,623 | ) | (8,417 | ) | (22,705 | ) | ||||||||
Net loss per common share—basic | (1.80 | ) | (2.39 | ) | (1.35 | ) | (3.30 | ) | ||||||||
Net loss per common share—diluted | (1.80 | ) | (2.39 | ) | (1.35 | ) | (3.30 | ) | ||||||||
Nature_of_the_Business_and_Ope1
Nature of the Business and Operations and Liquidity - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Mar. 24, 2015 | Nov. 13, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 29, 2015 | Feb. 04, 2015 | Feb. 04, 2015 | Aug. 29, 2014 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | ||
Employee | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | ||||||
Description Of Business [Line Items] | |||||||||||
Reverse stock split | 0.1 | 0.1 | |||||||||
Accumulated deficit | ($905,045,000) | ($856,389,000) | |||||||||
Cash and cash equivalents | 20,490,000 | 43,114,000 | 39,243,000 | 46,279,000 | |||||||
Net cash used in operating activities | 32,676,000 | 13,267,000 | 45,271,000 | ||||||||
Liability for damages | 8,300,000 | ||||||||||
Interest rate accrued on liability for damage | 5.33% | ||||||||||
Settlement amount | -8,987,000 | 7,450,000 | 7,450,000 | ||||||||
Cash payments for legal settlements | 8,400,000 | ||||||||||
Number of workforce persons | 318 | ||||||||||
Cash flows from financing activities | 52,800,000 | 52,800,000 | 52,800,000 | ||||||||
Proceeds from additional equity offering | $9,100,000 | $22,300,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Inventory reserve | $1.40 | $0.30 | |
Benefit to cost of revenues | 8 | 4.3 | 2.1 |
Impairment charge | 0 | 5 | |
Payments received from customers | 0 | 3.7 | 3.4 |
Percentage of tax benefit likely to be realized upon ultimate settlement | 50.00% | ||
Repatriated amount | 1.2 | ||
Common equivalent shares not included in the calculation of diluted EPS | 1,567,352 | 643,158 | 1,072,584 |
Net foreign currency transaction and hedging gains (losses) | 2.8 | 0.1 | 1 |
Loss contingency accrual | 1.8 | ||
Ghodawat Energy Pvt Ltd | |||
Reversed legal expenses | 2.2 | ||
Foreign Earnings Repatriated | |||
Federal and state deferred tax liability | 0.4 | ||
Blade Dynamics Ltd | |||
Impairment charge | $3.50 | $1.30 | |
Maximum | |||
Warranty period | 3 years | ||
Minimum | |||
Warranty period | 1 year | ||
Credit Concentration Risk | Accounts Receivable | Inox Wind Limited | |||
Risk percentage | 56.00% | 20.00% | |
Credit Concentration Risk | Accounts Receivable | Inox Wind Limited | Maximum | |||
Risk percentage | 56.00% | ||
Credit Concentration Risk | Accounts Receivable | Inox Wind Limited | Minimum | |||
Risk percentage | 10.00% | ||
Credit Concentration Risk | Accounts Receivable | CG Power Solutions UK Ltd | |||
Risk percentage | 14.00% | ||
Credit Concentration Risk | Accounts Receivable | JINGCHENG New Energy | |||
Risk percentage | 13.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Buildings | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 40 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years, description | Shorter of the estimated useful life or the remaining lease term |
Minimum | Process Upgrades to the Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 10 years |
Minimum | Machinery and Equipment | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 3 years |
Minimum | Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 3 years |
Maximum | Process Upgrades to the Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 40 years |
Maximum | Machinery and Equipment | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 10 years |
Maximum | Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful life in years | 5 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators of EPS Calculation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | |||||||||||
Net loss | ($3,363) | ($6,353) | ($25,423) | ($13,517) | ($22,705) | ($8,417) | ($14,623) | ($10,513) | ($48,656) | ($56,258) | ($66,131) |
Weighted-average shares of common stock outstanding | 8,559 | 6,411 | 5,354 | ||||||||
Weighted-average shares subject to repurchase | -82 | -149 | -47 | ||||||||
Shares used in per-share calculation basic | 8,477 | 6,262 | 5,307 | ||||||||
Shares used in per-share calculation diluted | 8,477 | 6,262 | 5,307 | ||||||||
Basic | ($0.36) | ($0.72) | ($3.12) | ($1.74) | ($3.30) | ($1.35) | ($2.39) | ($1.80) | ($5.74) | ($8.98) | ($12.46) |
Diluted | ($0.36) | ($0.72) | ($3.12) | ($1.74) | ($3.30) | ($1.35) | ($2.39) | ($1.80) | ($5.74) | ($8.98) | ($12.46) |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $12,519 | $17,675 |
Warrants | 2,999 | 2,601 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 12,519 | 17,675 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants | $2,999 | $2,601 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Ending balance | $2,999 | $2,601 |
Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning balance | 2,601 | 3,633 |
Warrant issuance with equity offering | 4,255 | |
Warrant issuance with senior secured term loan | 106 | 315 |
Mark to market adjustment | -3,963 | -1,347 |
Ending balance | 2,999 | 2,601 |
Derivative Liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning balance | 529 | |
Mark to market adjustment | -525 | |
Extinguishment of derivative liability | ($4) |
Fair_Value_Measurements_Schedu2
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Assets | $3,690 |
Significant Unobservable Inputs (Level 3) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Assets | $3,690 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Blade Dynamics Ltd, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Blade Dynamics Ltd | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment charge on investment | $3,464 | $1,300 |
Accounts_Receivable_Schedule_o
Accounts Receivable - Schedule of Accounts Receivable (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Accounts receivable (billed) | $8,946 | $6,113 |
Accounts receivable (unbilled) | 987 | 1,459 |
Less: Allowance for doubtful accounts | -54 | -16 |
Accounts receivable, net | $9,879 | $7,556 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (Credit Concentration Risk, Accounts Receivable) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Inox Wind Limited | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Risk percentage | 56.00% | 20.00% |
CG Power Solutions UK Ltd | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Risk percentage | 14.00% | |
JINGCHENG New Energy | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Risk percentage | 13.00% |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $9,411 | $3,304 |
Work-in-process | 2,117 | 4,047 |
Finished goods | 7,487 | 10,275 |
Deferred program costs | 1,581 | 3,068 |
Net inventory | $20,596 | $20,694 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | |||
Inventory write-down | $1,386 | $316 | $2,230 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $125,465 | $128,526 |
Less accumulated depreciation | -69,368 | -63,952 |
Property, plant and equipment, net | 56,097 | 64,574 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,643 | 3,643 |
Construction In Progress-Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 130 | 117 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 34,549 | 34,341 |
Equipment And Software | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,855 | 83,861 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,156 | 1,353 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $4,132 | $5,211 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $9 | $9.90 | $12.10 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $9,280 | $10,209 |
Intangible assets, Accumulated Amortization | -7,858 | -8,214 |
Intangible assets, Net Book Value | 1,422 | 1,995 |
Licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 4,422 | 4,473 |
Intangible assets, Accumulated Amortization | -3,328 | -2,962 |
Intangible assets, Net Book Value | 1,094 | 1,511 |
Intangible assets, Estimated Useful Life | 7 years | |
Core Technology And Know How | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 4,858 | 5,736 |
Intangible assets, Accumulated Amortization | -4,530 | -5,252 |
Intangible assets, Net Book Value | $328 | $484 |
Core Technology And Know How | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life | 5 years | |
Core Technology And Know How | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life | 10 years |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible amortization expense | $0.60 | $0.80 | $0.90 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Expected Future Amortization Expense (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2016 | $568 | |
2017 | 553 | |
2018 | 301 | |
Intangible assets, Net Book Value | $1,422 | $1,995 |
Intangible_Assets_Schedule_of_2
Intangible Assets - Schedule of Geographic Composition of Goodwill and Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible assets | $1,422 | $1,995 |
U.S | ||
Intangible assets | $1,422 | $1,995 |
Intangible_Assets_Schedule_of_3
Intangible Assets - Schedule of Business Segment Composition of Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangibles, net | $1,422 | $1,995 |
Grid | ||
Intangibles, net | $1,422 | $1,995 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Payables And Accruals [Abstract] | |||
Accounts payable | $7,062 | $1,749 | |
Accrued inventories in-transit | 1,127 | 212 | |
Accrued miscellaneous expenses | 2,695 | 5,935 | |
Accrued outside services | 582 | 3,716 | |
Accrued subcontractor program costs | 290 | ||
Accrued compensation | 5,937 | 6,080 | |
Income taxes payable | 278 | 173 | |
Accrued adverse purchase commitments | 402 | ||
Accrued warranty | 3,934 | 3,207 | 2,709 |
Total | $21,615 | $21,764 |
Accounts_Payable_and_Accrued_E3
Accounts Payable and Accrued Expenses - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Minimum | |
Product Warranty Accrual [Line Items] | |
Warranty period | 1 year |
Maximum | |
Product Warranty Accrual [Line Items] | |
Warranty period | 3 years |
Accounts_Payable_and_Accrued_E4
Accounts Payable and Accrued Expenses - Schedule of Product Warranty Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Payables And Accruals [Abstract] | ||
Balance at beginning of period | $3,207 | $2,709 |
Change in accruals for warranties during the period | 2,839 | 1,717 |
Settlements during the period | -2,112 | -1,219 |
Balance at end of period | $3,934 | $3,207 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 02, 2014 | Mar. 31, 2014 | Oct. 09, 2013 | Apr. 04, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 13, 2014 | Nov. 15, 2013 | Jun. 05, 2012 | Dec. 19, 2014 | Dec. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | |
Debt Instrument [Line Items] | |||||||||||||||||||
Derivative Liability | $500,000 | $3,800,000 | $200,000 | $500,000 | $1,000,000 | $2,800,000 | $4,500,000 | ||||||||||||
Warrants | 2,999,000 | 2,601,000 | 2,601,000 | ||||||||||||||||
Total debt discount being amortized into interest expense | 1,700,000 | 9,700,000 | 14,900,000 | ||||||||||||||||
Non-cash interest expense amortization of debt discount | 500,000 | 7,700,000 | 12,400,000 | ||||||||||||||||
Percentage of stock discount | 85.00% | ||||||||||||||||||
Number of trading days for valuation of shares | 10 days | ||||||||||||||||||
Non-cash interest expense issuing stock at discount | 2,900,000 | 3,600,000 | |||||||||||||||||
Loss on extinguishment of debt | -5,197,000 | ||||||||||||||||||
Interest expense | 1,700,000 | 9,700,000 | 14,900,000 | ||||||||||||||||
Non-cash interest expense | 566,000 | 7,713,000 | 12,426,000 | ||||||||||||||||
Debt Instrument, Maturity Date, Description | As part of the Hercules Second Amendment, this Minimum Threshold was amended to be the lower of $5.0 million or the aggregate outstanding principal balance of the Term Loans. As of March 31, 2015, the Minimum Threshold was $5.0 million. As a result of the Companybs equity offering on April 29, 2015, the Minimum Threshold will be reduced to the lesser of $2.0 million or the aggregate outstanding principal balance of the Term Loans (See Note 19, bSubsequent Eventsb). | ||||||||||||||||||
Capital Ventures International | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt conversion, shares issued | 663,000 | ||||||||||||||||||
Loss on extinguishment of debt | -5,200,000 | ||||||||||||||||||
Senior Convertible Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Non-cash interest expense amortization of debt discount | 4,100,000 | 8,200,000 | |||||||||||||||||
Senior Convertible Debt | Capital Ventures International | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net proceeds after fees and expenses of purchase agreement | 23,200,000 | ||||||||||||||||||
Conversion price | $48.50 | ||||||||||||||||||
Premium over closing price, percentage | 20.00% | ||||||||||||||||||
Period before first installment payment | 4 months | ||||||||||||||||||
Shares registered for resale | 1,026,231 | ||||||||||||||||||
Derivative Liability | 3,800,000 | ||||||||||||||||||
Number of shares received from warrants received to purchase common stock | 309,406 | ||||||||||||||||||
Strike price per share | $26.10 | $54.50 | |||||||||||||||||
Fair value of warrants at issuance | 7,000,000 | ||||||||||||||||||
New Unsecured Senior Convertible Note | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Conversion price | $48.50 | $31.90 | |||||||||||||||||
Debt conversion, shares issued | 663,000 | ||||||||||||||||||
New Unsecured Senior Convertible Note | Capital Ventures International | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Warrants | 500,000 | 500,000 | 500,000 | ||||||||||||||||
Increase in derivative liability | 1,500,000 | ||||||||||||||||||
Total debt discount being amortized into interest expense | 13,100,000 | ||||||||||||||||||
Interest expense | 13,100,000 | ||||||||||||||||||
Senior Secured Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of shares received from warrants received to purchase common stock | 25,641 | ||||||||||||||||||
Strike price per share | $17 | $19.50 | |||||||||||||||||
Senior Secured Loan | Hercules Technology Growth Capital | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of shares received from warrants received to purchase common stock | 25,641 | 13,927 | |||||||||||||||||
Strike price per share | $19.50 | $35.90 | |||||||||||||||||
Fair value of warrants at issuance | 400,000 | ||||||||||||||||||
Total debt discount being amortized into interest expense | 1,200,000 | 1,000,000 | |||||||||||||||||
Non-cash interest expense amortization of debt discount | 500,000 | ||||||||||||||||||
Legal and origination costs | 200,000 | 300,000 | |||||||||||||||||
Debt, face amount | 10,000,000 | 10,000,000 | |||||||||||||||||
Net proceeds from debt | 9,800,000 | 9,700,000 | |||||||||||||||||
Interest rate on loan | 11.00% | ||||||||||||||||||
End of term fee | 500,000 | 500,000 | |||||||||||||||||
Interest expense | 1,200,000 | 1,000,000 | |||||||||||||||||
Total debt discount being amortized into interest expense | 400,000 | 200,000 | |||||||||||||||||
Minimum amount of proceeds from specified asset dispositions for mandatory prepayment feature | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||
Outstanding principal balance | 6,700,000 | ||||||||||||||||||
Covenant, unrestricted cash balance requirement | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||
Repayments of term loan | 2,000,000 | ||||||||||||||||||
Senior Secured Loan | Hercules Technology Growth Capital | Second Amendment | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of shares received from warrants received to purchase common stock | 58,823 | ||||||||||||||||||
Strike price per share | $11.10 | ||||||||||||||||||
Total debt discount being amortized into interest expense | 300,000 | ||||||||||||||||||
Legal and origination costs | 100,000 | ||||||||||||||||||
Debt, face amount | 1,500,000 | ||||||||||||||||||
Net proceeds from debt | 1,400,000 | ||||||||||||||||||
End of term fee | 100,000 | ||||||||||||||||||
Interest expense | 300,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 1-Jun-17 | ||||||||||||||||||
Non-cash interest expense | 100,000 | ||||||||||||||||||
Senior Secured Loan | Hercules Technology Growth Capital | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Prime rate | 3.75% | ||||||||||||||||||
Senior Secured Loan | Hercules Technology Growth Capital | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Non-cash interest expense amortization of debt discount | $100,000 |
Warrants_and_Derivative_Liabil2
Warrants and Derivative Liabilities - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Mar. 24, 2015 | Nov. 13, 2014 | Nov. 15, 2013 | Jun. 05, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Oct. 09, 2013 | Apr. 04, 2012 | Mar. 02, 2014 | Dec. 31, 2012 | Dec. 19, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||||||||||||||
Warrants to purchase one share of common stock | 90.00% | |||||||||||||
Reverse stock split | 0.1 | 0.1 | ||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | $3,963 | $1,872 | $7,556 | |||||||||||
Convertible debt instrument redemption waiting period | 1 year | |||||||||||||
Convertible debt instrument contractual term | 30 months | |||||||||||||
Warrants expiration date | 15-May-19 | 5-Dec-17 | ||||||||||||
Common stock units offered | 909,090 | |||||||||||||
Number of warrants issued to purchase common stock | 818,181 | |||||||||||||
Shares issued, price per share | $11 | |||||||||||||
Convertible Bond | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | 500 | 3,800 | ||||||||||||
Senior Secured Term Loan First Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | 100 | 100 | 200 | |||||||||||
Hudson Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | 1,800 | |||||||||||||
Capital Ventures International | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant exercise, waiting period | 6 months | |||||||||||||
Warrant exercise period | 5 years | |||||||||||||
Common stock, shares issued | 909,090 | |||||||||||||
Required notification period | 61 days | |||||||||||||
Warrants to purchase one share of common stock | 90.00% | |||||||||||||
Reverse stock split | 0.1 | |||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | 1,900 | 1,200 | 3,600 | |||||||||||
Senior Convertible Debt | Capital Ventures International | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Number of shares received from warrants received to purchase common stock | 309,406 | |||||||||||||
Exercise price | 22.1 | $26.10 | $54.50 | |||||||||||
New Unsecured Senior Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Conversion price | $48.50 | 31.9 | ||||||||||||
Debt conversion, shares issued | 663,000 | |||||||||||||
New Unsecured Senior Convertible Note | Capital Ventures International | Minimum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Beneficial ownership limitation percentage | 4.99% | |||||||||||||
New Unsecured Senior Convertible Note | Capital Ventures International | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Beneficial ownership limitation percentage | 9.99% | |||||||||||||
Senior Secured Loan | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Number of shares received from warrants received to purchase common stock | 25,641 | |||||||||||||
Exercise price | $17 | 19.5 | ||||||||||||
Common stock, shares issued | 909,090 | |||||||||||||
Senior Secured Loan | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) in change of fair value of derivative instruments and warrants | $300 | $0 | ||||||||||||
Senior Secured Loan | Hercules Technology Growth Capital | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Number of shares received from warrants received to purchase common stock | 13,927 | 58,823 | ||||||||||||
Exercise price | 35.9 | $17 | $11 | $19.50 | ||||||||||
Common stock, shares issued | 909,090 |
Warrants_and_Derivative_Liabil3
Warrants and Derivative Liabilities - Schedule of Assumptions Used to Calculate the Fair Value of Warrants (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Apr. 04, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 20, 2012 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Oct. 09, 2013 | Dec. 19, 2014 | Jun. 05, 2012 | Nov. 15, 2013 | Nov. 13, 2014 |
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 0.44% | 0.12% | 0.10% | 0.21% | 0.20% | 0.23% | 0.23% | 0.33% | |||||||||||
Expected annual dividend yield | 15.00% | 16.50% | 15.50% | 16.70% | 16.50% | 16.50% | 15.00% | 16.00% | |||||||||||
Expected volatility | 75.00% | 68.63% | 66.26% | 65.80% | 66.91% | 73.50% | 70.00% | 71.00% | |||||||||||
Term (years) | 2 years 6 months | 9 months | 1 year | 1 year 3 months 4 days | 1 year 6 months 4 days | 1 year 9 months 4 days | 2 years 4 days | 2 years 3 months 11 days | |||||||||||
Post Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 0.25% | ||||||||||||||||||
Expected annual dividend yield | 16.50% | ||||||||||||||||||
Expected volatility | 72.50% | ||||||||||||||||||
Term (years) | 1 year 9 months 15 days | ||||||||||||||||||
Pre Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 0.25% | ||||||||||||||||||
Expected annual dividend yield | 16.50% | ||||||||||||||||||
Expected volatility | 72.50% | ||||||||||||||||||
Term (years) | 1 year 9 months 15 days | ||||||||||||||||||
Senior Convertible Note Warrant | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.19% | 1.17% | 1.02% | 1.13% | 0.67% | 0.75% | 0.63% | 0.77% | 0.73% | 1.00% | 1.07% | 0.98% | 1.11% | ||||||
Expected volatility | 80.00% | 75.60% | 71.98% | 71.90% | 71.74% | 80.60% | 80.90% | 80.80% | 70.42% | 72.38% | 76.20% | 83.50% | 80.99% | ||||||
Term (years) | 5 years 6 months | 3 years 9 months 4 days | 4 years 4 days | 4 years 3 months 7 days | 4 years 6 months 4 days | 4 years 9 months 4 days | 5 years 4 days | 5 years 3 months 11 days | 2 years 6 months 4 days | 2 years 9 months 4 days | 3 years 4 days | 3 years 3 months 4 days | 3 years 6 months 4 days | ||||||
Fair value | 7 | 2.2 | 2.5 | 3 | 3.4 | 4.4 | 7.1 | 8.6 | $0.30 | $0.50 | $1.50 | $2.30 | $2.20 | ||||||
Senior Convertible Note Warrant | Post Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.05% | ||||||||||||||||||
Expected volatility | 71.45% | ||||||||||||||||||
Term (years) | 3 years 11 months 27 days | ||||||||||||||||||
Fair value | 3.2 | ||||||||||||||||||
Senior Convertible Note Warrant | Pre Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.05% | ||||||||||||||||||
Expected volatility | 71.45% | ||||||||||||||||||
Term (years) | 3 years 11 months 27 days | ||||||||||||||||||
Fair value | 2.2 | ||||||||||||||||||
Senior Secured Term Loan First Warrant | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.24% | 1.09% | 1.20% | 0.70% | 0.75% | 0.64% | 0.80% | 1.13% | 1.04% | 1.18% | 1.10% | 0.77% | |||||||
Expected volatility | 74.79% | 72.10% | 72.30% | 72.01% | 80.14% | 81.18% | 80.32% | 78.30% | 82.75% | 80.73% | 67.01% | 79.99% | |||||||
Term (years) | 3 years 11 months 5 days | 4 years 2 months 5 days | 4 years 5 months 5 days | 4 years 8 months 5 days | 4 years 11 months 5 days | 5 years 2 months 5 days | 5 years 5 months 9 days | 0 years | 3 years 2 months 5 days | 3 years 5 months 5 days | 3 years 8 months 5 days | 2 years 11 months 16 days | 5 years 6 months | ||||||
Fair value | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | ||||||
Senior Secured Term Loan First Warrant | Post Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.00% | ||||||||||||||||||
Expected volatility | 72.64% | ||||||||||||||||||
Term (years) | 4 years 18 days | ||||||||||||||||||
Fair value | 0.1 | ||||||||||||||||||
Senior Secured Term Loan First Warrant | Pre Modification | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.00% | ||||||||||||||||||
Expected volatility | 72.64% | ||||||||||||||||||
Term (years) | 4 years 18 days | ||||||||||||||||||
Fair value | 0.1 | ||||||||||||||||||
Senior Secured Term Loan Second Warrant | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.89% | 1.65% | 1.57% | 1.76% | 1.65% | 1.55% | |||||||||||||
Expected volatility | 80.37% | 78.10% | 80.00% | 79.73% | 71.82% | 76.97% | |||||||||||||
Term (years) | 5 years 4 months 13 days | 0 years | 4 years 7 months 13 days | 4 years 10 months 13 days | 5 years 1 month 13 days | 4 years 4 months 28 days | 5 years 5 months 27 days | ||||||||||||
Fair value | 0.3 | 0 | 0.2 | 0.3 | 0.3 | 0.1 | 0.3 | ||||||||||||
Senior Secured Term Loan New Warrant | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.41% | 1.73% | 1.74% | ||||||||||||||||
Expected volatility | 74.60% | 77.43% | 70.26% | ||||||||||||||||
Term (years) | 5 years 3 months | 5 years 6 months | 5 years 6 months 11 days | ||||||||||||||||
Fair value | 0.2 | 0.2 | 0.2 | ||||||||||||||||
November 2014 Warrant | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Risk-free interest rate | 1.28% | 1.61% | 1.64% | ||||||||||||||||
Expected volatility | 75.96% | 78.00% | 72.86% | ||||||||||||||||
Term (years) | 4 years 7 months 13 days | 4 years 10 months 13 days | 5 years | ||||||||||||||||
Fair value | $2.50 | $3.20 | $4.30 |
Warrants_and_Derivative_Liabil4
Warrants and Derivative Liabilities - Schedule of Fair Value Assumptions Used to Calculate Value of Convertible Note Derivative Feature (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Apr. 04, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2015 | Dec. 20, 2012 | |
Combined principal balances of the term loans | $25,000,000 | $10,411,000 | $10,411,000 | $14,389,000 | $15,380,000 | $20,944,000 | $24,074,000 | $25,000,000 | ||
Stock price | $39.70 | $16.40 | $23.40 | $26.40 | $26.70 | $26.20 | $41.50 | $46.80 | ||
Percentage volume condition met | 85.90% | 87.20% | 80.20% | 87.50% | 80.50% | 94.50% | 51.00% | 75.20% | ||
Expected volatility | 75.00% | 68.63% | 66.26% | 65.80% | 66.91% | 73.50% | 70.00% | 71.00% | ||
Risk-free interest rate | 0.44% | 0.12% | 0.10% | 0.21% | 0.20% | 0.23% | 0.23% | 0.33% | ||
Expected annual dividend yield | 15.00% | 16.50% | 15.50% | 16.70% | 16.50% | 16.50% | 15.00% | 16.00% | ||
Recovery rate | 30.00% | 35.00% | 35.00% | 37.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||
Redeemable | yes | |||||||||
Term (years) | 2 years 6 months | 9 months | 1 year | 1 year 3 months 4 days | 1 year 6 months 4 days | 1 year 9 months 4 days | 2 years 4 days | 2 years 3 months 11 days | ||
Dilution effect | yes | |||||||||
Derivative Liability | 3,800,000 | 200,000 | 500,000 | 500,000 | 1,000,000 | 2,800,000 | 4,500,000 | |||
Fair value as a percent of par | 15.10% | 0.02% | 0.70% | 3.30% | 3.40% | 4.90% | 11.40% | 17.90% | ||
Post Modification | ||||||||||
Combined principal balances of the term loans | 20,944,000 | |||||||||
Stock price | $29.50 | |||||||||
Percentage volume condition met | 94.90% | |||||||||
Expected volatility | 72.50% | |||||||||
Risk-free interest rate | 0.25% | |||||||||
Expected annual dividend yield | 16.50% | |||||||||
Recovery rate | 30.00% | |||||||||
Redeemable | yes | |||||||||
Term (years) | 1 year 9 months 15 days | |||||||||
Dilution effect | yes | |||||||||
Derivative Liability | 1,500,000 | |||||||||
Fair value as a percent of par | 7.10% | |||||||||
Pre Modification | ||||||||||
Combined principal balances of the term loans | 24,074,000 | |||||||||
Stock price | $29.50 | |||||||||
Percentage volume condition met | 28.60% | |||||||||
Expected volatility | 72.50% | |||||||||
Risk-free interest rate | 0.25% | |||||||||
Expected annual dividend yield | 16.50% | |||||||||
Recovery rate | 30.00% | |||||||||
Redeemable | yes | |||||||||
Term (years) | 1 year 9 months 15 days | |||||||||
Dilution effect | yes | |||||||||
Derivative Liability | $900,000 | |||||||||
Fair value as a percent of par | 3.90% |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | |||
U.S. | ($40,277) | ($91,558) | ($66,975) |
Foreign | -8,563 | 36,152 | 580 |
Loss before income tax (benefit) expense | ($48,840) | ($55,406) | ($66,395) |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) Attributable to Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | |||
Current, Federal | $47 | $287 | $94 |
Current, Foreign | -274 | 614 | -438 |
Total current | -227 | 901 | -344 |
Deferred, Federal | 43 | -49 | 93 |
Deferred, Foreign | -13 | ||
Total deferred | 43 | -49 | 80 |
Income tax (benefit) expense | ($184) | $852 | ($264) |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory federal income tax rate | -34.00% | -34.00% | -34.00% |
State income taxes, net of federal benefit | 2.00% | -3.00% | |
Deemed dividend | 1.00% | 1.00% | 2.00% |
Foreign income tax rate differential | 6.00% | -6.00% | -2.00% |
Stock options | 1.00% | 2.00% | -2.00% |
Nondeductible expenses | 1.00% | 1.00% | 1.00% |
Research and development tax credit | -1.00% | ||
Deferred Warrants | -3.00% | -1.00% | |
Interest expense | 5.00% | 7.00% | |
Extinguishment of debt | 3.00% | ||
Reversal of uncertain tax benefits | -6.00% | ||
Valuation allowance | 32.00% | 30.00% | 32.00% |
Effective income tax rate | 1.00% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Net operating loss carryforwards | $272,498 | $260,254 |
Research and development and other tax credit carryforwards | 10,655 | 10,613 |
Accruals and reserves | 37,153 | 36,214 |
Fixed assets and intangible assets | 2,432 | 2,855 |
Other | 18,514 | 19,594 |
Gross deferred tax assets | 341,252 | 329,530 |
Valuation allowance | -294,860 | -282,824 |
Total deferred tax assets | 46,392 | 46,706 |
Intercompany debt | -36,298 | -36,102 |
Other | -10,174 | -10,641 |
Total deferred tax liabilities | -46,472 | -46,743 |
Net deferred tax liabilities | ($80) | ($37) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Deferred tax asset reflecting the benefit of deductions from the exercise of stock options | $13,200,000 | |
Excess tax deductions from stock option exercised | 52,400,000 | |
Stock options exercised dates | March 31, 2006 through 2015 | |
Repatriated amount | 1,200,000 | |
Minimum percentage of amount being realized upon ultimate settlement | 50.00% | |
Uncertain tax positions | 0 | |
Unrecognized tax benefits that, if recognized, would result in a reduction of the Company's effective tax rate | 0 | 1,100,000 |
Austria | ||
Net operating loss carryforwards | 51,500,000 | |
China | ||
Net operating loss carryforwards | 28,600,000 | |
ROMANIA | ||
Net operating loss carryforwards | 3,000,000 | |
Federal | ||
Net operating loss carryforwards | 760,400,000 | |
Research and development and other tax credit carryforwards | 8,200,000 | |
State | ||
Net operating loss carryforwards | 185,500,000 | |
Research and development and other tax credit carryforwards | 3,000,000 | |
Foreign Earnings Repatriated | ||
Federal and state deferred tax liability | 400,000 | |
Power Quality Systems, Inc. | ||
Net operating loss carryforwards | $3,700,000 | |
Maximum | ||
Operating loss carryforwards expiration years | 31-Mar-35 | |
Expiration of other tax credit carryforwards | 31-Mar-35 | |
Maximum | Austria | ||
Income tax examination years | 2015 | |
Maximum | China | ||
Income tax examination years | 2014 | |
Maximum | ROMANIA | ||
Income tax examination years | 2015 | |
Maximum | U.S | ||
Income tax examination years | 2015 | |
Minimum | ||
Operating loss carryforwards expiration years | 31-Mar-16 | |
Expiration of other tax credit carryforwards | 31-Mar-16 | |
Minimum | Austria | ||
Income tax examination years | 2012 | |
Minimum | China | ||
Income tax examination years | 2008 | |
Minimum | ROMANIA | ||
Income tax examination years | 2014 | |
Minimum | U.S | ||
Income tax examination years | 1995 |
Income_Taxes_Schedule_of_Uncer
Income Taxes - Schedule of Uncertainties in Income Tax Provision Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $1,061 | $1,061 |
Ending Balance | 1,061 | |
Reversal of uncertain tax positions | ($1,061) |
Stockholders_Equity_Components
Stockholders' Equity - Components of Employee Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $5,936 | $10,696 | $8,138 |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,851 | 2,730 | 3,389 |
Restricted Stock and Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 4,063 | 7,936 | 4,698 |
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $22 | $30 | $51 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Mar. 24, 2015 | Nov. 13, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 15, 2013 | |
Stockholders Equity [Line Items] | ||||||
Weighted-average grant-date fair value of stock option awards granted | $10.18 | $16.20 | $25.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $0 | $0 | $0 | |||
Shares, Granted | 332,782 | |||||
Number of shares cancelled | 22,788 | |||||
Stock-based compensation plans expired terms | 2-May-07 | |||||
Contractual life of options, in years | 10 years | |||||
Vesting period of shares granted by option upon election to board | 2 years | |||||
Compensation expense recognized | 100,000 | 100,000 | 100,000 | |||
Common stock | 96,000 | 79,000 | ||||
Proceeds From Issuance Of Common Stock | 9,100,000 | |||||
Common stock, shares issued | 9,624,275 | 7,892,990 | ||||
Shares issued, price per share | $11 | |||||
Reverse stock split, description | adjusted to reflect our 1-for-10 reverse stock split | |||||
Reverse stock split | 0.1 | 0.1 | ||||
Common stock units offered | 909,090 | |||||
Number of warrants issued to purchase common stock | 818,181 | |||||
Warrants to purchase one share of common stock | 90.00% | |||||
M L V And Co | At Market Sales Agreement | ||||||
Stockholders Equity [Line Items] | ||||||
Commission on sale of common stock under the ATM | 3.00% | |||||
M L V And Co | Atm Arrangement | ||||||
Stockholders Equity [Line Items] | ||||||
Proceeds From Issuance Of Common Stock | 5,800,000 | 7,500,000 | ||||
Common stock, shares issued | 375,000 | 487,000 | ||||
Shares issued, price per share | $16.05 | $16.24 | ||||
Maximum | M L V And Co | At Market Sales Agreement | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock | 30,000,000 | |||||
Stock Options | ||||||
Stockholders Equity [Line Items] | ||||||
Unrecognized compensation cost for unvested employee stock-based compensation awards outstanding, net of forfeitures | 1,200,000 | 2,000,000 | ||||
Weighted-average period over which unrecognized compensation expense is expected to be recognized (years) | 2 years 8 months 12 days | |||||
Stock Options | Minimum | ||||||
Stockholders Equity [Line Items] | ||||||
Vesting period, in years | 3 years | |||||
Stock Options | Maximum | ||||||
Stockholders Equity [Line Items] | ||||||
Vesting period, in years | 5 years | |||||
Restricted Stock and Stock Awards | ||||||
Stockholders Equity [Line Items] | ||||||
Unrecognized compensation cost for unvested employee stock-based compensation awards outstanding, net of forfeitures | 2,600,000 | 1,800,000 | ||||
Weighted-average period over which unrecognized compensation expense is expected to be recognized (years) | 1 year 2 months 12 days | |||||
Total fair value of restricted stock granted | 5,600,000 | 4,500,000 | 10,600,000 | |||
Total fair value of restricted stock granted for bonuses and severance | 500,000 | 1,600,000 | ||||
Total fair value of restricted stock vested | 3,100,000 | 3,700,000 | 3,400,000 | |||
Total fair value of restricted stock granted for bonuses and severance | 500,000 | 1,600,000 | ||||
Vesting period, in years | 3 years | |||||
U.S. Treasury Rates | Minimum | ||||||
Stockholders Equity [Line Items] | ||||||
Stock-based compensation plans expired terms | 5 years | |||||
U.S. Treasury Rates | Maximum | ||||||
Stockholders Equity [Line Items] | ||||||
Stock-based compensation plans expired terms | 7 years | |||||
Performance-Based Restricted Stock | ||||||
Stockholders Equity [Line Items] | ||||||
Shares, Granted | 38,021 | 40,201 | 142,212 | |||
Restricted Stock Units (RSUs) | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares cancelled | 10,000 | |||||
2007 Director Stock Option Plan | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares granted by option upon election to the board | 1,000 | |||||
Number of shares awarded annually | 300 | |||||
Grant date value of shares granted by option upon election to board | $40,000 | |||||
Number of shares authorized for issuance under the plan | 64,700 | |||||
2007 Stock Incentive Plan | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares authorized for issuance under the plan | 557,578 | |||||
Employee Stock Purchase Plan | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares authorized for issuance under the plan | 16,708 | |||||
Percentage of purchase discount | 15.00% | |||||
Common stock shares issued | 8,168 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $5,936 | $10,696 | $8,138 |
Cost of Revenues | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 719 | 1,002 | 726 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1,728 | 2,751 | 2,456 |
Selling, General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $3,489 | $6,943 | $4,956 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Employee and Non-Employee Stock Options Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options/Shares, Outstanding at March 31, 2014 | 294,184 | ||
Options/Shares, Granted | 100,000 | ||
Options/Shares, Cancelled/Forfeited | -13,244 | ||
Options/Shares, Outstanding at March 31, 2015 | 380,940 | ||
Options/Shares, Exercisable at March 31, 2015 | 210,869 | ||
Options/Shares, Fully vested and expected to vest at March 31, 2015 | 363,021 | ||
Weighted-Average Exercise Price, Outstanding at March 31, 2014 | $109.31 | ||
Weighted-Average Exercise Price, Granted | $14.30 | ||
Weighted-Average Exercise Price, Cancelled/Forfeited | $103.51 | ||
Weighted-Average Exercise Price, Outstanding at March 31, 2015 | $84.57 | ||
Weighted-Average Exercise Price, Exercisable at March 31, 2015 | $135.95 | ||
Weighted-Average Exercise Price, Fully vested and expected to vest at March 31, 2015 | $87.94 | ||
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2015 | 6 years 7 months 6 days | ||
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2015 | 5 years | ||
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest at March 31, 2015 | 6 years 6 months | ||
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $0 | $0 | $0 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Weighted Average Assumptions used in Black-Scholes Valuation Model for Stock Options Granted (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Expected volatility | 85.50% | 75.10% | 72.00% |
Risk-free interest rate | 1.90% | 1.70% | 0.90% |
Expected life (years) | 5 years 9 months 18 days | 5 years 10 months 24 days | 5 years 10 months 24 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of the Employee and Non-Employee Restricted Stock Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Outstanding at April 1, 2014 | 241,536 |
Shares, Granted | 332,782 |
Shares, Vested | -210,942 |
Shares, Forfeited | -22,788 |
Shares, Outstanding at March 31, 2015 | 340,588 |
Weighted Average Grant Date Fair Value, Outstanding at April 1, 2014 | $33.43 |
Weighted Average Grant Date Fair Value, Granted | $16.68 |
Weighted Average Grant Date Fair Value, Vested | $29.09 |
Weighted Average Grant Date Fair Value, Forfeited | $18.91 |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2015 | $20.82 |
Intrinsic Aggregate Value, Outstanding at March 31, 2015 | $2,193 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
Nov. 19, 2013 | Jul. 05, 2011 | 12-May-11 | Mar. 31, 2015 | Jun. 11, 2014 | Mar. 31, 2014 | Jun. 17, 2011 | Feb. 04, 2015 | Aug. 29, 2014 | Jan. 14, 2014 | 12-May-11 | 12-May-11 | Sep. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 27, 2012 | Feb. 27, 2012 | Dec. 22, 2011 | Dec. 22, 2011 | Oct. 17, 2011 | Oct. 17, 2011 | Oct. 08, 2011 | Oct. 08, 2011 | Sep. 13, 2011 | Sep. 13, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Sep. 16, 2011 | Sep. 16, 2011 | |
USD ($) | Claim | Employee | USD ($) | USD ($) | USD ($) | Bonds | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Dalian Guotong Electric Co. Ltd. | Dalian Guotong Electric Co. Ltd. | |
Claim | sqft | USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||
Claim | |||||||||||||||||||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||||||||||||||||||
Accrued adverse purchase commitments | $402,000 | ||||||||||||||||||||||||||||
Total space leased, square feet | 272,000 | ||||||||||||||||||||||||||||
Sought compensation amount | 10,000,000 | 24,000,000 | 18,000,000 | 17,000,000 | 105,000,000 | 190,000,000 | 1,200,000,000 | 157,000,000 | 1,000,000,000 | 58,000,000 | 370,000,000 | 76,000,000 | 485,000,000 | ||||||||||||||||
Counterclaims under License Agreement | 8,000,000 | 6,000,000 | |||||||||||||||||||||||||||
Liability for damages | 475,000 | 8,300,000 | |||||||||||||||||||||||||||
Interest rate accrued on liability for damage | 5.33% | ||||||||||||||||||||||||||||
Loss contingency | 10,200,000 | 500,000 | |||||||||||||||||||||||||||
Reimbursement of arbitration expenses | 2,300,000 | ||||||||||||||||||||||||||||
Reversed legal expenses | 2,200,000 | ||||||||||||||||||||||||||||
Settlement amount | -8,987,000 | 7,450,000 | 7,450,000 | ||||||||||||||||||||||||||
Expected excess on reversal accrued arbitration liability | 1,200,000 | ||||||||||||||||||||||||||||
Number of putative securities complaints | 7 | 4 | |||||||||||||||||||||||||||
Number of officers putative securities filed against | 2 | ||||||||||||||||||||||||||||
Number of complaints additionally asserted claims against the underwriters | 1 | ||||||||||||||||||||||||||||
Settlement amount expected to be funded by insurers | 8,200,000 | ||||||||||||||||||||||||||||
Settlement amount expected to be paid by issuance of common stock | 1,800,000 | ||||||||||||||||||||||||||||
Common stock, capital shares reserved for future issuance | 94,488 | ||||||||||||||||||||||||||||
Shortfall payment | 500,000 | ||||||||||||||||||||||||||||
Number of claims consolidated | 3 | ||||||||||||||||||||||||||||
Value of the undelivered components | 720,000,000 | 4,600,000,000 | |||||||||||||||||||||||||||
Damages claimed for unauthorized use of software | 6,000,000 | 38,000,000 | |||||||||||||||||||||||||||
Monetary damages for trade secret infringement | 453,000,000 | 2,900,000,000 | |||||||||||||||||||||||||||
Monetary losses from copyright infringement | 200,000 | 1,200,000 | |||||||||||||||||||||||||||
Restricted cash included in current assets | 2,822,000 | 2,913,000 | |||||||||||||||||||||||||||
Restricted cash | $1,236,000 | $3,394,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Lease Commitments (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2016 | $1,211 |
2017 | 652 |
2018 | 367 |
2019 | 224 |
2020 | 160 |
Thereafter | 154 |
Total | $2,768 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Rent Expense Under Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | |||
Rent expense | $2,091 | $2,152 | $2,437 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |||
Percentage of common stock matched under deferred compensation plan | 50.00% | ||
First certain percentage of eligible contribution under deferred compensation plan | 6.00% | ||
Recorded expense under deferred compensation plan | $0.40 | $0.40 | $0.50 |
Minority_Investments_Additiona
Minority Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Tres Amigas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Number of commonly interconnected power grids | 3 | |
Equity method investment, aggregate cost | $5,400,000 | |
Percentage of ownership interest hold | 26.00% | |
Blade Dynamics Ltd | ||
Schedule Of Equity Method Investments [Line Items] | ||
Cost method investment, original cost | 8,000,000 | |
Percentage of ownership interest hold | 12.00% | |
Impairment charge on investment | $3,464,000 | $1,300,000 |
Minority_Investments_Schedule_
Minority Investments - Schedule of Net Investment Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Minority interest in net losses | ($743) | ($1,008) | ($2,231) |
Tres Amigas | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Beginning Balance | 1,845 | ||
Minority interest in net losses | -743 | ||
Ending Balance | 1,102 | ||
Blade Dynamics Ltd | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Beginning Balance | 3,690 | ||
Net foreign exchange rate impact | -226 | ||
Impairment | -3,464 | -1,300 | |
Ending Balance | $0 | $3,690 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring And Related Activities [Abstract] | ||||
Reduction in global workforce, percentage | 7.00% | |||
Employee severance and benefit costs | $1.90 | $1.70 | $2.50 |
Restructuring_Schedule_of_Rest
Restructuring - Schedule of Restructuring Charges and Cash Payments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost And Reserve [Line Items] | ||
Accrued restructuring balance | $844 | $199 |
Charges to operations | 1,902 | 1,733 |
Cash payments | -2,566 | -873 |
Non-cash/miscellaneous reductions | -215 | |
Accrued restructuring balance | 180 | 844 |
Severance Pay And Benefits | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrued restructuring balance | 844 | 145 |
Charges to operations | 618 | 1,710 |
Cash payments | -1,282 | -836 |
Non-cash/miscellaneous reductions | -175 | |
Accrued restructuring balance | 180 | 844 |
Facility Exit And Relocation Costs | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrued restructuring balance | 54 | |
Charges to operations | 1,284 | 23 |
Cash payments | -1,284 | -37 |
Non-cash/miscellaneous reductions | ($39) |
Business_Segment_and_Geographi2
Business Segment and Geographic Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment | |||
Segment Reporting Information [Line Items] | |||
Number of reportable business segments | 2 | ||
Stock-based compensation expense | $5,936,000 | $10,696,000 | $8,138,000 |
Restructuring and impairment charges | 5,400,000 | 3,000,000 | 7,900,000 |
Loss contingency accrual | $1,800,000 | ||
Geographic Concentration Risk | Sales Revenue, Net | Outside The United States | |||
Segment Reporting Information [Line Items] | |||
Risk percentage | 86.00% | 87.00% | 85.00% |
Customer Concentration Risk | Sales Revenue, Net | Inox Wind Limited | |||
Segment Reporting Information [Line Items] | |||
Risk percentage | 56.00% | 31.00% | 19.00% |
Customer Concentration Risk | Sales Revenue, Net | JCNE | |||
Segment Reporting Information [Line Items] | |||
Risk percentage | 18.00% | 13.00% | |
Minimum | |||
Segment Reporting Information [Line Items] | |||
Megawatts of drive trains and power ratings | 2 |
Business_Segment_and_Geographi3
Business Segment and Geographic Information - Operating Results for Two Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $25,129 | $21,250 | $12,455 | $11,696 | $16,287 | $20,563 | $24,181 | $23,086 | $70,530 | $84,117 | $87,419 |
Operating loss | -5,715 | -7,735 | -26,400 | -12,667 | -14,876 | -6,675 | -11,028 | -8,850 | -52,517 | -41,429 | -57,741 |
Unallocated corporate expenses | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating loss | -11,306 | -13,693 | -17,828 | ||||||||
Wind | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 51,307 | 55,608 | 44,231 | ||||||||
Wind | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating loss | -14,321 | -5,213 | -16,098 | ||||||||
Grid | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 19,223 | 28,509 | 43,188 | ||||||||
Grid | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating loss | ($26,890) | ($22,523) | ($23,815) |
Business_Segment_and_Geographi4
Business Segment and Geographic Information - Total Business Segments Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $133,825 | $168,509 |
Operating Segments | Wind | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 41,947 | 36,701 |
Operating Segments | Grid | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 42,482 | 54,342 |
Corporate assets | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $49,396 | $77,466 |
Business_Segment_and_Geographi5
Business Segment and Geographic Information - Geographic Information about Revenue, Based on Shipments to Customers by Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $25,129 | $21,250 | $12,455 | $11,696 | $16,287 | $20,563 | $24,181 | $23,086 | $70,530 | $84,117 | $87,419 |
U.S | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,820 | 11,013 | 13,197 | ||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,690 | 3,312 | 1,663 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,905 | 7,453 | 14,709 | ||||||||
China | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 10,410 | 24,748 | 17,906 | ||||||||
Korea | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,506 | 6,429 | 10,945 | ||||||||
India | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,314 | 26,384 | 17,062 | ||||||||
Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $1,885 | $4,779 | $11,937 |
Business_Segment_and_Geographi6
Business Segment and Geographic Information - Geographic Information about Property, Plant and Equipment Associated with Particular Regions (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $56,097 | $64,574 |
North America | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 54,673 | 62,426 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 854 | 1,232 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $570 | $916 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $25,129 | $21,250 | $12,455 | $11,696 | $16,287 | $20,563 | $24,181 | $23,086 | $70,530 | $84,117 | $87,419 |
Operating loss | -5,715 | -7,735 | -26,400 | -12,667 | -14,876 | -6,675 | -11,028 | -8,850 | -52,517 | -41,429 | -57,741 |
Net loss | ($3,363) | ($6,353) | ($25,423) | ($13,517) | ($22,705) | ($8,417) | ($14,623) | ($10,513) | ($48,656) | ($56,258) | ($66,131) |
Net loss per common sharebbasic | ($0.36) | ($0.72) | ($3.12) | ($1.74) | ($3.30) | ($1.35) | ($2.39) | ($1.80) | ($5.74) | ($8.98) | ($12.46) |
Net loss per common sharebdiluted | ($0.36) | ($0.72) | ($3.12) | ($1.74) | ($3.30) | ($1.35) | ($2.39) | ($1.80) | ($5.74) | ($8.98) | ($12.46) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Nov. 13, 2014 | Apr. 29, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 24, 2015 |
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 9,624,275 | 7,892,990 | |||
Offer price of common stock | $11 | ||||
Proceeds From Issuance Of Common Stock | $9.10 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | 4,000,000 | ||||
Offer price of common stock | $6 | ||||
Proceeds From Issuance Of Common Stock | $22.30 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Doubtful Accounts Receivable | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance, Beginning of Year | $16 | $52 | |
Additions | 54 | 16 | |
Write-offs | -16 | -52 | |
Balance, End of Year | 54 | 16 | |
Deferred Tax Asset Valuation Allowance | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance, Beginning of Year | 282,824 | 261,961 | 252,302 |
Additions | 15,189 | 26,649 | 21,333 |
Write-offs | -3,153 | -5,786 | -11,674 |
Balance, End of Year | $294,860 | $282,824 | $261,961 |