Uroplasty (UPI) 10-Q 31 Jul 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	30-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'UROPLASTY INC	'
Entity Central Index Key	'0000890846	'
Current Fiscal Year End Date	'--03-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	22,013,835
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Current assets:	'	'
Cash and cash equivalents	$10,221,690	$8,681,609
Short-term investments	400,000	3,451,086
Accounts receivable, net	2,614,655	2,875,275
Inventories	609,877	517,217
Other	536,830	507,299
Total current assets	14,383,052	16,032,486
Property, plant, and equipment, net	980,412	997,609
Intangible assets, net	111,654	119,980
Prepaid pension assets	0	855
Deferred tax assets	146,609	150,116
Total assets	15,621,727	17,301,046
Current liabilities:	'	'
Accounts payable	954,832	904,879
Current portion - deferred rent	0	2,917
Income taxes payable	24,429	21,922
Accrued liabilities:	'	'
Compensation	2,094,907	1,999,966
Other	423,428	479,373
Total current liabilities	3,497,596	3,409,057
Deferred rent - less current portion	25,832	171
Accrued pension liability	715,807	678,118
Total liabilities	4,239,235	4,087,346
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Common stock $.01 par value; 40,000,000 shares authorized, 22,045,893 and 21,653,835 shares issued and outstanding at June 30, 2014 and March 31, 2014, respectively	220,459	216,538
Additional paid-in capital	58,012,759	57,655,628
Accumulated deficit	-46,364,403	-44,174,071
Accumulated other comprehensive loss	-486,323	-484,395
Total shareholders' equity	11,382,492	13,213,700
Total liabilities and shareholders' equity	$15,621,727	$17,301,046

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Shareholders' equity	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	22,045,893	21,653,835
Common stock, shares outstanding (in shares)	22,045,893	21,653,835

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]	'	'
Net sales	$6,384,629	$5,840,841
Cost of goods sold	791,311	748,047
Gross profit	5,593,318	5,092,794
Operating expenses	'	'
General and administrative	1,577,368	1,580,763
Research and development	909,444	479,660
Selling and marketing	5,272,621	4,627,409
Amortization	8,326	6,648
Total operating expenses	7,767,759	6,694,480
Operating loss	-2,174,441	-1,601,686
Other income (expense)	'	'
Interest income	3,012	9,264
Foreign currency exchange gain (loss)	911	-2,695
Total other income (expense)	3,923	6,569
Loss before income taxes	-2,170,518	-1,595,117
Income tax expense	19,814	14,175
Net loss	($2,190,332)	($1,609,292)
Basic and diluted net loss per common share (in dollars per share)	($0.10)	($0.08)
Weighted average common shares outstanding:	'	'
Basic and diluted (in shares)	21,675,524	20,784,900

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) [Abstract]	'	'
Net loss	($2,190,332)	($1,609,292)
Other comprehensive income (loss), net of tax:	'	'
Foreign currency translation adjustments	-789	20,609
Unrealized gain (loss) on available-for-sale investments	-743	160
Pension adjustments	-396	-3,633
Total other comprehensive income (loss), net of tax	-1,928	17,136
Comprehensive loss	($2,192,260)	($1,592,156)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Mar. 31, 2014	$216,538	$57,655,628	($44,174,071)	($484,395)	$13,213,700
Balance (in shares) at Mar. 31, 2014	21,653,835	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Share-based compensation	3,358	319,946	0	0	323,304
Share-based compensation (in shares)	335,788	'	'	'	'
Proceeds from exercise of stock options, net of shares exchanged	563	37,185	0	0	37,748
Proceeds from exercise of stock options, net of shares exchanged (in shares)	56,270	'	'	'	'
Comprehensive loss	0	0	-2,190,332	-1,928	-2,192,260
Balance at Jun. 30, 2014	$220,459	$58,012,759	($46,364,403)	($486,323)	$11,382,492
Balance (in shares) at Jun. 30, 2014	22,045,893	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($2,190,332)	($1,609,292)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	72,584	87,013
Loss (gain) loss on disposal of equipment	1,249	-5,881
Amortization of premium on marketable securities	343	3,342
Share-based compensation expense	323,304	16,044
Deferred income tax expense	2,205	2,178
Deferred rent	22,744	-9,263
Changes in operating assets and liabilities:	'	'
Accounts receivable, net	263,078	60,458
Inventories	-92,649	39,773
Other current assets	-30,323	23,110
Accounts payable	49,797	264,500
Accrued compensation	94,249	19,415
Accrued liabilities	-65,795	383,436
Accrued pension liability	44,081	40,073
Net cash used in operating activities	-1,505,465	-685,094
Cash flows from investing activities:	'	'
Proceeds from maturity of available-for-sale investments	3,050,000	1,000,000
Proceeds from maturity of held-to-maturity investments	0	820,000
Purchases of property, plant and equipment	-52,739	-189,789
Proceeds from sale of property, plant and equipment	0	6,080
Net cash provided by investing activities	2,997,261	1,636,291
Cash flows from financing activities:	'	'
Proceeds from exercise of options	48,600	0
Net cash provided by financing activities	48,600	0
Effect of exchange rate changes on cash and cash equivalents	-315	9,312
Net increase in cash and cash equivalents	1,540,081	960,509
Cash and cash equivalents at beginning of period	8,681,609	3,533,864
Cash and cash equivalents at end of period	10,221,690	4,494,373
Cash paid during the period for income taxes	$38,700	$17,770

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2014
Basis of Presentation [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	We have prepared our Condensed Consolidated Financial Statements included in this Form 10-Q, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information not misleading.  The consolidated results of operations for any interim period are not necessarily indicative of results for a full year.  These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2014.
	The Condensed Consolidated Financial Statements presented herein as of June 30, 2014 and 2013 and for the three month periods ended June 30, 2014 and 2013 reflect, in the opinion of management, all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods.

Newly_Adopted_Accounting_Prono

Newly Adopted Accounting Pronouncements	3 Months Ended
	Jun. 30, 2014
Newly Adopted Accounting Pronouncements [Abstract]	'
Newly Adopted Accounting Pronouncements	'
	2. Newly Adopted Accounting Pronouncements
	In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU No. 2013-11 provides financial statement presentation guidance on whether an unrecognized tax benefit must be presented as either a reduction to a deferred tax asset or separately as a liability.  ASU No. 2013-11 will be effective for fiscal years and interim periods within those years, beginning after December 15, 2013. We do not believe the adoption of this update will have a material impact on our financial statements.
	In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in GAAP.  Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations.
	The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in the ASU are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2014.  We do not believe the adoption of this update will have a material impact on our financial statements.
	In May 2014, the FASB has issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The guidance in this update supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.”  In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (for example, assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this Update.  Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No, 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted.  We do not believe the adoption of this update will have a material impact on our financial statements.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	3. Fair Value Measurements
	Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements.  The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures.  The framework prioritizes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  The following three broad levels of inputs may be used to measure fair value under the fair value hierarchy:
		Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
		Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
		Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment.  These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.
	If the inputs used to measure the financial assets and liabilities fall within more than one of the different levels described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
	The following table provides the assets carried at fair value measured on a recurring basis.
	Asset Class		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
					(Level 1)		(Level 2)		(Level 3)
	30-Jun-14
	Short-term investments:
	U.S. Government and Agency debt securities		$	400,000	$	-	$	400,000	$	-
	Long-term investments:
	U.S. Government and Agency debt securities			-		-		-		-
	31-Mar-14
	Short-term investments:
	U.S. Government and Agency debt securities			3,451,000		-		3,451,000		-
	U.S. Government and U.S. Government Agency debt securities.  Our debt securities consist of bonds, notes and treasury bills with risk ratings of AAA/Aaa and maturity dates within two years from date of purchase.  The estimated fair value of these securities is based on valuations provided by external investment managers.
	The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, inventories, other current assets, accounts payable and accrued liabilities approximate fair market value.

Accounts_Receivable

Accounts Receivable	3 Months Ended
	Jun. 30, 2014
Accounts Receivable [Abstract]	'
Accounts Receivable	'
	4. Accounts Receivable
	The allowance for doubtful accounts was $24,000 at June 30, 2014 and $25,000 at March 31, 2014.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2014
Inventories [Abstract]	'
Inventories	'
	5. Inventories
	Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). Inventories consist of the following:
		30-Jun-14		31-Mar-14
	Raw materials	$	134,000	$	136,000
	Work-in-process		17,000		25,000
	Finished goods		459,000		356,000
		$	610,000	$	517,000

Net_Loss_per_Common_Share

Net Loss per Common Share	3 Months Ended
	Jun. 30, 2014
Net Loss per Common Share [Abstract]	'
Net Loss per Common Share	'
	6. Net Loss per Common Share
	The following potentially dilutive options to purchase shares of common stock and unvested restricted common stock at   June 30 were excluded from diluted net loss per common share because of their anti-dilutive effect, and therefore, basic net loss per common share equals diluted net loss per common share for all periods presented in our Consolidated Statements of Operations:
		Number of options and unvested restricted stock		Range of stock option exercise prices
	30-Jun-14		1,604,000	$	0.77 to $2.63
	30-Jun-13		445,000	$	0.77 to $2.06

Sharebased_Compensation

Share-based Compensation	3 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Share-based Compensation	'
	7. Share-based Compensation
	As of June 30, 2014, we had one active plan for share-based compensation grants.  Under the plan, if we have a change in control, all outstanding grants, including those subject to vesting or other performance targets, fully vest immediately.  Under the 2006 Plan, we reserved 3,450,000 shares of our common stock for share-based grants.  As of June 30, 2014 we had 440,864 shares remaining that were available for grant.
	We recognize share-based compensation expense in the statement of operations based on the fair value at the time of grant of the share-based payment over the requisite service period.  We incurred approximately $323,000 and $16,000 in share-based compensation expense for the three months ended June 30, 2014 and 2013, respectively.
	As of June 30, 2014, we had approximately $1,307,000 of unrecognized share-based compensation expense, net of estimated forfeitures, related to stock options that we expect to recognize over a weighted-average period of 2.08 years.  We also had $1,351,000 of unrecognized share-based compensation expense, net of estimated forfeitures, related to restricted shares that we expect to recognize over a weighted-average period of 2.65 years.
	Options.  We grant option awards with an exercise price equal to the closing market price of our stock at the date of the grant.  Options granted under this plan generally expire over a period ranging from five to seven years from date of grant and vest at varying rates ranging up to three years.
	We determined the fair value of our option awards using the Black-Scholes option pricing model.  We used the following weighted-average assumptions to value the options granted during the three months ended June 30:
		2014			2013
	Expected life in years		3.47			5.53
	Risk-free interest rate		1	%		0.84	%
	Expected volatility		68.43	%		81.96	%
	Expected dividend yield		0	%		0	%
	Weighted-average grant date fair value	$	1.59		$	1.42
	The expected life selected for options granted during the three months represents the period of time that we expect our options to be outstanding based on management’s expectation of option holder exercise and termination behavior for similar grants.  The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate over the expected life at the time of grant.  Expected volatilities are based upon historical volatility of our stock.  We estimate the forfeiture rate for stock awards to be approximately zero percent for executive employees and directors and approximately 18% for non-executive employees based on our historical experience.
	The following table summarizes the activity related to our stock options during the three months ended June 30, 2014:
		Number of shares			Weighted average exercise price			Weighted average remaining life in years		Aggregate intrinsic value
	Outstanding at March 31, 2014		2,328,043		$	3.39			3.85	$	1,781,415
	Options granted		64,000			3.28
	Options exercised		(60,000	)		0.81
	Options surrendered		(15,426	)		5.34
	Outstanding at June 30, 2014		2,316,617		$	3.44			3.85	$	353,140
	Exercisable at June 30, 2014		1,233,663		$	4.14			1.71	$	107,247
	The total fair value of stock options that vested during the three months ended June 30, 2014 and 2013 was $95,000 and $180,000, respectively.
	Restricted Stock.  Our 2006 Stock and Incentive Plan also permits our Compensation Committee to grant other stock-based benefits, including restricted shares.  Restricted shares are subject to risk of forfeiture for termination of employment.  The forfeiture risk generally lapses over a period of three to four years.
	The following table summarizes the activity related to our restricted shares during the three months ended June 30, 2014:
		Number of Shares			Weighted average grant date fair value			Weighted average remaining life in years		Aggregate intrinsic value
			146,262		$	3.38			2.23	$	540,000
	Balance at March 31, 2014
	Shares granted		345,000			3.31
	Shares vested		(17,102	)		4.75
	Shares forfeited		(9,212	)		3.94
	Balance at June 30, 2014		464,948		$	3.27			2.65	$	1,246,061
	The aggregate intrinsic value shown above for the restricted shares represents the total pre-tax value based on the closing price of our common stock on the grant date.

Savings_and_Retirement_Plans

Savings and Retirement Plans	3 Months Ended
	Jun. 30, 2014
Savings and Retirement Plans [Abstract]	'
Savings and Retirement Plans	'
	8. Savings and Retirement Plans
	We sponsor various retirement plans for eligible employees in the United States, the United Kingdom (UK), and The Netherlands. Our retirement savings plan in the United States conforms to Section 401(k) of the Internal Revenue Code and participation is available to substantially all employees. We may also make discretionary contributions ratably to all eligible employees. We made discretionary contributions to the U.S. plan of $72 and $57 for the three months ended June 30, 2014, and 2013, respectively.
	Our international subsidiaries have defined benefit retirement plans for eligible employees.  These plans provide benefits based on the employee’s years of service and compensation during the years immediately preceding retirement, termination, disability, or death, as defined in the plans.
	The cost for our defined benefit retirement plans in The Netherlands and the United Kingdom includes the following components for the three month period ended June 30:
		Three Months Ended
		30-Jun
		2014			2013
	Gross service cost	$	36,000		$	31,000
	Interest cost		37,000			34,000
	Expected return on assets		(27,000	)		(20,000	)
	Amortization		1,000			2,000
	Net periodic retirement cost	$	47,000		$	47,000

Business_Segment_Information

Business Segment Information	3 Months Ended
	Jun. 30, 2014
Business Segment Information [Abstract]	'
Business Segment Information	'
	9. Business Segment Information
	We aggregate our operating segments into one reportable segment in accordance with the objectives and principles of the applicable guidance.
	Net sales to customers outside the United States for the three months ended June 30, 2014 and 2013 represented 29% and 27%, respectively, of our consolidated net sales.
	Information regarding net sales to customers by geographic area for the three months ended June 30 is as follows:
			United		United Kingdom		All Other Foreign		Consolidated
			States				Countries (1)
	Three months ended June 30, 2014		$	4,533,000	$	697,000	$	1,155,000	$	6,385,000
	Three months ended June 30, 2013		$	4,285,000		--	$	1,556,000	$	5,841,000
	-1	No other country accounts for 10% or more of the consolidated net sales.
	Information regarding geographic area in which we maintain long-lived assets is as follows:
			United		All Other Foreign		Consolidated
			States		Countries (1)
	30-Jun-14		$	363,000	$	617,000	$	980,000
	31-Mar-14		$	379,000	$	619,000	$	998,000
	-1	Substantially all maintained in The Netherlands
	Accounting policies of the operations in the various geographic areas are the same as those described in Note 1.  Net sales attributed to each geographic area are net of intercompany sales.  No single customer represents 10% or more of our consolidated net sales.  Long-lived assets consist of property, plant and equipment.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Assets carried at fair value measured on a recurring basis	'
	The following table provides the assets carried at fair value measured on a recurring basis.
	Asset Class	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	30-Jun-14
	Short-term investments:
	U.S. Government and Agency debt securities	$	400,000	$	-	$	400,000	$	-
	Long-term investments:
	U.S. Government and Agency debt securities		-		-		-		-
	31-Mar-14
	Short-term investments:
	U.S. Government and Agency debt securities		3,451,000		-		3,451,000		-

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Jun. 30, 2014
Inventories [Abstract]	'
Inventories	'
	Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). Inventories consist of the following:
		30-Jun-14		31-Mar-14
	Raw materials	$	134,000	$	136,000
	Work-in-process		17,000		25,000
	Finished goods		459,000		356,000
		$	610,000	$	517,000

Net_Loss_per_Common_Share_Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Jun. 30, 2014
Net Loss per Common Share [Abstract]	'
Anti-dilutive securities excluded from diluted loss per common share	'
	The following potentially dilutive options to purchase shares of common stock and unvested restricted common stock at   June 30 were excluded from diluted net loss per common share because of their anti-dilutive effect, and therefore, basic net loss per common share equals diluted net loss per common share for all periods presented in our Consolidated Statements of Operations:
		Number of options and unvested restricted stock		Range of stock option exercise prices
	30-Jun-14		1,604,000	$	0.77 to $2.63
	30-Jun-13		445,000	$	0.77 to $2.06

Sharebased_Compensation_Tables

Share-based Compensation (Tables)	3 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Weighted-average assumptions used to value the options granted	'
	We determined the fair value of our option awards using the Black-Scholes option pricing model.  We used the following weighted-average assumptions to value the options granted during the three months ended June 30:
		2014			2013
	Expected life in years		3.47			5.53
	Risk-free interest rate		1	%		0.84	%
	Expected volatility		68.43	%		81.96	%
	Expected dividend yield		0	%		0	%
	Weighted-average grant date fair value	$	1.59		$	1.42
Stock option activity	'
	The following table summarizes the activity related to our stock options during the three months ended June 30, 2014:
		Number of shares			Weighted average exercise price			Weighted average remaining life in years		Aggregate intrinsic value
	Outstanding at March 31, 2014		2,328,043		$	3.39			3.85	$	1,781,415
	Options granted		64,000			3.28
	Options exercised		(60,000	)		0.81
	Options surrendered		(15,426	)		5.34
	Outstanding at June 30, 2014		2,316,617		$	3.44			3.85	$	353,140
	Exercisable at June 30, 2014		1,233,663		$	4.14			1.71	$	107,247
Restricted shares activity	'
	The following table summarizes the activity related to our restricted shares during the three months ended June 30, 2014:
		Number of Shares			Weighted average grant date fair value			Weighted average remaining life in years		Aggregate intrinsic value
			146,262		$	3.38			2.23	$	540,000
	Balance at March 31, 2014
	Shares granted		345,000			3.31
	Shares vested		(17,102	)		4.75
	Shares forfeited		(9,212	)		3.94
	Balance at June 30, 2014		464,948		$	3.27			2.65	$	1,246,061

Savings_and_Retirement_Plans_T

Savings and Retirement Plans (Tables)	3 Months Ended
	Jun. 30, 2014
Savings and Retirement Plans [Abstract]	'
Components of benefit costs for defined benefit retirement plans	'
	The cost for our defined benefit retirement plans in The Netherlands and the United Kingdom includes the following components for the three month period ended June 30:
		Three Months Ended
		30-Jun
		2014			2013
	Gross service cost	$	36,000		$	31,000
	Interest cost		37,000			34,000
	Expected return on assets		(27,000	)		(20,000	)
	Amortization		1,000			2,000
	Net periodic retirement cost	$	47,000		$	47,000

Business_Segment_Information_T

Business Segment Information (Tables)	3 Months Ended
	Jun. 30, 2014
Business Segment Information [Abstract]	'
Sales to customers and long-lived assets by geographic area	'
	Information regarding net sales to customers by geographic area for the three months ended June 30 is as follows:
			United		United Kingdom		All Other Foreign		Consolidated
			States				Countries (1)
	Three months ended June 30, 2014		$	4,533,000	$	697,000	$	1,155,000	$	6,385,000
	Three months ended June 30, 2013		$	4,285,000		--	$	1,556,000	$	5,841,000
	-1	No other country accounts for 10% or more of the consolidated net sales.
	Information regarding geographic area in which we maintain long-lived assets is as follows:
			United		All Other Foreign		Consolidated
			States		Countries (1)
	30-Jun-14		$	363,000	$	617,000	$	980,000
	31-Mar-14		$	379,000	$	619,000	$	998,000
	-1	Substantially all maintained in The Netherlands

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring [Member], USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Assets carried at fair value measured on a recurring basis [Abstract]	'	'
Short-term U.S. government and agency debt securities	$400,000	$3,451,000
Long-term U.S. government and agency debt securities	0	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'	'
Assets carried at fair value measured on a recurring basis [Abstract]	'	'
Short-term U.S. government and agency debt securities	0	0
Long-term U.S. government and agency debt securities	0	'
Significant Other Observable Inputs ( Level 2) [Member]	'	'
Assets carried at fair value measured on a recurring basis [Abstract]	'	'
Short-term U.S. government and agency debt securities	400,000	3,451,000
Long-term U.S. government and agency debt securities	0	'
Maximum period for maturity of debt securities	'2 years	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets carried at fair value measured on a recurring basis [Abstract]	'	'
Short-term U.S. government and agency debt securities	0	0
Long-term U.S. government and agency debt securities	$0	'

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Accounts Receivable [Abstract]	'	'
Allowance for doubtful accounts and sales returns	$24,000	$25,000

Inventories_Details

Inventories (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Inventories [Abstract]	'	'
Raw materials	$134,000	$136,000
Work-in-process	17,000	25,000
Finished goods	459,000	356,000
Inventories	$609,877	$517,217

Net_Loss_per_Common_Share_Deta

Net Loss per Common Share (Details) (Options and Unvested Restricted Stock [Member], USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Options and Unvested Restricted Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Number of anti-dilutive shares excluded from computation of diluted loss per common share (in shares)	1,604,000	445,000
Range of exercise prices - lower range limit (in dollars per share)	$0.77	$0.77
Range of exercise prices - upper range limit (in dollars per share)	$2.63	$2.06

Sharebased_Compensation_Detail

Share-based Compensation (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Share-based compensation expense	$323,000	$16,000	'
Stock Options [Member]	'	'	'
Weighted-average assumptions used to value the options granted [Abstract]	'	'	'
Expected life in years	'3 years 5 months 19 days	'5 years 6 months 11 days	'
Risk free interest rate (in hundredths)	1.00%	0.84%	'
Expected volatility (in hundredths)	68.43%	81.96%	'
Expected dividend yield (in hundredths)	0.00%	0.00%	'
Weighted-average grant date fair value (in dollars per share)	$1.59	$1.42	'
Stock options, number of shares [Roll Forward]	'	'	'
Outstanding, beginning of period (in shares)	2,328,043	'	'
Options granted (in shares)	64,000	'	'
Options exercised (in shares)	-60,000	'	'
Options surrendered (in shares)	-15,426	'	'
Outstanding, end of period (in shares)	2,316,617	'	2,328,043
Exercisable, end of period (in shares)	1,233,663	'	'
Stock options, weighted average exercise price [Roll Forward]	'	'	'
Outstanding, beginning of period (in dollars per share)	$3.39	'	'
Options granted (in dollars per share)	$3.28	'	'
Options exercised (in dollars per share)	$0.81	'	'
Options surrendered (in dollars per share)	$5.34	'	'
Outstanding, end of period (in dollars per share)	$3.44	'	$3.39
Exercisable, end of period (in dollars per share)	$4.14	'	'
Stock options, additional disclosures [Abstract]	'	'	'
Outstanding, weighted average remaining life in years	'3 years 10 months 6 days	'	'3 years 10 months 6 days
Exercisable, Weighted average remaining life in years	'1 year 8 months 16 days	'	'
Outstanding, aggregate intrinsic value, end of period	353,140	'	1,781,415
Exercisable, aggregate intrinsic value, end of period	107,247	'	'
Fair value of stock options vested	95,000	180,000	'
Restricted shares, additional disclosures [Abstract]	'	'	'
Unrecognized share-based compensation expense	1,307,000	'	'
Unrecognized compensation expense, weighted average period of recognition	'2 years 0 months 29 days	'	'
Stock Options [Member] | Executive Employees and Directors [Member]	'	'	'
Weighted-average assumptions used to value the options granted [Abstract]	'	'	'
Forfeiture rate (in hundredths)	0.00%	'	'
Stock Options [Member] | Non-Executive Employees [Member]	'	'	'
Weighted-average assumptions used to value the options granted [Abstract]	'	'	'
Forfeiture rate (in hundredths)	18.00%	'	'
Restricted Stock [Member]	'	'	'
Restricted shares, number of shares [Roll Forward]	'	'	'
Balance, beginning of period (in shares)	146,262	'	'
Shares granted (in shares)	345,000	'	'
Shares vested (in shares)	-17,102	'	'
Shares forfeited (in shares)	-9,212	'	'
Balance, end of period (in shares)	464,948	'	146,262
Restricted shares, weighted average grant date fair value [Roll Forward]	'	'	'
Balance, beginning of period (in dollars per share)	$3.38	'	'
Shares granted (in dollars per share)	$3.31	'	'
Shares vested (in dollars per share)	$4.75	'	'
Shares forfeited (in dollars per share)	$3.94	'	'
Balance, end of period (in dollars per share)	$3.27	'	$3.38
Restricted shares, additional disclosures [Abstract]	'	'	'
Weighted average remaining life in years	'2 years 7 months 24 days	'	'2 years 2 months 23 days
Outstanding, Aggregate intrinsic value	1,246,061	'	540,000
Unrecognized share-based compensation expense	$1,351,000	'	'
Unrecognized compensation expense, weighted average period of recognition	'2 years 7 months 24 days	'	'
Restricted Stock [Member] | Minimum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Term of share-based payment award	'3 years	'	'
Restricted Stock [Member] | Maximum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Term of share-based payment award	'4 years	'	'
2006 Amended Stock and Incentive Plan [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Number of active plans for share-based compensation grants	1	'	'
Number of shares reserved for share-based grants (in shares)	3,450,000	'	'
Shares available for grant (in shares)	440,864	'	'
2006 Amended Stock and Incentive Plan [Member] | Stock Options [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Vesting period	'3 years	'	'
2006 Amended Stock and Incentive Plan [Member] | Stock Options [Member] | Minimum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Term of share-based payment award	'5 years	'	'
2006 Amended Stock and Incentive Plan [Member] | Stock Options [Member] | Maximum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Term of share-based payment award	'7 years	'	'

Savings_and_Retirement_Plans_D

Savings and Retirement Plans (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Savings and Retirement Plans [Abstract]	'	'
Employer discretionary contribution amount to U.S. plan	$72,000	$57,000
Defined Benefit Plans, Net Periodic Retirement Cost [Abstract]	'	'
Gross service cost	36,000	31,000
Interest cost	37,000	34,000
Expected return on assets	-27,000	-20,000
Amortization	1,000	2,000
Net periodic retirement cost	$47,000	$47,000

Business_Segment_Information_D

Business Segment Information (Details) (USD $)	3 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Mar. 31, 2014
	Customer		Customer
	Segment
Business Segment Information [Abstract]	'		'		'
Number of operating segments	1		'		'
Revenues from External Customers and Long-Lived Assets [Line Items]	'		'		'
Revenue by customer (in hundredths)	'		'		'
Revenues	$6,385,000		$5,841,000		'
Long-lived assets	980,000		'		998,000
Number of major customers	0		0		'
Percentage of sales considered for major customer (in hundredths)	0.00%		0.00%		'
United States [Member] | Reportable Geographical Components [Member]	'		'		'
Revenues from External Customers and Long-Lived Assets [Line Items]	'		'		'
Revenues	4,533,000		4,285,000		'
Long-lived assets	363,000		'		379,000
United Kingdom [Member] | Reportable Geographical Components [Member]	'		'		'
Revenues from External Customers and Long-Lived Assets [Line Items]	'		'		'
Revenues	697,000		0		'
All Other Foreign Countries [Member] | Reportable Geographical Components [Member]	'		'		'
Revenues from External Customers and Long-Lived Assets [Line Items]	'		'		'
Revenues	1,155,000	[1]	1,556,000	[1]	'
Long-lived assets	$617,000	[2]	'		$619,000	[2]
[1]	No country accounts for 10% or more of the consolidated net sales.
[2]	Substantially all maintained in The Netherlands.