Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CollabRx, Inc. | ' |
Entity Central Index Key | '0000931059 | ' |
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 | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,925,788 |
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 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $2,068 | $1,430 | |
Accounts receivable | 124 | 148 | [1] |
Prepaid expenses | 138 | 104 | [1] |
Other current assets | 108 | 79 | [1] |
Deferred financing costs | 0 | 162 | [1] |
Investment in convertible promissory note | 387 | 378 | [1] |
Total current assets | 2,825 | 2,301 | [1] |
Property and equipment, net | 134 | 130 | [1] |
Intangible assets, net | 1,229 | 1,281 | [1] |
Goodwill | 603 | 603 | [1] |
Total assets | 4,791 | 4,315 | [1] |
Current liabilities: | ' | ' | |
Accounts payable and accrued expenses | 276 | 136 | [1] |
Accrued compensation | 170 | 119 | [1] |
Deferred revenue | 187 | 108 | [1] |
Liabilities of discontinued operations | 0 | 5 | |
Total current liabilities | 633 | 368 | [1] |
Deferred tax liability | 479 | 500 | [1] |
Promissory note | 511 | 509 | [1] |
Other long-term liabilities | 13 | 13 | [1] |
Total liabilities | 1,636 | 1,390 | [1] |
Stockholders' equity: | ' | ' | |
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 | [1] |
Common stock, $0.01 par value; 50,000,000 shares authorized; 2,925,788 and 2,005,187 shares issued and outstanding at June 30, 2014 and March 31, 2014 respectively | 29 | 20 | [1] |
Additional paid-in capital | 132,463 | 130,994 | [1] |
Accumulated deficit | -129,337 | -128,089 | [1] |
Total stockholders' equity | 3,155 | 2,925 | [1] |
Total liabilities and stockholders' equity | $4,791 | $4,315 | [1] |
[1] | Derived from the Company's audited consolidated financial statements. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 2,925,788 | 2,005,187 |
Common stock, shares outstanding (in shares) | 2,925,788 | 2,005,187 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' |
Revenue | $64 | $270 |
Cost of revenue | 18 | 18 |
Gross profit | 46 | 252 |
Operating expenses: | ' | ' |
Engineering | 542 | 232 |
Research and development | 50 | 174 |
Sales and marketing | 80 | 67 |
General and administrative | 644 | 488 |
Total operating expenses | 1,316 | 961 |
Operating loss | -1,270 | -709 |
Other income, net | 7 | 10 |
Loss before income tax benefit | -1,263 | -699 |
Income tax benefit, net | -15 | -20 |
Loss from continuing operations | -1,248 | -679 |
Loss from discontinued operations, net of taxes | 0 | -118 |
Net loss applicable to common stockholders | ($1,248) | ($797) |
Net loss per share from continuing operations: | ' | ' |
Basic and diluted (in dollars per share) | ($0.61) | ($0.35) |
Net loss per share from discontinued operations: | ' | ' |
Basic and diluted (in dollars per share) | $0 | ($0.06) |
Net loss per share: | ' | ' |
Basic and diluted (in dollars per share) | ($0.61) | ($0.41) |
Weighted-average shares used in per share computation: | ' | ' |
Basic and diluted (in shares) | 2,032 | 1,953 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,248) | ($797) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock compensation expense | 94 | 84 |
Fair value adjustment of common stock warrants | 0 | -3 |
Depreciation | 9 | 7 |
Amortization of intangible assets | 52 | 52 |
Accrued interest on convertible note receivable | -9 | -8 |
Deferred tax liability | -21 | -20 |
Accrued interest promissory note payable | 2 | 1 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 24 | -20 |
Prepaid expenses | -34 | -32 |
Other current assets | -29 | -65 |
Deferred financing costs | 162 | 0 |
Accounts payable and accrued expenses | 191 | 53 |
Deferred revenue | 79 | 0 |
Current assets and liabilities from discontinued operations, net | -5 | 137 |
Net cash used in operating activities | -733 | -611 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -13 | -4 |
Net cash used in investing activities | -13 | -4 |
Cash flows from financing activities: | ' | ' |
Proceeds from at-the-market facility | 23 | 0 |
Proceeds from sale of common stock, net of expenses of $466 | 1,361 | 0 |
Net cash provided by financing activities | 1,384 | 0 |
Net cash increase/(decrease) in cash and cash equivalents | 638 | -615 |
Cash and cash equivalents, beginning | 1,430 | 4,039 |
Cash and cash equivalents, ending | $2,068 | $3,424 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from financing activities: | ' | ' |
Expenses from sale of common stock | $466 | $0 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||||
1 | Description of Business and Summary of Significant Accounting Policies: | ||||||||||||||||||||||||||
CollabRx, Inc., a Delaware corporation (“CollabRx,” the “Company” or “we,” “us,” or “our”), is the renamed Tegal Corporation, (“Tegal”), which acquired a private company of the same name on July 12, 2012. Following approval by its stockholders on September 25, 2012, Tegal amended its charter and changed its name to “CollabRx, Inc.” (the “Name Change”). | |||||||||||||||||||||||||||
Tegal was formed in December 1989 to acquire the operations of the former Tegal Corporation, a division of Motorola, Inc. Tegal’s predecessor company was founded in 1972 and acquired by Motorola, Inc. in 1978. Tegal completed its initial public offering in October 1995. | |||||||||||||||||||||||||||
CollabRx offers cloud-based expert systems that provide clinically relevant interpretive knowledge to institutions, physicians, researchers and patients for genomics-based medicine in cancer to inform health care decision-making. With access to approximately 75 clinical and scientific advisors at leading academic institutions and a suite of tools and processes that combine artificial intelligence-based analytics with proprietary interpretive content, the Company is well positioned to participate in the value-added “big data” opportunity in the U.S. health care. We use the term “cloud” to mean a product or service that can be delivered via the Internet, usually on a pay-for-use or subscription basis, versus the purchase and installation of enterprise-based software, which typically requires investments in both software and hardware, often also requiring large-scale customization efforts. We use the term “big data” to refer to datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze. | |||||||||||||||||||||||||||
We search publicly available databases as source documents for our knowledge base. Such databases include those that are available, either free or on a commercial basis, in the areas of clinical trials, drugs, investigational compounds, biomarkers, bioinformatics, cancer ontology and literature. We then aggregate, annotate and integrate these datasets for the purpose of defining the relationship of biomarkers to therapeutic strategies, drugs and clinical trials. None of the individual databases we utilize as sources provide information on the interrelationships of these discrete elements. In addition, CollabRx has developed a process for incorporating the guidance of our network of physician and research advisors in the selection of the most relevant data for specific diagnoses, histopathology data, prior treatments and biomarkers. The result of this software- and expert-assisted process is proprietary content incorporated into our knowledge base which includes decision rules, succinct statements of therapeutic strategy and a comprehensive listing of appropriate drugs and clinical trials, all related to specific aberrations which might be observed in connection with genomic testing. | |||||||||||||||||||||||||||
Although the process and results are proprietary, we always refer to the relevant source documentation that provides the support for the identification of an actionable biomarker, typically a peer-reviewed, published paper. In this way, we avoid the “black-box algorithm problem”, which is prevalent in other companies’ predictive analytical models, but is not currently a trusted methodology in medical practice. Our proprietary content is incorporated into our knowledge base, which is updated regularly with the assistance of a large network of independent advisors, and which forms the basis for all our products and services. Our knowledge base contains no individual patient data, nor do our processes for providing related content include the review by our network of independent experts of any individual test data. | |||||||||||||||||||||||||||
Our knowledge base informs two distinctly different products and services. | |||||||||||||||||||||||||||
Genetic Variant Annotation™ Service. The “Genetic Variant Annotation” or “GVA” is a service offered to diagnostic testing laboratories, including academic medical centers and commercial laboratories. Our lab customers provide us with a test result, usually in the form of an electronic file that represents the results of a genomic test, typically from a “Next Generation Sequencing” (“NGS”), micro-array or similar testing platform. The test results provided to us contain no patient-identifiable information. We analyze the test results for the purpose of identifying those genetic alterationswhich we have annotated in advance as being “actionable” (i.e., related to a therapeutic strategy). We provide the testing lab with a report, incorporating information regarding identified biomarkers and associated therapeutic strategies for each, along with relevant drugs and clinical trials, to a level and in a format that we have agreed in advance with our customer. We are compensated for this service either on a per-test or on a volume-adjusted subscription basis. This service is not available to the public and is not available on our website. | |||||||||||||||||||||||||||
Therapy Finder Products. Our Therapy Finder™ products are a series of cancer-specific, web-based and mobile apps which are accessed by physicians and patients, usually in the physician’s office. After indicating a number of pre-set options related to stage of cancer, histopathology, prior treatments and presence of biomarkers on an input page, the physician is presented with a results page which explains the role of the biomarker, identifies a possible therapeutic strategy for that particular set of inputs, along with tabs associated with searchable lists of relevant drugs and clinical trials. Therapy Finders are an interactive, informational and educational resource for both physicians and patients, and can be used for decision-support. They neither contain nor store any patient identifiable information. The advisors associated with the development and updating of each app are prominently featured. The development and distribution of Therapy Finders is partially supported by sponsorships and advertising revenue. They are available free of charge through both a commercial channel (in association with MedPage Today, a property of on-line media company, Everyday Health, Inc.) and on our company website. Our aim is to make this tool available as widely as possible, through as many channels as possible, to help community physicians understand the relevance of biomarker testing and the availability of potential therapies for their advanced cancer patients. | |||||||||||||||||||||||||||
Recently, we redesigned our Therapy Finders so that they could be accessed by physicians using the iOS operating system from Apple, Inc. via an iPhone or an iPad, and have named this mobile application “CancerRx®.” CancerRx was co-developed with MedPage Today of Everyday Health, Inc., with the ownership of the application retained by CollabRx. A special feature of CancerRx is a daily oncology newsfeed from MedPage Today, all with real-time over the air updates. Our agreement with MedPage Today has each side absorbing its own costs for the development, but sharing the gross advertising, sponsorship and data analytics revenues associated with the app. We officially launched CancerRx on May 28, 2014 in connection with the 2014 American Society of Clinical Oncology (ASCO) meeting. | |||||||||||||||||||||||||||
We intend to pursue collaborative arrangements with other companies and entities that provide contract research services to oncology practices, conduct in-house clinical and translational research, collect information on patient outcomes and link this information to genetic sequencing data, and calculate the relative costs and benefits associated with different diagnostic tests and therapies. We expect such efforts to lead to novel insights and advances to improve the quality of cancer care and reduce the costs of delivering it. The physicians and researchers within our network of advisors have agreed to participate in our efforts for an indefinite term, on an uncompensated basis, and without a formal agreement. The board assignments, biographies and current affiliations of all of our advisors are posted on our website. | |||||||||||||||||||||||||||
The Company’s condensed consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business for the foreseeable future. We incurred net losses of $1,248 and $797 for the three months ended June 30, 2014 and 2013, respectively. We used $733 and $611 of cash in operating activities for the three months ended June 30, 2014 and 2013, respectively. We believe that our existing cash and cash equivalents will be adequate to fund the Company’s operations requirements and obligations into the third quarter of fiscal year 2015. | |||||||||||||||||||||||||||
On June 25, 2014, the Company closed an underwritten public offering of 913,500 shares of its common stock, offered at a public offering price of $2.00 per share. Gross proceeds to CollabRx from this offering were $1,827 before deducting the underwriting discount and other estimated offering expenses payable by CollabRx. CollabRx anticipates using the net proceeds from the offering for general corporate purposes, including development of its products and services, general and administrative expenses and working capital. Aegis Capital Corporation acted as the sole book-running manager for the offering. In addition to the offering of 913,500 shares of common stock, 27,405 warrants to purchase shares of common stock were issued in connection with this offering, and were sold to Aegis Capital Corporation for one hundred dollars. These warrants have an exercise price of $2.50 per share and are not exercisable until June 24, 2015 and expire June 24, 2020. Such securities could potentially dilute earnings per share in future periods. Previously deferred financing expenses incurred to raise equity capital related to financing transactions prior to the completion of the financing, as well as other related expenses incurred in the current period, were recognized in the current period and offset the gross proceeds raised. Total underwriting discount and financing expenses were $466. | |||||||||||||||||||||||||||
This offering was made pursuant to an effective shelf registration statement (No. 333-193019) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A final prospectus supplement and accompanying prospectus describing the terms of the offering has been filed with the SEC and is available on the SEC's website located at http://www.sec.gov. | |||||||||||||||||||||||||||
While the Company successfully completed the aforementioned public offering which netted $1,641 before additional financing expenses, without additional capital, our recurring losses from operations raise substantial doubt about our ability to continue as a going concern. | |||||||||||||||||||||||||||
Until the Company can generate sufficient levels of cash from its operations, we may need to sell equity or debt securities to raise additional funds to continue to operate as a going concern beyond the third quarter of fiscal year 2015. In addition, the perception that we may not be able to continue as a going concern may cause others to choose not to pursue a business relationship with us due to concerns about our ability to meet our contractual obligations and may adversely affect our ability to raise additional capital. | |||||||||||||||||||||||||||
The Company expects to continue to finance future cash needs primarily through proceeds from equity financings and collaborative agreements with strategic partners or through a business combination with a company that has such financing in order to be able to sustain its operations until the Company can achieve profitability and positive cash flows. | |||||||||||||||||||||||||||
There can be no assurance that we will be able to obtain the funds required for our continued operations. There can be no assurance that additional financing will be available to us or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain financing on a timely basis, we will not be able to meet our obligations as they become due and we will be forced to scale down or perhaps even cease the operation of our business. | |||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||
The Company sold its remaining patents relating to its discontinued semiconductor capital equipment business in fiscal year 2014. With this sale and the closure of the former Tegal’s foreign subsidiaries, also in the prior fiscal year, the Company has no other activities or assets related to discontinued operations. | |||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||
In the opinion of management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the March 31, 2014 audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the information set forth herein. The financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”), but omit certain information and footnote disclosures necessary to present the financial statements in accordance with GAAP. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, and contemplate the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed on June 9, 2014. The results of operations for the three months ended June 30, 2014 are not necessarily indicative of results to be expected for the entire year. | |||||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||||
Certain prior year operating expense amounts were reclassified, still within operating expenses, to conform to the current year presentation. | |||||||||||||||||||||||||||
Comprehensive Loss | |||||||||||||||||||||||||||
Comprehensive loss is defined as the change in equity of the Company during the period from transactions and other events and circumstances, excluding transactions resulting from investments by owners and other distributions to owners. For the three months ended June 30, 2014 and 2013, respectively, the Company had no items of other comprehensive loss. Therefore the net loss equals the comprehensive loss for each of the three months then ended. | |||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||
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 periods. Actual results could vary from those estimates. | |||||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash investments. The Company’s accounts receivable balance is also subject to credit risk. Substantially all of the Company’s liquid investments are invested in money market funds. The Company’s accounts receivable are derived primarily from sales to customers located in the United States. The Company performs ongoing credit evaluations of its customers and generally requires no collateral. The Company no longer maintains reserves for potential credit losses. There have been no write-offs during the periods presented. | |||||||||||||||||||||||||||
For the three months ended June 30, 2014, Quest Diagnostics, Cellnetix and Everyday Health accounted for 26%, 23% and 20%, respectively, of the Company’s revenue. For the three months ended June 30, 2013, Life Technologies and Everyday Health accounted for 93% and 7%, respectively, of the Company’s revenue. | |||||||||||||||||||||||||||
Life Technologies, Inc. has been a major contributor to our revenue and gross profit in the past, however, we have funded the Company’s operating expenses primarily with cash on hand, the net proceeds from the sale of discontinued assets, as disclosed in prior filings, and our recent follow-on public offering of stock. We are actively engaged in negotiations with several other companies who are interested in purchasing our content on similar terms or under annual subscriptions or software-as-a-service (“SaaS”) arrangements. | |||||||||||||||||||||||||||
For the period ended June 30, 2014, Quest Diagnostics and Jackson Labs accounted for 95% of the balance in accounts receivable. Life Technologies accounted for 100% of the balance in accounts receivable for the period ended June 30, 2013. | |||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||
The Company considers all highly liquid debt instruments having a maturity of three months or less on the date of purchase to be cash equivalents. | |||||||||||||||||||||||||||
As of June 30, 2014 and March 31, 2014, all of the Company’s cash equivalents are included as Level 1 assets on the fair value hierarchy, and were held in the form of money market accounts in the condensed consolidated balance sheets. As of June 30, 2014 and March 31, 2014, the fair value of the Company’s investments approximated cost. | |||||||||||||||||||||||||||
Promissory Notes Payable | |||||||||||||||||||||||||||
On July 12, 2012, Tegal completed the acquisition of CollabRx. As part of the purchase price, Tegal issued promissory notes in the amount of $500 in exchange for existing CollabRx indebtedness. The principal amount of the promissory notes is payable in equal installments on the third, fourth and fifth anniversaries of the date of issuance, along with the accrued but unpaid interest as of such dates. | |||||||||||||||||||||||||||
On November 22, 2011, the Company completed a $300 strategic investment in NanoVibronix, Inc., (“NanoVibronix”) a private company that develops medical devices and products that implement its proprietary therapeutic ultrasound technology. The Company’s investment in NanoVibronix is in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually and matures on November 15, 2014. Our investment was intended to precede a possible merger of the two companies. However, those discussions were terminated by mutual agreement between the parties and NanoVibronix, Inc. continues to operate as a private company as of June 30, 2014. NanoVibronix has filed a registration statement with the Securities and Exchange Commission in connection with a proposed initial public offering. If the offering is completed, the Convertible Promissory Note will be converted into common stock of NanoVibronix. In addition, should NanoVibronix, Inc. become a public company, the Company’s Chief Executive Officer will become a member of the NanoVibronix, Inc. Board of Directors. | |||||||||||||||||||||||||||
As of June 30, 2014 and March 31, 2014, the Convertible Promissory Note balance was $387 and $378, respectively, consisting of the original $300 investment and $87 and $78, respectively, in accrued interest. | |||||||||||||||||||||||||||
Accounts Receivable – Allowance for Sales Returns and Doubtful Accounts | |||||||||||||||||||||||||||
For the three months ended June 30, 2014 and 2013, respectively, the Company had zero reserves for potential credit losses as such risk was determined to be insignificant. The Company does not currently maintain an allowance for doubtful accounts receivable for potential estimated losses resulting from the inability of the Company’s customers to make required payments. The Company believes no such reserve is currently required. The Company had zero write-offs during the periods presented. The Company reviews the estimated risk of current customers’ inability to make payments on a quarterly basis to determine if any amount is uncollectible. | |||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||
Each contract sale of our interpretive data is evaluated individually in regard to revenue recognition. We have integrated in our evaluation the related guidance included in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We recognize revenue when persuasive evidence of an arrangement exists, the seller’s price is fixed or determinable and collectibility is reasonably assured. | |||||||||||||||||||||||||||
For arrangements that include multiple deliverables, we identify separate units of accounting based on the guidance under ASC 605-25, Multiple Element Arrangements, which provides that revenue arrangements with multiple deliverables should be divided into separate units of accounting, if certain criteria are met. The consideration of the arrangement is allocated to the separate units of accounting using the relative selling price method. Applicable revenue recognition criteria are considered separately for each separate unit of accounting. | |||||||||||||||||||||||||||
Revenue from fixed price contracts is recognized primarily under the percentage of completion method. Under this method we recognize estimated contract revenue and resulting income based on costs incurred to date as a percentage of the total estimated costs as we consider this model to best reflect the economics of these contracts. In such contracts, the Company’s efforts, measured by time incurred, typically represents the contractual milestones or output measure. If at any time during the contract period, we determine that a loss will occur, we recognize the loss in that period. Furthermore, if in previous periods a profit was recognized under the percentage-of completion method, the profit would be reversed during the period we determined a loss on the contract exists. | |||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax asset will not be realized. We evaluate annually our ability to realize our deferred tax assets by assessing our valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2014 and 2013, we have recorded a full valuation allowance for our deferred tax assets based on our past losses and uncertainty regarding our ability to project future taxable income. In future periods, if we are able to generate income we may reduce or eliminate the valuation allowance. | |||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and we consider what assumptions market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||||||||||
● | Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. | ||||||||||||||||||||||||||
● | Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | ||||||||||||||||||||||||||
● | Level 3: Unobservable inputs that are supported by little or no market activity 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. | ||||||||||||||||||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. | |||||||||||||||||||||||||||
The Company’s financial instruments consist primarily of money market funds denominated in U.S. dollars. The carrying amounts of our cash and cash equivalents are valued using Level 1 inputs.Our cash equivalents total $2,068. | |||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||
Intangible assets include patents, trade names, software, non-compete agreements, customer relationships and trademarks that are amortized on a straight-line basis over periods ranging from three to ten years. The Company performs an ongoing review of its identified intangible assets to determine if facts and circumstances exist that indicate the useful life is shorter than originally estimated or the carrying amount may not be recoverable. If such facts and circumstances exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flow associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. As of the current reporting period, the Company’s remaining intangible assets, not including those related to the acquisition of CollabRx, were internally developed, which have a carrying value of zero. Currently the Company expenses all costs incurred to renew or extend the term of a recognized intangible asset. | |||||||||||||||||||||||||||
The Company sold its remaining patents relating to its discontinued semiconductor capital equipment business in fiscal year 2014. With this sale, the Company has no other intangible assets related to discontinued operations. | |||||||||||||||||||||||||||
With the acquisition of CollabRx, the Company acquired software, trade names, customer relationships, non-compete agreements and goodwill. The lives of the acquired intangible assets range from three to ten years. Intangible assets, except for trade names, are amortized on a straight-line basis. Intangible assets related to trade names are not amortized. The Company tests for impairment at least annually. The fair values of these assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. If undiscounted expected future cash flows are less than the carrying value of the assets, an impairment loss will be recognized based on the excess of the carrying amount over the fair value of the assets. The Company recognized $52 of amortization expense for each of the three month periods ended June 30, 2014 and 2013, respectively. The amortization expense included in cost of revenue is related to the acquired software and is amortized on a straight-line basis over the expected life of the asset, which the Company believes to be ten years. | |||||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||||
Long-lived assets are reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, as well as at fiscal year end. If undiscounted expected future cash flows are less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. | |||||||||||||||||||||||||||
The Company recorded zero disposal losses for fixed assets for the three months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
Deferred Offering Costs | |||||||||||||||||||||||||||
Deferred offering costs represent expenses incurred to raise equity capital related to financing transactions which have not yet been completed. In the current quarter, the Company recognized previously deferred offering costs of $162 in connection with its underwritten public offering of 913,500 shares of its common stock, which closed on June 25, 2014. The remaining financing costs not included in the underwriters discount for this offering were $118. These expenses were recognized in Additional Paid in Capital during the three months ended June 30, 2014. | |||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||
We have adopted several stock plans that provide for issuance of equity instruments to our employees and non-employee directors. Our plans include incentive and non-statutory stock options and restricted stock awards. These equity awards generally vest ratably over a four-year period on the anniversary date of the grant, and stock options expire ten years after the grant date. Certain restricted stock awards may vest on the achievement of specific performance targets. The Company also had an Employee Stock Purchase Plan (“ESPP”), allowing qualified employees to purchase Company shares at 85% of the fair market value on specified dates. The ESPP was allowed to expire on July 22, 2014 and has not been renewed. | |||||||||||||||||||||||||||
Total stock-based compensation expense related to stock options and restricted stock units (“RSUs”) for the three months ended June 30, 2014 and 2013 was $94 and $84, respectively. | |||||||||||||||||||||||||||
The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
STOCK OPTIONS: | 2014 | 2013 | |||||||||||||||||||||||||
Expected life (years) | 6 | 6 | |||||||||||||||||||||||||
Volatility | 151.7 | % | 153.7 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.68 | % | 1.41 | % | |||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
ESPP awards are valued using the Black-Scholes option pricing model with expected volatility calculated using a six-month historical volatility. No ESPP awards were made in the three month period ended June 30, 2014. | |||||||||||||||||||||||||||
Valuation and Other Assumptions for Stock Options | |||||||||||||||||||||||||||
Valuation and Amortization Method. We estimate the fair value of stock options granted using the Black-Scholes option pricing model. We estimate the fair value using a single option approach and amortize the fair value on a straight-line basis for options expected to vest. All options are amortized over the requisite service periods of the awards, which are generally the vesting periods. | |||||||||||||||||||||||||||
Expected Term. The expected term of options granted represents the period of time that the options are expected to be outstanding. We estimate the expected term of options granted based on our historical experience of exercises including post-vesting exercises and termination. | |||||||||||||||||||||||||||
Expected Volatility. We estimate the volatility of our stock options at the date of grant using historical volatilities. Historical volatilities are calculated based on the historical prices of our common stock over a period at least equal to the expected term of our option grants. | |||||||||||||||||||||||||||
Risk-Free Interest Rate. We base the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield in effect at the time of option grant on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of our option grants. | |||||||||||||||||||||||||||
Dividends. We have never paid any cash dividends on common stock and we do not anticipate paying any cash dividends in the foreseeable future. | |||||||||||||||||||||||||||
Forfeitures. We use historical data to estimate pre-vesting option forfeitures. We record stock-based compensation expense only for those awards that are expected to vest. | |||||||||||||||||||||||||||
During the three months ended June 30, 2014, the Company granted 11,668 options. | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
A summary of the stock option activity during the three months ended June 30, 2014 is as follows: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||||||||||||
Shares | Price | Term (in Years) | Value | ||||||||||||||||||||||||
Beginning outstanding | 371,759 | $ | 7.89 | ||||||||||||||||||||||||
Granted | 11,668 | $ | 3.22 | ||||||||||||||||||||||||
Exercised | -- | $ | - | ||||||||||||||||||||||||
Expired | -- | $ | - | ||||||||||||||||||||||||
Ending outstanding | 383,427 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 383,148 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending exercisable | 188,173 | $ | 12.04 | 5.8 | $ | - | |||||||||||||||||||||
The aggregate intrinsic value of stock options outstanding as of June 30, 2014 is calculated as the difference between the exercise price of the underlying options and the market price of our common stock as of June 30, 2014. | |||||||||||||||||||||||||||
The following table summarizes information with respect to stock options outstanding as of June 30, 2014: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Number | Average | Number | Exercise | ||||||||||||||||||||||||
Outstanding | Remaining | Weighted- | Exercisable | Price | |||||||||||||||||||||||
As of | Contractual | Average | As of | As of | |||||||||||||||||||||||
Range of | June 30, | Term | Exercise | June 30, | June 30, | ||||||||||||||||||||||
Exercise Prices | 2014 | (in years) | Price | 2014 | 2014 | ||||||||||||||||||||||
$ | 2.9 | $ | 4.5 | 282,997 | 8.78 | $ | 3.66 | 87,743 | $ | 3.77 | |||||||||||||||||
6 | 11.7 | 48,690 | 4.49 | 11.12 | 48,690 | 11.12 | |||||||||||||||||||||
17.8 | 28.1 | 39,244 | 3.22 | 21.63 | 39,244 | 21.63 | |||||||||||||||||||||
34.2 | 89.52 | 12,496 | 1.18 | 43.65 | 12,496 | 43.65 | |||||||||||||||||||||
$ | 2.9 | $ | 89.52 | 383,427 | 7.42 | $ | 7.75 | 188,173 | $ | 12.04 | |||||||||||||||||
As of June 30, 2014, there was $366 of total unrecognized compensation cost related to outstanding options which the Company expects to recognize over an estimated weighted average period of 2.8 years. | |||||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||||
The following table summarizes the Company’s unvested RSU activity for the three months ended June 30, 2014: | |||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2013 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | - | $ | - | ||||||||||||||||||||||||
Released | - | $ | - | ||||||||||||||||||||||||
Vested | (37,250 | ) | $ | 2.31 | |||||||||||||||||||||||
Balance, June 30, 2014 | 91,800 | $ | 2.96 | ||||||||||||||||||||||||
Unvested Restricted Stock as of June 30, 2014 | |||||||||||||||||||||||||||
As of June 30, 2014, there was $162 of total unrecognized compensation cost related to outstanding RSUs, which the Company expects to recognize over an estimated weighted average period of 1.1 years. | |||||||||||||||||||||||||||
In June 2014, Mr. Mika voluntarily forfeited vested deferred restricted stock units providing him the right to receive 138,203 shares of the Company’s common stock. | |||||||||||||||||||||||||||
On July 3, 2014, the Company granted 122,400 options to employees, members of the Board of Directors, and a consultant and 100,000 RSUs to Thomas Mika, the Company’s Chief Executive Officer. The maximum number of shares of stock that may be subject to one or more awards granted to any one participant pursuant to the 2007 Plan during any calendar year is currently 100,000, and the Board intends to grant an additional 50,000 RSUs to Mr. Mika at the beginning of the next calendar year. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share (EPS) [Abstract] | ' | ||||||||
Earnings Per Share (EPS) | ' | ||||||||
2 | Earnings Per Share (EPS): | ||||||||
Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted-average number of common shares outstanding (denominator) for the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period. The computation of diluted EPS uses the average market prices during the period. | |||||||||
Basic net loss per common share is computed using the weighted-average number of shares of common stock outstanding. | |||||||||
The following table represents the calculation of basic and diluted net loss per common share: | |||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Loss from continuing operations | $ | (1,248 | ) | $ | (679 | ) | |||
Loss from discontinued operations, net of taxes | - | (118 | ) | ||||||
Net loss applicable to common stockholders | $ | (1,248 | ) | $ | (797 | ) | |||
Basic and diluted: | |||||||||
Weighted-average common shares outstanding | 2,032 | 1,953 | |||||||
Weighted-average common shares used in per share computation | 2,032 | 1,953 | |||||||
Net loss per share from continuing operations: | |||||||||
Basic and diluted | $ | (0.61 | ) | $ | (0.35 | ) | |||
Net loss per share from discontinued operations: | |||||||||
Basic and diluted | $ | 0 | $ | (0.06 | ) | ||||
Net loss per share: | |||||||||
Basic and diluted | $ | (0.61 | ) | $ | (0.41 | ) | |||
Including 60,831 shares of vested and deferred RSUs, there are outstanding options and RSUs of 536,058 and 414,236 shares of common stock at a weighted-average exercise price per share of $8.93 and $10.35 on June 30, 2014 and 2013, respectively, were not included in the computation of diluted net loss per common share for each of the three month periods presented as a result of their anti-dilutive effect. Also, warrants to purchase 92,888 shares of common stock with a weighted average exercise price of $3.15 per share were not included in the computation of diluted net loss per common share. These warrants, which represent the balance of Sequel Power’s grant, expire January 14, 2015. In addition, the outstanding balance excludes 27,405 warrants to purchase shares of common stock, which were issued in connection with the recent public offering, which closed on June 25, 2104. These warrants have an exercise price of $2.50 per share and are not exercisable until June 24, 2015 and expire June 24, 2020. Such securities could potentially dilute earnings per share in future periods. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |
Jun. 30, 2014 | ||
Financial Instruments [Abstract] | ' | |
Financial Instruments | ' | |
3 | Financial Instruments: | |
The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, convertible promissory note, notes receivable, accrued expenses, promissory note payable and other liabilities approximates fair value due to their relatively short maturity. The Company currently has only minimal sales in global markets and is not exposed to changes in foreign currency exchange rates. The Company does not hold derivative financial instruments for speculative purposes. Foreign currency transaction gains and (losses), if any, are included in other income (expense), and were $0 for the three month periods ended June 30, 2014 and 2013. On June 30, 2014, the Company had no open foreign exchange contracts to sell Euros or any other foreign currencies. Certain warrants expired on September 9, 2013, which then ended the Company’s liability associated with these warrants, which had an exercise price of $30.00. The Company recorded a non-cash gain $3 in the three months ended June 30, 2013. | ||
Changes in the exchange rate between the Euro and the U.S. dollar are currently immaterial to our operating results. Exposure to foreign currency exchange rate risk may increase over time as our business evolves. | ||
On November 22, 2011, the Company completed a $300 strategic investment in NanoVibronix, Inc., a private company that develops medical devices and products that implement its proprietary therapeutic ultrasound technology. The Company’s investment in NanoVibronix is in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually and matures on November 15, 2014. Principal and accrued interest under the note automatically convert into shares of Series B-1 Participating Convertible Preferred Stock of NanoVibronix upon the earlier to occur of (i) a $3,000 (or larger) equity financing by NanoVibronix or (ii) a sale of NanoVibronix. In addition, the Company may convert principal and accrued interest under the note into shares of NanoVibronix Series B-1 Participating Convertible Preferred Stock at its election at any time. In either case, the conversion price is $0.284 per share. | ||
Our investment was intended to precede a possible merger of the two companies. However, those discussions were terminated by mutual agreement between the parties and NanoVibronix, Inc. continues to operate as a private company. NanoVibronix has filed a registration statement with the Securities and Exchange Commission in connection with a proposed initial public offering. If the offering is completed, the Convertible Promissory Note will be converted into common stock of NanoVibronix. In addition, should NanoVibronix, Inc. become a public company, then the Company’s Chief Executive Officer will become a member of the NanoVibronix, Inc. Board of Directors. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |
Jun. 30, 2014 | ||
Discontinued Operations [Abstract] | ' | |
Discontinued Operations | ' | |
4 | Discontinued Operations: | |
The Company sold its remaining patents relating to its discontinued semiconductor capital equipment business in fiscal year 2014. With this sale, the Company has no other intellectual property related to discontinued operations. With this sale and the closure of the former Tegal’s foreign subsidiaries, also in the prior fiscal year, the Company has no other activities or assets related to discontinued operations. | ||
The exit from the Company’s historical operations was essentially completed by the end of the fourth quarter of our 2011 fiscal year. | ||
In the three months ended June 30, 2013, the Company recognized a cash gain of $20 in discontinued operations as a result of final closing of bank accounts in its Italian subsidiary and a federal tax refund regarding discontinued operations, and a net $4 non cash gain related to the write off of discontinued assets and liabilities in its foreign subsidiaries. In the same period, the Company also recognized a reclassification out of accumulated other comprehensive loss and into Loss from Discontinued Operations, net of taxes. The reclassification is related to the recognition of a non-cash loss of $142 from the foreign exchange differences from its former Tegal foreign subsidiaries, primarily as a result of the final closing the former Tegal German subsidiary. The Company received permission to close the German subsidiary in June 2013. No further audits or reviews are anticipated by foreign taxing authorities. | ||
As of June 30, 2014, the Company had $0 in both discontinued assets and liabilities. As of March 31, 2014, the Company had $0 in discontinued assets and $5 in discontinued liabilities. During the three months ended June 30, 2014, the Company recognized no activity in discontinued operations. With this sale, the Company has no remaining intellectual property related to discontinued operations. |
Geographical_and_Segment_Infor
Geographical and Segment Information | 3 Months Ended | |
Jun. 30, 2014 | ||
Geographical and Segment Information [Abstract] | ' | |
Geographical and Segment Information | ' | |
5 | Geographical and Segment Information: | |
For the periods presented, the Company’s source of revenue was related to genomics based technology information services. The Company’s chief operating decision-maker has been identified as the President and Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. | ||
For geographical reporting, revenues are attributed to the geographic location in which the customers’ facilities are located. Long-lived assets consist of property, plant and equipment and are attributed to the geographic location in which they are located. For all periods presented, revenue by geographic region were all in the United States. | ||
Revenues for the three months ended June 30, 2014 and 2013, respectively, are all part of continuing operations, and all related to our genomics based technology information. | ||
CollabRx’s genomics based technology information business is the core of our business and operations going forward. Additionally, all long-lived assets are located in the United States and are included in continuing operations. There are no long-lived assets in discontinued operations. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Jun. 30, 2014 | ||
Recent Accounting Pronouncements [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
6 | Recent Accounting Pronouncements: | |
In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-05”). ASU 2013-05 clarifies that when a parent reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity, the parent is required to apply the guidance in ASC 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 was effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013. The new guidance was adopted and had no material impact on our condensed consolidated financial statements. | ||
In July 2013, the FASB issued ASU 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 (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”). The new guidance requires entities to report an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The new guidance was effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013. The new guidance was adopted and had no material impact on our condensed consolidated 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 (“ASU 2014-08”), which changes the requirements for reporting discontinued operations in Subtopic 205-20 Presentation of Financial Statements - Discontinued Operations. The ASU changes the definition of discontinued operations by limiting discontinued operations reporting to disposals that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. Under current U.S. GAAP, many disposals, some of which may be routine in nature and not representative of a substantive change in an entity’s strategy, are reported in discontinued operations. ASU 2014-08 requires expanded disclosures for discontinued operations designed to provide users of financial statements with more information about the assets, liabilities, revenues, expenses and cash flows related to discontinued operations. ASU 2014-08 also requires an entity to disclose the pretax profit or loss (or change in net assets for a not-for-profit entity) of an individually significant component of an entity that does not qualify for discontinued operations reporting. The amendments in ASU 2014-08 are effective prospectively for fiscal years, and interim periods, beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect the new guidance to have a material impact on our condensed consolidated financial statements. See Note 5, Discontinued Operations. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and the IASB has issued IFRS 15, Revenue from Contracts with Customers. The issuance of these documents completes the joint effort by the FASB and the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. The new guidance affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company will continue to evaluate this newly issued guidance. | ||
In June 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. This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on our condensed consolidated financial statements. |
Investments
Investments | 3 Months Ended | |
Jun. 30, 2014 | ||
Investments [Abstract] | ' | |
Investments | ' | |
7 | Investments: | |
On November 22, 2011, the Company completed a $300 strategic investment in NanoVibronix, a private company that develops medical devices and products that implement its proprietary therapeutic ultrasound technology. NanoVibronix is focused on creating products utilizing its proprietary low-intensity surface acoustic wave (“SAW”) technology. The company's unique, patented approach enables the transmission of low-frequency, low-intensity ultrasound waves through a variety of soft, flexible materials, including skin and tissue, enabling low-cost, breakthrough devices targeted at large, high-growth markets. A copy of the Company’s press release was filed as an exhibit to the Company’s Form 8-K filed on November 29, 2011 and is incorporated herein by reference. | ||
The Company’s investment in NanoVibronix is in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually and matures on November 15, 2014. Principal and accrued interest under the note automatically convert into shares of Series B-1 Participating Convertible Preferred Stock of NanoVibronix upon the earlier to occur of (i) a $3,000 (or larger) equity financing by NanoVibronix or (ii) a sale of NanoVibronix. In addition, the Company may convert principal and accrued interest under the note into shares of NanoVibronix Series B-1 Participating Convertible Preferred Stock at its election at any time. In either case, the conversion price is $0.284 per share. Our investment was intended to precede a possible merger of the two companies. However, those discussions were terminated by mutual agreement between the parties and NanoVibronix, Inc. continues to operate as a private company. NanoVibronix has filed a registration statement with the Securities and Exchange Commission in connection with a proposed initial public offering. If the offering is completed, the Convertible Promissory Note will be converted into common stock of NanoVibronix. In addition, should NanoVibronix, Inc. become a public company, then the Company’s Chief Executive Officer will become a member of the NanoVibronix, Inc. Board of Directors. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
8 | Subsequent Events: | |
In connection with the Company’s recently completed public offering, the underwriter was granted an option to purchase up to an additional 137,025 shares of common stock from the Company at the public offering price, less the underwriting discount, within 45 days, to cover over-allotments, if any. The underwriter’s over-allotment option expired on August 3, 2014, without being exercised. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||
The Company sold its remaining patents relating to its discontinued semiconductor capital equipment business in fiscal year 2014. With this sale and the closure of the former Tegal’s foreign subsidiaries, also in the prior fiscal year, the Company has no other activities or assets related to discontinued operations. | |||||||||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||
In the opinion of management, the unaudited condensed consolidated financial statements have been prepared on the same basis as the March 31, 2014 audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the information set forth herein. The financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”), but omit certain information and footnote disclosures necessary to present the financial statements in accordance with GAAP. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, and contemplate the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed on June 9, 2014. The results of operations for the three months ended June 30, 2014 are not necessarily indicative of results to be expected for the entire year. | |||||||||||||||||||||||||||
Reclassification | ' | ||||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||||
Certain prior year operating expense amounts were reclassified, still within operating expenses, to conform to the current year presentation. | |||||||||||||||||||||||||||
Comprehensive Loss | ' | ||||||||||||||||||||||||||
Comprehensive Loss | |||||||||||||||||||||||||||
Comprehensive loss is defined as the change in equity of the Company during the period from transactions and other events and circumstances, excluding transactions resulting from investments by owners and other distributions to owners. For the three months ended June 30, 2014 and 2013, respectively, the Company had no items of other comprehensive loss. Therefore the net loss equals the comprehensive loss for each of the three months then ended. | |||||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||
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 periods. Actual results could vary from those estimates. | |||||||||||||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash investments. The Company’s accounts receivable balance is also subject to credit risk. Substantially all of the Company’s liquid investments are invested in money market funds. The Company’s accounts receivable are derived primarily from sales to customers located in the United States. The Company performs ongoing credit evaluations of its customers and generally requires no collateral. The Company no longer maintains reserves for potential credit losses. There have been no write-offs during the periods presented. | |||||||||||||||||||||||||||
For the three months ended June 30, 2014, Quest Diagnostics, Cellnetix and Everyday Health accounted for 26%, 23% and 20%, respectively, of the Company’s revenue. For the three months ended June 30, 2013, Life Technologies and Everyday Health accounted for 93% and 7%, respectively, of the Company’s revenue. | |||||||||||||||||||||||||||
Life Technologies, Inc. has been a major contributor to our revenue and gross profit in the past, however, we have funded the Company’s operating expenses primarily with cash on hand, the net proceeds from the sale of discontinued assets, as disclosed in prior filings, and our recent follow-on public offering of stock. We are actively engaged in negotiations with several other companies who are interested in purchasing our content on similar terms or under annual subscriptions or software-as-a-service (“SaaS”) arrangements. | |||||||||||||||||||||||||||
For the period ended June 30, 2014, Quest Diagnostics and Jackson Labs accounted for 95% of the balance in accounts receivable. Life Technologies accounted for 100% of the balance in accounts receivable for the period ended June 30, 2013. | |||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||
The Company considers all highly liquid debt instruments having a maturity of three months or less on the date of purchase to be cash equivalents. | |||||||||||||||||||||||||||
As of June 30, 2014 and March 31, 2014, all of the Company’s cash equivalents are included as Level 1 assets on the fair value hierarchy, and were held in the form of money market accounts in the condensed consolidated balance sheets. As of June 30, 2014 and March 31, 2014, the fair value of the Company’s investments approximated cost. | |||||||||||||||||||||||||||
Promissory Notes Payable | ' | ||||||||||||||||||||||||||
Promissory Notes Payable | |||||||||||||||||||||||||||
On July 12, 2012, Tegal completed the acquisition of CollabRx. As part of the purchase price, Tegal issued promissory notes in the amount of $500 in exchange for existing CollabRx indebtedness. The principal amount of the promissory notes is payable in equal installments on the third, fourth and fifth anniversaries of the date of issuance, along with the accrued but unpaid interest as of such dates. | |||||||||||||||||||||||||||
On November 22, 2011, the Company completed a $300 strategic investment in NanoVibronix, Inc., (“NanoVibronix”) a private company that develops medical devices and products that implement its proprietary therapeutic ultrasound technology. The Company’s investment in NanoVibronix is in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually and matures on November 15, 2014. Our investment was intended to precede a possible merger of the two companies. However, those discussions were terminated by mutual agreement between the parties and NanoVibronix, Inc. continues to operate as a private company as of June 30, 2014. NanoVibronix has filed a registration statement with the Securities and Exchange Commission in connection with a proposed initial public offering. If the offering is completed, the Convertible Promissory Note will be converted into common stock of NanoVibronix. In addition, should NanoVibronix, Inc. become a public company, the Company’s Chief Executive Officer will become a member of the NanoVibronix, Inc. Board of Directors. | |||||||||||||||||||||||||||
As of June 30, 2014 and March 31, 2014, the Convertible Promissory Note balance was $387 and $378, respectively, consisting of the original $300 investment and $87 and $78, respectively, in accrued interest. | |||||||||||||||||||||||||||
Accounts Receivable - Allowance for Sales Returns and Doubtful Accounts | ' | ||||||||||||||||||||||||||
Accounts Receivable – Allowance for Sales Returns and Doubtful Accounts | |||||||||||||||||||||||||||
For the three months ended June 30, 2014 and 2013, respectively, the Company had zero reserves for potential credit losses as such risk was determined to be insignificant. The Company does not currently maintain an allowance for doubtful accounts receivable for potential estimated losses resulting from the inability of the Company’s customers to make required payments. The Company believes no such reserve is currently required. The Company had zero write-offs during the periods presented. The Company reviews the estimated risk of current customers’ inability to make payments on a quarterly basis to determine if any amount is uncollectible. | |||||||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||
Each contract sale of our interpretive data is evaluated individually in regard to revenue recognition. We have integrated in our evaluation the related guidance included in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We recognize revenue when persuasive evidence of an arrangement exists, the seller’s price is fixed or determinable and collectibility is reasonably assured. | |||||||||||||||||||||||||||
For arrangements that include multiple deliverables, we identify separate units of accounting based on the guidance under ASC 605-25, Multiple Element Arrangements, which provides that revenue arrangements with multiple deliverables should be divided into separate units of accounting, if certain criteria are met. The consideration of the arrangement is allocated to the separate units of accounting using the relative selling price method. Applicable revenue recognition criteria are considered separately for each separate unit of accounting. | |||||||||||||||||||||||||||
Revenue from fixed price contracts is recognized primarily under the percentage of completion method. Under this method we recognize estimated contract revenue and resulting income based on costs incurred to date as a percentage of the total estimated costs as we consider this model to best reflect the economics of these contracts. In such contracts, the Company’s efforts, measured by time incurred, typically represents the contractual milestones or output measure. If at any time during the contract period, we determine that a loss will occur, we recognize the loss in that period. Furthermore, if in previous periods a profit was recognized under the percentage-of completion method, the profit would be reversed during the period we determined a loss on the contract exists. | |||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax asset will not be realized. We evaluate annually our ability to realize our deferred tax assets by assessing our valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2014 and 2013, we have recorded a full valuation allowance for our deferred tax assets based on our past losses and uncertainty regarding our ability to project future taxable income. In future periods, if we are able to generate income we may reduce or eliminate the valuation allowance. | |||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and we consider what assumptions market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||||||||||
● | Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. | ||||||||||||||||||||||||||
● | Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | ||||||||||||||||||||||||||
● | Level 3: Unobservable inputs that are supported by little or no market activity 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. | ||||||||||||||||||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. | |||||||||||||||||||||||||||
The Company’s financial instruments consist primarily of money market funds denominated in U.S. dollars. The carrying amounts of our cash and cash equivalents are valued using Level 1 inputs.Our cash equivalents total $2,068. | |||||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||
Intangible assets include patents, trade names, software, non-compete agreements, customer relationships and trademarks that are amortized on a straight-line basis over periods ranging from three to ten years. The Company performs an ongoing review of its identified intangible assets to determine if facts and circumstances exist that indicate the useful life is shorter than originally estimated or the carrying amount may not be recoverable. If such facts and circumstances exist, the Company assesses the recoverability of identified intangible assets by comparing the projected undiscounted net cash flow associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. As of the current reporting period, the Company’s remaining intangible assets, not including those related to the acquisition of CollabRx, were internally developed, which have a carrying value of zero. Currently the Company expenses all costs incurred to renew or extend the term of a recognized intangible asset. | |||||||||||||||||||||||||||
The Company sold its remaining patents relating to its discontinued semiconductor capital equipment business in fiscal year 2014. With this sale, the Company has no other intangible assets related to discontinued operations. | |||||||||||||||||||||||||||
With the acquisition of CollabRx, the Company acquired software, trade names, customer relationships, non-compete agreements and goodwill. The lives of the acquired intangible assets range from three to ten years. Intangible assets, except for trade names, are amortized on a straight-line basis. Intangible assets related to trade names are not amortized. The Company tests for impairment at least annually. The fair values of these assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. If undiscounted expected future cash flows are less than the carrying value of the assets, an impairment loss will be recognized based on the excess of the carrying amount over the fair value of the assets. The Company recognized $52 of amortization expense for each of the three month periods ended June 30, 2014 and 2013, respectively. The amortization expense included in cost of revenue is related to the acquired software and is amortized on a straight-line basis over the expected life of the asset, which the Company believes to be ten years. | |||||||||||||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||||
Long-lived assets are reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, as well as at fiscal year end. If undiscounted expected future cash flows are less than the carrying value of the assets, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets. | |||||||||||||||||||||||||||
The Company recorded zero disposal losses for fixed assets for the three months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
Deferred Offering Costs | ' | ||||||||||||||||||||||||||
Deferred Offering Costs | |||||||||||||||||||||||||||
Deferred offering costs represent expenses incurred to raise equity capital related to financing transactions which have not yet been completed. In the current quarter, the Company recognized previously deferred offering costs of $162 in connection with its underwritten public offering of 913,500 shares of its common stock, which closed on June 25, 2014. The remaining financing costs not included in the underwriters discount for this offering were $118. These expenses were recognized in Additional Paid in Capital during the three months ended June 30, 2014. | |||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||
We have adopted several stock plans that provide for issuance of equity instruments to our employees and non-employee directors. Our plans include incentive and non-statutory stock options and restricted stock awards. These equity awards generally vest ratably over a four-year period on the anniversary date of the grant, and stock options expire ten years after the grant date. Certain restricted stock awards may vest on the achievement of specific performance targets. The Company also had an Employee Stock Purchase Plan (“ESPP”), allowing qualified employees to purchase Company shares at 85% of the fair market value on specified dates. The ESPP was allowed to expire on July 22, 2014 and has not been renewed. | |||||||||||||||||||||||||||
Total stock-based compensation expense related to stock options and restricted stock units (“RSUs”) for the three months ended June 30, 2014 and 2013 was $94 and $84, respectively. | |||||||||||||||||||||||||||
The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
STOCK OPTIONS: | 2014 | 2013 | |||||||||||||||||||||||||
Expected life (years) | 6 | 6 | |||||||||||||||||||||||||
Volatility | 151.7 | % | 153.7 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.68 | % | 1.41 | % | |||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
ESPP awards are valued using the Black-Scholes option pricing model with expected volatility calculated using a six-month historical volatility. No ESPP awards were made in the three month period ended June 30, 2014. | |||||||||||||||||||||||||||
Valuation and Other Assumptions for Stock Options | |||||||||||||||||||||||||||
Valuation and Amortization Method. We estimate the fair value of stock options granted using the Black-Scholes option pricing model. We estimate the fair value using a single option approach and amortize the fair value on a straight-line basis for options expected to vest. All options are amortized over the requisite service periods of the awards, which are generally the vesting periods. | |||||||||||||||||||||||||||
Expected Term. The expected term of options granted represents the period of time that the options are expected to be outstanding. We estimate the expected term of options granted based on our historical experience of exercises including post-vesting exercises and termination. | |||||||||||||||||||||||||||
Expected Volatility. We estimate the volatility of our stock options at the date of grant using historical volatilities. Historical volatilities are calculated based on the historical prices of our common stock over a period at least equal to the expected term of our option grants. | |||||||||||||||||||||||||||
Risk-Free Interest Rate. We base the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield in effect at the time of option grant on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of our option grants. | |||||||||||||||||||||||||||
Dividends. We have never paid any cash dividends on common stock and we do not anticipate paying any cash dividends in the foreseeable future. | |||||||||||||||||||||||||||
Forfeitures. We use historical data to estimate pre-vesting option forfeitures. We record stock-based compensation expense only for those awards that are expected to vest. | |||||||||||||||||||||||||||
During the three months ended June 30, 2014, the Company granted 11,668 options. | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
A summary of the stock option activity during the three months ended June 30, 2014 is as follows: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||||||||||||
Shares | Price | Term (in Years) | Value | ||||||||||||||||||||||||
Beginning outstanding | 371,759 | $ | 7.89 | ||||||||||||||||||||||||
Granted | 11,668 | $ | 3.22 | ||||||||||||||||||||||||
Exercised | -- | $ | - | ||||||||||||||||||||||||
Expired | -- | $ | - | ||||||||||||||||||||||||
Ending outstanding | 383,427 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 383,148 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending exercisable | 188,173 | $ | 12.04 | 5.8 | $ | - | |||||||||||||||||||||
The aggregate intrinsic value of stock options outstanding as of June 30, 2014 is calculated as the difference between the exercise price of the underlying options and the market price of our common stock as of June 30, 2014. | |||||||||||||||||||||||||||
The following table summarizes information with respect to stock options outstanding as of June 30, 2014: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Number | Average | Number | Exercise | ||||||||||||||||||||||||
Outstanding | Remaining | Weighted- | Exercisable | Price | |||||||||||||||||||||||
As of | Contractual | Average | As of | As of | |||||||||||||||||||||||
Range of | June 30, | Term | Exercise | June 30, | June 30, | ||||||||||||||||||||||
Exercise Prices | 2014 | (in years) | Price | 2014 | 2014 | ||||||||||||||||||||||
$ | 2.9 | $ | 4.5 | 282,997 | 8.78 | $ | 3.66 | 87,743 | $ | 3.77 | |||||||||||||||||
6 | 11.7 | 48,690 | 4.49 | 11.12 | 48,690 | 11.12 | |||||||||||||||||||||
17.8 | 28.1 | 39,244 | 3.22 | 21.63 | 39,244 | 21.63 | |||||||||||||||||||||
34.2 | 89.52 | 12,496 | 1.18 | 43.65 | 12,496 | 43.65 | |||||||||||||||||||||
$ | 2.9 | $ | 89.52 | 383,427 | 7.42 | $ | 7.75 | 188,173 | $ | 12.04 | |||||||||||||||||
As of June 30, 2014, there was $366 of total unrecognized compensation cost related to outstanding options which the Company expects to recognize over an estimated weighted average period of 2.8 years. | |||||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||||
The following table summarizes the Company’s unvested RSU activity for the three months ended June 30, 2014: | |||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2013 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | - | $ | - | ||||||||||||||||||||||||
Released | - | $ | - | ||||||||||||||||||||||||
Vested | (37,250 | ) | $ | 2.31 | |||||||||||||||||||||||
Balance, June 30, 2014 | 91,800 | $ | 2.96 | ||||||||||||||||||||||||
Unvested Restricted Stock as of June 30, 2014 | |||||||||||||||||||||||||||
As of June 30, 2014, there was $162 of total unrecognized compensation cost related to outstanding RSUs, which the Company expects to recognize over an estimated weighted average period of 1.1 years. | |||||||||||||||||||||||||||
In June 2014, Mr. Mika voluntarily forfeited vested deferred restricted stock units providing him the right to receive 138,203 shares of the Company’s common stock. | |||||||||||||||||||||||||||
On July 3, 2014, the Company granted 122,400 options to employees, members of the Board of Directors, and a consultant and 100,000 RSUs to Thomas Mika, the Company’s Chief Executive Officer. The maximum number of shares of stock that may be subject to one or more awards granted to any one participant pursuant to the 2007 Plan during any calendar year is currently 100,000, and the Board intends to grant an additional 50,000 RSUs to Mr. Mika at the beginning of the next calendar year. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||
Valuation assumptions to estimate the fair value of options | ' | ||||||||||||||||||||||||||
The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
STOCK OPTIONS: | 2014 | 2013 | |||||||||||||||||||||||||
Expected life (years) | 6 | 6 | |||||||||||||||||||||||||
Volatility | 151.7 | % | 153.7 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.68 | % | 1.41 | % | |||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
Stock option activity | ' | ||||||||||||||||||||||||||
A summary of the stock option activity during the three months ended June 30, 2014 is as follows: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||||||||||||
Shares | Price | Term (in Years) | Value | ||||||||||||||||||||||||
Beginning outstanding | 371,759 | $ | 7.89 | ||||||||||||||||||||||||
Granted | 11,668 | $ | 3.22 | ||||||||||||||||||||||||
Exercised | -- | $ | - | ||||||||||||||||||||||||
Expired | -- | $ | - | ||||||||||||||||||||||||
Ending outstanding | 383,427 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 383,148 | $ | 7.75 | 7.42 | $ | - | |||||||||||||||||||||
Ending exercisable | 188,173 | $ | 12.04 | 5.8 | $ | - | |||||||||||||||||||||
Stock options outstanding | ' | ||||||||||||||||||||||||||
The following table summarizes information with respect to stock options outstanding as of June 30, 2014: | |||||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||||
Number | Average | Number | Exercise | ||||||||||||||||||||||||
Outstanding | Remaining | Weighted- | Exercisable | Price | |||||||||||||||||||||||
As of | Contractual | Average | As of | As of | |||||||||||||||||||||||
Range of | June 30, | Term | Exercise | June 30, | June 30, | ||||||||||||||||||||||
Exercise Prices | 2014 | (in years) | Price | 2014 | 2014 | ||||||||||||||||||||||
$ | 2.9 | $ | 4.5 | 282,997 | 8.78 | $ | 3.66 | 87,743 | $ | 3.77 | |||||||||||||||||
6 | 11.7 | 48,690 | 4.49 | 11.12 | 48,690 | 11.12 | |||||||||||||||||||||
17.8 | 28.1 | 39,244 | 3.22 | 21.63 | 39,244 | 21.63 | |||||||||||||||||||||
34.2 | 89.52 | 12,496 | 1.18 | 43.65 | 12,496 | 43.65 | |||||||||||||||||||||
$ | 2.9 | $ | 89.52 | 383,427 | 7.42 | $ | 7.75 | 188,173 | $ | 12.04 | |||||||||||||||||
Unvested RSU activity | ' | ||||||||||||||||||||||||||
The following table summarizes the Company’s unvested RSU activity for the three months ended June 30, 2014: | |||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2013 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | - | $ | - | ||||||||||||||||||||||||
Released | - | $ | - | ||||||||||||||||||||||||
Vested | (37,250 | ) | $ | 2.31 | |||||||||||||||||||||||
Balance, June 30, 2014 | 91,800 | $ | 2.96 |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share (EPS) [Abstract] | ' | ||||||||
Calculation of basic and diluted net income (loss) per common share | ' | ||||||||
The following table represents the calculation of basic and diluted net loss per common share: | |||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Loss from continuing operations | $ | (1,248 | ) | $ | (679 | ) | |||
Loss from discontinued operations, net of taxes | - | (118 | ) | ||||||
Net loss applicable to common stockholders | $ | (1,248 | ) | $ | (797 | ) | |||
Basic and diluted: | |||||||||
Weighted-average common shares outstanding | 2,032 | 1,953 | |||||||
Weighted-average common shares used in per share computation | 2,032 | 1,953 | |||||||
Net loss per share from continuing operations: | |||||||||
Basic and diluted | $ | (0.61 | ) | $ | (0.35 | ) | |||
Net loss per share from discontinued operations: | |||||||||
Basic and diluted | $ | 0 | $ | (0.06 | ) | ||||
Net loss per share: | |||||||||
Basic and diluted | $ | (0.61 | ) | $ | (0.41 | ) |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Jul. 12, 2012 | Nov. 22, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 03, 2014 | Jul. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Advisor | Range $2.90 to $4.50 [Member] | Range $6.00 to $11.70 [Member] | Range $17.80 to $28.10 [Member] | Range $34.20 to $89.52[Member] | Range $2.90 to $89.52 [Member] | Subsequent Event [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Software [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | ||||||
Customer | Subsequent Event [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Software [Member] | Trade Names [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Software [Member] | Trade Names [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Quest Diagnostics [Member] | Cellnetix [Member] | Everyday Health [Member] | Everyday Health [Member] | Life Technologies [Member] | Quest Diagnostics [Member] | Life Technologies [Member] | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net loss | ' | ' | $1,248,000 | $797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net cash used in operating activities | ' | ' | 733,000 | 611,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Underwritten public offering of common stock (in shares) | ' | ' | 913,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Price | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from issuance of initial public offering | ' | ' | 1,827,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total underwriting discount and financing cost | ' | ' | 466,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from public offering before additional financing expenses | ' | ' | 1,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of clinical and scientific advisors | ' | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.00% | 23.00% | 20.00% | 7.00% | 93.00% | 95.00% | 100.00% | |
Promissory Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition effective date | 12-Jul-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Promissory note assumed | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Note receivable used as consideration for CollabRx acquisition | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate on promissory note (in hundredths) | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Promissory note maturity date | ' | 15-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of customers | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment in convertible promissory note | ' | ' | 387,000 | 378,000 | 378,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on note receivable | ' | ' | 87,000 | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accounts Receivable - Allowance for Sales Returns and Doubtful Accounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reserves for potential credit losses | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants outstanding to purchase shares of common stock (in shares) | ' | ' | 27,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from sale of warrants | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercise price of warrants (in dollars per share) | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment warrants expiration date range start | ' | ' | 24-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment warrants expiration date range end | ' | ' | 24-Jun-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair Value measurements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash equivalents | ' | ' | 2,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '3 years | '3 years | '3 years | '3 years | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | |
Amortization of intangible assets | ' | ' | 52,000 | 52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment of Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment of long-lived assets | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred financing costs amortization | ' | ' | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total financing expenses, not including underwriters discount | ' | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting period of equity awards | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock options expiry period | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase price of shares to fair market value (in hundredths) | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total stock-based compensation expense related to stock options and restricted stock units | ' | ' | 94,000 | 84,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Valuation assumptions to estimate the fair value of options and ESPP [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected life (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151.70% | 153.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.68% | 1.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock option and warrant activity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,668 | ' | 122,400 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending vested and expected to vest (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending exercisable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning outstanding (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expired (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending outstanding (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending vested and expected to vest (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending vested and expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending vested and expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total unrecognized compensation cost related to outstanding options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period of recognition of total unrecognized compensation cost related to options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 9 months 18 days | ' | ' | ' | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,025 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Released (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Released (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance, end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total unrecognized compensation cost related to outstanding RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vested stock forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional shares to be granted in the future (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum annual number of shares authorized per participant (in shares) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of Exercise Prices, Lower Range Limit (in dollars per share) | ' | ' | ' | ' | ' | $2.90 | $6 | $17.80 | $34.20 | $2.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Range of Exercise Prices, Upper Range Limit (in dollars per share) | ' | ' | ' | ' | ' | $4.50 | $11.70 | $28.10 | $89.52 | $89.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number Outstanding (in shares) | ' | ' | ' | ' | ' | 282,997 | 48,690 | 39,244 | 12,496 | 383,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | '8 years 9 months 11 days | '4 years 5 months 26 days | '3 years 2 months 19 days | '1 year 2 months 5 days | '7 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | $3.66 | $11.12 | $21.63 | $43.65 | $7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number Exercisable (in shares) | ' | ' | ' | ' | ' | 87,743 | 48,690 | 39,244 | 12,496 | 188,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | $3.77 | $11.12 | $21.63 | $43.65 | $12.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Derived from the Company's audited consolidated financial statements. |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 25, 2014 | Jun. 30, 2014 |
Options, RSUs and ESPP's [Member] | Options, RSUs and ESPP's [Member] | Warrants to Purchase [Member] | Warrants to Purchase [Member] | |||
Earnings Per Share (EPS) [Abstract] | ' | ' | ' | ' | ' | ' |
Loss from continuing operations | ($1,248) | ($679) | ' | ' | ' | ' |
Loss from discontinued operations, net of taxes | 0 | -118 | ' | ' | ' | ' |
Net loss applicable to common stockholders | ($1,248) | ($797) | ' | ' | ' | ' |
Basic and diluted [Abstract] | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding (in shares) | 2,032,000 | 1,953,000 | ' | ' | ' | ' |
Weighted-average common shares used in per share computation (in shares) | 2,032,000 | 1,953,000 | ' | ' | ' | ' |
Net loss per share [Abstract] | ' | ' | ' | ' | ' | ' |
Basic and diluted - Continuing operations (in dollars per share) | ($0.61) | ($0.35) | ' | ' | ' | ' |
Basic and diluted - Discontinued operations (in dollars per share) | $0 | ($0.06) | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ($0.61) | ($0.41) | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Options vested (in shares) | ' | ' | 60,831 | ' | ' | ' |
Securities not included in the computation of diluted net (loss) income per common share (in shares) | ' | ' | 536,058 | 414,236 | 27,405 | 92,888 |
Weighted average exercise price of options, RSUs and ESPP's (in dollars per share) | ' | ' | $8.93 | $10.35 | $2.50 | $3.15 |
Warrants expiration date | ' | ' | ' | ' | 24-Jun-20 | 14-Jan-15 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Nov. 22, 2011 | Sep. 09, 2013 | |
Contract | Nano Vibronix [Member] | Nano Vibronix [Member] | Liability Warrants Having Exercise Price 30 [Member] | ||||
Convertible Promissory Note [Member] | Convertible Promissory Note [Member] | ||||||
Financial Instruments [Abstract] | ' | ' | ' | ' | ' | ' | |
Foreign currency transaction gains and (losses) | $0 | $0 | ' | ' | ' | ' | |
Number of open foreign exchange contracts | 0 | ' | ' | ' | ' | ' | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | |
Exercise price of warrants outstanding (in dollars per share) | $2.50 | ' | ' | ' | ' | $30 | |
Non cash gains on warrants | ' | 3 | ' | ' | ' | ' | |
Investment [Line Items] | ' | ' | ' | ' | ' | ' | |
Strategic investment | 387 | 378 | 378 | [1] | ' | 300 | ' |
Interest rate on convertible promissory note (in hundredths) | ' | ' | ' | 10.00% | ' | ' | |
Maturity date of convertible promissory note | ' | ' | ' | 15-Nov-14 | ' | ' | |
Convertible preferred stock | ' | ' | ' | $3,000 | ' | ' | |
Conversion price (in dollars per share) | ' | ' | ' | $0.28 | ' | ' | |
[1] | Derived from the Company's audited consolidated financial statements. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Discontinued Operations [Abstract] | ' | ' | ' |
Cash gain from discontinued operations | $0 | $20 | ' |
Non cash gain related to write off of discontinued assets and liabilities | ' | 4 | ' |
Non cash loss from the foreign exchange differences | ' | 142 | ' |
Income (loss) from discontinued operations, net of taxes | 0 | ' | ' |
Assets of Discontinued Operations [Abstract] | ' | ' | ' |
Assets of discontinued operations | 0 | ' | 0 |
Liabilities of Discontinued Operation [Abstract] | ' | ' | ' |
Liabilities of discontinued operations | $0 | ' | $5 |
Investments_Details
Investments (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Nov. 22, 2011 | |
In Thousands, except Per Share data, unless otherwise specified | Nano Vibronix [Member] | Nano Vibronix [Member] | ||||
Convertible Promissory Note [Member] | Convertible Promissory Note [Member] | |||||
Nano Vibronix Transaction [Abstract] | ' | ' | ' | ' | ' | |
Investment in convertible promissory note | $387 | $378 | [1] | $378 | ' | $300 |
Interest rate on convertible promissory note (in hundredths) | ' | ' | ' | 10.00% | ' | |
Maturity date of convertible promissory note | ' | ' | ' | 15-Nov-14 | ' | |
Conversion into Series B-1 Participating Convertible Preferred Stock | ' | ' | ' | $3,000 | ' | |
Conversion price (in dollars per share) | ' | ' | ' | $0.28 | ' | |
[1] | Derived from the Company's audited consolidated financial statements. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member]) | 1 Months Ended |
Aug. 02, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Granted (in shares) | 137,025 |
Period to cover over-allotments, if any | '45 days |
Underwriter's over-allotment option expiry date | 3-Aug-14 |