Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 11, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CollabRx, Inc. | |
Entity Central Index Key | 931059 | |
Current Fiscal Year End Date | -28 | |
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 | 3,174,918 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $193 | $1,430 | [1] |
Accounts receivable | 47 | 148 | [1] |
Prepaid expenses and other current assets | 166 | 183 | [1] |
Deferred financing costs | 0 | 162 | [1] |
Investment in convertible promissory note | 399 | 378 | [1] |
Total current assets | 805 | 2,301 | [1] |
Property and equipment, net | 117 | 130 | [1] |
Intangible assets, net | 1,125 | 1,281 | [1] |
Goodwill | 603 | 603 | [1] |
Total assets | 2,650 | 4,315 | [1] |
Current liabilities: | |||
Accounts payable and accrued expenses | 175 | 136 | [1] |
Accrued compensation | 155 | 119 | [1] |
Promissory note payable, current | 208 | 0 | [1] |
Deferred revenue | 72 | 108 | [1] |
Liabilities of discontinued operations | 0 | 5 | [1] |
Total current liabilities | 610 | 368 | [1] |
Deferred tax liability | 438 | 500 | [1] |
Promissory notes payable | 317 | 509 | [1] |
Other long-term liabilities | 13 | 13 | [1] |
Total liabilities | 1,378 | 1,390 | [1] |
Commitments and Contingencies (Note 7) | [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; 2,931,621 and 2,005,187 shares issued and outstanding at December 31, 2014 and March 31, 2014 respectively | 29 | 20 | [1] |
Additional paid-in capital | 132,720 | 130,994 | [1] |
Accumulated deficit | -131,477 | -128,089 | [1] |
Total stockholders' equity | 1,272 | 2,925 | [1] |
Total liabilities and stockholders' equity | $2,650 | $4,315 | [1] |
[1] | Derived from the Company's audited consolidated financial statements. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $) | Dec. 31, 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) | 2,931,621 | 2,005,187 |
Common stock, shares outstanding (in shares) | 2,931,621 | 2,005,187 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Revenue | $94 | $56 | $334 | $577 |
Cost of revenue | 18 | 104 | 54 | 140 |
Gross profit/(loss) | 76 | -48 | 280 | 437 |
Operating expenses: | ||||
Engineering | 475 | 473 | 1,556 | 1,199 |
Research and development | 1 | 21 | 83 | 234 |
Sales and marketing | 68 | 57 | 221 | 196 |
General and administrative | 672 | 422 | 1,869 | 1,410 |
Total operating expenses | 1,216 | 973 | 3,729 | 3,039 |
Operating loss | -1,140 | -1,021 | -3,449 | -2,602 |
Other income/(expense), net | -4 | 7 | 5 | 33 |
Loss before income tax benefit | -1,144 | -1,014 | -3,444 | -2,569 |
Income tax benefit, net | -20 | -20 | -56 | -61 |
Loss from continuing operations | -1,124 | -994 | -3,388 | -2,508 |
Gain on sale of discontinued operations, net of taxes | 0 | 0 | 0 | 267 |
Loss from discontinued operations, net of taxes | 0 | -10 | 0 | -122 |
Net income/(loss) from discontinued operations, net of taxes | 0 | -10 | 0 | 145 |
Net loss | ($1,124) | ($1,004) | ($3,388) | ($2,363) |
Net loss per share from continuing operations: | ||||
Basic and diluted (in dollars per share) | ($0.38) | ($0.51) | ($1.37) | ($1.28) |
Net income/(loss) per share from discontinued operations: | ||||
Basic and diluted (in dollars per share) | $0 | $0 | $0 | $0.07 |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | ($0.38) | ($0.51) | ($1.37) | ($1.21) |
Weighted-average shares used in per share computation: | ||||
Basic and diluted (in shares) | 2,932 | 1,963 | 2,478 | 1,955 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | ($3,388) | ($2,363) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock based compensation expense | 365 | 272 | |
Fair value adjustment of common stock warrants | 0 | -10 | |
Depreciation | 30 | 24 | |
Amortization of intangible assets | 156 | 156 | |
Accrued interest on convertible promissory note | -21 | -25 | |
Deferred taxes | -62 | -61 | |
Accrued interest on promissory note payable | 16 | 4 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 101 | 195 | |
Prepaid expenses and other current assets | 17 | -62 | |
Deferred financing costs | 162 | -129 | |
Accounts payable and accrued expenses | 39 | 133 | |
Accrued compensation | 36 | 67 | |
Deferred revenue | -36 | 0 | |
Current assets and liabilities from discontinued operations, net | -5 | 143 | |
Net cash used in operating activities | -2,590 | -1,656 | |
Cash flows from investing activities: | |||
Acquisition of property and equipment | -17 | -17 | |
Net cash used in investing activities | -17 | -17 | |
Cash flows from financing activities: | |||
Proceeds from at-the-market facility | 23 | 0 | |
Proceeds from sale of common stock, net of expenses of $480 | 1,347 | 0 | |
Net cash provided by financing activities | 1,370 | 0 | |
Net decrease in cash and cash equivalents | -1,237 | -1,673 | |
Cash and cash equivalents, beginning | 1,430 | [1] | 4,039 |
Cash and cash equivalents, ending | 193 | 2,366 | |
Supplemental disclosure of non-cash activities: | |||
Shares issued in CollabRx acquisition | 0 | 932 | |
Note receivable used as consideration for CollabRx acquisition | 0 | 300 | |
Promissory Note issued in CollabRx acquisition | 0 | 500 | |
Fair value of assets acquired in CollabRx acquisition | 0 | 2,253 | |
Liabilities assumed in CollabRx acquisition | $0 | $997 | |
[1] | Derived from the Company's audited consolidated financial statements. |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from financing activities: | ||
Expenses from sale of common stock | $480 | $0 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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. The Company uses 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. | |||||||||||||||||||||||||||
The Company searches 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. The Company then aggregates, annotates and integrates these datasets for the purpose of defining the relationship of biomarkers to therapeutic strategies, drugs and clinical trials. None of the individual databases the Company utilizes 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, the Company always refers 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, the Company avoids 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. The Company analyzes the test results for the purpose of identifying those genetic alterations which the Company has annotated in advance as being “actionable” (i.e., related to a therapeutic strategy). The Company provides 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 the Company has agreed in advance with our customer. The Company is 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, the Company redesigned its 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. The Company officially launched CancerRx on May 28, 2014 in connection with the 2014 American Society of Clinical Oncology (ASCO) meeting. | |||||||||||||||||||||||||||
The Company intends 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. The Company expects 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. The Company incurred net losses of $3,388 and $2,363 for the nine months ended December 31, 2014 and 2013, respectively. The Company used $2,590 and $1,656 of cash in operating activities for the nine months ended December 31, 2014 and 2013, respectively. The Company’s existing cash and cash equivalents were adequate to fund the Company’s operations requirements and obligations through the third quarter of its fiscal year 2015. However, the Company does not have sufficient cash balances to fund future operations. As a result, over the past year it has been pursuing several alternative financing sources to continue operations. | |||||||||||||||||||||||||||
On December 6, 2014, CollabRx, and Medytox Solutions, Inc. (“Medytox”) entered into a non-binding letter of intent for a potential business combination between the companies (the “Letter of Intent”). The business combination is subject to, among other things, due diligence, the execution of a definitive agreement, necessary board of director and stockholder approvals and other customary conditions. We cannot assure you that Medytox and CollabRx will enter into a definitive agreement and, if such definitive agreement is entered into, that the contemplated business combination will be consummated. | |||||||||||||||||||||||||||
Pursuant to the Letter of Intent, Medytox agreed to advance certain funding to CollabRx in contemplation of the business combination. On January 16, 2015, CollabRx entered into a Loan and Security Agreement (the “Loan Agreement”) with Medytox, pursuant to which it is contemplated that Medytox will loan up to $2,396 to the Company. Medytox is a holding company that owns and operates businesses in the medical services sector. Its principal line of business is clinical laboratory blood and urine testing services, with a particular emphasis in the provision of urine drug toxicology and comprehensive pain medication monitoring programs to physicians, clinics and rehabilitation facilities in the United States. | |||||||||||||||||||||||||||
The Company intends to use the proceeds from the Loan Agreement for working capital and general corporate purposes. Amounts borrowed by CollabRx under the Loan Agreement will accrue simple interest at the rate of fifteen percent (15.0%) per annum. As of February 10, 2015, CollabRx had borrowed $551 under the Loan Agreement. The making of additional advances to the Company under the Loan Agreement is completely discretionary on the part of Medytox. All amounts borrowed under the Loan Agreement mature on December 31, 2015. Upon the occurrence of an event of default under the Loan Agreement, all or a portion of the then outstanding principal and accrued interest under the Loan Agreement is convertible, in the discretion of Medytox, into shares of common stock, $0.01 par value per share of CollabRx at a conversion price equal to the lower of (i) $0.85 or (ii) the average of the bid and ask prices of the Common Stock on the trading day immediately prior to the date of conversion; provided, however, that the maximum number of shares issuable to Medytox is 14.9% of the number of shares of Common Stock then outstanding. CollabRx has agreed to secure the payment and performance of its obligations under the Loan Agreement by the grant of a security interest in all of its assets. | |||||||||||||||||||||||||||
The Loan Agreement includes representations and warranties of the parties, covenants and agreements regarding the operation of the business of CollabRx while amounts are outstanding under the Loan Agreement, and indemnification provisions in the event of a breach of a representation, warranty, covenant or agreement contained in the Loan Agreement. | |||||||||||||||||||||||||||
Also on January 16, 2015, CollabRx entered into an Agreement (the “Agreement”) with Medytox. Pursuant to the Agreement, CollabRx agreed that in the event it enters into a merger or other sale transaction involving at least thirty-five percent (35.0%) of its shares or assets with a party other than Medytox, CollabRx will pay Medytox a $1,000 fee (the “Fee”). Notwithstanding the foregoing, no Fee will be payable to Medytox in the event (i) Medytox has not provided funding to CollabRx of at least $500 pursuant to the Loan Agreement or (ii) Medytox has not funded an advance requested by CollabRx under the Loan Agreement, subject to certain exceptions. | |||||||||||||||||||||||||||
On November 18, 2014, CollabRx, was notified by Nasdaq that the bid price of the Company's common stock closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4). In accordance with Marketplace Rule 4310(c)(8)(D), the Company has180 calendar days, or until May 18, 2015, to regain compliance. If at any time before May 18, 2015, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Rule. If the Company does not regain compliance by May 18, 2015, an additional 180 days will be granted to regain compliance, so long as the Company meets The Nasdaq Capital Market initial listing criteria (except for the bid price requirement). | |||||||||||||||||||||||||||
On November 20, 2014, CollabRx, was notified by Nasdaq that the shareholders' equity balance reported on its last Quarterly Report filed with the Securities and Exchange Commission on November 14, 2014 for its fiscal year 2015’s second quarter fell below the $2,500 minimum requirement for continued listing under the Nasdaq Capital Market's Listing Rule 5550(b)(1). | |||||||||||||||||||||||||||
On January 20, 2015, CollabRx announced that it received a letter from the NASDAQ Listing Qualifications Staff indicating that, unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel (the "Panel"), the Company's securities would be delisted from The NASDAQ Capital Market due to the Company's non-compliance with NASDAQ Listing Rule 5550(b)(1). The Company timely requested a hearing before the Panel, at which hearing the Company will present its plan to evidence compliance with the Rule, which requires the Company to maintain a minimum of $2,500 in stockholders' equity. The Company's common stock will continue to trade on The NASDAQ Capital Market under the symbol "CLRX" pending completion of the hearing process and the expiration of any extension period granted by the Panel. The hearing has been scheduled for February 19, 2015. | |||||||||||||||||||||||||||
The Company continues to incur recurring losses from operations. Even though the Company has entered into the aforementioned agreement with Medytox, it must still prove its ability to generate sufficient levels of cash from its operations. The Company expects to continue to finance future cash needs through the Loan Agreement with Medytox and the proposed business combination, if completed,may provide financing that will sustain the Company’s operations until the Company can achieve profitability and positive cash flows. However, the perception that the Company 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. These conditions may raise substantial doubt about the Company’s ability to continue as a going concern. | |||||||||||||||||||||||||||
If the Company is not able to achieve profitability and positive cash flows, the Company may not be able to continue the operation of its 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 the Company 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 and nine months ended December 31, 2014 are not necessarily indicative of results to be expected for the entire year. | |||||||||||||||||||||||||||
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 and nine months ended December 31, 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 and nine 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 cash equivalents 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 December 31, 2014, four customers accounted for 27.7%, 26.5%, 15.2% and 14.9%, respectively, of the Company’s revenue. For the nine months ended December 31, 2014, five customers accounted for 20.0%, 17.9%, 15.0%, 15% and 11.7%, respectively, of the Company’s revenue. For the three and nine months ended December 31, 2013, one customer accounted for 89.8% and 86.7%, respectively, of the Company’s revenue. | |||||||||||||||||||||||||||
Life Technologies, Inc. had been a major contributor to our revenue and gross profit in the past, however, the Company has funded its operating expenses primarily with prior cash on hand, the net proceeds from the sale of discontinued assets, as disclosed in prior filings, and its recent follow-on public offering of stock. The Company is 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 three months ended December 31, 2014, one customer accounted for 77.8% of the balance in accounts receivable. One customer accounted for 90.9% of the balance in accounts receivable for the three months ended December 31, 2013. The Company sold the last two patent lots of our NLD portfolio for approximately $365 in the second quarter of the prior fiscal year. The related accounts receivable were recorded in other assets of discontinued operations. | |||||||||||||||||||||||||||
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 December 31, 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 funds in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
Investment in Convertible Promissory Note | |||||||||||||||||||||||||||
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 was in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually, which matured 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 December 31, 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 December 31, 2014 and March 31, 2014, the Convertible Promissory Note balance was $399 and $378, respectively, consisting of the original $300 investment and $99 and $78, respectively, in accrued interest income receivable. | |||||||||||||||||||||||||||
Accounts Receivable – Allowance for Sales Returns and Doubtful Accounts | |||||||||||||||||||||||||||
For the nine months ended December 31, 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. The Company has integrated in our evaluation the related guidance included in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. The Company recognizes revenue when persuasive evidence of an arrangement exists, the seller’s price is fixed or determinable, delivery has occurred, and collectability is reasonably assured. | |||||||||||||||||||||||||||
For arrangements that include multiple deliverables, the Company identifies 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 fair value 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 the Company recognizes estimated contract revenue and resulting income based on costs incurred to date as a percentage of the total estimated costs as the Company considers 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, the Company determines that a loss will occur, the Company recognizes 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 the Company determined a loss on the contract exists. | |||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||
The Company accounts 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. The Company evaluates annually its 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, the Company has 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 the Company is able to generate income the Company 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, the Company considers the principal or most advantageous market in which the Company would transact and the Company considers 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, and totaled $193. | |||||||||||||||||||||||||||
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 $156 of amortization expense for each of the nine month periods ended December 31, 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 nine months ended December 31, 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 nine months ended December 31, 2014, 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. | |||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||
The Company has 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 related to stock options and restricted stock units (“RSUs”) for the nine months ended December 31, 2014 and 2013 was $365 and $272, respectively. | |||||||||||||||||||||||||||
The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three and nine month periods ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Expected life (years) | 6 | 6 | 6 | 6 | |||||||||||||||||||||||
Volatility | 141.73 | % | 152.22 | % | 141.73% - 151.70 | % | 152.22% - 152.95 | % | |||||||||||||||||||
Risk-free interest rate | 1.67 | % | 1.3 | % | 1.63% - 1.75 | % | 1.30% - 1.72 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
The Company’s ESPP plan expired in the prior quarter of the current fiscal year. No ESPP awards were made in the current period nor are any future ESPP awards expected to be made. Prior ESPP awards were valued using the Black-Scholes option pricing model with expected volatility calculated using a six-month historical volatility. | |||||||||||||||||||||||||||
Valuation and Other Assumptions for Stock Options | |||||||||||||||||||||||||||
Valuation and Amortization Method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The Company estimates the fair value using a single option approach and amortize the fair value on a straight-line basis 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. The Company estimates the expected term of options granted based on our historical experience of exercises including post-vesting exercises and termination. | |||||||||||||||||||||||||||
Expected Volatility. The Company estimates 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. The Company bases the risk-free interest rate used in the Black-Scholes option pricing model on U.S. Treasury yield curve in effect at the time of grant for zero-coupon issues with remaining terms equivalent to the expected term of our option grants. | |||||||||||||||||||||||||||
Dividends. The Company has never paid any cash dividends on common stock and the Company does not anticipate paying any cash dividends in the foreseeable future. | |||||||||||||||||||||||||||
Forfeitures. The Company uses historical data to estimate pre-vesting option forfeitures. The Company record stock-based compensation only for those awards that are expected to vest. | |||||||||||||||||||||||||||
During the three months ended December 31, 2014, the Company granted 64,500 options to current employees and 134,179 options to current members of the Board of Directors. | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
A summary of the stock option activity during the nine months ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||
Term (in Years) | |||||||||||||||||||||||||||
Beginning outstanding, March 31, 2014 | 371,759 | $ | 7.89 | 7.59 | $ | 775 | |||||||||||||||||||||
Granted | 352,747 | 1.29 | |||||||||||||||||||||||||
Forfeited | (32,848 | ) | 2.87 | ||||||||||||||||||||||||
Expired | (17,982 | ) | 8.66 | ||||||||||||||||||||||||
Ending outstanding, December 31, 2014 | 673,676 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 673,345 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending exercisable | 258,536 | $ | 9.1 | 6.41 | $ | - | |||||||||||||||||||||
The aggregate intrinsic value of stock options outstanding as of December 31, 2014 is calculated as the difference between the exercise price of the underlying options and the market price of our common stock as of December 31, 2014. | |||||||||||||||||||||||||||
The following table summarizes information with respect to stock options outstanding as of December 31, 2014: | |||||||||||||||||||||||||||
Range of | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||
As of | Remaining | Exercise | As of | Exercise | |||||||||||||||||||||||
December 31, | Contractual | Price | December 31, | Price | |||||||||||||||||||||||
2014 | Term | 2014 | As of | ||||||||||||||||||||||||
(in years) | December 31, | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
$ | 0.75 | $ | 1.5 | 218,679 | 9.92 | $ | 0.8 | 9,166 | $ | 1.38 | |||||||||||||||||
1.99 | 3.22 | 190,567 | 9.34 | 2.55 | 47,315 | 2.28 | |||||||||||||||||||||
3.35 | 6 | 169,830 | 7.83 | 3.91 | 107,455 | 3.91 | |||||||||||||||||||||
6.25 | 11.7 | 45,358 | 3.89 | 11.5 | 45,358 | 11.5 | |||||||||||||||||||||
17.8 | 28.1 | 37,578 | 2.67 | 21.8 | 37,578 | 21.8 | |||||||||||||||||||||
34.2 | 41.45 | 11,664 | 0.74 | 40.37 | 11,664 | 40.37 | |||||||||||||||||||||
$ | 0.75 | $ | 41.45 | 673,676 | 8.26 | $ | 4.66 | 258,536 | $ | 9.1 | |||||||||||||||||
As of December 31, 2014, there was $440 of total unrecognized compensation cost related to outstanding options which the Company expects to recognize over an estimated weighted average period of 1.89 years. | |||||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||||
The following table summarizes the Company’s unvested RSU activity for the nine months ended December 31, 2014: | |||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2014 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | 100,000 | 1.99 | |||||||||||||||||||||||||
Forfeited | (10,000 | ) | 3.75 | ||||||||||||||||||||||||
Vested | (52,050 | ) | 2.42 | ||||||||||||||||||||||||
Balance, December 31, 2014 | 167,000 | $ | 2.35 | ||||||||||||||||||||||||
Unvested Restricted Stock as of December 31, 2014 | |||||||||||||||||||||||||||
As of December 31, 2014, there was $219 of total unrecognized compensation cost related to outstanding RSUs, which the Company expects to recognize over an estimated weighted average period of 1.32 years. | |||||||||||||||||||||||||||
In the three months ending December 31, 2014, the Company did not grant any RSUs. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 9 Months Ended | ||||||||||||||||
Dec. 31, 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 | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Loss from continuing operations | $ | (1,124 | ) | $ | (994 | ) | $ | (3,388 | ) | $ | (2,508 | ) | |||||
Net income/(loss) from discontinued operations, net of taxes | - | (10 | ) | - | 145 | ||||||||||||
Net loss applicable to common stockholders | $ | (1,124 | ) | $ | (1,004 | ) | $ | (3,388 | ) | $ | (2,363 | ) | |||||
Weighted-average common shares used in per share computation | 2,932 | 1,963 | 2,478 | 1,955 | |||||||||||||
Net loss per share from continuing operations: | |||||||||||||||||
Basic and diluted | $ | (0.38 | ) | $ | (0.51 | ) | $ | (1.37 | ) | $ | (1.28 | ) | |||||
Net income/(loss) per share from discontinued operations: | |||||||||||||||||
Basic and diluted | $ | - | $ | - | $ | - | $ | 0.07 | |||||||||
Net loss per share: | |||||||||||||||||
Basic and diluted | $ | (0.38 | ) | $ | (0.51 | ) | $ | (1.37 | ) | $ | (1.21 | ) | |||||
The following shares of common stock equivalents and warrants were excluded from the computation of diluted earnings per share for the nine months ended December 31, 2014 and 2013 because including them would have been anti-dilutive. | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Outstanding Options | 673,676 | 300,926 | |||||||||||||||
Outstanding RSUs | 239,297 | 126,654 | |||||||||||||||
ESPP | - | - | |||||||||||||||
912,973 | 427,580 | ||||||||||||||||
Warrants - Sequel | 92,888 | 92,888 | |||||||||||||||
Warrants | 27,405 | - | |||||||||||||||
Shares Excluded from EPS calculation | 1,033,266 | 520,468 | |||||||||||||||
The weighted-average exercise price per share of the excluded outstanding options and outstanding and deferred RSUs was $6.88 and $9.99 on December 31, 2014 and 2013, respectively. The warrants to purchase 92,888 shares of common stock had an exercise price of $3.15 per share, and represented the balance of Sequel Power’s grant, which expired unexercised on 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 | 9 Months Ended | |
Dec. 31, 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 December 31, 2014 and 2013. On December 31, 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 no related gains or losses in the three months ended December 31, 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. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |
Dec. 31, 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 ending March 31, 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 nine months ended December 31, 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 December 31, 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 December 31, 2014, the Company recognized no activity in discontinued operations. The Company has no remaining intellectual property related to discontinued operations. |
Geographical_and_Segment_Infor
Geographical and Segment Information | 9 Months Ended | |
Dec. 31, 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, revenues by geographic region were all in the United States. | ||
Revenues for the three and nine months ended December 31, 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, intangible and goodwill 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 | 9 Months Ended | |
Dec. 31, 2014 | ||
Recent Accounting Pronouncements [Abstract] | ||
Recent Accounting Pronouncements | 6 | Recent Accounting Pronouncements: |
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 August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Sub Topic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ( Ability to Conti ASU 2014-15 clarifies principles and definitions that may be used by an organization’s management for disclosures that are currently made available in financial statement footnotes. Presently, U.S. GAAP does not provide an organization’s management guidance regarding its responsibility to assess whether substantial doubt exists regarding the ability to continue as a going concern or to prepare related footnote disclosures. Instead, auditors are responsible for assessing an entity’s ability to continue as a going concern under AU-C 570. ASU 2014-15 will move this responsibility to management. ASU 2014-15 will require management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016 to allow the auditing guidance to catch up with this change. ASU No. 2014-15 affects all companies and nonprofits and early application is allowed. The Company is currently evaluating the impact of adopting this new guidance on our condensed consolidated financial statements. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies | 7 | Commitments and Contingencies | |||
The Company has several non-cancelable operating leases, primarily for general office space, that expire over the next four years. The Company has no capital leases at this time. Future minimum lease payments under these leases are as follows: | |||||
Year Ending March 31, | Operating | ||||
Leases | |||||
2015 | $ | 31 | |||
2016 | 126 | ||||
2017 | 129 | ||||
2018 | 54 | ||||
Thereafter | - | ||||
Total minimum lease payments | $ | 340 | |||
Most leases provide for the Company to pay real estate taxes and other maintenance expenses. Rent expense for operating leases related to discontinued operations, net of sublease income, was $0 during each of the three and nine months ended December 31, 2014, and 2013, respectively. Rent expense for operating leases related to continuing operations, net of sublease income, was $32 and $97, during the three and nine months ended December 31, 2014, respectively. Rent expense for operating leases related to continuing operations, net of sublease income, was $30 and $100, during the three and nine months ended December 31, 2013, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 8 | Subsequent Events: |
On January 16, 2015, CollabRx entered into a Loan and Security Agreement (the “Loan Agreement”) with Medytox, pursuant to which it is contemplated that Medytox will loan up to $2,396 to the Company. Medytox is a holding company that owns and operates businesses in the medical services sector. Its principal line of business is clinical laboratory blood and urine testing services, with a particular emphasis in the provision of urine drug toxicology and comprehensive pain medication monitoring programs to physicians, clinics and rehabilitation facilities in the United States. | ||
On January 16, 2015, CollabRx entered into an Agreement with Medytox. Pursuant to the Agreement, CollabRx agreed that in the event it enters into a merger or other sale transaction involving at least thirty-five percent (35.0%) of its shares or assets with a party other than Medytox, CollabRx will pay Medytox a $1,000 fee (the “Fee”). Notwithstanding the foregoing, no Fee will be payable to Medytox in the event (i) Medytox has not provided funding to CollabRx of at least $500 pursuant to the Loan Agreement or (ii) Medytox has not funded an advance requested by CollabRx under the Loan Agreement, subject to certain exceptions. | ||
On January 14, 2011, CollabRx entered into a Formation and Contribution Agreement with se2quel Partners and Sequel Power. We impaired the entire book value of the investment in Sequel Power on March 31, 2012. In two separate transactions, Sequel Power irrevocably assigned and transferred to the Company for cancelation all of its Warrants representing the right to purchase shares of the Company’s common stock. In exchange, we agreed to terminate our Management Services Agreement with Sequel Power and to waive receivables related to accrued fees thereunder. On January 14, 2015, warrants representing the right to purchase 92,888 shares of the Company’s common stock held by se2quel Management, GMBH expired unexercised. There are no other warrants relating to this investment. | ||
The Company filed a second amendment to the Registration Statement on Form S-1 with the Securities and Exchange Commission (“SEC”) on February 6, 2015. 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 is to act as the sole book-running manager for the offering. The Company also filed a final prospectus supplement and accompanying prospectus describing the terms of the offering which is available on the SEC's website located at http://www.sec.gov. | ||
CollabRx, invested $300 in NanoVibronix, Inc. on November 22, 2011 in the form of a convertible promissory note. NanoVibronix intends to form a public company board (as disclosed in the S-1) and to appoint new independent directors, including the CollabRx’s Chief Executive Officer to the Board. The appointment will take place upon the S-10 being declared effective by the SEC. | ||
The convertible series B-1 promissory notes matured on November 15, 2014. The entire outstanding principal balance and any outstanding fees or interest became due and payable in full on such date. On February 9, 2015 NanoVibronix, Inc. filed a Form S-10 with the SEC, and on February 10, 2015, coincident with the additional investment of $3,000, the series B-1 promissory note held by CollabRx was converted into Series B-1 preferred shares. Coincident with the effectiveness of this filing, the Series B-1 preferred shares held by CollabRx will be converted into 204,507 shares of NanoVibronix common stock, representing 8.9% of the 2,289,682 shares of total common shares outstanding as of January 30, 2015. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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 the Company 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 and nine months ended December 31, 2014 are not necessarily indicative of results to be expected for the entire year. | |||||||||||||||||||||||||||
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 and nine months ended December 31, 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 and nine 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 cash equivalents 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 December 31, 2014, four customers accounted for 27.7%, 26.5%, 15.2% and 14.9%, respectively, of the Company’s revenue. For the nine months ended December 31, 2014, five customers accounted for 20.0%, 17.9%, 15.0%, 15% and 11.7%, respectively, of the Company’s revenue. For the three and nine months ended December 31, 2013, one customer accounted for 89.8% and 86.7%, respectively, of the Company’s revenue. | |||||||||||||||||||||||||||
Life Technologies, Inc. had been a major contributor to our revenue and gross profit in the past, however, the Company has funded its operating expenses primarily with prior cash on hand, the net proceeds from the sale of discontinued assets, as disclosed in prior filings, and its recent follow-on public offering of stock. The Company is 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 three months ended December 31, 2014, one customer accounted for 77.8% of the balance in accounts receivable. One customer accounted for 90.9% of the balance in accounts receivable for the three months ended December 31, 2013. The Company sold the last two patent lots of our NLD portfolio for approximately $365 in the second quarter of the prior fiscal year. The related accounts receivable were recorded in other assets of discontinued operations. | |||||||||||||||||||||||||||
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 December 31, 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 funds in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
Investment in Convertible Promissory Note | Investment in Convertible Promissory Note | ||||||||||||||||||||||||||
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 was in the form of a convertible promissory note that bears interest at a rate of 10% per year compounded annually, which matured 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 December 31, 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 December 31, 2014 and March 31, 2014, the Convertible Promissory Note balance was $399 and $378, respectively, consisting of the original $300 investment and $99 and $78, respectively, in accrued interest income receivable. | |||||||||||||||||||||||||||
Accounts Receivable - Allowance for Sales Returns and Doubtful Accounts | Accounts Receivable – Allowance for Sales Returns and Doubtful Accounts | ||||||||||||||||||||||||||
For the nine months ended December 31, 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. The Company has integrated in our evaluation the related guidance included in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. The Company recognizes revenue when persuasive evidence of an arrangement exists, the seller’s price is fixed or determinable, delivery has occurred, and collectability is reasonably assured. | |||||||||||||||||||||||||||
For arrangements that include multiple deliverables, the Company identifies 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 fair value 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 the Company recognizes estimated contract revenue and resulting income based on costs incurred to date as a percentage of the total estimated costs as the Company considers 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, the Company determines that a loss will occur, the Company recognizes 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 the Company determined a loss on the contract exists. | |||||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||||
The Company accounts 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. The Company evaluates annually its 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, the Company has 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 the Company is able to generate income the Company 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, the Company considers the principal or most advantageous market in which the Company would transact and the Company considers 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, and totaled $193. | |||||||||||||||||||||||||||
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 $156 of amortization expense for each of the nine month periods ended December 31, 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 nine months ended December 31, 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 nine months ended December 31, 2014, 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. | |||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||||||||||
The Company has 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 related to stock options and restricted stock units (“RSUs”) for the nine months ended December 31, 2014 and 2013 was $365 and $272, respectively. | |||||||||||||||||||||||||||
The Company utilized the following valuation assumptions to estimate the fair value of options that were granted for the three and nine month periods ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Expected life (years) | 6 | 6 | 6 | 6 | |||||||||||||||||||||||
Volatility | 141.73 | % | 152.22 | % | 141.73% - 151.70 | % | 152.22% - 152.95 | % | |||||||||||||||||||
Risk-free interest rate | 1.67 | % | 1.3 | % | 1.63% - 1.75 | % | 1.30% - 1.72 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
The Company’s ESPP plan expired in the prior quarter of the current fiscal year. No ESPP awards were made in the current period nor are any future ESPP awards expected to be made. Prior ESPP awards were valued using the Black-Scholes option pricing model with expected volatility calculated using a six-month historical volatility. | |||||||||||||||||||||||||||
Valuation and Other Assumptions for Stock Options | |||||||||||||||||||||||||||
Valuation and Amortization Method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The Company estimates the fair value using a single option approach and amortize the fair value on a straight-line basis 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. The Company estimates the expected term of options granted based on our historical experience of exercises including post-vesting exercises and termination. | |||||||||||||||||||||||||||
Expected Volatility. The Company estimates 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. The Company bases the risk-free interest rate used in the Black-Scholes option pricing model on U.S. Treasury yield curve in effect at the time of grant for zero-coupon issues with remaining terms equivalent to the expected term of our option grants. | |||||||||||||||||||||||||||
Dividends. The Company has never paid any cash dividends on common stock and the Company does not anticipate paying any cash dividends in the foreseeable future. | |||||||||||||||||||||||||||
Forfeitures. The Company uses historical data to estimate pre-vesting option forfeitures. The Company record stock-based compensation only for those awards that are expected to vest. | |||||||||||||||||||||||||||
During the three months ended December 31, 2014, the Company granted 64,500 options to current employees and 134,179 options to current members of the Board of Directors. | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
A summary of the stock option activity during the nine months ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||
Term (in Years) | |||||||||||||||||||||||||||
Beginning outstanding, March 31, 2014 | 371,759 | $ | 7.89 | 7.59 | $ | 775 | |||||||||||||||||||||
Granted | 352,747 | 1.29 | |||||||||||||||||||||||||
Forfeited | (32,848 | ) | 2.87 | ||||||||||||||||||||||||
Expired | (17,982 | ) | 8.66 | ||||||||||||||||||||||||
Ending outstanding, December 31, 2014 | 673,676 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 673,345 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending exercisable | 258,536 | $ | 9.1 | 6.41 | $ | - | |||||||||||||||||||||
The aggregate intrinsic value of stock options outstanding as of December 31, 2014 is calculated as the difference between the exercise price of the underlying options and the market price of our common stock as of December 31, 2014. | |||||||||||||||||||||||||||
The following table summarizes information with respect to stock options outstanding as of December 31, 2014: | |||||||||||||||||||||||||||
Range of | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||
As of | Remaining | Exercise | As of | Exercise | |||||||||||||||||||||||
December 31, | Contractual | Price | December 31, | Price | |||||||||||||||||||||||
2014 | Term | 2014 | As of | ||||||||||||||||||||||||
(in years) | December 31, | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
$ | 0.75 | $ | 1.5 | 218,679 | 9.92 | $ | 0.8 | 9,166 | $ | 1.38 | |||||||||||||||||
1.99 | 3.22 | 190,567 | 9.34 | 2.55 | 47,315 | 2.28 | |||||||||||||||||||||
3.35 | 6 | 169,830 | 7.83 | 3.91 | 107,455 | 3.91 | |||||||||||||||||||||
6.25 | 11.7 | 45,358 | 3.89 | 11.5 | 45,358 | 11.5 | |||||||||||||||||||||
17.8 | 28.1 | 37,578 | 2.67 | 21.8 | 37,578 | 21.8 | |||||||||||||||||||||
34.2 | 41.45 | 11,664 | 0.74 | 40.37 | 11,664 | 40.37 | |||||||||||||||||||||
$ | 0.75 | $ | 41.45 | 673,676 | 8.26 | $ | 4.66 | 258,536 | $ | 9.1 | |||||||||||||||||
As of December 31, 2014, there was $440 of total unrecognized compensation cost related to outstanding options which the Company expects to recognize over an estimated weighted average period of 1.89 years. | |||||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||||
The following table summarizes the Company’s unvested RSU activity for the nine months ended December 31, 2014: | |||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2014 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | 100,000 | 1.99 | |||||||||||||||||||||||||
Forfeited | (10,000 | ) | 3.75 | ||||||||||||||||||||||||
Vested | (52,050 | ) | 2.42 | ||||||||||||||||||||||||
Balance, December 31, 2014 | 167,000 | $ | 2.35 | ||||||||||||||||||||||||
Unvested Restricted Stock as of December 31, 2014 | |||||||||||||||||||||||||||
As of December 31, 2014, there was $219 of total unrecognized compensation cost related to outstanding RSUs, which the Company expects to recognize over an estimated weighted average period of 1.32 years. | |||||||||||||||||||||||||||
In the three months ending December 31, 2014, the Company did not grant any RSUs. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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 and nine month periods ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Expected life (years) | 6 | 6 | 6 | 6 | |||||||||||||||||||||||
Volatility | 141.73 | % | 152.22 | % | 141.73% - 151.70 | % | 152.22% - 152.95 | % | |||||||||||||||||||
Risk-free interest rate | 1.67 | % | 1.3 | % | 1.63% - 1.75 | % | 1.30% - 1.72 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Stock option activity | A summary of the stock option activity during the nine months ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||
Term (in Years) | |||||||||||||||||||||||||||
Beginning outstanding, March 31, 2014 | 371,759 | $ | 7.89 | 7.59 | $ | 775 | |||||||||||||||||||||
Granted | 352,747 | 1.29 | |||||||||||||||||||||||||
Forfeited | (32,848 | ) | 2.87 | ||||||||||||||||||||||||
Expired | (17,982 | ) | 8.66 | ||||||||||||||||||||||||
Ending outstanding, December 31, 2014 | 673,676 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending vested and expected to vest | 673,345 | $ | 4.66 | 8.26 | $ | - | |||||||||||||||||||||
Ending exercisable | 258,536 | $ | 9.1 | 6.41 | $ | - | |||||||||||||||||||||
Stock options outstanding | The following table summarizes information with respect to stock options outstanding as of December 31, 2014: | ||||||||||||||||||||||||||
Range of | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||||||
As of | Remaining | Exercise | As of | Exercise | |||||||||||||||||||||||
December 31, | Contractual | Price | December 31, | Price | |||||||||||||||||||||||
2014 | Term | 2014 | As of | ||||||||||||||||||||||||
(in years) | December 31, | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
$ | 0.75 | $ | 1.5 | 218,679 | 9.92 | $ | 0.8 | 9,166 | $ | 1.38 | |||||||||||||||||
1.99 | 3.22 | 190,567 | 9.34 | 2.55 | 47,315 | 2.28 | |||||||||||||||||||||
3.35 | 6 | 169,830 | 7.83 | 3.91 | 107,455 | 3.91 | |||||||||||||||||||||
6.25 | 11.7 | 45,358 | 3.89 | 11.5 | 45,358 | 11.5 | |||||||||||||||||||||
17.8 | 28.1 | 37,578 | 2.67 | 21.8 | 37,578 | 21.8 | |||||||||||||||||||||
34.2 | 41.45 | 11,664 | 0.74 | 40.37 | 11,664 | 40.37 | |||||||||||||||||||||
$ | 0.75 | $ | 41.45 | 673,676 | 8.26 | $ | 4.66 | 258,536 | $ | 9.1 | |||||||||||||||||
Unvested RSU activity | The following table summarizes the Company’s unvested RSU activity for the nine months ended December 31, 2014: | ||||||||||||||||||||||||||
Number | Weighted- Average | ||||||||||||||||||||||||||
of | Grant Date | ||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||
Balance March 31, 2014 | 129,050 | $ | 2.77 | ||||||||||||||||||||||||
Granted | 100,000 | 1.99 | |||||||||||||||||||||||||
Forfeited | (10,000 | ) | 3.75 | ||||||||||||||||||||||||
Vested | (52,050 | ) | 2.42 | ||||||||||||||||||||||||
Balance, December 31, 2014 | 167,000 | $ | 2.35 |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share (EPS) [Abstract] | |||||||||||||||||
Calculation of basic and diluted net loss per common share | The following table represents the calculation of basic and diluted net loss per common share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Loss from continuing operations | $ | (1,124 | ) | $ | (994 | ) | $ | (3,388 | ) | $ | (2,508 | ) | |||||
Net income/(loss) from discontinued operations, net of taxes | - | (10 | ) | - | 145 | ||||||||||||
Net loss applicable to common stockholders | $ | (1,124 | ) | $ | (1,004 | ) | $ | (3,388 | ) | $ | (2,363 | ) | |||||
Weighted-average common shares used in per share computation | 2,932 | 1,963 | 2,478 | 1,955 | |||||||||||||
Net loss per share from continuing operations: | |||||||||||||||||
Basic and diluted | $ | (0.38 | ) | $ | (0.51 | ) | $ | (1.37 | ) | $ | (1.28 | ) | |||||
Net income/(loss) per share from discontinued operations: | |||||||||||||||||
Basic and diluted | $ | - | $ | - | $ | - | $ | 0.07 | |||||||||
Net loss per share: | |||||||||||||||||
Basic and diluted | $ | (0.38 | ) | $ | (0.51 | ) | $ | (1.37 | ) | $ | (1.21 | ) | |||||
Schedule of antidilutive securities excluded from computation of earnings per share | The following shares of common stock equivalents and warrants were excluded from the computation of diluted earnings per share for the nine months ended December 31, 2014 and 2013 because including them would have been anti-dilutive. | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Outstanding Options | 673,676 | 300,926 | |||||||||||||||
Outstanding RSUs | 239,297 | 126,654 | |||||||||||||||
ESPP | - | - | |||||||||||||||
912,973 | 427,580 | ||||||||||||||||
Warrants - Sequel | 92,888 | 92,888 | |||||||||||||||
Warrants | 27,405 | - | |||||||||||||||
Shares Excluded from EPS calculation | 1,033,266 | 520,468 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | |||||
Future minimum lease payments under the operating leases | The Company has several non-cancelable operating leases, primarily for general office space, that expire over the next four years. The Company has no capital leases at this time. Future minimum lease payments under these leases are as follows: | ||||
Year Ending March 31, | Operating | ||||
Leases | |||||
2015 | $ | 31 | |||
2016 | 126 | ||||
2017 | 129 | ||||
2018 | 54 | ||||
Thereafter | - | ||||
Total minimum lease payments | $ | 340 |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Jul. 12, 2012 | Nov. 22, 2011 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 16, 2015 | Mar. 31, 2014 | ||
Advisor | |||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net loss | $1,124,000 | $1,004,000 | $3,388,000 | $2,363,000 | |||||||
Net cash used in operating activities | 2,590,000 | 1,656,000 | |||||||||
Number of clinical and scientific advisors | 75 | ||||||||||
Maximum loan amount available | 2,396,000 | ||||||||||
Interest rate (in hundredths) | 15.00% | ||||||||||
Outstanding loan amount | 551,000 | 551,000 | |||||||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||||||||
Conversion price (in dollars per share) | $0.85 | $0.85 | |||||||||
Percentage of common shares outstanding (in hundredths) | 14.90% | ||||||||||
Percentage of shares involving in sale transaction (in hundredths) | 35.00% | ||||||||||
Fee payable | 1,000,000 | 1,000,000 | |||||||||
Amount consider for not funding | 500,000 | ||||||||||
Minimum bid price (in dollars per share) | $1 | $1 | |||||||||
Number of calendar days | 180 days | ||||||||||
Number of consecutive business days | 10 days | ||||||||||
Minimum amount for continued listing | 2,500,000 | 2,500,000 | |||||||||
Proceeds from the sale of NLD patents | 365,000 | ||||||||||
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 | 0 | 300,000 | ||||||||
Interest rate on promissory note (in hundredths) | 10.00% | ||||||||||
Promissory note maturity date | 15-Nov-14 | ||||||||||
Investment in convertible promissory note | 399,000 | 399,000 | 378,000 | [1] | |||||||
Accrued interest on note receivable | 99,000 | 99,000 | 78,000 | ||||||||
Accounts Receivable - Allowance for Sales Returns and Doubtful Accounts [Abstract] | |||||||||||
Reserves for potential credit losses | 0 | 0 | 0 | 0 | |||||||
Fair Value measurements [Abstract] | |||||||||||
Cash equivalents | 193,000 | 193,000 | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Amortization of intangible assets | 156,000 | 156,000 | |||||||||
Loss on disposal of fixed assets | 0 | 0 | |||||||||
Underwritten public offering of common stock (in shares) | 913,500 | ||||||||||
Deferred financing costs amortization | 162,000 | ||||||||||
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 | 365,000 | 272,000 | |||||||||
Stock option and warrant activity [Roll Forward] | |||||||||||
Granted (in shares) | 64,500 | ||||||||||
Range $0.75 to $1.50 [Member] | |||||||||||
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) | $0.75 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $1.50 | ||||||||||
Number Outstanding (in shares) | 218,679 | 218,679 | |||||||||
Weighted Average Remaining Contractual Term | 9 years 11 months 1 day | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $0.80 | $0.80 | |||||||||
Number Exercisable (in shares) | 9,166 | 9,166 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $1.38 | $1.38 | |||||||||
Range $1.99 to $3.22 [Member] | |||||||||||
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) | $1.99 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $3.22 | ||||||||||
Number Outstanding (in shares) | 190,567 | 190,567 | |||||||||
Weighted Average Remaining Contractual Term | 9 years 4 months 2 days | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $2.55 | $2.55 | |||||||||
Number Exercisable (in shares) | 47,315 | 47,315 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $2.28 | $2.28 | |||||||||
Range $3.35 to $6.00 [Member] | |||||||||||
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) | $3.35 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $6 | ||||||||||
Number Outstanding (in shares) | 169,830 | 169,830 | |||||||||
Weighted Average Remaining Contractual Term | 7 years 9 months 29 days | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $3.91 | $3.91 | |||||||||
Number Exercisable (in shares) | 107,455 | 107,455 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $3.91 | $3.91 | |||||||||
Range $6.25 to $11.70 [Member] | |||||||||||
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) | $6.25 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $11.70 | ||||||||||
Number Outstanding (in shares) | 45,358 | 45,358 | |||||||||
Weighted Average Remaining Contractual Term | 3 years 10 months 20 days | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $11.50 | $11.50 | |||||||||
Number Exercisable (in shares) | 45,358 | 45,358 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $11.50 | $11.50 | |||||||||
Range $17.80 to $28.10 [Member] | |||||||||||
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) | $17.80 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $28.10 | ||||||||||
Number Outstanding (in shares) | 37,578 | 37,578 | |||||||||
Weighted Average Remaining Contractual Term | 2 years 8 months 1 day | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $21.80 | $21.80 | |||||||||
Number Exercisable (in shares) | 37,578 | 37,578 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $21.80 | $21.80 | |||||||||
Range $34.20 to $41.45 [Member] | |||||||||||
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) | $34.20 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $41.45 | ||||||||||
Number Outstanding (in shares) | 11,664 | 11,664 | |||||||||
Weighted Average Remaining Contractual Term | 0 years 8 months 26 days | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $40.37 | $40.37 | |||||||||
Number Exercisable (in shares) | 11,664 | 11,664 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $40.37 | $40.37 | |||||||||
Range $0.75 to $41.45 [Member] | |||||||||||
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) | $0.75 | ||||||||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $41.45 | ||||||||||
Number Outstanding (in shares) | 673,676 | 673,676 | |||||||||
Weighted Average Remaining Contractual Term | 8 years 3 months 4 days | ||||||||||
Weighted Average Exercise Price (in dollars per share) | $4.66 | $4.66 | |||||||||
Number Exercisable (in shares) | 258,536 | 258,536 | |||||||||
Weighted Average Exercise Price (in dollars per share) | $9.10 | $9.10 | |||||||||
Subsequent Event [Member] | |||||||||||
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||||||||||
Maximum loan amount available | 2,396,000 | ||||||||||
Percentage of shares involving in sale transaction (in hundredths) | 35.00% | ||||||||||
Fee payable | 1,000,000 | ||||||||||
Amount consider for not funding | 500,000 | ||||||||||
Board of Directors [Member] | |||||||||||
Stock option and warrant activity [Roll Forward] | |||||||||||
Granted (in shares) | 134,179 | ||||||||||
Stock Options [Member] | |||||||||||
Valuation assumptions to estimate the fair value of options and ESPP [Abstract] | |||||||||||
Expected life (years) | 6 years | 6 years | 6 years | 6 years | |||||||
Volatility (in hundredths) | 141.73% | 152.22% | |||||||||
Volatility minimum (in hundredths) | 141.73% | 152.22% | |||||||||
Volatility maximum (in hundredths) | 151.70% | 152.95% | |||||||||
Risk-free interest rate (in hundredths) | 1.67% | 1.30% | |||||||||
Risk-free interest rate, minimum (in hundredths) | 1.63% | 1.30% | |||||||||
Risk free interest rate, maximum (in hundredths) | 1.75% | 1.72% | |||||||||
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Stock option and warrant activity [Roll Forward] | |||||||||||
Beginning outstanding (in shares) | 371,759 | 371,759 | |||||||||
Granted (in shares) | 352,747 | ||||||||||
Forfeited (in shares) | -32,848 | ||||||||||
Expired (in shares) | -17,982 | ||||||||||
Ending outstanding (in shares) | 673,676 | 673,676 | 371,759 | ||||||||
Ending vested and expected to vest (in shares) | 673,345 | 673,345 | |||||||||
Ending exercisable (in shares) | 258,536 | 258,536 | |||||||||
Weighted Average Exercise Price [Abstract] | |||||||||||
Beginning outstanding (in dollars per share) | $7.89 | $7.89 | |||||||||
Granted (in dollars per share) | $1.29 | ||||||||||
Forfeited (in dollars per share) | $2.87 | ||||||||||
Expired (in dollars per share) | $8.66 | ||||||||||
Ending outstanding (in dollars per share) | $4.66 | $4.66 | $7.89 | ||||||||
Ending vested and expected to vest (in dollars per share) | $4.66 | $4.66 | |||||||||
Ending exercisable (in dollars per share) | $9.10 | $9.10 | |||||||||
Weighted Average Remaining Contractual Term [Abstract] | |||||||||||
Beginning outstanding | 8 years 3 months 4 days | 7 years 7 months 2 days | |||||||||
Ending outstanding | 8 years 3 months 4 days | 7 years 7 months 2 days | |||||||||
Ending vested and expected to vest | 8 years 3 months 4 days | ||||||||||
Ending exercisable | 6 years 4 months 28 days | ||||||||||
Aggregate Intrinsic Value [Abstract] | |||||||||||
Beginning outstanding | 775,000 | 775,000 | |||||||||
Ending outstanding | 0 | 0 | 775,000 | ||||||||
Ending vested and expected to vest | 0 | 0 | |||||||||
Ending exercisable | 0 | 0 | |||||||||
Total unrecognized compensation cost related to outstanding options and warrants | 440,000 | 440,000 | |||||||||
Period of recognition of total unrecognized compensation cost related to options outstanding | 1 year 10 months 20 days | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Aggregate Intrinsic Value [Abstract] | |||||||||||
Period of recognition of total unrecognized compensation cost related to options outstanding | 1 year 3 months 25 days | ||||||||||
Number of Shares [Abstract] | |||||||||||
Balance, beginning of period (in shares) | 129,050 | 129,050 | |||||||||
Granted (in shares) | 100,000 | ||||||||||
Forfeited (in shares) | -10,000 | ||||||||||
Vested (in shares) | -52,050 | ||||||||||
Balance, end of period (in shares) | 167,000 | 167,000 | |||||||||
Weighted Average Grant Date Fair Value [Abstract] | |||||||||||
Balance, beginning of period (in dollars per share) | $2.77 | $2.77 | |||||||||
Granted (in dollars per share) | $1.99 | ||||||||||
Forfeited (in dollars per share) | $3.75 | ||||||||||
Vested (in dollars per share) | $2.42 | ||||||||||
Balance, end of period (in dollars per share) | $2.35 | $2.35 | |||||||||
Total unrecognized compensation cost related to outstanding RSUs | $219,000 | $219,000 | |||||||||
Minimum [Member] | Software [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Minimum [Member] | Trade Names [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Minimum [Member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Minimum [Member] | Noncompete Agreements [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Minimum [Member] | Trademarks [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 3 years | ||||||||||
Maximum [Member] | Software [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Maximum [Member] | Trade Names [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Maximum [Member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Maximum [Member] | Noncompete Agreements [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Maximum [Member] | Trademarks [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Useful life | 10 years | ||||||||||
Revenue [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of major customers | 4 | 1 | 5 | 1 | |||||||
Revenue [Member] | Customer 1 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 27.70% | 89.80% | 20.00% | 86.70% | |||||||
Revenue [Member] | Customer 2 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 26.50% | 17.90% | |||||||||
Revenue [Member] | Customer 3 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 15.20% | 15.00% | |||||||||
Revenue [Member] | Customer 4 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 14.90% | 15.00% | |||||||||
Revenue [Member] | Customer 5 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 11.70% | ||||||||||
Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of major customers | 1 | 1 | |||||||||
Accounts Receivable [Member] | Customer 1 [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk (in hundredths) | 77.80% | 90.90% | |||||||||
[1] | Derived from the Company's audited consolidated financial statements. |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 25, 2014 |
Earnings Per Share (EPS) [Abstract] | |||||
Loss from continuing operations | ($1,124) | ($994) | ($3,388) | ($2,508) | |
Net income/(loss) from discontinued operations, net of taxes | 0 | -10 | 0 | 145 | |
Net loss | ($1,124) | ($1,004) | ($3,388) | ($2,363) | |
Weighted-average common shares used in per share computation (in shares) | 2,932,000 | 1,963,000 | 2,478,000 | 1,955,000 | |
Net loss per share [Abstract] | |||||
Basic and diluted - Continuing operations (in dollars per share) | ($0.38) | ($0.51) | ($1.37) | ($1.28) | |
Basic and diluted - Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.07 | |
Basic and diluted (in dollars per share) | ($0.38) | ($0.51) | ($1.37) | ($1.21) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 1,033,266 | 520,468 | |||
Outstanding Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 673,676 | 300,926 | |||
Outstanding RSUs [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 239,297 | 126,654 | |||
ESPP [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 0 | 0 | |||
Options, RSUs and ESPP's [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 912,973 | 427,580 | |||
Weighted average exercise price of options, RSUs and ESPP's (in dollars per share) | $6.88 | $9.99 | |||
Warrants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 27,405 | 0 | |||
Weighted average exercise price of options, RSUs and ESPP's (in dollars per share) | $2.50 | ||||
Warrants expiration date | 24-Jun-20 | ||||
Warrants [Member] | Sequel Power [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares Excluded from EPS calculation | 92,888 | 92,888 | |||
Weighted average exercise price of options, RSUs and ESPP's (in dollars per share) | $3.15 | ||||
Warrants expiration date | 14-Jan-15 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 09, 2013 | |
Contract | |||||
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] | |||||
Non cash gains on warrants | 0 | ||||
Investment [Line Items] | |||||
Strategic investment | $399 | $378 | [1] | ||
Conversion price (in dollars per share) | $0.85 | ||||
Liability Warrants Having Exercise Price 30 [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants outstanding (in dollars per share) | $30 | ||||
[1] | Derived from the Company's audited consolidated financial statements. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 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 | |||
Assets of Discontinued Operations [Abstract] | ||||
Assets of discontinued operations | 0 | 0 | ||
Liabilities of Discontinued Operation [Abstract] | ||||
Liabilities of discontinued operations | $0 | $5 | [1] | |
[1] | Derived from the Company's audited consolidated financial statements. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Abstract] | ||||
Expiry period of non-cancelable operating leases | 4 years | |||
Operating Leases, Future minimum payments due [Abstract] | ||||
2015 | $31 | $31 | ||
2016 | 126 | 126 | ||
2017 | 129 | 129 | ||
2018 | 54 | 54 | ||
Thereafter | 0 | 0 | ||
Total minimum lease payments | 340 | 340 | ||
Discontinued Operations [Member] | ||||
Schedule of Operating Lease Rent Expense [Line Items] | ||||
Rent expense for operating leases | 0 | 0 | 0 | 0 |
Continuing Operations [Member] | ||||
Schedule of Operating Lease Rent Expense [Line Items] | ||||
Rent expense for operating leases | $32 | $30 | $97 | $100 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 16, 2015 | Jan. 14, 2015 |
Subsequent Event [Line Items] | ||||
Maximum loan amount available | $2,396 | |||
Percentage of shares involving in sale transaction | 35.00% | |||
Fee payable | 1,000 | |||
Amount consider for not funding | 500 | |||
Warrants representing the right to purchase from Company's common stock (in shares) | 1,033,266 | 520,468 | ||
Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants representing the right to purchase from Company's common stock (in shares) | 27,405 | 0 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum loan amount available | 2,396 | |||
Percentage of shares involving in sale transaction | 35.00% | |||
Fee payable | 1,000 | |||
Amount consider for not funding | $500 | |||
Subsequent Event [Member] | Warrants [Member] | Se2quel Management GmbH [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants representing the right to purchase from Company's common stock (in shares) | 92,888 |