Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | May 28, 2021 | Sep. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN SUPERCONDUCTOR CORP /DE/ | ||
Entity Central Index Key | 0000880807 | ||
Trading Symbol | amsc | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,016,716 | ||
Entity Public Float | $ 318.9 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 67,814 | $ 24,699 |
Marketable securities | 5,140 | 30,149 |
Accounts receivable | 13,267 | 16,987 |
Inventory | 13,306 | 18,975 |
Prepaid expenses and other current assets | 3,546 | 2,959 |
Restricted cash | 2,157 | 508 |
Total current assets | 105,230 | 94,277 |
Marketable securities, long term portion | 5,046 | |
Property, plant and equipment, net | 8,997 | 8,565 |
Intangibles, net | 9,153 | 3,550 |
Right-of-use assets | 3,747 | 3,359 |
Goodwill | 34,634 | 1,719 |
Restricted cash | 5,568 | 5,657 |
Deferred tax assets | 1,223 | 1,551 |
Other assets | 314 | 385 |
Total assets | 168,866 | 124,109 |
Current liabilities: | ||
Accounts payable and accrued expenses | 19,810 | 22,091 |
Lease liabilities - ST | 612 | 439 |
Contingent consideration | 7,050 | |
Deferred revenue, current portion | 13,266 | 18,430 |
Total current liabilities | 40,738 | 40,960 |
Deferred revenue, long term portion | 7,991 | 7,712 |
Lease liability, long term portion | 3,246 | 3,000 |
Deferred tax liabilities | 274 | 180 |
Other liabilities | 25 | 38 |
Total liabilities | 52,274 | 51,890 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 75,000,000 shares authorized; 27,988,536 and 22,902,288 shares issued and 27,593,400 and 22,604,410 shares outstanding at March 31, 2021 and 2020, respectively | 280 | 229 |
Additional paid-in capital | 1,121,495 | 1,053,507 |
Treasury stock, at cost, 395,136 and 297,878 shares at March 31, 2021 and 2020, respectively | (3,593) | (2,666) |
Accumulated other comprehensive loss | (277) | (216) |
Accumulated deficit | (1,001,313) | (978,635) |
Total stockholders' equity | 116,592 | 72,219 |
Total liabilities and stockholders' equity | $ 168,866 | $ 124,109 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 27,988,536 | 22,902,288 |
Common stock, shares outstanding (in shares) | 27,593,400 | 22,604,410 |
Treasury stock, shares (in shares) | 395,136 | 297,878 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 87,125 | $ 63,838 |
Cost of revenues | 69,671 | 54,393 |
Gross profit | 17,454 | 9,445 |
Operating expenses: | ||
Research and development | 11,015 | 9,565 |
Selling, general and administrative | 25,322 | 22,669 |
Amortization of acquisition related intangibles | 1,222 | 340 |
Change in fair value of contingent consideration | 3,060 | |
Total operating expenses | 40,619 | 32,574 |
Operating loss | (23,165) | (23,129) |
Change in fair value of warrants | 4,648 | |
Interest income, net | 426 | 1,327 |
Other (expense) income, net | (771) | 253 |
Loss before income tax expense | (23,510) | (16,901) |
Income tax (benefit) expense | (832) | 195 |
Net loss | $ (22,678) | $ (17,096) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.95) | $ (0.81) |
Diluted (in dollars per share) | $ (0.95) | $ (1.03) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 23,879 | 20,985 |
Diluted (in shares) | 23,879 | 21,069 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (22,678) | $ (17,096) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation losses | (61) | (211) |
Total other comprehensive loss, net of tax | (61) | (211) |
Comprehensive loss | (22,739) | (17,307) |
Comprehensive Income | $ 22,739 | $ 17,307 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2019 | 21,652,000 | |||||
Balance at Mar. 31, 2019 | $ 216 | $ 1,044,622 | $ (2,101) | $ (5) | $ (961,539) | $ 81,193 |
Issuance of common stock - ESPP (in shares) | 37,000 | |||||
Issuance of common stock - ESPP | 201 | 201 | ||||
Issuance of common stock - restricted shares (in shares) | 360,000 | |||||
Issuance of common stock - restricted shares | $ 4 | (4) | ||||
Stock-based compensation expense | 1,922 | 1,922 | ||||
Issuance of stock for 401(k) match (in shares) | 44,000 | |||||
Issuance of stock for 401(k) match | $ 1 | 341 | 342 | |||
Issuance of common stock-warrant exercise (in shares) | 809,000 | |||||
Issuance of common stock-warrant exercise | $ 8 | 6,425 | 6,433 | |||
Repurchase of treasury stock | (565) | (565) | ||||
Cumulative translation adjustment | (211) | (211) | ||||
Net loss | (17,096) | $ (17,096) | ||||
Balance (in shares) at Mar. 31, 2020 | 22,902,000 | 22,604,410 | ||||
Balance at Mar. 31, 2020 | $ 229 | 1,053,507 | (2,666) | (216) | (978,635) | $ 72,219 |
Issuance of common stock - ESPP (in shares) | 15,000 | |||||
Issuance of common stock - ESPP | 215 | 215 | ||||
Issuance of common stock - restricted shares (in shares) | 494,000 | |||||
Issuance of common stock - restricted shares | $ 5 | (5) | ||||
Stock-based compensation expense | 3,485 | 3,485 | ||||
Issuance of stock for 401(k) match (in shares) | 30,000 | |||||
Issuance of stock for 401(k) match | 366 | 366 | ||||
Repurchase of treasury stock | (927) | (927) | ||||
Cumulative translation adjustment | (61) | (61) | ||||
Net loss | (22,678) | $ (22,678) | ||||
Exercise of stock options (in shares) | 3,000 | 2,588 | ||||
Exercise of stock options | 63 | $ 63 | ||||
Issuance of common stock - equity offering (in shares) | 3,670,000 | |||||
Issuance of common stock - equity offering | $ 37 | 51,440 | 51,477 | |||
Issuance of common stock - NEPSI acquisition (in shares) | 874,000 | |||||
Issuance of common stock - NEPSI acquisition | $ 9 | 12,424 | $ 12,433 | |||
Balance (in shares) at Mar. 31, 2021 | 27,988,000 | 27,593,400 | ||||
Balance at Mar. 31, 2021 | $ 280 | $ 1,121,495 | $ (3,593) | $ (277) | $ (1,001,313) | $ 116,592 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||||
Net loss | $ (22,678) | $ (17,096) | $ (22,678) | $ (17,096) |
Adjustments to reconcile net loss to net cash used in operations: | ||||
Depreciation and amortization | 5,352 | 4,308 | ||
Stock-based compensation expense | 3,485 | 1,922 | ||
Provision for excess and obsolete inventory | 1,762 | 1,276 | ||
Deferred income taxes | (1,221) | (1,714) | (1,221) | (1,714) |
Change in fair value of contingent consideration | 3,060 | |||
Change in fair value of warrants | (4,648) | 4,648 | ||
Non-cash interest income | (94) | (308) | ||
Other non-cash items | 272 | 329 | ||
Unrealized foreign exchange loss/(gain) on cash and cash equivalents | 363 | (319) | ||
Changes in operating asset and liability accounts: | ||||
Accounts receivable | 5,193 | (9,159) | ||
Inventory | 8,106 | (8,143) | ||
Prepaid expenses and other current assets | 823 | 373 | ||
Accounts payable and accrued expenses | (5,047) | 5,894 | ||
Deferred revenue | (8,057) | 10,788 | ||
Net cash used in operating activities | (8,681) | (16,497) | ||
Cash flows from investing activities: | ||||
Purchase of property, plant and equipment | (1,764) | (3,630) | ||
Proceeds from the sale of property, plant and equipment | 3,001 | |||
Purchase of marketable securities | (35,000) | |||
Sale of marketable securities | 30,152 | |||
Cash paid for acquisition, net of cash received | (26,000) | |||
Purchase of intangible assets | (1,000) | |||
Change in other assets | 81 | 8 | ||
Net cash provided by (used in) investing activities | 2,469 | (36,621) | ||
Cash flows from financing activities: | ||||
Employee taxes paid related to net settlement of equity awards | (927) | (565) | ||
Proceeds from exercise of warrants | 6,139 | |||
Proceeds from public equity offering, net | 51,477 | |||
Proceeds from exercise of employee stock options and ESPP | 278 | 202 | ||
Net cash provided by financing activities | 50,828 | 5,776 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 59 | 8 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 44,675 | (47,334) | ||
Cash, cash equivalents and restricted cash at beginning of year | 30,864 | 78,198 | 30,864 | |
Cash, cash equivalents and restricted cash at end of year | 75,539 | 30,864 | 75,539 | $ 30,864 |
Supplemental schedule of cash flow information: | ||||
Cash paid for income taxes, net of refunds | 594 | 3,653 | ||
Non-cash investing and financing activities | ||||
Issuance of common stock to settle liabilities | 395 | 407 | ||
Hercules [Member] | ||||
Non-cash investing and financing activities | ||||
Issuance of common stock | 294 | |||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||
Adjustments to reconcile net loss to net cash used in operations: | ||||
Change in fair value of contingent consideration | $ 3,000 | |||
Non-cash investing and financing activities | ||||
Issuance of common stock | $ 12,433 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Operations and Liquidity | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of the Business and Operations American Superconductor Corporation (together with its subsidiaries, “AMSC®” or the “Company”) was founded on April 9, 1987. The Company's consolidated financial statements have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”) and the Securities and Exchange Commission's (“SEC”) instructions to Form 10 Liquidity The Company has historically experienced recurring operating losses and as of March 31, 2021 1,001.3 March 31, 2021 73.0 six March 31, 2021 8.7 In December 2015, $210.0 three three March 31, 2020, May 29, 2020, €6.0 €6.0 ninety September 2, 2020, €1.3 September 11, 2020, €1.3 October 5, 2020 €4.7 October 1, 2020, May 29, 2020 On October 1, 2020 ( $26.0 873,657 may 1,000,000 On October 22, 2020, "2020 3,670,000 $15.00 2020 $51.5 2020 October 26, 2020. 30 550,500 not In March 2020, 19“ 19 19 not 19 may While the COVID- 19 19 may 19 may The Company believes that based on the information presented above and its annual management assessment, it has sufficient liquidity to fund its operations and capital expenditures for the next twelve March 31, 2021 19 may no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior year amounts have been made to conform to the current year presentation. These reclassifications had no 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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not may may Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three 1 Marketable Securities Marketable securities consist of certificates of deposit with maturities of less than 12 1 Accounts Receivable Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company's accounts receivable relate principally to a limited number of customers. As of March 31, 2021 28%, 11% no 10% March 31, 2020 25%, 18%, 17% no 10% may may may Inventory Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost, determined on a first first Program costs may At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not For the fiscal years ended March 31, 2021 2020 1.8 $1.3 Leases Leases include all agreements in which the Company obtains control of a physical asset. Leases are captured on the balance sheet as both a right of use asset and associated lease liability and are valued based on the commencement of the Company's control of the asset, after being discounted by its incremental borrowing rate. The Company's lease portfolio is made up primarily of real estate leases for its various offices, but also include items such as vehicles, IT equipment and other miscellaneous tools and equipment needed for manufacturing. The Company's incremental borrowing rate was determined through an analysis to identify what rates it could obtain if the Company were to secure external financing for similar transactions, and includes considerations of both the market and its current credit ratings. An analysis is performed annually, or upon execution of any individually material agreement, to ensure that the rates being applied to newly acquired leases are still accurate. The majority of the Company's leases are classified as operating leases, and therefore the expense is captured in income from operations each period. We have elected to exclude all leases of less than twelve not Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: Asset Classification Estimated Useful Life in Years Machinery and equipment 3 10 Furniture and fixtures 3 5 Leasehold improvements Shorter of the estimated useful life or the remaining lease term Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. Valuation of Long-Lived Assets The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets, for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not may not There were no March 31, 2021 2020 Goodwill Goodwill represents the excess of cost over net assets of acquired businesses that are consolidated. The Company performs its annual assessment of goodwill on February 28th may not first not not not 5, The Company performed its annual assessment of goodwill on February 28, 2021 no March 31, 2021 no no March 31, 2020 Revenue Recognition Revenue contracts are defined as an arrangement that creates enforceable rights and obligations of both parties where collection of the contract price is deemed probable. five can occur at the time of delivery, installation or post-installation where applicable. The Company's equipment and system product line includes certain contracts which do not not 606. not 606 For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain customized product sales, the Company records revenues using the over-time method, measured by the relationship of costs incurred to total estimated contract costs. Over-time revenue recognition accounting is predominantly used on certain turnkey power systems installations for electric utilities and long-term prototype development contracts with the U.S. government. The Company follows this method when any of the three no The Company enters into sales arrangements that may may Performance obligations are separated into more than one 1 2 The Company reviews SSP and the related margins at least annually. The Company's license agreements provide either for the payment of contractually determined paid-up front license fees or milestone based payments in consideration for the grant of rights to manufacture and/or sell products using its patented technologies or know-how. Some of these agreements provide for the release of the licensee from past and future intellectual property infringement claims. When the Company can determine that it has no may no not Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not not The Company has elected to record taxes collected from customers on a net basis and does not The Company's contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company's accounts receivable balance is made up entirely of customer contract related balances. See Note 4, 606, Revenue from Contracts with Customers Business Acquisitions The Company accounts for acquisitions using the purchase method of accounting in accordance with ASC 805, Business Combinations Determining the fair value of certain assets and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions as well as the use of specialists as needed. The consideration for its acquisitions may 3, Product Warranty Warranty obligations are incurred in connection with the sale of the Company's products. The Company provides assurance-type warranties on all product sales for a term of typically one three four Research and Development Costs Research and development costs are expensed as incurred. Income Taxes The Company's provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current fiscal year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. Deferred income taxes are recognized for the tax consequences in future fiscal years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S., Romania and China deferred income tax assets since the Company believes that it is more likely than not not Accounting for income taxes requires a two first not second 50% not 13, Stock-Based Compensation The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company's common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, estimates of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company's common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company's common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company's historical exercise, cancellation and expiration patterns. The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may may The Company accounts in the same manner as other share-based payments for employees, with the measurement being based on the fair value at the grant date. The non-employee share based payments will be included within the Company's stock compensation currently reported. Computation of Net Loss per Common Share Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the fiscal years ended March 31, 2021 2020 436,139, 354,748, not reconciles March 31, 2021 2020 Fiscal year ended March 31, 2021 2020 Numerator: Net loss $ (22,678 ) $ (17,096 ) Less: decrease in fair value of warrants, net of income tax — (4,648 ) Plus: change in fair value due to exercise of warrants — 83 Net loss - diluted $ (22,678 ) $ (21,662 ) Denominator: Weighted-average shares of common stock outstanding 24,991 21,937 Weighted-average shares subject to repurchase (1,112 ) (953 ) Shares used in per-share calculation ― basic 23,879 20,985 Common stock warrants — 84 Shares used in per-share calculation ― diluted 23,879 21,069 Net loss per share ― basic $ (0.95 ) $ (0.81 ) Net loss per share ― diluted $ (0.95 ) $ (1.03 ) Foreign Currency Translation The functional currency of all the Company's foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders' equity. Net foreign currency gains and losses are included in other income (expense), net on the consolidated statements of operations and were $0.7 $0.1 March 31, 2021 2020 no Risks and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. The Company invests its available cash in high credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not Several of the Company's government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to obtain additional contract modifications in the year ending March 31, 2022 Contingencies From time to time, the Company may not not not not 16, Disclosure of Fair Value of Financial Instruments The Company's financial instruments consist principally of cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, warrants to purchase shares of common stock, and derivatives. The carrying amounts of cash and cash equivalents, accounts receivable, short-term debt, accounts payable, and accrued expenses due to their short nature approximate fair value at March 31, 2021 2020 12 1 3 6, |
Note 3 - NEPSI Acquisition
Note 3 - NEPSI Acquisition | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of NEPSI As described in Note 1, $0.4 2019 Pursuant to the Stock Purchase Agreement, the Company acquired all of the issued and outstanding shares of NEPSI, and membership interest in the realty entity, for which the Company paid $26.0 873,657 may 1,000,000 four The NEPSI Acquisition completed by the Company during the twelve March 31, 2021 805, Business Combinations 606 4 no no 842. The total purchase price of approximately $42.4 Cash payment $ 26.0 Issuance of 873,657 shares of Company's common stock 12.4 Contingent consideration 4.0 Total consideration 42.4 At the Acquisition Date, in addition to the $26.0 $14.23 $4.0 $0.3 March 31, 2021 The fair value of the contingent consideration was determined using a Monte Carlo model and is accounted for as a derivative liability which is revalued at the fair value determined at each subsequent balance sheet date until the contingencies are resolved and the shares to be issued are determined, with the change in fair value recorded in the current period operating loss. See Note 12, The following table summarizes the allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed and related deferred income taxes in connection with the NEPSI Acquisition (in millions): Net working capital (excluding inventory and deferred revenue) $ 0.1 Inventory 4.2 Property, plant and equipment 2.3 Deferred revenue (2.7 ) Deferred tax liability (1.7 ) Net tangible assets/(liabilities) 2.2 Backlog 0.6 Trade names and trademarks 0.6 Customer relationships 6.1 Net identifiable intangible assets/(liabilities) 7.3 Goodwill 32.9 Total purchase consideration $ 42.4 Inventory includes a $1.0 $1.0 March 31, 2021, not not first Backlog of $0.6 not two Customer relationships of $6.1 7 Trade names and trademarks of $0.6 8% 13% 8 Goodwill represents the value associated with the acquired workforce and expected synergies related to the business combination of the two not not may October 1, 2020. no October 1, 2021. $1.7 Unaudited Pro Forma Operating Results The unaudited pro forma condensed consolidated statement of operations for the year ended March 31, 2021 2020 April 1, 2019. Twelve Months Ended March 31, 2021 2020 Revenues $ 99,462 $ 88,578 Operating loss (22,158 ) (20,781 ) Net loss $ (23,050 ) $ (12,922 ) Net loss per common share Basic $ (0.97 ) $ (0.59 ) Diluted $ (0.97 ) $ (0.59 ) Shares - basic 23,879 21,859 Shares - diluted 23,879 21,943 The pro forma amounts include the historical operating results of the Company and NEPSI with appropriate adjustments that give effect to acquisition related costs, income taxes, intangible amortization resulting from the NEPSI Acquisition and certain conforming accounting policies of the Company. The fiscal year ended March 31, 2021 $3.0 not not In the consolidated results for the year ended March 31, 2021 October 1, 2020. $13.2 $0.3 March 31, 2021 $1.2 March 31, 2021 $1.0 March 31, 2021 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The Company's revenues in its Grid segment are derived primarily through enabling the transmission and distribution of power, providing planning services that allow it to identify power grid needs and risks, and developing ship protection systems for the U.S. Navy. The Company's revenues in its Wind segment are derived primarily through supplying advanced power electronics and control systems, licensing its highly engineered wind turbine designs, and providing extensive customer support services to wind turbine manufacturers. The Company records revenue based on a five 606. March 31, 2021 78 March 31, 2020, 72% Following the NEPSI Acquisition, the Company evaluated all open NEPSI contracts at the Acquisition Date against a five 606 606 two 1 2 not 606 In the Company's equipment and system product line, each contract with a customer summarizes each product sold to a customer, which typically represents distinct performance obligations. A contract's transaction price is allocated to each distinct performance obligation using the respective standalone selling price which is determined primarily using the cost plus expected margin approach and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's product sales transfer control to the customer in line with the contracted delivery terms and revenue is recorded at the point in time when title and risk transfer to the customer, as the Company has determined that this is the point in time that control transfers to the customer. The Company's equipment and system product line includes certain contracts which do not not 606. not 606 March 31, 2021 3.9 $6.4 March 31, 2020 In the Company's service and technology development product line, there are several different types of transactions and each begins with a contract with a customer that summarizes each product sold to a customer, which typically represents distinct performance obligations. The technology development transactions are primarily for activities that have no not not not 606, no The Company's service contracts can include a purchase order from a customer for specific goods in which each item is a distinct performance obligation satisfied at a point in time at which control of the goods is transferred to the customer which occurs based on the contracted delivery terms or when the requested service work has been completed. The transaction price for these goods is allocated based on the adjusted market approach considering similar transactions under similar circumstances. Service contracts are also derived from ongoing maintenance contracts and extended service-type warranty contracts. In these transactions, the Company is contracted to provide an ongoing service over a specified period of time. As the customer is consuming the benefits as the service is being provided the revenue is recognized over time ratably. The Company's policy is to not The Company provides assurance-type warranties on all product sales for a term of typically one three four The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with revenue-producing activities. The Company has elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. The Company has elected to recognize incremental costs of obtaining a contract as expense when incurred except in contracts where the amortization period would exceed twelve not twelve The Company's contracts with customers do not may 30 60 The following tables disaggregate the Company's revenue by product line and by shipment destination: Year Ended March 31, 2021 Product Line: Grid Wind Equipment and systems $ 65,930 $ 14,362 Services and technology development 4,598 2,235 Total $ 70,528 $ 16,597 Region: Americas $ 54,168 $ 87 Asia Pacific 11,326 16,207 EMEA 5,034 303 Total $ 70,528 $ 16,597 Year Ended March 31, 2020 Product Line: Grid Wind Equipment and systems $ 44,065 $ 12,282 Services and technology development 5,520 1,971 Total $ 49,585 $ 14,253 Region: Americas $ 33,207 $ 87 Asia Pacific 10,407 13,996 EMEA 5,971 170 Total $ 49,585 $ 14,253 In the fiscal years ended March 31, 2021 2020 41% 51% As of March 31, 2021 March 31, 2020 ferred program costs” (see Note 7, 8, Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for balances acquired 101 — 2,700 Increases for costs incurred to fulfill performance obligations — 7,674 — Increase (decrease) due to customer billings (8,687 ) — 52,988 Decrease due to cost recognition on completed performance obligations — (8,346 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 8,640 — (61,183 ) Other changes and FX impact — 18 610 Ending balance as of March 31, 2021 $ 5,765 $ 977 $ 21,257 Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,521 Increases for costs incurred to fulfill performance obligations — 4,844 — Increase (decrease) due to customer billings (11,516 ) — 47,877 Decrease due to cost recognition on completed performance obligations — (3,525 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 15,017 — (37,009 ) Other changes and FX impact (3 ) (6 ) (247 ) Ending balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 The Company's remaining performance obligations represent the unrecognized revenue value of the Company's contractual commitments. The Company's performance obligations may March 31, 2021 606 twelve 54.9 16.9 thirteen sixty twelve twelve first three twelve twelve not not The following table sets forth customers who represented 10% March 31, 2021 2020 Year Ended Reportable March 31, Segment 2021 2020 EPC Services Company Grid 13% 0% Department of Homeland Security Grid <10% 10% |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. The guidance under ASC 805 30 2020 2017 Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not February 28th not The following table provides a roll forward of the changes in our Grid business segment goodwill balance: Goodwill March 31, 2020 $ 1,719 NEPSI Acquisition 32,915 March 31, 2021 $ 34,634 There was no March 31, 2020. The Company performed its annual assessment of goodwill on February 28, 2021 no March 31, 2021 no no March 31, 2020 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. A valuation hierarchy for disclosure of the inputs to valuation used to measure fair value has been established. This hierarchy prioritizes the inputs into three Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 - Unobservable inputs that reflect the Company's assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The Company provides a gross presentation of activity within Level 3 1 2 1 2 3 not 1, 2 3 March 31, 2021 A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation Techniques Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three 1 Marketable Securities Marketable securities consist of certificates of deposit with maturities of less than 12 1 $0.1 March 31, 2021. $0.1 March 31, 2020. The Company periodically reviews the realizability of each short and long term marketable security when impairment indicators exist with respect to the security. If other than temporary impairment of value of the security exists, the carrying value of the security is written down to its estimated fair value. Contingent Consideration Contingent consideration relates to the earnout payment for the NEPSI Acquisition. See Note 3 12, The following table provides the assets and liabilities carried at fair value on a recurring basis, measured as of March 31, 2021 2020 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021: Assets: Cash equivalents $ 54,104 $ 54,104 $ — $ — Marketable securities $ 5,141 $ 5,141 $ — $ — Derivative liabilities: Contingent Consideration $ 7,050 $ — $ — $ 7,050 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020: Assets: Cash equivalents $ 19,394 $ 19,394 $ — $ — Marketable securities $ 35,195 $ 35,195 $ — $ — The table below reflects the activity for the Company's major classes of liabilities measured at fair value on a recurring basis (in thousands): Acquisition Contingent Consideration April 1, 2020 $ - Issuance of contingent consideration 3,990 Mark to market adjustment 3,060 March 31, 2021 $ 7,050 Warrants April 1, 2019 $ 4,942 Mark to market adjustment (4,648 ) Exercise of in-the-money warrants (294 ) March 31, 2020 $ - |
Note 7 - Accounts Receivable
Note 7 - Accounts Receivable | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Receivable [Text Block] | 7. Accounts receivable at March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Accounts receivable (billed) $ 7,502 $ 11,276 Accounts receivable (unbilled) 5,765 5,711 Accounts receivable $ 13,267 $ 16,987 |
Note 8 - Inventory
Note 8 - Inventory | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventory, net of reserves, at March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Raw materials $ 8,255 $ 10,739 Work-in-process 3,297 1,345 Finished goods 777 5,260 Deferred program costs 977 1,631 Inventory $ 13,306 $ 18,975 The Company recorded inventory reserves of $ 1.8 $1.3 March 31, 2021 2020 Deferred program costs as of March 31, 2021 March 31, 2020 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The cost and accumulated depreciation of property and equipment at March 31, 2021 2020 March 31, 2021 March 31, 2020 Land $ 270 $ — Construction in progress - equipment 220 3,130 Buildings 1,630 — Equipment and software 41,652 41,737 Furniture and fixtures 1,333 1,302 Leasehold improvements 6,308 2,477 Property, plant and equipment, gross 51,413 48,646 Less accumulated depreciation (42,416 ) (40,081 ) Property, plant and equipment, net $ 8,997 $ 8,565 Depreciation expense was $ 3.7 $4.0 March 31, 2021 2020 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets at March 31, 2021 2020 2021 2020 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog 600 (475 ) 125 - - - 2 Trade names and trademarks 600 - 600 - - - Indefinite Customer relationships 6,100 (739 ) 5,361 - - - 7 Core technology and know-how 5,970 (2,903 ) 3,067 5,970 (2,420 ) 3,550 5 10 Intangible assets $ 13,270 $ (4,117 ) $ 9,153 $ 5,970 $ (2,420 ) $ 3,550 The Company recorded intangible amortization expense of $ 1.2 $0.3 March 31, 2021 2020 March 31, 2021, $0.5 Expected future amortization expense related to intangible assets is as follows (in thousands): Fiscal years ending March 31, Total 2022 $ 2,115 2023 1,808 2024 1,393 2025 1,077 2026 860 Thereafter 1,300 Total $ 8,553 The Company's intangible assets relate entirely to the Grid business segment operations in the United States. |
Note 11 - Accounts Payable and
Note 11 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accounts payable and accrued expenses at March 31, 2021 March 31, 2020 consisted March 31, 2021 March 31, 2020 Accounts payable $ 5,353 $ 10,045 Accrued inventories in-transit 1,460 763 Accrued other miscellaneous expenses 2,369 1,986 Advanced deposits 1,035 666 Accrued compensation 7,018 5,683 Income taxes payable 522 933 Accrued product warranty 2,053 2,015 Total $ 19,810 $ 22,091 The Company generally provides a one three Product warranty activity was as follows (in thousands): Fiscal Years Ended March 31, 2021 2020 Balance at beginning of period $ 2,015 $ 1,545 Acquired Warranty Obligation 147 — Change in accruals for warranties during the period 643 542 Settlements during the period (752 ) (72 ) Balance at end of period $ 2,053 $ 2,015 |
Note 12 - Warrants and Derivati
Note 12 - Warrants and Derivative Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. Contingent Consideration The Company evaluated the NEPSI Acquisition earnout payment set forth in the Stock Purchase Agreement (see Note 3, may 815, Derivatives and Hedging The following is a summary of the key assumptions used in a Monte Carlo simulation to calculate the fair value of the contingent consideration related to the NEPSI Acquisition: Fiscal Year 2020 March 31, 2021 December 31, 2020 October, 1, 2020 Revenue risk premium 6.70 % 6.90 % 7.10 % Revenue volatility 30 % 30 % 30 % Stock Price $ 18.96 $ 23.42 $ 14.23 Payment delay (days) 80 80 — Fair value $7.1 million $6.7 million $4.0 million Warrants The Company accounted for its warrants as liabilities due to certain adjustment provisions within the instruments, which required that they be recorded at fair value. The warrants were subject to revaluation at each balance sheet date and any change in fair value was recorded as a change in fair value of warrants until the earlier of its expiration or its exercise at which time the warrant liability was reclassified to equity. The Company calculated the fair value of the warrants utilizing an integrated lattice model. See Note 6, March 31, 2021 2020 no Hercules Warrant On December 19, 2014, second 58,823 $7.85 May 2017, September 2017 January 2017. $0.4 March 31, 2019. April 8, 2019, 22,821 April 17, 2019. $0.1 March 31, 2020 Hudson Warrant On November 13, 2014, 909,090 one 0.9 one 818,181 $7.81 November 13, 2019, 786,000 $7.81 32,181 November 13, 2019. $4.6 March 31, 2020 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. (Loss) income before income taxes for the fiscal years ended March 31, 2021 2020 follows Fiscal years ended March 31, 2021 2020 Income/(Loss) before income tax expense: U.S. $ (26,721 ) $ (18,260 ) Foreign 3,211 1,359 Total $ (23,510 ) $ (16,901 ) The components of income tax expense (benefit) attributable to continuing operations consist of the following (in thousands): Fiscal years ended March 31, 2021 2020 Current Federal $ 191 $ 1,814 Foreign 198 95 Total current 389 1,909 Deferred Federal (1,602 ) (1,524 ) Foreign 381 (190 ) Total deferred (1,221 ) (1,714 ) Income tax (benefit) expense $ (832 ) $ 195 The reconciliation between the statutory federal income tax rate and the Company's effective income tax rate is shown below. Fiscal years ended March 31, 2021 2020 Statutory federal income tax rate (21 )% (21 )% Foreign income tax rate differential (20 ) 2 True-up of NOLs 36 1 GILTI 3 1 Other (1 ) (6 ) Valuation allowance (1 ) 24 Effective income tax rate (4 )% 1 % The following is a summary of the principal components of the Company's deferred tax assets and liabilities (in thousands): March 31, 2021 March 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 184,455 $ 195,504 Research and development and other tax credit carryforwards 13,280 13,244 Accruals and reserves 5,416 5,352 Fixed assets and intangible assets 1,414 1,697 Other 1,149 1,565 Gross deferred tax assets 205,714 217,362 Valuation allowance (200,081 ) (199,989 ) Total deferred tax assets 5,633 17,373 Deferred tax liabilities: Intercompany Debt (4,205 ) (14,365 ) Other (479 ) (1,637 ) Total deferred tax liabilities (4,684 ) (16,002 ) Net deferred tax assets $ 949 $ 1,371 On March 27, 2020, 19. 19 five 2017. not The Company has provided a full valuation allowance against its net deferred income tax assets in the U.S., Romania and China since it is more likely than not not $200.1 March 31, 2021 not $0.1 $200.0 March 31, 2020. At March 31, 2021 $780.5 $211.1 March 31, 2021 2040. $68.2 $3.7 $0.3 $10.6 $3.0 2040. At March 31, 2021 $30.1 five December 31, 2021. At March 31, 2021, $0.9 seven March 31, 2028. Section 382 1986, may 2020 382 not The total amount of undistributed foreign earnings available to be repatriated at March 31, 2021 $1.7 $0.3 The Company has not not Accounting for income taxes requires a two first not second 50% not not March 31, 2021 not March 31, 2021 2020 There were no March 31, 2021 2020 The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. Any unrecognized tax benefits, if recognized, would favorably affect its effective tax rate in any future period. The Company does not twelve The Company conducts business globally and, as a result, its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Major tax jurisdictions include the U.S., China, Romania and Austria. All U.S. income tax filings for fiscal years ended March 31, 1996 2021 All fiscal years from the fiscal year ended March 31, 2019 2021 March 31, 2021 2016 March 31, 2016 2021 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. On April 1, 2019, 2016 02, Leases (Topic 842 842" not not not All significant lease arrangements are recognized at lease commencement. Operating lease right–of-use assets and lease liabilities are recognized at commencement. The operating lease right-of-use asset includes any lease payments related to initial direct cost and prepayments and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company enters into a variety of operating lease agreements through the normal course of its business, but primarily real estate leases to support its operations. The agreements generally provide for fixed minimum rental payments and the payment of real estate taxes and insurance. Many of these leases have one five The Company also enters into leases for vehicles, IT equipment and service agreements, and other leases related to its manufacturing operations that are also included in the right-of-use asset and lease liability accounts if they are for a term of longer than twelve The discount rate was calculated using an incremental borrowing rate based on an assessment prepared by the Company through the use of Company credit ratings, consideration of its lease populations potential risk to its total capital structure, and a market rate for a collateralized loan for its risk profile, calculated by a third The Company did not Supplemental balance sheet information related to leases at March 31, 2021 2020 March 31, 2021 March 31, 2020 Operating Leases: Right-of-use assets $ 3,747 $ 3,359 Total right-of-use assets 3,747 3,359 Lease liabilities - ST $ 612 $ 439 Lease liabilities - LT 3,246 3,000 Total operating lease liabilities $ 3,858 $ 3,439 Weighted-average remaining lease term 5.82 6.91 Weighted-average discount rate 6.72 % 7.08 % The costs related to the Company's leases for the fiscal years ended March 31, 2021 2020 Year ended Year ended March 31, 2021 March 31, 2020 Operating Lease: Operating lease costs - fixed $ 830 $ 713 Operating lease costs - variable 118 100 Short-term lease costs 1,083 544 Total lease costs $ 2,031 $ 1,357 The Company's estimated minimum future lease obligations under the Company's leases are as follows: Operating Leases Year ended March 31, 2022 $ 849 2023 822 2024 768 2025 659 2026 664 Thereafter 933 Total minimum lease payments 4,695 Less: interest (837 ) Present value of lease liabilities $ 3,858 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Stock-Based Compensation Plans As of March 31, 2021 two 2007 “2007 2007 “2007 August 1, 2019, 2007 2007 2007 2007 3,400,000 4,600,000 2007 2007 230,000 280,000 The 2007 422 1986, no 10 3 5 3 The 2007 not 2007 $40,000 two third $40,000 two As of March 31, 2021 2007 793,499 2007 81,133 Stock-Based Compensation The components of stock-based compensation for the years ended March 31, 2021 2020 Fiscal years ended March 31, 2021 2020 Stock options $ 19 $ 16 Restricted stock and stock awards 3,428 1,870 Employee stock purchase plan 38 36 Total stock-based compensation expense $ 3,485 $ 1,922 The estimated fair value of the Company's stock-based awards, less expected annual forfeitures, is amortized over the awards' service period. The total unrecognized compensation cost for unvested outstanding stock options was less than $ 0.1 March 31, 2021 0.2 4.4 March 31, 2021 1.7 The following table summarizes stock-based compensation expense by financial statement line item for the fiscal years ended March 31, 2021 2020 Fiscal years ended March 31, 2021 2020 Cost of revenues $ 40 $ 66 Research and development 642 333 Selling, general and administrative 2,803 1,522 Total $ 3,485 $ 1,922 The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: Options / Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (thousands) Outstanding at March 31, 2020 140,281 $ 49.95 Granted — — Exercised (2,588 ) 24.30 Canceled/forfeited (10,528 ) 129.53 Outstanding at March 31, 2021 127,165 $ 44.37 2.0 $ 167 Exercisable at March 31, 2021 127,140 $ 44.38 2.0 $ 167 Fully vested and expected to vest at March 31, 2021 124,196 $ 45.18 1.9 $ 143 The Company did not March 31, 2021 5,939 March 31, 2020 March 31, 2020 2 March 31, 2020 Fiscal years ended March 31, 2020 Expected volatility 66.5 % Risk-free interest rate 1.8 % Expected life (years) 5.91 Dividend yield None The following table summarizes the employee and non-employee restricted stock activity for the year ended March 31, 2021 Shares Weighted Average Grant Date Fair Value Intrinsic Aggregate Value (thousands) Outstanding at March 31, 2020 982,247 $ 6.26 Granted 712,824 6.97 Vested (414,449 ) 5.84 Forfeited (232,708 ) 4.30 Outstanding at March 31, 2021 1,047,914 $ 7.17 $ 19,868 The total fair value of restricted stock that was granted during the fiscal years ended March 31, 2021 2020 $5.1 $3.4 March 31, 2021 2020 $4.3 $2.9 There we r 255,000 mance-based restricted shares awarded during th March 31, 2021 94,500 March 31, 2020 The remaining shares awarded vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period. Employee Stock Purchase Plan The Company maintains the 2000 15% March 31, 2021 187,868 $0.1 March 31, 2021 2020 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Purchase Commitments The Company periodically enters into non-cancelable purchase contracts in order to ensure the availability of materials to support production of its products. Purchase commitments represent enforceable and legally binding agreements with suppliers to purchase goods or services. The Company periodically assesses the need to provide for impairment on these purchase contracts and records a loss on purchase commitments when required. Lease Commitments During the year ended March 31, 2021 2020 14, Legal Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not not not Other The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. As of March 31, 2021 5.6 2.2 $5.0 |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 17. The Company has implemented a defined contribution plan (the “Plan”) under Section 401 50% first 6% $0.4 March 31, 2021 $0.3 March 31, 2020 |
Note 18 - Business Segments
Note 18 - Business Segments | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. The Company reports its financial results in two 280, Segment Reporting two one Through the Company's power grid offerings, the Grid business segment enables electric utilities, industrial facilities, and renewable energy project developers to connect, transmit and distribute smarter, cleaner and better power through its transmission planning services, power electronics, and superconductor-based systems. The sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems. The Company also sells ship protection products to the U.S. Navy through its Grid business segment. Through the Company's wind power offerings, the Wind business segment enables manufacturers to field highly competitive wind turbines through its advanced power electronics and control system products, engineered designs, and support services. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufacturers. The Company's design portfolio includes a broad range of drive trains and power ratings of 2 The operating two Fiscal Years Ended March 31, 2021 2020 Revenues: Grid $ 70,528 $ 49,585 Wind 16,597 14,253 Total $ 87,125 $ 63,838 Fiscal Years Ended March 31, 2021 2020 Operating loss: Grid $ (13,318 ) $ (13,508 ) Wind (3,302 ) (7,699 ) Unallocated corporate expenses (6,545 ) (1,922 ) Total $ (23,165 ) $ (23,129 ) Total assets for the two March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Grid $ 81,253 $ 44,044 Wind 6,098 14,250 Corporate assets 81,515 65,815 Total $ 168,866 $ 124,109 The accounting policies of the business segments are the same as those for the consolidated Company. The Company's business segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating loss. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not two Unallocated corporate expenses primarily consist of loss on contingent consideration of $3.0 3.5 March 31, 2021 $1.9 March 31, 2020 Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): March 31, 2021 2020 North America $ 8,777 $ 8,113 Europe 174 397 Asia Pacific 46 55 Total $ 8,997 $ 8,565 |
Note 19 - Recent Accounting Pro
Note 19 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 19. In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 December 15, 2019, 2019 10 November 2019, December 15, 2022. 2016 13 may In August 2018, 2018 13, Fair Value Measurement (Topic 820 . The amendments in ASU 2018 13 December 15, 2019, April 1, 2020, 2018 13 no In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 December 15, 2020, not 2019 12 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. The Company has performed an evaluation of subsequent events through the time of filing this Annual Report on Form 10 no On May 6, 2021, $1.0 301,556 $1.1 Also on May 6, 2021, $4.3 $2.4 $1.9 $7.6 $1.9 third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior year amounts have been made to conform to the current year presentation. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | 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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not may may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents consist of highly liquid instruments with maturities of three 1 |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities Marketable securities consist of certificates of deposit with maturities of less than 12 1 |
Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company's accounts receivable relate principally to a limited number of customers. As of March 31, 2021 28%, 11% no 10% March 31, 2020 25%, 18%, 17% no 10% may may may |
Inventory, Policy [Policy Text Block] | Inventory Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost, determined on a first first Program costs may At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not For the fiscal years ended March 31, 2021 2020 1.8 $1.3 |
Lessee, Leases [Policy Text Block] | Leases Leases include all agreements in which the Company obtains control of a physical asset. Leases are captured on the balance sheet as both a right of use asset and associated lease liability and are valued based on the commencement of the Company's control of the asset, after being discounted by its incremental borrowing rate. The Company's lease portfolio is made up primarily of real estate leases for its various offices, but also include items such as vehicles, IT equipment and other miscellaneous tools and equipment needed for manufacturing. The Company's incremental borrowing rate was determined through an analysis to identify what rates it could obtain if the Company were to secure external financing for similar transactions, and includes considerations of both the market and its current credit ratings. An analysis is performed annually, or upon execution of any individually material agreement, to ensure that the rates being applied to newly acquired leases are still accurate. The majority of the Company's leases are classified as operating leases, and therefore the expense is captured in income from operations each period. We have elected to exclude all leases of less than twelve not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: Asset Classification Estimated Useful Life in Years Machinery and equipment 3 10 Furniture and fixtures 3 5 Leasehold improvements Shorter of the estimated useful life or the remaining lease term Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets, for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not may not There were no March 31, 2021 2020 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of cost over net assets of acquired businesses that are consolidated. The Company performs its annual assessment of goodwill on February 28th may not first not not not 5, The Company performed its annual assessment of goodwill on February 28, 2021 no March 31, 2021 no no March 31, 2020 |
Revenue [Policy Text Block] | Revenue Recognition Revenue contracts are defined as an arrangement that creates enforceable rights and obligations of both parties where collection of the contract price is deemed probable. five can occur at the time of delivery, installation or post-installation where applicable. The Company's equipment and system product line includes certain contracts which do not not 606. not 606 For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain customized product sales, the Company records revenues using the over-time method, measured by the relationship of costs incurred to total estimated contract costs. Over-time revenue recognition accounting is predominantly used on certain turnkey power systems installations for electric utilities and long-term prototype development contracts with the U.S. government. The Company follows this method when any of the three no The Company enters into sales arrangements that may may Performance obligations are separated into more than one 1 2 The Company reviews SSP and the related margins at least annually. The Company's license agreements provide either for the payment of contractually determined paid-up front license fees or milestone based payments in consideration for the grant of rights to manufacture and/or sell products using its patented technologies or know-how. Some of these agreements provide for the release of the licensee from past and future intellectual property infringement claims. When the Company can determine that it has no may no not Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined that collectability of any portion of the contract value is not not The Company has elected to record taxes collected from customers on a net basis and does not The Company's contract assets and liabilities primarily relate to the timing differences between cash received from a customer in connection with contractual rights to invoicing and the timing of revenue recognition following completion of performance obligations. The Company's accounts receivable balance is made up entirely of customer contract related balances. See Note 4, 606, Revenue from Contracts with Customers |
Business Combinations Policy [Policy Text Block] | Business Acquisitions The Company accounts for acquisitions using the purchase method of accounting in accordance with ASC 805, Business Combinations Determining the fair value of certain assets and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions as well as the use of specialists as needed. The consideration for its acquisitions may 3, |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Warranty obligations are incurred in connection with the sale of the Company's products. The Company provides assurance-type warranties on all product sales for a term of typically one three four |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company's provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current fiscal year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. Deferred income taxes are recognized for the tax consequences in future fiscal years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S., Romania and China deferred income tax assets since the Company believes that it is more likely than not not Accounting for income taxes requires a two first not second 50% not 13, |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company's common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, estimates of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company's common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company's common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company's historical exercise, cancellation and expiration patterns. The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may may The Company accounts in the same manner as other share-based payments for employees, with the measurement being based on the fair value at the grant date. The non-employee share based payments will be included within the Company's stock compensation currently reported. |
Earnings Per Share, Policy [Policy Text Block] | Computation of Net Loss per Common Share Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the fiscal years ended March 31, 2021 2020 436,139, 354,748, not reconciles March 31, 2021 2020 Fiscal year ended March 31, 2021 2020 Numerator: Net loss $ (22,678 ) $ (17,096 ) Less: decrease in fair value of warrants, net of income tax — (4,648 ) Plus: change in fair value due to exercise of warrants — 83 Net loss - diluted $ (22,678 ) $ (21,662 ) Denominator: Weighted-average shares of common stock outstanding 24,991 21,937 Weighted-average shares subject to repurchase (1,112 ) (953 ) Shares used in per-share calculation ― basic 23,879 20,985 Common stock warrants — 84 Shares used in per-share calculation ― diluted 23,879 21,069 Net loss per share ― basic $ (0.95 ) $ (0.81 ) Net loss per share ― diluted $ (0.95 ) $ (1.03 ) |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of all the Company's foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders' equity. Net foreign currency gains and losses are included in other income (expense), net on the consolidated statements of operations and were $0.7 $0.1 March 31, 2021 2020 no |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. The Company invests its available cash in high credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not Several of the Company's government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to obtain additional contract modifications in the year ending March 31, 2022 |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies From time to time, the Company may not not not not 16, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Disclosure of Fair Value of Financial Instruments The Company's financial instruments consist principally of cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, warrants to purchase shares of common stock, and derivatives. The carrying amounts of cash and cash equivalents, accounts receivable, short-term debt, accounts payable, and accrued expenses due to their short nature approximate fair value at March 31, 2021 2020 12 1 3 6, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property Plant and Equipment Useful Life [Table Text Block] | Asset Classification Estimated Useful Life in Years Machinery and equipment 3 10 Furniture and fixtures 3 5 Leasehold improvements Shorter of the estimated useful life or the remaining lease term |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended March 31, 2021 2020 Numerator: Net loss $ (22,678 ) $ (17,096 ) Less: decrease in fair value of warrants, net of income tax — (4,648 ) Plus: change in fair value due to exercise of warrants — 83 Net loss - diluted $ (22,678 ) $ (21,662 ) Denominator: Weighted-average shares of common stock outstanding 24,991 21,937 Weighted-average shares subject to repurchase (1,112 ) (953 ) Shares used in per-share calculation ― basic 23,879 20,985 Common stock warrants — 84 Shares used in per-share calculation ― diluted 23,879 21,069 Net loss per share ― basic $ (0.95 ) $ (0.81 ) Net loss per share ― diluted $ (0.95 ) $ (1.03 ) |
Note 3 - NEPSI Acquisition (Tab
Note 3 - NEPSI Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash payment $ 26.0 Issuance of 873,657 shares of Company's common stock 12.4 Contingent consideration 4.0 Total consideration 42.4 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Net working capital (excluding inventory and deferred revenue) $ 0.1 Inventory 4.2 Property, plant and equipment 2.3 Deferred revenue (2.7 ) Deferred tax liability (1.7 ) Net tangible assets/(liabilities) 2.2 Backlog 0.6 Trade names and trademarks 0.6 Customer relationships 6.1 Net identifiable intangible assets/(liabilities) 7.3 Goodwill 32.9 Total purchase consideration $ 42.4 |
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve Months Ended March 31, 2021 2020 Revenues $ 99,462 $ 88,578 Operating loss (22,158 ) (20,781 ) Net loss $ (23,050 ) $ (12,922 ) Net loss per common share Basic $ (0.97 ) $ (0.59 ) Diluted $ (0.97 ) $ (0.59 ) Shares - basic 23,879 21,859 Shares - diluted 23,879 21,943 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2021 Product Line: Grid Wind Equipment and systems $ 65,930 $ 14,362 Services and technology development 4,598 2,235 Total $ 70,528 $ 16,597 Region: Americas $ 54,168 $ 87 Asia Pacific 11,326 16,207 EMEA 5,034 303 Total $ 70,528 $ 16,597 Year Ended March 31, 2020 Product Line: Grid Wind Equipment and systems $ 44,065 $ 12,282 Services and technology development 5,520 1,971 Total $ 49,585 $ 14,253 Region: Americas $ 33,207 $ 87 Asia Pacific 10,407 13,996 EMEA 5,971 170 Total $ 49,585 $ 14,253 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 Increases for balances acquired 101 — 2,700 Increases for costs incurred to fulfill performance obligations — 7,674 — Increase (decrease) due to customer billings (8,687 ) — 52,988 Decrease due to cost recognition on completed performance obligations — (8,346 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 8,640 — (61,183 ) Other changes and FX impact — 18 610 Ending balance as of March 31, 2021 $ 5,765 $ 977 $ 21,257 Unbilled AR Deferred Program Costs Contract Liabilities Beginning balance as of March 31, 2019 $ 2,213 $ 318 $ 15,521 Increases for costs incurred to fulfill performance obligations — 4,844 — Increase (decrease) due to customer billings (11,516 ) — 47,877 Decrease due to cost recognition on completed performance obligations — (3,525 ) — Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations 15,017 — (37,009 ) Other changes and FX impact (3 ) (6 ) (247 ) Ending balance as of March 31, 2020 $ 5,711 $ 1,631 $ 26,142 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended Reportable March 31, Segment 2021 2020 EPC Services Company Grid 13% 0% Department of Homeland Security Grid <10% 10% |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill March 31, 2020 $ 1,719 NEPSI Acquisition 32,915 March 31, 2021 $ 34,634 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021: Assets: Cash equivalents $ 54,104 $ 54,104 $ — $ — Marketable securities $ 5,141 $ 5,141 $ — $ — Derivative liabilities: Contingent Consideration $ 7,050 $ — $ — $ 7,050 Total Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020: Assets: Cash equivalents $ 19,394 $ 19,394 $ — $ — Marketable securities $ 35,195 $ 35,195 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition Contingent Consideration April 1, 2020 $ - Issuance of contingent consideration 3,990 Mark to market adjustment 3,060 March 31, 2021 $ 7,050 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Warrants April 1, 2019 $ 4,942 Mark to market adjustment (4,648 ) Exercise of in-the-money warrants (294 ) March 31, 2020 $ - |
Note 7 - Accounts Receivable (T
Note 7 - Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Accounts Receivable [Table Text Block] | March 31, 2021 March 31, 2020 Accounts receivable (billed) $ 7,502 $ 11,276 Accounts receivable (unbilled) 5,765 5,711 Accounts receivable $ 13,267 $ 16,987 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2021 March 31, 2020 Raw materials $ 8,255 $ 10,739 Work-in-process 3,297 1,345 Finished goods 777 5,260 Deferred program costs 977 1,631 Inventory $ 13,306 $ 18,975 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 March 31, 2020 Land $ 270 $ — Construction in progress - equipment 220 3,130 Buildings 1,630 — Equipment and software 41,652 41,737 Furniture and fixtures 1,333 1,302 Leasehold improvements 6,308 2,477 Property, plant and equipment, gross 51,413 48,646 Less accumulated depreciation (42,416 ) (40,081 ) Property, plant and equipment, net $ 8,997 $ 8,565 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2021 2020 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value Estimated Useful Life Backlog 600 (475 ) 125 - - - 2 Trade names and trademarks 600 - 600 - - - Indefinite Customer relationships 6,100 (739 ) 5,361 - - - 7 Core technology and know-how 5,970 (2,903 ) 3,067 5,970 (2,420 ) 3,550 5 10 Intangible assets $ 13,270 $ (4,117 ) $ 9,153 $ 5,970 $ (2,420 ) $ 3,550 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal years ending March 31, Total 2022 $ 2,115 2023 1,808 2024 1,393 2025 1,077 2026 860 Thereafter 1,300 Total $ 8,553 |
Note 11 - Accounts Payable an_2
Note 11 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2021 March 31, 2020 Accounts payable $ 5,353 $ 10,045 Accrued inventories in-transit 1,460 763 Accrued other miscellaneous expenses 2,369 1,986 Advanced deposits 1,035 666 Accrued compensation 7,018 5,683 Income taxes payable 522 933 Accrued product warranty 2,053 2,015 Total $ 19,810 $ 22,091 |
Schedule of Product Warranty Liability [Table Text Block] | Fiscal Years Ended March 31, 2021 2020 Balance at beginning of period $ 2,015 $ 1,545 Acquired Warranty Obligation 147 — Change in accruals for warranties during the period 643 542 Settlements during the period (752 ) (72 ) Balance at end of period $ 2,053 $ 2,015 |
Note 12 - Warrants and Deriva_2
Note 12 - Warrants and Derivative Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fiscal Year 2020 March 31, 2021 December 31, 2020 October, 1, 2020 Revenue risk premium 6.70 % 6.90 % 7.10 % Revenue volatility 30 % 30 % 30 % Stock Price $ 18.96 $ 23.42 $ 14.23 Payment delay (days) 80 80 — Fair value $7.1 million $6.7 million $4.0 million |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal years ended March 31, 2021 2020 Income/(Loss) before income tax expense: U.S. $ (26,721 ) $ (18,260 ) Foreign 3,211 1,359 Total $ (23,510 ) $ (16,901 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal years ended March 31, 2021 2020 Current Federal $ 191 $ 1,814 Foreign 198 95 Total current 389 1,909 Deferred Federal (1,602 ) (1,524 ) Foreign 381 (190 ) Total deferred (1,221 ) (1,714 ) Income tax (benefit) expense $ (832 ) $ 195 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal years ended March 31, 2021 2020 Statutory federal income tax rate (21 )% (21 )% Foreign income tax rate differential (20 ) 2 True-up of NOLs 36 1 GILTI 3 1 Other (1 ) (6 ) Valuation allowance (1 ) 24 Effective income tax rate (4 )% 1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2021 March 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 184,455 $ 195,504 Research and development and other tax credit carryforwards 13,280 13,244 Accruals and reserves 5,416 5,352 Fixed assets and intangible assets 1,414 1,697 Other 1,149 1,565 Gross deferred tax assets 205,714 217,362 Valuation allowance (200,081 ) (199,989 ) Total deferred tax assets 5,633 17,373 Deferred tax liabilities: Intercompany Debt (4,205 ) (14,365 ) Other (479 ) (1,637 ) Total deferred tax liabilities (4,684 ) (16,002 ) Net deferred tax assets $ 949 $ 1,371 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Assets And Liabilities Lessee [Table Text Block] | March 31, 2021 March 31, 2020 Operating Leases: Right-of-use assets $ 3,747 $ 3,359 Total right-of-use assets 3,747 3,359 Lease liabilities - ST $ 612 $ 439 Lease liabilities - LT 3,246 3,000 Total operating lease liabilities $ 3,858 $ 3,439 Weighted-average remaining lease term 5.82 6.91 Weighted-average discount rate 6.72 % 7.08 % |
Lease, Cost [Table Text Block] | Year ended Year ended March 31, 2021 March 31, 2020 Operating Lease: Operating lease costs - fixed $ 830 $ 713 Operating lease costs - variable 118 100 Short-term lease costs 1,083 544 Total lease costs $ 2,031 $ 1,357 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Year ended March 31, 2022 $ 849 2023 822 2024 768 2025 659 2026 664 Thereafter 933 Total minimum lease payments 4,695 Less: interest (837 ) Present value of lease liabilities $ 3,858 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Fiscal years ended March 31, 2021 2020 Stock options $ 19 $ 16 Restricted stock and stock awards 3,428 1,870 Employee stock purchase plan 38 36 Total stock-based compensation expense $ 3,485 $ 1,922 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Fiscal years ended March 31, 2021 2020 Cost of revenues $ 40 $ 66 Research and development 642 333 Selling, general and administrative 2,803 1,522 Total $ 3,485 $ 1,922 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options / Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (thousands) Outstanding at March 31, 2020 140,281 $ 49.95 Granted — — Exercised (2,588 ) 24.30 Canceled/forfeited (10,528 ) 129.53 Outstanding at March 31, 2021 127,165 $ 44.37 2.0 $ 167 Exercisable at March 31, 2021 127,140 $ 44.38 2.0 $ 167 Fully vested and expected to vest at March 31, 2021 124,196 $ 45.18 1.9 $ 143 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal years ended March 31, 2020 Expected volatility 66.5 % Risk-free interest rate 1.8 % Expected life (years) 5.91 Dividend yield None |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Intrinsic Aggregate Value (thousands) Outstanding at March 31, 2020 982,247 $ 6.26 Granted 712,824 6.97 Vested (414,449 ) 5.84 Forfeited (232,708 ) 4.30 Outstanding at March 31, 2021 1,047,914 $ 7.17 $ 19,868 |
Note 18 - Business Segments (Ta
Note 18 - Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Years Ended March 31, 2021 2020 Revenues: Grid $ 70,528 $ 49,585 Wind 16,597 14,253 Total $ 87,125 $ 63,838 Fiscal Years Ended March 31, 2021 2020 Operating loss: Grid $ (13,318 ) $ (13,508 ) Wind (3,302 ) (7,699 ) Unallocated corporate expenses (6,545 ) (1,922 ) Total $ (23,165 ) $ (23,129 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2021 March 31, 2020 Grid $ 81,253 $ 44,044 Wind 6,098 14,250 Corporate assets 81,515 65,815 Total $ 168,866 $ 124,109 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | March 31, 2021 2020 North America $ 8,777 $ 8,113 Europe 174 397 Asia Pacific 46 55 Total $ 8,997 $ 8,565 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Operations and Liquidity (Details Textual) $ / shares in Units, $ in Thousands, € in Millions | Oct. 26, 2020USD ($)$ / sharesshares | Oct. 01, 2020USD ($)$ / sharesshares | Sep. 02, 2020EUR (€) | Dec. 31, 2015USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 11, 2020EUR (€) | May 29, 2020EUR (€) |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (1,001,313) | $ (978,635) | ||||||
Cash, Cash Equivalents, and Marketable Securities | 73,000 | |||||||
Net Cash Provided by (Used in) Operating Activities, Total | (8,681) | (16,497) | ||||||
Proceeds from Issuance of Common Stock | $ 51,477 | |||||||
Public Offering [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,670,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 15 | |||||||
Proceeds from Issuance of Common Stock | $ 51,500 | |||||||
Additional Shares to be Issued (in shares) | shares | 550,500 | |||||||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 26,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | shares | 1,000,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.23 | |||||||
Northeast Power Systems, Inc (NEPSI) [Member] | Restricted Common Stock [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | |||||||
Inox Wind Limited [Member] | ||||||||
Supply Agreement, Aggregate Value | $ 210,000 | |||||||
Supply Commitment, Extension Period (Year) | 3 years | |||||||
Supply Commitment, Default, Letters of Credit to be Received | € | € 4.7 | € 6 | ||||||
Supply Commitment, Letters of Credit Received | € | € 1.3 | |||||||
Certificates of Deposit [Member] | ||||||||
Debt Securities, Available-for-sale, Term (Year) | 6 years |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Valuation Reserves, Ending Balance | $ 1,800 | $ 1,800 | $ 1,300 |
Asset Impairment Charges, Total | 0 | 0 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 436,139 | 354,748 | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 700 | $ 100 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Naval Surface Warfare Center [Member] | |||
Concentration Risk, Percentage | 28.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | RWE Renewables [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Fuji Bridex Pte Ltd [Member] | |||
Concentration Risk, Percentage | 25.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Department of Homeland Security [Member] | |||
Concentration Risk, Percentage | 18.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Doosan Heavy Industries Construction Co [Member] | |||
Concentration Risk, Percentage | 17.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property Plant and Equipment Useful Life (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Leasehold Improvements [Member] | |
Property, plant and equipment, estimated useful life | Shorter of the estimated useful life or the remaining lease term |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (22,678) | $ (17,096) | $ (22,678) | $ (17,096) |
Less: decrease in fair value of warrants, net of income tax | $ 4,648 | (4,648) | ||
Plus: change in fair value due to exercise of warrants | 83 | |||
Net loss - diluted | $ (22,678) | $ (21,662) | ||
Weighted-average shares of common stock outstanding (in shares) | 24,991 | 21,937 | ||
Weighted-average shares subject to repurchase (in shares) | (1,112) | (953) | ||
Shares used in per-share calculation - basic (in shares) | 23,879 | 20,985 | 23,879 | 20,985 |
Common stock warrants (in shares) | 84 | |||
Shares used in per-share calculation - diluted (in shares) | 23,879 | 21,069 | 23,879 | 21,069 |
Net loss per share - basic (in dollars per share) | $ (0.95) | $ (0.81) | $ (0.95) | $ (0.81) |
Net loss per share - diluted (in dollars per share) | $ (0.95) | $ (1.03) | $ (0.95) | $ (1.03) |
Note 3 - NEPSI Acquisition (Det
Note 3 - NEPSI Acquisition (Details Textual) $ / shares in Units, $ in Thousands | Oct. 01, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | $ 7,100 | $ 6,700 | $ 7,100 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,060 | |||||
Backlog [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 26,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 873,657 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High, Number of Shares (in shares) | shares | 1,000,000 | |||||
Business Combination, Consideration Transferred, Total | $ 42,400 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.23 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,200 | $ 1,000 | $ 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 1,700 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 13,200 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 300 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Backlog [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,100 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Royalty Rate [Member] | ||||||
Intangible Assets, Measurement Input | 0.08 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Measurement Input, Discount Rate [Member] | ||||||
Intangible Assets, Measurement Input | 0.13 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Trademarks and Trade Names [Member] | Measurement Input, Expected Term [Member] | ||||||
Intangible Assets, Measurement Input | 8 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 300 | |||||
Northeast Power Systems, Inc (NEPSI) [Member] | ||||||
Payments to Suppliers | $ 400 |
Note 3 - NEPSI Acquisition - Pu
Note 3 - NEPSI Acquisition - Purchase Price (Details) - Northeast Power Systems, Inc (NEPSI) [Member] $ in Millions | Oct. 01, 2020USD ($) |
Cash payment | $ 26 |
Issuance of 873,657 shares of Company’s common stock | 12.4 |
Contingent consideration | 4 |
Total consideration | $ 42.4 |
Note 3 - NEPSI Acquisition - _2
Note 3 - NEPSI Acquisition - Purchase Price (Details) (Parentheticals) | Oct. 01, 2020shares |
Northeast Power Systems, Inc (NEPSI) [Member] | |
Issuance of common stock, shares (in shares) | 873,657 |
Note 3 - NEPSI Acquisition - Es
Note 3 - NEPSI Acquisition - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Oct. 01, 2020 | Mar. 31, 2020 |
Goodwill | $ 34,634 | $ 1,719 | |
Northeast Power Systems, Inc (NEPSI) [Member] | |||
Net working capital (excluding inventory and deferred revenue) | $ 100 | ||
Inventory | $ 1,000 | 4,200 | |
Property, plant and equipment | 2,300 | ||
Deferred revenue | (2,700) | ||
Deferred tax liability | 1,700 | ||
Net tangible assets/(liabilities) | 2,200 | ||
Net identifiable intangible assets/(liabilities) | 7,300 | ||
Trade names and trademarks | 7,300 | ||
Goodwill | 32,900 | ||
Total purchase consideration | 42,400 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Backlog [Member] | |||
Net identifiable intangible assets/(liabilities) | 600 | ||
Trade names and trademarks | 600 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Trade Names [Member] | |||
Net identifiable intangible assets/(liabilities) | 600 | ||
Trade names and trademarks | 600 | ||
Northeast Power Systems, Inc (NEPSI) [Member] | Customer Relationships [Member] | |||
Net identifiable intangible assets/(liabilities) | 6,100 | ||
Trade names and trademarks | $ 6,100 |
Note 3 - NEPSI Acquisition - Un
Note 3 - NEPSI Acquisition - Unaudited Pro Forma Operating Results (Details) - NEPSI [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 99,462,000 | $ 88,578,000 |
Operating loss | (22,158,000) | (20,781,000) |
Net loss | $ (23,050) | $ (12,922) |
Basic (in dollars per share) | $ (0.97) | $ (0.59) |
Diluted (in dollars per share) | $ (0.97) | $ (0.59) |
Shares - basic (in shares) | 23,879 | 21,859 |
Shares - diluted (in shares) | 23,879 | 21,943 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue, Performance Obligation Satisfied, Revenue Recognized, Percentage | 78.00% | 72.00% |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 41.00% | 51.00% |
Minimum [Member] | ||
Warranty Period (Year) | 1 year | |
Contract with Customer, Payment Term (Day) | 30 days | |
Maximum [Member] | ||
Warranty Period (Year) | 3 years | |
Extended Service Warranty, Term (Year) | 4 years | |
Contract with Customer, Payment Term (Day) | 60 days | |
Grant [Member] | ||
Revenues, Total | $ 3.9 | $ 6.4 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 54.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 16.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year 30 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 5 years |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 87,125 | $ 63,838 | $ 87,125 | $ 63,838 |
Grid [Member] | ||||
Revenues | 70,528 | 49,585 | ||
Grid [Member] | Americas [Member] | ||||
Revenues | 54,168 | 33,207 | ||
Grid [Member] | Asia Pacific [Member] | ||||
Revenues | 11,326 | 10,407 | ||
Grid [Member] | EMEA [Member] | ||||
Revenues | 5,034 | 5,971 | ||
Wind [Member] | ||||
Revenues | 16,597 | 14,253 | ||
Wind [Member] | Americas [Member] | ||||
Revenues | 87 | 87 | ||
Wind [Member] | Asia Pacific [Member] | ||||
Revenues | 16,207 | 13,996 | ||
Wind [Member] | EMEA [Member] | ||||
Revenues | 303 | 170 | ||
Equipment and Systems [Member] | Grid [Member] | ||||
Revenues | 65,930 | 44,065 | ||
Equipment and Systems [Member] | Wind [Member] | ||||
Revenues | 14,362 | 12,282 | ||
Services and Technology Development [Member] | Grid [Member] | ||||
Revenues | 4,598 | 5,520 | ||
Services and Technology Development [Member] | Wind [Member] | ||||
Revenues | $ 2,235 | $ 1,971 |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unbilled AR, beginning balance | $ 5,711 | $ 2,213 |
Deferred Program Costs, beginning balance | 1,631 | 318 |
Contract Liabilities, beginning balance | 26,142 | 15,521 |
Increases for balances acquired | 101 | |
Increases for balances acquired | 2,700 | |
Deferred Program Costs, increases for costs incurred to fulfill performance obligations | 7,674 | 4,844 |
Unbilled AR, increase (decrease) due to customer billings | (8,687) | (11,516) |
Increase (decrease) due to customer billings | 52,988 | 47,877 |
Unbilled AR,Decrease due to cost recognition on completed performance obligations | ||
Deferred Program Costs, decrease due to cost recognition on completed performance obligations | (8,346) | (3,525) |
Unbilled AR, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | 8,640 | 15,017 |
Deferred Program Costs, increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | ||
Increase (decrease) due to recognition of revenue based on transfer of control of performance obligations | (61,183) | (37,009) |
Unbilled AR, other changes and FX impact | (3) | |
Deferred Program Costs, other changes and FX impact | 18 | (6) |
Other changes and FX impact | 610 | (247) |
Unbilled AR, ending balance | 5,765 | 5,711 |
Deferred Program Costs, ending balance | 977 | 1,631 |
Contract Liabilities, ending balance | $ 21,257 | $ 26,142 |
Note 4 - Revenue Recognition _3
Note 4 - Revenue Recognition - Revenues By Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Grid [Member] | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
EPC Services Company [Member] | ||
Concentration risk percentage | 13.00% | 0.00% |
Department of Homeland Security [Member] | ||
Concentration risk percentage | 10.00% | 10.00% |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 5 - Goodwill - Goodwill (D
Note 5 - Goodwill - Goodwill (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
March 31, 2020 | $ 1,719 |
March 31, 2021 | 34,634 |
Grid [Member] | |
March 31, 2020 | 1,719 |
NEPSI Acquisition | 32,915 |
March 31, 2021 | $ 34,634 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | $ 0.1 | $ 0.1 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 01, 2020 | Mar. 31, 2020 |
Fair value | $ 7,100 | $ 6,700 | $ 4,000 | |
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Cash equivalents | 54,104 | $ 19,394 | ||
Marketable securities | 5,141 | 35,195 | ||
Fair value | 7,050 | |||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash equivalents | 54,104 | 19,394 | ||
Marketable securities | 5,141 | 35,195 | ||
Fair value | ||||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash equivalents | ||||
Marketable securities | ||||
Fair value | ||||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash equivalents | ||||
Marketable securities | ||||
Fair value | $ 7,050 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Derivative Liability Measured at Fair value (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 7,050 |
Derivative Financial Instruments, Liabilities [Member] | |
Balance | |
Issuance of contingent consideration | 3,990 |
Mark to market adjustment | $ 3,060 |
Balance |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements - Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 7,050 | |
Warrant Liability [Member] | ||
Balance | $ 4,942 | |
Mark to market adjustment | (4,648) | |
Exercise of in-the-money warrants | (294) | |
Balance |
Note 7 - Accounts Receivable -
Note 7 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accounts receivable (billed) | $ 7,502 | $ 11,276 |
Accounts receivable (unbilled) | 5,765 | 5,711 |
Accounts receivable | $ 13,267 | $ 16,987 |
Note 8 - Inventory (Details Tex
Note 8 - Inventory (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory Adjustments, Total | $ 1.8 | $ 1.3 |
Note 8 - Inventory - Summary of
Note 8 - Inventory - Summary of Net Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Raw materials | $ 8,255 | $ 10,739 |
Work-in-process | 3,297 | 1,345 |
Finished goods | 777 | 5,260 |
Deferred program costs | 977 | 1,631 |
Inventory | $ 13,306 | $ 18,975 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Total | $ 3.7 | $ 4 |
Note 9 - Property, Plant and _4
Note 9 - Property, Plant and Equipment - Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Property, plant and equipment, gross | $ 51,413 | $ 48,646 |
Less accumulated depreciation | (42,416) | (40,081) |
Property, plant and equipment, net | 8,997 | 8,565 |
Land [Member] | ||
Property, plant and equipment, gross | 270 | |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 220 | 3,130 |
Building [Member] | ||
Property, plant and equipment, gross | 1,630 | |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 41,652 | 41,737 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,333 | 1,302 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 6,308 | $ 2,477 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 1.2 | $ 0.3 |
Cost of Sales [Member] | Backlog [Member] | ||
Amortization of Intangible Assets, Total | $ 0.5 |
Note 10 - Intangible Assets - I
Note 10 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Amortization | $ (4,117) | $ (2,420) |
Net Book Value | $ 8,553 | |
Estimated Useful Life (Year) | ||
Intangible assets, gross amount | $ 13,270 | 5,970 |
Intangible assets, net | 9,153 | 3,550 |
Trademarks and Trade Names [Member] | ||
Gross Amount | 600 | |
Backlog [Member] | ||
Gross Amount | 600 | |
Accumulated Amortization | (475) | |
Net Book Value | $ 125 | |
Estimated Useful Life (Year) | 2 years | |
Customer Relationships [Member] | ||
Gross Amount | $ 6,100 | |
Accumulated Amortization | (739) | |
Net Book Value | $ 5,361 | |
Estimated Useful Life (Year) | 7 years | |
Core Technology and Know-how [Member] | ||
Gross Amount | $ 5,970 | 5,970 |
Accumulated Amortization | (2,903) | (2,420) |
Net Book Value | $ 3,067 | $ 3,550 |
Core Technology and Know-how [Member] | Minimum [Member] | ||
Estimated Useful Life (Year) | 5 years | |
Core Technology and Know-how [Member] | Maximum [Member] | ||
Estimated Useful Life (Year) | 10 years |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2022 | $ 2,115 |
2023 | 1,808 |
2024 | 1,393 |
2025 | 1,077 |
2026 | 860 |
Thereafter | 1,300 |
Total | $ 8,553 |
Note 11 - Accounts Payable an_3
Note 11 - Accounts Payable and Accrued Expenses (Details Textual) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum [Member] | |
Extended Warranty Trigger Period (Year) | 1 year |
Maximum [Member] | |
Extended Warranty Trigger Period (Year) | 3 years |
Note 11 - Accounts Payable an_4
Note 11 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accounts payable | $ 5,353 | $ 10,045 |
Accrued inventories in-transit | 1,460 | 763 |
Accrued other miscellaneous expenses | 2,369 | 1,986 |
Advanced deposits | 1,035 | 666 |
Accrued compensation | 7,018 | 5,683 |
Income taxes payable | 522 | 933 |
Accrued product warranty | 2,053 | 2,015 |
Total | $ 19,810 | $ 22,091 |
Note 11 - Accounts Payable an_5
Note 11 - Accounts Payable and Accrued Expenses - Product Warranty Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance at beginning of period | $ 2,015 | $ 1,545 |
Acquired Warranty Obligation | 147 | |
Change in accruals for warranties during the period | 643 | 542 |
Settlements during the period | (752) | (72) |
Balance at end of period | $ 2,053 | $ 2,015 |
Note 12 - Warrants and Deriva_3
Note 12 - Warrants and Derivative Liabilities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2019 | Apr. 17, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2019 | Dec. 19, 2014 | Nov. 13, 2014 |
Class of Warrant or Right, Outstanding (in shares) | 0 | ||||||||
Gain (Loss) in Change of Fair Value of Derivative Instruments and Warrants, Net of Tax | $ 4,648 | ||||||||
Hercules Technology Growth Capital [Member] | |||||||||
Stock Issued During Period, Shares, Warrant Exercised (in shares) | 22,821 | ||||||||
Northeast Power Systems, Inc (NEPSI) [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 58,823 | ||||||||
Hercules Warrants [Member] | |||||||||
Gain (Loss) on Decrease Fair Value Upon Exercise of Warrant | $ 100 | ||||||||
Hercules Warrants [Member] | Secured Debt [Member] | Hercules Technology Growth Capital [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.85 | ||||||||
Derivative, Fair Value, Net, Total | $ 400 | ||||||||
November 2014 Warrant [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 818,181 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.81 | $ 7.81 | |||||||
Common Unit, Issued (in shares) | 909,090 | ||||||||
Common Shares Per Unit (in shares) | 1 | ||||||||
Class of Warrant or Right, Number of Warrants to Purchase One Share of Stock (in shares) | 0.9 | ||||||||
Class of Warrant or Right, Warrants Exercised (in shares) | 786,000 | ||||||||
Class of Warrant or Right, Warrants Expired (in shares) | 32,181 | ||||||||
Gain (Loss) in Change of Fair Value of Derivative Instruments and Warrants, Net of Tax | $ 4,600 |
Note 12 - Warrants and Deriva_4
Note 12 - Warrants and Derivative Liabilities - Summary of the Key Assumptions Used to Calculate Fair Value of Warrants (Details) $ in Millions | Mar. 31, 2021USD ($)d | Dec. 31, 2020USD ($)d | Oct. 01, 2020USD ($)d |
Fair value | $ | $ 7.1 | $ 6.7 | $ 4 |
Measurement Input, Revenue Risk Premium [Member] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.067 | 0.069 | 0.071 |
Measurement Input, Revenue Volatility [Member] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.3 | 0.3 | 0.3 |
Measurement Input, Share Price [Member] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 18.96 | 23.42 | 14.23 |
Measurement Input, Payment Delay [Member] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | d | 80 | 80 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 200,081 | $ 199,989 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 100 | |
Undistributed Earnings of Foreign Subsidiaries | 1,700 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 300 | |
Liability for Uncertainty in Income Taxes, Current | 0 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 |
Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 10,600 | |
Other Tax Credit Carryforwards [Member] | ||
Tax Credit Carryforward, Amount | 3,000 | |
Power Quality Systems, Inc [Member] | ||
Operating Loss Carryforwards, Total | 3,700 | |
Infinia Technology Corporation (ITC) [Member] | ||
Operating Loss Carryforwards, Total | 300 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 780,500 | |
Operating Loss Carryforwards Indefinite | 68,200 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 211,100 | |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Operating Loss Carryforwards, Total | 30,100 | |
Foreign Tax Authority [Member] | Romanian National Agency for Fiscal Administration [Member] | ||
Operating Loss Carryforwards, Total | $ 900 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income (Loss) Before Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
U.S. | $ (26,721) | $ (18,260) | ||
Foreign | 3,211 | 1,359 | ||
Total | $ (23,510) | $ (16,901) | $ (23,510) | $ (16,901) |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Federal | $ 191 | $ 1,814 | ||
Foreign | 198 | 95 | ||
Total current | 389 | 1,909 | ||
Federal | (1,602) | (1,524) | ||
Foreign | 381 | (190) | ||
Total deferred | $ (1,221) | $ (1,714) | (1,221) | (1,714) |
Income tax (benefit) expense | $ (832) | $ 195 | $ (832) | $ 195 |
Note 13 - Income Taxes - Inco_2
Note 13 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statutory federal income tax rate | (21.00%) | (21.00%) |
Foreign income tax rate differential | (20.00%) | 2.00% |
True-up of NOLs | 36.00% | 1.00% |
GILTI | 3.00% | 1.00% |
Other | (1.00%) | (6.00%) |
Valuation allowance | (1.00%) | 24.00% |
Effective income tax rate | (4.00%) | 1.00% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Net operating loss carryforwards | $ 184,455 | $ 195,504 |
Research and development and other tax credit carryforwards | 13,280 | 13,244 |
Accruals and reserves | 5,416 | 5,352 |
Fixed assets and intangible assets | 1,414 | 1,697 |
Other | 1,149 | 1,565 |
Gross deferred tax assets | 205,714 | 217,362 |
Valuation allowance | (200,081) | (199,989) |
Total deferred tax assets | 5,633 | 17,373 |
Intercompany Debt | (4,205) | (14,365) |
Other | (479) | (1,637) |
Total deferred tax liabilities | (4,684) | (16,002) |
Net deferred tax assets | $ 949 | $ 1,371 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Mar. 31, 2021 |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Right-of-use assets | $ 3,747 | $ 3,359 |
Lease liabilities - ST | 612 | 439 |
Lease liabilities - LT | 3,246 | 3,000 |
Total operating lease liabilities | $ 3,858 | $ 3,439 |
Weighted-average remaining lease term (Year) | 5 years 299 days | 6 years 332 days |
Weighted-average discount rate | 6.72% | 7.08% |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease costs - fixed | $ 830 | $ 713 |
Operating lease costs - variable | 118 | 100 |
Short-term lease costs | 1,083 | 544 |
Total lease costs | $ 2,031 | $ 1,357 |
Note 14 - Leases - Minimum Futu
Note 14 - Leases - Minimum Future Lease Obligation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
2022 | $ 849 | |
2023 | 822 | |
2024 | 768 | |
2025 | 659 | |
2026 | 664 | |
Thereafter | 933 | |
Total minimum lease payments | 4,695 | |
Less: interest | (837) | |
Total operating lease liabilities | $ 3,858 | $ 3,439 |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Aug. 01, 2019 | Jul. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 5,939 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 712,824 | |||
Share-based Payment Arrangement, Expense | $ 3,485,000 | $ 1,922,000 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 73 days | |||
Share-based Payment Arrangement, Expense | $ 19,000 | $ 16,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | 5,100,000 | 3,400,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,400,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 255 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,300,000 | 2,900,000 | ||
Share-based Payment Arrangement, Expense | $ 3,428,000 | $ 1,870,000 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 255,000 | 94,500 | ||
The 2007 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,600,000 | 3,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 793,499 | |||
The 2007 Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
The 2007 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
The 2007 Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
The 2007 Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
The 2007 Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 280,000 | 230,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 40,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 40,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 81,133 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100,000 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 187,868 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 15.00% | |||
Share-based Payment Arrangement, Expense | $ 100,000 | $ 100,000 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Components of Employee Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 3,485 | $ 1,922 |
Share-based Payment Arrangement, Option [Member] | ||
Stock-based compensation expense | 19 | 16 |
Restricted Stock [Member] | ||
Stock-based compensation expense | 3,428 | 1,870 |
Awards by Employee Stock Purchase Plan [Member] | ||
Stock-based compensation expense | $ 38 | $ 36 |
Note 15 - Stockholders' Equit_4
Note 15 - Stockholders' Equity - Summarizes Employee Stock-based Compensation Expense by Financial Statement Line Item (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 3,485 | $ 1,922 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 40 | 66 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 642 | 333 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 2,803 | $ 1,522 |
Note 15 - Stockholders' Equit_5
Note 15 - Stockholders' Equity - Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Outstanding, options (in shares) | 140,281 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 49.95 | |
Granted (in shares) | 0 | 5,939 |
Granted, weighted-average exercise price (in dollars per share) | ||
Exercised (in shares) | (2,588) | |
Exercised, weighted-average exercise price (in dollars per share) | $ 24.30 | |
Canceled/forfeited, options (in shares) | (10,528) | |
Canceled/forfeited, weighted-average exercise price (in dollars per share) | $ 129.53 | |
Outstanding, options (in shares) | 127,165 | 140,281 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 44.37 | $ 49.95 |
Outstanding, weighted-average remaining contractual term (Year) | 2 years | |
Outstanding, aggregate intrinsic value | $ 167 | |
Exercisable, options (in shares) | 127,140 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ 44.38 | |
Exercisable, weighted-average remaining contractual term (Year) | 2 years | |
Fully vested and expected to vest, options (in shares) | 124,196 | |
Fully vested and expected to vest, weighted-average exercise price (in dollars per share) | $ 45.18 | |
Fully vested and expected to vest, weighted-average remaining contractual term (Year) | 1 year 328 days | |
Fully vested and expected to vest, aggregate intrinsic value | $ 143 |
Note 15 - Stockholders' Equit_6
Note 15 - Stockholders' Equity - Stock Options Granted (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Expected volatility | 66.50% |
Risk-free interest rate | 1.80% |
Expected life (years) (Year) | 5 years 332 days |
Note 15 - Stockholders' Equit_7
Note 15 - Stockholders' Equity - Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Outstanding, restricted stock (in shares) | shares | 982,247 |
Outstanding, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.26 |
Granted, restricted stock (in shares) | shares | 712,824 |
Granted, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.97 |
Vested, restricted stock (in shares) | shares | (414,449) |
Vested, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.84 |
Forfeited, restricted stock (in shares) | shares | (232,708) |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.30 |
Outstanding, restricted stock (in shares) | shares | 1,047,914 |
Outstanding, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.17 |
Outstanding, restricted stock, intrinsic aggregate value | $ | $ 19,868 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 5,568 | $ 5,657 |
Restricted Cash and Cash Equivalents, Current, Total | 2,200 | |
Letter of Credit [Member] | ||
Escrow Deposit | $ 5,000 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Contribution Plan, Company Contribution, Percentage Match Common Stock | 50.00% | |
Defined Contribution Plan, Percentage of First Eligible Employee Contribution Matched by Employer | 6.00% | |
Defined Contribution Plan, Cost | $ 0.4 | $ 0.3 |
Note 18 - Business Segments (De
Note 18 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Number of Reportable Segments | 2 | 2 | ||
Number of Operating Segments | 2 | |||
Number of Reporting Units | 1 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 3,060 | |||
Share-based Payment Arrangement, Expense | $ 3,485 | $ 1,922 | ||
Corporate, Non-Segment [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,000 | |||
Share-based Payment Arrangement, Expense | $ 3,500 | $ 1,900 |
Note 18 - Business Segments - O
Note 18 - Business Segments - Operating Results for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 87,125 | $ 63,838 | $ 87,125 | $ 63,838 |
Operating profit (loss) | $ (23,165) | $ (23,129) | (23,165) | (23,129) |
Corporate, Non-Segment [Member] | ||||
Operating profit (loss) | (6,545) | (1,922) | ||
Grid [Member] | ||||
Revenues | 70,528 | 49,585 | ||
Grid [Member] | Operating Segments [Member] | ||||
Operating profit (loss) | (13,318) | (13,508) | ||
Wind [Member] | ||||
Revenues | 16,597 | 14,253 | ||
Wind [Member] | Operating Segments [Member] | ||||
Operating profit (loss) | $ (3,302) | $ (7,699) |
Note 18 - Business Segments - T
Note 18 - Business Segments - Total Business Segments Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Total assets | $ 168,866 | $ 124,109 |
Operating Segments [Member] | Grid [Member] | ||
Total assets | 81,253 | 44,044 |
Operating Segments [Member] | Wind [Member] | ||
Total assets | 6,098 | 14,250 |
Corporate, Non-Segment [Member] | ||
Total assets | $ 81,515 | $ 65,815 |
Note 18 - Business Segments - G
Note 18 - Business Segments - Geographic Information about Property, Plant and Equipment Associated with Particular Regions (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment, Net | $ 8,997 | $ 8,565 |
North America [Member] | ||
Property, Plant and Equipment, Net | 8,777 | 8,113 |
Europe [Member] | ||
Property, Plant and Equipment, Net | 174 | 397 |
Asia Pacific [Member] | ||
Property, Plant and Equipment, Net | $ 46 | $ 55 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | May 06, 2021USD ($)shares |
AMSC Husky LLC [Member] | |
Payments to Acquire Real Estate, Total | $ 4.3 |
Owners of Neeltran Headquarters [Member] | AMSC Husky LLC [Member] | |
Payments to Acquire Real Estate, Total | 2.4 |
TD Bank [Member] | AMSC Husky LLC [Member] | |
Payments to Acquire Real Estate, Total | 1.9 |
Neeltran and International [Member] | |
Payments to Acquire Businesses, Gross | $ 1 |
Neeltran [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 301,556 |
Neeltran [Member] | Neeltran Stockholders [Member] | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1.1 |
Neeltran [Member] | Neeltran Third Party Lenders [Member] | |
Business Combination, Consideration Transferred, Liabilities Incurred | 7.6 |
Neeltran [Member] | Neeltran Third Party Lenders [Member] | Secured Debt [Member] | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1.9 |