|
Stockholders' Equity (Tables)
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12 Months Ended |
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Mar. 31, 2015
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| Summary of stock-based compensation expense by statement of operations line item |
The following table summarizes, by statement of operations line item, stock-based compensation expense for the years ended March 31, 2015, 2014 and 2013 (in thousands):
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|
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Fiscal Year Ended
March 31,
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|
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2015
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|
2014
|
|
2013
|
|
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Cost of goods sold
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|
$
|
113
|
|
$
|
43
|
|
$
|
92
|
|
|
Research and development
|
|
|
328
|
|
|
562
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|
|
319
|
|
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Selling, general and administrative
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|
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1,795
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|
|
1,542
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|
|
1,190
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|
|
|
|
|
|
|
|
|
|
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Stock-based compensation expense
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|
$
|
2,236
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|
$
|
2,147
|
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$
|
1,601
|
|
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|
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| Summary of stock option activity |
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|
Shares
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
|
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(in years)
|
|
|
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Options outstanding at March 31, 2014
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12,851,688
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$
|
1.27
|
|
|
|
|
|
|
|
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Granted
|
|
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1,085,800
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|
$
|
1.43
|
|
|
|
|
|
|
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Exercised
|
|
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(322,241
|
)
|
$
|
0.94
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|
|
|
|
|
|
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Forfeited, cancelled or expired
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(451,884
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)
|
$
|
1.66
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Options outstanding at March 31, 2015
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|
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13,163,363
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|
$
|
1.28
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|
|
3.9
|
|
|
—
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Options fully vested at March 31, 2015 and those expected to vest beyond March 31, 2015
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13,163,363
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|
$
|
1.28
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|
|
3.9
|
|
|
—
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Options exercisable at March 31, 2015
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|
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10,568,511
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$
|
1.30
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|
3.3
|
|
|
—
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| Schedule of weighted-average assumptions used to calculate the estimated fair value of each stock option |
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Fiscal Year Ended
March 31,
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|
|
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2015
|
|
2014
|
|
2013
|
|
|
Risk-free interest rates
|
|
|
1.8
|
%
|
|
0.9
|
%
|
|
0.8
|
%
|
|
Expected lives (in years)
|
|
|
5.7
|
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|
5.7
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|
5.7
|
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Dividend yield
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Expected volatility
|
|
|
77.0
|
%
|
|
77.3
|
%
|
|
79.8
|
%
|
|
Weighted average grant date fair value of options granted during the period
|
|
$
|
0.94
|
|
$
|
0.60
|
|
$
|
0.67
|
|
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| Summary of restricted stock unit activity |
|
Restricted Stock and Performance Restricted Stock Units
|
|
Shares
|
|
Weighted
Average Grant
Date Fair
Value
|
|
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Nonvested restricted stock units outstanding at March 31, 2014
|
|
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2,061,224
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$
|
1.11
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Granted
|
|
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974,236
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$
|
1.37
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Vested and issued
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(828,136
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)
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$
|
1.13
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PRSU adjustments
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(200,000
|
)
|
$
|
1.56
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Forfeited
|
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(138,750
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)
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$
|
1.14
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|
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Nonvested restricted stock units outstanding at March 31, 2015
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|
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1,868,574
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|
$
|
1.19
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|
|
|
|
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|
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|
|
|
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|
|
|
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Restricted stock units expected to vest beyond March 31, 2015
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1,760,706
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$
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1.19
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| Schedule of fair market value of common stock on the grant date |
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Outside of 2000 Plan
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Options
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|
RSUs
|
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Executive Vice President and Chief Executive Officer
|
|
|
2,000,000
|
|
|
—
|
|
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Executive Vice President of Sales and Marketing
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850,000
|
|
|
—
|
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Vice President of Operations
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250,000
|
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62,500
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Former Senior Vice President of Customer Service
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250,000
|
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31,250
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Former Senior Vice President of Program Management
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250,000
|
|
|
—
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Former Senior Vice President of Human Resources
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200,000
|
|
|
—
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Outstanding stock outside of 2000 Plan
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3,800,000
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93,750
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| Schedule of warrant activity |
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March 2012
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September 2008
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Shares
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|
Shares
|
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Balance, March 31, 2012
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22,550,000
|
|
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3,910,034
|
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Anti-dilution provision
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|
|
—
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51,437
|
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|
|
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|
|
|
|
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Balance, March 31, 2013
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22,550,000
|
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3,961,471
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Warrants exercised
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(4,725,000
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)
|
|
—
|
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Warrants expired
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(17,825,000
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)
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(3,961,471
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)
|
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Balance, March 31, 2014
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—
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—
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| Non-employee director |
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| Schedule of additional information on stock options |
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Fiscal Year Ended March 31,
|
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|
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2015
|
|
2014
|
|
2013
|
|
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Non-employee directors stock awards compensation expense (in thousands)
|
|
$
|
117
|
|
$
|
116
|
|
$
|
101
|
|
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Non-employee director deferred stock awards granted
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|
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119,277
|
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91,603
|
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103,574
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Weighted average grant date fair value of restricted stock awards granted during the period
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|
$
|
0.99
|
|
$
|
1.26
|
|
$
|
0.98
|
|
|
| Stock options |
|
| Schedule of additional information on stock options |
|
|
|
Fiscal Year Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
Stock option compensation expense (in thousands)
|
|
$
|
1,071
|
|
$
|
1,117
|
|
$
|
942
|
|
|
Cash received for exercise price (in thousands)
|
|
$
|
302
|
|
$
|
464
|
|
|
—
|
|
|
Intrinsic value (in thousands)
|
|
$
|
129
|
|
$
|
225
|
|
|
—
|
|
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Weighted average grant date fair value of options exercised during the period
|
|
$
|
1.34
|
|
$
|
1.35
|
|
|
—
|
|
|
| Restricted stock units |
|
| Schedule of additional information on stock options |
|
|
|
Fiscal Year Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
Restricted stock compensation expense (in thousands)
|
|
$
|
1,048
|
|
$
|
914
|
|
$
|
558
|
|
|
Aggregate fair value of restricted stock units vested and issued (in thousands)
|
|
$
|
1,206
|
|
$
|
806
|
|
$
|
560
|
|
|
Weighted average grant date fair value of restricted stock units granted during the period
|
|
$
|
1.33
|
|
$
|
1.09
|
|
$
|
1.00
|
|
|