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Note 13 - Warrants and Derivative Liabilities | 9 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. Warrants and Derivative Liabilities The Company accounts for its warrants and contingent consideration as liabilities due to certain adjustment provisions within the instruments, which require that they be recorded at fair value. The warrants are subject to revaluation at each balance sheet date and any change in fair value is recorded as a change in fair value of warrants until the earlier of its expiration or its exercise at which time the warrant liability will be reclassified to equity. The Company calculated the fair value of the warrants utilizing an integrated lattice model. See Note 6, "Fair Value Measurements", for further discussion. Hercules Warrants On December 19, 2014, the Company entered into a second amendment to the Loan and Security Agreement with Hercules (the "Hercules Second Amendment"). In conjunction with the Hercules Second Amendment, the Company issued Hercules a warrant to purchase 58,823 shares of the Company’s common stock (the "Hercules Warrant") which replaced the First Warrant and the Second Warrant. The Hercules Warrant was exercisable at any time after its issuance at an exercise price of $7.85 per share, subject to certain price-based and other anti-dilution adjustments, including the equity offering in May 2017, the acquisition of ITC with common stock in September 2017 and sales of common stock under the ATM entered into in January 2017. This warrant had a fair value of $0.4 million as of March 31, 2019. On April 8, 2019, Hercules notified the Company of its intent to exercise this warrant on a cashless basis. Hercules received 22,821 shares of the Company's common stock on April 17, 2019. As a result of this exercise the Company recorded a net gain of $0.1 million to change in fair value of warrants, resulting from the decrease in the fair value of the Hercules Warrant during the nine months ended December 31, 2019. The Company recorded a net loss of $0.2 million to change in fair value of warrants, resulting from the increase in the fair value of the Hercules Warrant during the nine months ended December 31, 2018. November 2014 Warrant On November 13, 2014, the Company completed an offering of 909,090 units of the Company’s common stock with Hudson Bay Capital. Each unit consisted of one share of the Company’s common stock and 0.9 of a warrant to purchase one share of common stock, or a warrant to purchase in the aggregate 818,181 shares (the “November 2014 Warrant”). The November 2014 Warrant is exercisable at any time, at an exercise price equal to $7.81 per share, subject to certain price-based and other anti-dilution adjustments including those noted above. On November 13, 2019, Hudson partially exercised the November 2014 Warrant for 786,000 restricted shares of Company common stock at $7.81 per share . The remaining 32,181 warrants expired on November 13, 2019 . As a result of this exercise the Company recorded net gains of $0.5 million and $4.6 million to change in fair value of warrants, resulting from the decrease in the fair value of the Hudson Warrant during the three and nine months ended December 31, 2019 , respectively. As of December 31, 2019, the Company has no remaining outstanding warrants Following is a summary of the key assumptions used to calculate the fair value of the November 2014 Warrant:
|  | September 30, |  |  | June 30, |
Fiscal Year 2019 |  |  | 2019 |  |  |  | 2019 |
Risk-free interest rate |  |  | 1.90 | % |  |  | 2.11 | %
Expected annual dividend yield |  |  | — |  |  |  | — |
Expected volatility |  |  | 62.84 | % |  |  | 60.58 | %
Term (years) |  |  | 0.12 |  |  |  | 0.37 |
Fair value |  | $0.6 million |  |  | $1.7 million |
|  | March 31, |  | December 31, |  | September 30, |  | June 30, |  | March 31,
Fiscal Year 2018 |  | 2019 |  | 2018 |  | 2018 |  | 2018 |  | 2018
Risk-free interest rate |  | 2.43% |  | 2.61% |  | 2.62% |  | 2.40% |  | 2.20%
Expected annual dividend yield |  | — |  | — |  | — |  | — |  | —
Expected volatility |  | 75.61% |  | 70.29% |  | 63.66% |  | 67.40% |  | 65.86%
Term (years) |  | 0.62 |  | 0.87 |  | 1.12 |  | 1.37 |  | 1.62
Fair value |  | $4.6 million |  | $3.6 million |  | $1.3 million |  | $1.6 million |  | $1.1 million
The Company recorded net gains of $ 0.6 million and $ 4.6 million resulting from the decreases in the fair value of the November 2014 Warrant during the three and nine months ended December 31, 2019 , respectively. The Company recorded net losses of $2.3 million and $2.5 million resulting from the increase in the fair value of the November 2014 Warrant during the three and nine months ended December 31, 2018 , respectively.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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