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4. BALANCE SHEET DETAIL | 6 Months Ended
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Sep. 30, 2023
BALANCE SHEET DETAIL |
NOTE 4 - BALANCE SHEET DETAIL | ​ NOTE 4—BALANCE SHEET DETAIL ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | March 31, 2023 |
​ | ​ | (In thousands) | ​
Inventories: | ​ | ​ | ​
Work-in-progress |  | $ | 3,279 |  | $ | 3,629 | ​
Finished goods | ​ |  | 2,289 | ​ |  | 2,767 | ​
Inventory at distributors | ​ |  | 9 | ​ |  | 19 | ​
​ |  | $ | 5,577 |  | $ | 6,415 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | March 31, 2023 |
​ | ​ | (In thousands) | ​
Accounts receivable, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable |  | $ | 3,132 |  | $ | 3,531 | ​
Less: Allowances for credit losses | ​ |  | (48) | ​ |  | (60) | ​
​ |  | $ | 3,084 |  | $ | 3,471 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | March 31, 2023 |
​ | ​ | (In thousands) | ​
Prepaid expenses and other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid tooling and masks | ​ | $ | 210 | ​ | $ | 333 | ​
Other receivables | ​ | ​ | 168 | ​ | ​ | 156 | ​
Other prepaid expenses and other current assets | ​ | ​ | 880 | ​ | ​ | 925 | ​
​ | ​ | $ | 1,258 | ​ | $ | 1,414 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | March 31, 2023 |
​ | ​ | (In thousands) | ​
Property and equipment, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computer and other equipment | ​ | $ | 18,842 | ​ | $ | 19,188 | ​
Software | ​ | ​ | 4,428 | ​ | ​ | 4,428 | ​
Land | ​ | ​ | 3,900 | ​ | ​ | 3,900 | ​
Building and building improvements | ​ | ​ | 3,741 | ​ | ​ | 3,741 | ​
Furniture and fixtures | ​ | ​ | 102 | ​ | ​ | 102 | ​
Leasehold improvements | ​ | ​ | 918 | ​ | ​ | 910 | ​
​ | ​ | ​ | 31,931 | ​ | ​ | 32,269 | ​
Less: Accumulated depreciation | ​ | ​ | (24,871) | ​ | ​ | (24,846) | ​
​ | ​ | $ | 7,060 | ​ | $ | 7,423 | ​
​ Depreciation expense was $172,000 and $196,000 for the three months ended September 30, 2023 and 2022, respectively, and $388,000 and $393,000 for the six months ended September 30, 2023 and 2022, respectively. ​ ​ The following tables summarize the components of intangible assets and related accumulated amortization balances at September 30, 2023 and March 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2023 | ​
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |
Intangible assets: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | — | ​
Patents | ​ | ​ | 4,220 | ​ | ​ | (2,548) | ​ | ​ | 1,672 | ​
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | — | ​
Total | ​ | $ | 4,890 | ​ | $ | (3,218) | ​ | $ | 1,672 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2023 | ​
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |
Intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | — | ​
Patents | ​ | ​ | 4,220 | ​ | ​ | (2,430) | ​ | ​ | 1,790 | ​
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | — | ​
Total | ​ | $ | 4,890 | ​ | $ | (3,100) | ​ | $ | 1,790 | ​
​ Amortization of intangible assets included in cost of revenues was $58,000 and $59,000 for the three months ended September 30, 2023 and 2022, respectively, and $117,000 for each of the six months ended September 30, 2023 and 2022. ​ The Company reviews identifiable amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. The Company identified a potential impairment indicator for the finite lived intangible assets and performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows of the asset group to the carrying amount as of March 31, 2023. The result of the recoverability test indicated that the sum of the expected future cash flows was greater than the carrying amount of the finite lived intangible assets. Based on the uncertainty of forecasts inherent with a new product, events such as the failure to generate forecasted revenue from the APU product could result in a non-cash impairment charge in future periods. ​ As of September 30, 2023, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​
Fiscal year ending March 31, | ​ | ​ | ​
2024 (remaining six months) | ​ | $ | 117 | ​
2025 | ​ | ​ | 233 | ​
2026 | ​ | ​ | 233 | ​
2027 | ​ | ​ | 233 | ​
2028 | ​ | ​ | 233 | ​
Thereafter | ​ | ​ | 623 | ​
Total | ​ | $ | 1,672 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | March 31, 2023 |
​ | ​ | (In thousands) | ​
Accrued expenses and other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued compensation | ​ | $ | 3,320 | ​ | $ | 3,441 | ​
Accrued commissions | ​ | ​ | 200 | ​ | ​ | 214 | ​
Income taxes payable | ​ | ​ | 343 | ​ | ​ | 345 | ​
Outsourced design resources | ​ | ​ | 598 | ​ | ​ | 552 | ​
Miscellaneous accrued expenses | ​ | ​ | 681 | ​ | ​ | 616 | ​
​ | ​ | $ | 5,142 | ​ | $ | 5,168 | ​
​ On November 30, 2022, the Company announced cost reduction initiatives which included an approximate 15% reduction in the Company’s global workforce. The Company incurred $0.3 million in severance related charges during fiscal 2023 including $0.1 million recorded as cost of revenues and $0.2 million recorded as selling, general and administrative expenses. There were no severance related charges in the three and six months ended September 30, 2023 and 2022.

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