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4. BALANCE SHEET DETAIL | 12 Months Ended
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Mar. 31, 2025
BALANCE SHEET DETAIL |
NOTE 4 - BALANCE SHEET DETAIL | NOTE 4—BALANCE SHEET DETAIL ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Inventories: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work-in-progress | ​ | $ | 1,769 |  | $ | 2,865 | ​
Finished goods | ​ |  | 2,122 | ​ |  | 2,112 | ​
​ | ​ | $ | 3,891 |  | $ | 4,977 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Accounts receivable, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ | $ | 3,215 |  | $ | 3,162 | ​
Less: Allowances for credit losses | ​ |  | (46) | ​ |  | (44) | ​
​ | ​ | $ | 3,169 |  | $ | 3,118 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Prepaid expenses and other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid tooling and masks | ​ | $ | 1,834 | ​ | $ | 668 | ​
Other receivables | ​ | ​ | 695 | ​ | ​ | 215 | ​
Other prepaid expenses and other current assets | ​ | ​ | 432 | ​ | ​ | 1,071 | ​
​ | ​ | $ | 2,961 | ​ | $ | 1,954 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Property and equipment, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computer and other equipment | ​ | $ | 17,733 | ​ | $ | 18,555 | ​
Software | ​ | ​ | 4,426 | ​ | ​ | 4,428 | ​
Furniture and fixtures | ​ | ​ | 102 | ​ | ​ | 102 | ​
Leasehold improvements | ​ | ​ | 927 | ​ | ​ | 927 | ​
​ | ​ | ​ | 23,188 | ​ | ​ | 24,012 | ​
Less: Accumulated depreciation | ​ | ​ | (22,380) | ​ | ​ | (22,864) | ​
​ | ​ | $ | 808 | ​ | $ | 1,148 | ​
​ Depreciation expense was $432,000, $693,000 and $782,000 for the years ended March 31, 2025, 2024 and 2023, respectively. The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2025 and 2024, respectively (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2025 | ​
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |
Intangible assets: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | — | ​
Patents | ​ | ​ | 4,220 | ​ | ​ | (2,897) | ​ | ​ | 1,323 | ​
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | — | ​
Total | ​ | $ | 4,890 | ​ | $ | (3,567) | ​ | $ | 1,323 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2024 | ​
​ |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |
Intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product designs | ​ | $ | 590 | ​ | $ | (590) | ​ | $ | — | ​
Patents | ​ | ​ | 4,220 | ​ | ​ | (2,664) | ​ | ​ | 1,556 | ​
Software | ​ | ​ | 80 | ​ | ​ | (80) | ​ | ​ | — | ​
Total | ​ | $ | 4,890 | ​ | $ | (3,334) | ​ | $ | 1,556 | ​
​ Amortization of intangible assets of $233,000, $234,000 and $233,000 was included in cost of revenues for the years ended March 31, 2025, 2024 and 2023, respectively. As of March 31, 2025, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):
​ | ​ | ​ | ​ | ​
Fiscal year ending March 31, | ​ | ​ | ​ | ​
2026 |  | $ | 233 |
2027 | ​ | ​ | 233 | ​
2028 | ​ | ​ | 233 | ​
2029 | ​ | ​ | 233 | ​
2030 | ​ | ​ | 233 | ​
Thereafter | ​ | ​ | 158 | ​
Total | ​ | $ | 1,323 | ​
​ The following table summarizes the components of accrued expenses and other liabilities balances at March 31, 2025 and 2024, respectively (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Accrued expenses and other liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued compensation | ​ | $ | 2,488 | ​ | $ | 3,173 | ​
Accrued commissions | ​ | ​ | 85 | ​ | ​ | 180 | ​
Production mask set | ​ | ​ | 1,250 | ​ | ​ | — | ​
Miscellaneous accrued expenses | ​ | ​ | 618 | ​ | ​ | 777 | ​
​ | ​ | $ | 4,441 | ​ | $ | 4,130 | ​
​ ​ ​ 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 expense in the consolidated statements of operations. In August 2024, the Company implemented strategic cost-cutting measures. These initiatives consisted of workforce reductions across all departments and enhanced operational efficiencies. The cost reduction initiatives included an approximate 16% reduction in the Company’s global workforce. The Company incurred $357,000 in severance related charges during fiscal 2025, including $204,000 recorded as cost of revenues, $128,000 recorded as research and development expense and $24,000 recorded as selling, general and administrative expense in the consolidated statements of operations. The Company does not expect to incur any additional severance related charges resulting from these measures. There were no severance charges accrued as of March 31, 2025 as severance payments to all impacted employees have been completed as of March 31, 2025. There was no accrued severance as of March 31, 2024 and there were no severance charges incurred during the fiscal year ended March 31, 2024.

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