Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities:    
Net loss $ (10,450,000) $ (9,631,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,495,000 2,831,000
Amortization of deferred financing costs 142,000 145,000
Interest expense on second funding liability   55,000
Provision (Benefit) for allowance for doubtful accounts 2,106,000 (174,000)
Inventory write-down 977,000 258,000
Provision for warranty expenses 3,129,000 1,313,000
Loss on disposal of equipment 2,000 21,000
Stock-based compensation 1,266,000 1,965,000
Change in fair value of warrant liability (13,437,000) (14,987,000)
Changes in operating assets and liabilities:    
Accounts receivable (8,530,000) (4,000,000)
Inventories (6,956,000) 4,947,000
Prepaid expenses and other current assets 693,000 (1,327,000)
Accounts payable and accrued expenses 3,645,000 1,992,000
Accrued salaries and wages and long term liabilities 87,000 219,000
Accrued warranty reserve (2,797,000) (1,485,000)
Deferred revenue 1,661,000 959,000
Net cash used in operating activities (25,967,000) (16,899,000)
Cash Flows from Investing Activities:    
Acquisition of and deposits on equipment and leasehold improvements (865,000) (899,000)
Changes in restricted cash 1,250,000 (2,500,000)
Net cash provided by (used in) investing activities 385,000 (3,399,000)
Cash Flows from Financing Activities:    
Net proceeds from revolving credit facility 5,831,000 712,000
Repayment of notes payable and capital lease obligations (330,000) (207,000)
Net cash used in employee stock-based transactions (22,000) (7,000)
Proceeds from exercise of common stock warrants 9,518,000  
Net cash provided by financing activities 14,997,000 498,000
Net decrease in Cash and Cash Equivalents (10,585,000) (19,800,000)
Cash and Cash Equivalents, Beginning of Period 33,456,000 47,270,000
Cash and Cash Equivalents, End of Period 22,871,000 27,470,000
Cash paid during the period for:    
Interest 485,000 504,000
Income taxes 0  
Supplemental Disclosures of Non-Cash Information:    
Fixed asset purchases included in accounts payable 175,000 63,000
Issuance of common stock to Calnetix Power Solutions, Inc., acquisition of the Calnetix microturbine generator product line (in shares)   3,131,313
Fair value of the remaining consideration to be paid in connection with the acquisition of the Calnetix microturbine generator line   3,100,000
Insurance contracts financed by notes payable $ 635,000 $ 443,000