Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities:      
Net loss $ (22,563,000) $ (18,764,000) $ (38,470,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,820,000 3,404,000 3,823,000
Amortization of deferred financing costs 148,000 169,000 193,000
Interest expense on second funding liability     55,000
Provision for allowance for doubtful accounts 276,000 2,256,000 231,000
Inventory write-down 1,307,000 1,525,000 1,123,000
Provision for warranty expenses 5,129,000 4,227,000 2,089,000
Loss on disposal of equipment 41,000 3,000 213,000
Stock-based compensation 1,601,000 1,652,000 2,418,000
Change in fair value of warrant liability (781,000) (13,983,000) 3,667,000
Changes in operating assets and liabilities:      
Accounts receivable 359,000 (1,503,000) (1,096,000)
Inventories (2,878,000) (998,000) 1,764,000
Prepaid expenses and other assets 587,000 (220,000) (910,000)
Accounts payable and accrued expenses 1,221,000 2,660,000 4,966,000
Accrued salaries and wages and long term liabilities (107,000) 106,000 (151,000)
Accrued warranty reserve (4,324,000) (3,814,000) (2,044,000)
Deferred revenue 94,000 1,842,000 230,000
Net cash used in operating activities (17,070,000) (21,438,000) (21,899,000)
Cash Flows from Investing Activities:      
Acquisition of and deposits on equipment and leasehold improvements (1,213,000) (1,419,000) (1,047,000)
Changes in restricted cash   1,250,000 (1,250,000)
Net cash used in investing activities (1,213,000) (169,000) (2,297,000)
Cash Flows from Financing Activities:      
Net proceeds from (repayment of) revolving credit facility 3,045,000 3,351,000 (491,000)
Repayment of notes payable and capital lease obligations (128,000) (499,000) (448,000)
Net (cash used in) proceeds from employee stock-based transactions (19,000) 702,000 39,000
Net proceeds from issuance of common stock and warrants   23,146,000  
Proceeds from exercise of common stock warrants and put options 4,250,000 11,403,000 11,282,000
Net cash provided by financing activities 7,148,000 38,103,000 10,382,000
Net increase (decrease) in Cash and Cash Equivalents (11,135,000) 16,496,000 (13,814,000)
Cash and Cash Equivalents, Beginning of Year 49,952,000 33,456,000 47,270,000
Cash and Cash Equivalents, End of Year 38,817,000 49,952,000 33,456,000
Cash paid during the year for:      
Interest 588,000 672,000 624,000
Income taxes 635,000 204,000  
Cash received during the period for income tax refund   127,000 222,000
Supplemental Disclosures of Non-Cash Information:      
Issuance of common stock for Calnetix Power Solutions acquisition (in shares)     3,131,313
Insurance contracts financed by notes payable 476,000 635,000 443,000
Accrued purchases of property and equipment included in accounts payable 26,000 187,000 78,000
Fixed assets purchased with a note payable $ 306,000 $ 0 $ 0