Annual report pursuant to Section 13 and 15(d)

Inventories

Inventories

12 Months Ended

Mar. 31, 2018

3. Inventories

Inventories are valued at the lower of cost (determined on a first in first out (“FIFO”) basis) or net realizable value and consisted of the following as of March 31, 2018 and 2017 (in thousands):

During Fiscal 2017, we recorded an allowance of approximately $0.5 million for slow-moving inventory in relation to our TA100 product line.
	March 31,		March 31,
	2018		2017
Raw materials	$	17,981	$	21,075
Work in process		111		—
Finished goods		4,076		464
Total		22,168		21,539
Less inventory reserve		(5,494)		(6,040)
Less non-current portion		(1,041)		(961)
Current portion	$	15,633	$	14,538

Inventory reserve as of March 31, 2017 includes an allowance of approximately $0.5 million for slow-moving inventory in relation to our TA100 product line.

The non‑current portion of inventories represents that portion of the inventories in excess of amounts expected to be used in the next twelve months. The non‑current inventories are primarily comprised of repair parts for older generation products that are still in operation, but are not technologically compatible with current configurations. The weighted average age of the non‑current portion of inventories on hand as of March 31, 2018 is 1.5 years. The Company expects to use the non‑current portion of the inventories on hand as of March 31, 2018 over the periods presented in the following table (in thousands):


		Non-current Inventory
		Balance Expected
Expected Period of Use		to be Used
13 to 24 months	$	411
25 to 36 months		630
Total	$	1,041