Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018


	Year Ended March 31,
	2018		2017
Federal income tax benefit at the statutory rate	$	(3,082)	$	(8,127)
State taxes, net of federal effect		(376)		(225)
Foreign taxes		10		31
R&D tax credit		—		(298)
Expiring NOLs and tax credits		12,115		—
Impact of state rate change		—		(270)
Warrant liability		—		(474)
Valuation allowance		(95,547)		5,918
Enactment of Tax Cuts and Jobs Act		87,697		—
Shortfall in tax benefit—stock compensation		11		3,352
True-up		(1,217)		—
Other		407		112
Income tax expense	$	18	$	19

The Company’s deferred tax assets and liabilities consisted of the following at March 31, 2018 and 2017 (in thousands):


	Year Ended March 31,
	2018		2017
Deferred tax assets:
Inventories	$	1,954	$	2,921
Warranty reserve		415		1,383
Bad debt reserve		1,417		2,514
Deferred revenue		1,144		1,254
Net operating loss (“NOL”) carryforwards		151,137		244,874
Tax credit carryforwards		18,663		19,784
Depreciation, amortization and impairment loss		2,766		2,505
Other		1,312		2,517
Deferred tax assets		178,808		277,752
Valuation allowance for deferred tax assets		(173,752)		(269,299)
Deferred tax assets, net of valuation allowance		5,056		8,453
Deferred tax liabilities:
Federal benefit of state taxes		(5,056)		(8,453)
Net deferred tax assets	$	—	$	—

The Company’s NOL and tax credit carryforwards for federal and state income tax purposes at March 31, 2018 were as follows (in thousands):


			Expiration
	Amount		Period
Federal NOL	$	657,752	2019 - 2038
State NOL	$	146,628	2028 - 2038
Federal tax credit carryforwards	$	8,971	2019 - 2038
State tax credit carryforwards	$	9,692	Indefinite

A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows (in thousands):


Balance at March 31, 2016	$	2,701
Gross increase related to prior year tax positions		—
Gross increase related to current year tax positions		124
Lapse of statute of limitations		—
Balance at March 31, 2017	$	2,825
Gross increase related to prior year tax positions		—
Gross increase related to current year tax positions		—
Lapse of statute of limitations		(358)
Balance at March 31, 2018	$	2,467