Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.20.4
Inventories
9 Months Ended
Dec. 31, 2020
Inventories  
Inventories

5.  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 (in thousands):

 

 

 

 

 

 

 

 

 

 

December 31,

 

March 31,

 

 

    

2020

    

2020

 

Raw materials

 

$

15,158

 

$

20,672

 

Work in process

 

 

98

 

 

 3

 

Finished goods

 

 

 —

 

 

4,820

 

Total

 

 

15,256

 

 

25,495

 

Less: inventory reserve

 

 

(2,115)

 

 

(2,814)

 

Less: non-current portion

 

 

(1,917)

 

 

(1,221)

 

Total inventory, net-current portion

 

$

11,224

 

$

21,460

 

The non-current portion of inventories represents the portion of the inventories in excess of amounts expected to be sold or 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 December 31, 2020 is 1.3 years. The Company expects to use the non-current portion of the inventories on hand as of December 31, 2020 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

 

$

783

 

25 to 36 months

 

 

1,134

 

Total

 

$

1,917