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RESTRICTED SHARES (Tables)
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation

The following amounts of stock-based compensation expense for restricted shares were recorded (dollars in thousands):

 

 

 

Fiscal Year Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of product revenue

 

$

7

 

 

$

5

 

 

$

4

 

General and administrative (1)

 

 

1,111

 

 

 

923

 

 

 

1,596

 

Sales and marketing

 

 

31

 

 

 

17

 

 

 

8

 

Research and development

 

 

8

 

 

 

5

 

 

 

4

 

 

$

1,157

 

 

$

950

 

 

$

1,612

 

(1) As discussed in Note 20 - Subsequent Event, the termination of Michael Jenkins on April 14, 2025, led to the acceleration of approximately $251 thousand in relation to approximately 322 thousand restricted shares. Mr. Jenkins forfeited approximately 646 thousand performance shares and approximately 78 thousand shares of restricted stock in connection with his termination. The expense was recognized as of March 31, 2025 as it was determined estimable. The shares were accelerated and forfeited as of the termination date, April 14, 2025.
Summary of performance-vesting restricted stock and time vesting-restricted stock

The following table summarizes information with respect to performance-vesting restricted stock and time vesting-restricted stock activity:

 

 

Time-Based
Restricted Shares

 

 

Performance-Based
Restricted Shares

 

 

 

Shares

 

 

Weighted
Average
Fair Value
Price

 

 

Shares

 

 

Weighted
Average
Fair Value
Price

 

Balance at March 31, 2024

 

 

1,014,104

 

 

$

1.87

 

 

 

708,377

 

 

$

1.66

 

Shares issued

 

 

785,322

 

 

$

1.05

 

 

 

821,559

 

 

$

1.09

 

Shares vested

 

 

(430,164

)

 

$

2.20

 

 

 

—

 

 

 

—

 

Shares forfeited

 

 

(37,668

)

 

$

0.99

 

 

 

—

 

 

 

—

 

Shares outstanding at March 31, 2025

 

 

1,331,594

 

 

$

1.30

 

 

 

1,529,936

 

 

$

1.43

 

Per share price on grant date

 

$0.74 - 1.09

 

 

 

 

 

$

1.09

 

 

 

 
Summary of Unrecognized Compensation Cost Related to Non-vested Awards

Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2025 is expected to be recognized as follows (dollars in thousands):

 

Fiscal 2026

 

$

790

 

Fiscal 2027

 

 

511

 

Fiscal 2028

 

 

89

 

Total

 

$

1,390

 

Remaining weighted average expected years

 

0.9