Balance Sheet Components

Inventory

Inventory is comprised of the following (in thousands):



	March 31,
	2014		2013
Raw materials	$	1,442	$	1,391
Work in process	616		2,142
Finished goods	16,431		11,614
Inventory	$	18,489	$	15,147

Property and Equipment, Net

Property and equipment, net are comprised of the following (in thousands):



	March 31,
	2014			2013
Equipment and automotive	$	4,004		$	2,959
Software	2,722			2,410
Leasehold improvements	1,381			1,195
Plates and dies	402			244
Construction in progress	1,058			1,090
Total property and equipment	9,567			7,898
Less: Accumulated depreciation and amortization	(2,947		)	(1,760		)
Property and equipment, net	$	6,620		$	6,138

Depreciation expense was $1.4 million, $1.0 million and $0.8 million for the years ended March 31, 2014, 2013 and 2012, respectively.

Intangible Assets, Net

Intangible assets, net are comprised of the following (in thousands):



	March 31, 2014							March 31, 2013
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying		Useful
	Amount		Amortization			Amount		Amount		Amortization			Amount		Lives
Product formulas	$	1,023	$	(119	)	$	904	$	1,023	$	(68	)	$	955	5 - 25 years
Other intangible assets	189		(38		)	151		189		(28		)	161		5 - 25 years
Total	$	1,212	$	(157	)	$	1,055	$	1,212	$	(96	)	$	1,116

In November 2011, the Company acquired product formulas for a purchase price of $2.0 million. The purchase agreement requires the Company to make annual payments of at least $150,000 in each of the first six years of the agreement, with the balance of the $2.0 million payment due at the end of the seven-year term in November 2018.

Amortization expense of intangible assets was $61,000, $60,000 and $27,000 for the years ended March 31, 2014, 2013 and 2012, respectively.

The estimated future amortization expense relating to intangible assets is anticipated to be $61,000 for each of the next five years from fiscal 2015 through fiscal 2019, totaling $305,000 and $750,000 after fiscal 2019.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of March 31, 2014 and 2013 include receivables from contract manufacturers and suppliers of $2.7 million and $3.9 million, respectively.

Accrued Liabilities

The following table shows the components of accrued liabilities (in thousands):



	March 31,
	2014		2013
Payroll and employee-related expenses	$	2,907	$	3,779
Inventory received not invoiced	2,744		4,038
Accrued trade expenses	1,898		2,469
Income tax payable	1,727		—
Brokerage commissions	421		407
Deferred rent	244		260
Other accrued liabilities	739		1,238
Total accrued liabilities	$	10,680	$	12,191