Investment in Joint Venture

3 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Investment in Joint Venture

Investment in Joint Venture

From April 1, 2022 through April 10, 2023, JCP Capital and Transphorm were responsible for 75% and 25%, respectively, of the funding obligations and losses of AFSW (through GaNovation). Beginning April 10, 2023, JCP Capital and Transphorm are responsible for 67.5% and 32.5%, respectively, of the funding obligations and losses of AFSW (through GaNovation). Notwithstanding this allocation of funding responsibilities, JCP Capital’s total funding obligations or investment shall not exceed $35 million and Transphorm’s total funding obligations or investment shall not exceed $12 million for the three-year period beginning August 1, 2021. As of June 30, 2023, the Company had provided $6.1 million of the Company’s $12.0 million commitment to GaNovation.

The Company’s investment activities in GaNovation for the periods presented are summarized below (in thousands):

	Three Months Ended June 30,
	2023		2022
Beginning Balance	$	715	$	143
Investment	807		778
Loss	(860)		(582)
Ending Balance	$	662	$	339

Summarized financial information of GaNovation for the periods indicated are as follows (in thousands):

	Three Months Ended June 30,
	2023		2022
Sales	$	2,984	$	2,821
Gross loss	(2,351)		(2,037)
Net loss	(2,647)		(2,451)