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Investment in Joint Venture

6 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Investment in Joint VentureFrom 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 September 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 September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	662	$	339	$	715	$	143
Investment	—		759		807		1,537
Loss	(721)		(684)		(1,581)		(1,266)
Ending Balance	$	(59)	$	414	$	(59)	$	414

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Sales	$	2,737	$	3,211	$	5,721	$	6,032
Gross loss	(1,850)		(2,211)		(4,202)		(4,248)
Net loss	(2,218)		(2,703)		(4,865)		(5,154)