Accounts Receivable

3 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable at June 30, 2018 and March 31, 2018 consisted of the following (in thousands):

	June 30, 2018			March 31, 2018
Accounts receivable (billed)	$	6,983		$	4,403
Accounts receivable (unbilled)	4,603			3,016
Less: Allowance for doubtful accounts	(54		)	(54		)
Accounts receivable, net	$	11,532		$	7,365

Note Receivable

The Company entered into a purchase and sale agreement dated February 1, 2018, for the sale of the Devens facility (including land, building and building improvements) located at 64 Jackson Road, Devens, Massachusetts to 64 Jackson Road, LLC, a limited liability company, in the amount of $23.0 million. The terms for payment included a $1.0 million security deposit, and a note receivable for $6.0 million payable to the Company with the remaining cash net of certain adjustments for closing costs at the date of settlement. The note receivable is due in two$3.0 million installments plus accrued interest at a rate of 1.96% on March 31, 2019 and March 31, 2020. The note is subordinate to East Boston Savings Bank's mortgage on the Devens property.

The note receivable was discounted to its present value of $5.7 million utilizing a discount rate of 6%, which was based on management’s assessment of what an appropriate loan at current market rates would be. The $0.3 million discount was recorded as an offset to the long term portion of the note receivable, and is being amortized to interest income over the term of the note. In addition, the resulting gain of $0.1 million from the sale of the Devens property which was deferred previously was recorded as a component of the cumulative effect of an accounting change upon the adoption of ASU 2017-05 which was issued as a part of ASU 2014-09. This gain was recorded as an offset to the opening accumulated deficit.

Note receivable as of June 30, 2018 and March 31, 2018 consisted of the following (in thousands):

Current assets	June 30, 2018			March 31, 2018
Note receivable, current	$	3,000		$	3,000
Total current note receivable	$	3,000		$	3,000
Long term assets
Note receivable, long term	$	3,000		$	3,000
Note receivable discount	(280		)	(336		)
Deferred gain on sale	—			(105		)
Total long term note receivable	$	2,720		$	2,559