Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies [Abstract]

Inventories

Inventories consist of the following at March 31:

	2015		2014
Raw materials	$	3,156,000	$	136,000
Work-in-process		527,000		25,000
Finished goods		1,143,000		356,000
	$	4,826,000	$	517,000

Components of property, plant, and equipment

We carry property, plant and equipment, including leasehold improvements, at cost, less accumulated depreciation or fair value if acquired in a business combination, which consists of the following at March 31:

	2015			2014
Land	$	133,000		$	169,000
Building		606,000			768,000
Leasehold improvements		807,000			383,000
Internal use software		749,000			568,000
Equipment		6,888,000			1,573,000
		9,183,000			3,461,000
Less accumulated depreciation and amortization		(7,370,000	)		(2,463,000	)
	$	1,813,000		$	998,000

Summary of changes in warranty reserve

The following table summarizes changes in our warranty reserve:

	March 31,
	2015		2014			2013
Warranty reserve at April 1	$	9,000	$	12,406		$	37,600
Warranties accrued during the fiscal year		1,000		1,594			1,289
Warranties settled during the fiscal year		-		(5,000	)		(26,483	)
Warranty reserve for VSCI		136,000		-			-
Warranty reserve at March 31	$	146,000	$	9,000		$	12,406

Other liabilities

Other liabilities consist of the following at March 31:

	2015		2014
Investment banking	$	1,750,000	$	-
Interest payable – convertible debt		524,000		-
Sales tax and VAT payable		261,000		149,000
Accrued legal and accounting fees		189,000		101,000
Deferred rent		148,000		-
Other		102,000		232,000
	$	2,974,000	$	482,000

Anti-dilutive securities excluded from diluted loss per common share

Because we had a net loss in fiscal 2015, 2014 and 2013, the following options and warrants and outstanding and unvested restricted stock to purchase shares of our common stock were excluded from diluted net loss per common share because of their anti-dilutive effect, and therefore, basic net loss per common share equals dilutive net loss per common share:

	Number of options, warrants and unvested restricted stock		Range of exercise prices
Years ended:
March 31, 2015		24,000	$1.06 - $1.17
March 31, 2014		538,000	$1.06 - $1.61
March 31, 2013		396,000	$1.06 - $2.84