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Supplementary Financial Information
 12 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Financial Information Supplementary Financial Information
Inventories, net
The following table presents details regarding our inventories, net:
March 31,
20242023
(In thousands)
Raw materials$9,063 $7,840 
Work in process468 315 
Finished goods3,901 2,686 
$13,432 $10,841 
Property and Equipment, net
The following table presents details of our property and equipment, net:
March 31,
20242023
(In thousands)
Equipment$6,871 $6,359 
Leasehold improvements828 824 
Accumulated depreciation(6,403)(5,886)
$1,296 $1,297 
Depreciation expense was approximately $0.6 million for each of Fiscal 2024 and Fiscal 2023. For each of Fiscal 2024 and Fiscal 2023, $0.2 million of the depreciation expense was recorded to cost of revenues, and $0.4 million was recorded to operating expenses in the accompanying statements of operations.
Intangible Assets, net
The following table presents details regarding our intangible assets, net:
March 31, 2024March 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Book
Value		Gross
Carrying
Amount		Accumulated
Amortization		Net
Book
Value
(In thousands)
Technology$5,009 $(4,369)$640 $4,986 $(3,444)$1,542 
Customer contracts / relationships9,550 (5,783)3,766 9,550 (4,371)5,179 
Trade names and non-compete agreements782 (770)12 782 (770)12 
Capitalized software development costs10,164 (4,980)5,184 7,489 (4,032)3,457 
Total$25,505 $(15,902)$9,602 $22,807 $(12,617)$10,190 
Amortization expense for intangible assets subject to amortization was approximately $3.3 million and $3.2 million for Fiscal 2024 and Fiscal 2023, respectively. Approximately $0.7 million and $0.6 million of the intangible asset amortization was recorded to cost of revenues, and approximately $2.6 million and $2.6 million was recorded to amortization expense for Fiscal 2024 and Fiscal 2023, respectively, in the statements of operations. The weighted average remaining useful lives of the intangible assets as of March 31, 2024 is 3.4 years.
We have one indefinite useful life intangible asset, with de minimis carrying value, which was included in trade names and non-compete agreements. Our net customer contracts/relationships have a useful life of 6 years. Our net trade names and non-compete agreements have a useful life of 4 years. Our net capitalized software development costs of approximately $5.2 million as of March 31, 2024 primarily consisted of VantageARGUS CV software development costs of $3.1 million and Oracle Enterprise Resource Planning system design and implementation costs of approximately $0.9 million, which have useful lives of 5 and 10 years, respectively. Our net capitalized software development costs of approximately $3.5 million as of March 31, 2023, primarily consisted of Oracle Enterprise Resource Planning system design and implementation costs of $1.1 million, which has a useful life of 10 years.
As of March 31, 2024, the future estimated amortization expense is as follows (in thousands):
Year Ending March 31,
20253,527 
20262,305 
20271,982 
20281,281 
2029495 
Thereafter— 
$9,590 
The future estimated amortization expense does not include the indefinite useful life intangible asset described above.
Goodwill
Goodwill was $28.3 million as of March 31, 2024 and 2023. There was no change to the goodwill carrying value during Fiscal 2024 or Fiscal 2023.
Warranty Reserve Activity
Warranty reserve is recorded as accrued liabilities in the accompanying balance sheets. The following table presents activity with respect to the warranty reserve:
Year Ended March 31,
20242023
(In thousands)
Balance at beginning of fiscal year$758 $616 
Additions charged to cost of revenues498 343 
Warranty claims(442)(201)
Balance at end of fiscal year$814 $758 
Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share:
Year Ended March 31,
20242023
(In thousands, except per
share amounts)
Numerator:
Net income (loss)$3,131 $(14,855)
Denominator:
Weighted average common shares used in basic computation42,867 42,374 
Dilutive stock options and other dilutive awards1,037 — 
Weighted average common shares used in diluted computation43,904 42,374 
Net income (loss) per basic share$0.07 $(0.35)
Net income (loss) per diluted share$0.07 $(0.35)
The following instruments were excluded for purposes of calculating weighted average common share equivalents in the computation of diluted net income (loss) per share as their effect would have been anti-dilutive for the years ended March 31, 2024 and 2023:
Year Ended March 31,
20242023
(In thousands)
Stock options3,425 5,886 
Restricted stock units241 457