Note 3 - Recently Issued Accounting Standards	6 Months Ended
Sep. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Pronouncements Recently Adopte d In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015 - 11, Simplifying the Measurement of Inventory. ASU 2015 - 11 requires inventory that is recorded using the first -in, first -out method to be measured at the lower of cost or net realizable value. We adopted ASU 2015 - 11 prospectively in the first quarter of the current fiscal year, and the adoption has not had a significant impact on our financial statements. In March 2016, the FASB issued ASU No. 2016 - 09, Compensation—Stock Compensatio n , which simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company’s payments for tax withholdings should be classified. We adopted ASU 2016 - 09 prospectively in the first quarter of the fiscal year ending March 31, 2018. The adoption did not have a significant impact on our financial statements. Future Accounting Pronouncement s In May 2014, the FASB issued ASU No. 2014 - 09, which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognitio n . ASU 2014 - 09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. In August 2015, the FASB issued ASU No. 2015 - 14, Revenue from Contracts with Customers: Deferral of the Effective Dat e , which deferred the effective date of ASU 2014 - 09 by one year. As a result, ASU 2014 - 09 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, which will be fiscal 2019 for us. We plan to adopt the guidance retrospectively with any effect of initially applying the guidance recognized at the date of initial application. Based on an evaluation, we do not expect there to be a material impact on our financial statements, because we do not expect to change the manner or timing of recognizing revenue. We have evaluated each of our revenue sources, product sales and contract research and development. We recognize revenue on product sales to customers and distributors when we satisfy our performance obligations as the products are shipped. We recognize contract research and development revenue from firm-fixed-price contracts either pro-rata as work progresses or as performance obligations are met. We recognize contract research and development revenue from cost-plus-fixed-fee contracts pro-rata as work progresses. We are still in the process of identifying performance obligations for contracts that are currently recognized using the milestone method of revenue recognition under Accounting Standards Codification 605, and the related potential allocation of pricing and timing of revenue recognition for such performance obligation(s). We are still in process of evaluating the impact of the guidance on our internal control over financial reporting. The guidance will also require additional disclosures and we are currently evaluating the impact of these new disclosure requirements. Information regarding all other applicable recently issued accounting standards, on which our position have not changed since our latest annual financial statements, are contained in the financial statements included in our Annual Report on Form 10 -K for the year ended March 31, 2017.

NOTE

RECENTLY ISSUED ACCOUNTING STANDARDS

Accounting Pronouncements Recently Adopte

July 2015,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2015

11,

Simplifying the Measurement of Inventory.

ASU

2015

requires inventory that is recorded using the

first

-in,

first

-out method to be measured at the lower of cost or net realizable value. We adopted ASU

2015

prospectively in the

first

quarter of the current fiscal year, and the adoption has

not

had a significant impact on our financial statements.

In

March 2016,

the FASB issued ASU

No.

2016

09,

Compensation—Stock Compensatio

, which simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company’s payments for tax withholdings should be classified. We adopted ASU

2016

prospectively in the

first

quarter of the fiscal year ending

March 31, 2018.

The adoption did

not

have a significant impact on our financial statements.

Future Accounting Pronouncement

May 2014,

the FASB issued ASU

No.

2014

09,

which supersedes the revenue recognition requirements in Accounting Standards Codification

605,

Revenue Recognitio

. ASU

2014

is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance permits

two

methods of adoption: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. In

August

2015,

the FASB issued ASU

No.

2015

14,

Revenue from Contracts with Customers: Deferral of the Effective Dat

, which deferred the effective date of ASU

2014

one

year. As a result, ASU

2014

is effective for fiscal years beginning after

December

15,

2017

and interim periods within those fiscal years, which will be fiscal

2019

for us. We plan to adopt the guidance retrospectively with any effect of initially applying the guidance recognized at the date of initial application. Based on an evaluation, we do

not

expect there to be a material impact on our financial statements, because we do

not

expect to change the manner or timing of recognizing revenue. We have evaluated each of our revenue sources, product sales and contract research and development. We recognize revenue on product sales to customers and distributors when we satisfy our performance obligations as the products are shipped. We recognize contract research and development revenue from firm-fixed-price contracts either pro-rata as work progresses or as performance obligations are met. We recognize contract research and development revenue from cost-plus-fixed-fee contracts pro-rata as work progresses. We are still in the process of identifying performance obligations for contracts that are currently recognized using the milestone method of revenue recognition under Accounting Standards Codification

605,

and the related potential allocation of pricing and timing of revenue recognition for such performance obligation(s). We are still in process of evaluating the impact of the guidance on our internal control over financial reporting. The guidance will also require additional disclosures and we are currently evaluating the impact of these new disclosure requirements.

Information regarding all other applicable recently issued accounting standards, on which our position have

not

changed since our latest annual financial statements, are contained in the financial statements included in our Annual Report on Form

-K for the year ended

March 31, 2017.