4. Disposition of Latin American Operations (Tables)
|
12 Months Ended |
Mar. 31, 2017 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of proceeds from disposition |
| Cash received on October 27, 2016 |
|
$ |
18,000,000 |
|
| Cash received on March 16, 2017 |
|
|
1,500,000 |
|
| Face value of variable consideration ($250,000
per year for ten years) |
|
|
2,500,000 |
|
| Total proceeds from sale |
|
|
22,000,000 |
|
| Equipment costs |
|
|
(305,000 |
) |
| Transaction costs |
|
|
(556,000 |
) |
| Total proceeds, net of transaction costs |
|
|
21,139,000 |
|
| Discount on variable consideration (using a
7.5% discount rate) |
|
|
(752,000 |
) |
| Total proceeds, net of
discount |
|
$ |
20,387,000 |
|
|
| Allocation of proceeds |
| Services under the Technical Services Arrangement |
|
$ |
708,000 |
|
| Production equipment manufactured, net |
|
|
192,000 |
|
| Intellectual property and territory rights |
|
|
19,487,000 |
|
| Total proceeds |
|
$ |
20,387,000 |
|
|
| Schedule of discontinued assets and liabilities |
| |
|
March
31, 2017
|
|
|
March
31, 2016
|
|
| Assets |
|
|
|
|
|
|
|
|
| Accounts receivable (net) |
|
$ |
– |
|
|
$ |
766,000 |
|
| Inventories |
|
|
– |
|
|
|
45,000 |
|
| Total current assets of
discontinued operations |
|
$ |
– |
|
|
$ |
811,000 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Deferred revenue |
|
$ |
– |
|
|
$ |
300,000 |
|
| Total current liabilities
of discontinued operations |
|
$ |
– |
|
|
$ |
300,000 |
|
| |
|
|
|
|
|
|
|
|
| Deferred revenue, less current portion |
|
$ |
– |
|
|
$ |
112,000 |
|
| Total long-term liabilities
of discontinued operations |
|
$ |
– |
|
|
$ |
112,000 |
|
|
| Schedule of income from discontinued operations |
| |
|
Year
Ended March
31,
|
|
| |
|
2017 |
|
|
2016 |
|
| Revenues |
|
$ |
3,105,000 |
|
|
$ |
5,715,000 |
|
| Cost of revenues |
|
|
561,000 |
|
|
|
1,153,000 |
|
| Income from discontinued operations before tax |
|
|
2,544,000 |
|
|
|
4,562,000 |
|
| Gain on disposal of discontinued operations
before income taxes |
|
|
19,679,000 |
|
|
|
– |
|
| Total income from discontinued operations, before tax |
|
|
22,223,000 |
|
|
|
4,562,000 |
|
| Income tax expense |
|
|
(4,280,000 |
) |
|
|
– |
|
| Income from discontinued operations, net
of tax |
|
$ |
17,943,000 |
|
|
$ |
4,562,000 |
|
|